Good beatdown of a 1%'er

[Max E.]

lol

Quote from Ricter:

Fair enough, but at the end of the day the reps are worse.

 

[MarketMasher]

Quote from nutmeg:


Fair statement, who were the genius buying this crap, no one twisted their arm and the buyers knew/know even less than tabbi. The inner city borrower who "breathes" is par with the fund manager who buys the shitty deal.

This is the problem with the "Sophisticated Investor" defense the banks are using, saying the buyers were "S.I.'s"...

The banks have been buying back the securities because they were fraudulently rated (S&P e-mail that said "Let's hope we're rich and retired by the time this house of cards falters"), fraudulently advertised (John Paulson), or fraudulently structured (the banks "lost" the paperwork needed for legally securitizing the mortgages - called "perfecting the securitization process").

Now, fraud is not about the guy who is doing the buying. You can be a barely-functional moron (admittedly, most of the pension fund managers probably rate that high - barely), but (maybe unfortunately), it's not a crime to be STUPID.

So if the banks want to dodge responsibility for originating the whole process, they are going to have to do a lot better than the "S.I." defense.

 

[Lucrum]

Quote from tomdavis:

Politicians of both parties opened the doors and the bankers walked through them. The repeal of Glass-Steagall was approved in the Senate 90–8 and in the House 362–57 with overwhelming support from both parties. It was signed into law by President Bill Clinton on November 12th, 1999.

In September of 1999 Fannie Mae was forced to ease credit requirements with overwhelming support from both parties. On September 30th, 1999 the New York Times published an article (by Steven Holmes) which predicted the collapse of the banking system.

It was a sequence of events starting in 1999 in which politicians of both parties and the Wall Street bankers behaved badly.

dead center bulls eye

 

[Lucrum]

Quote from Ricter:

Fair enough, but at the end of the day the reps are worse.

Worse than what? A democrap?

 

[Ricter]

Quote from Lucrum:

Worse than what? A democrap?

Yes. Reichtards are worse than democraps.

 

[Lucrum]

Quote from Ricter:

Yes. Reichtards are worse than democraps.

In what way?

 

[Ricter]

Quote from Lucrum:

In what way?

In every way. +1 to post count and pageviews.

 

[Lucrum]

Quote from Ricter:

In every way...

Then you are a certified part of the problem and not the solution.

 

[Ricter]

Quote from Lucrum:

Then you are a certified part of the problem and not the solution.

I think the same of you, with equal conviction.

 

[Lucrum]

Quote from Ricter:

I think the same of you, with equal conviction.

You're not very good at thinking then Ricky. It's the die hard party liners like you that are preventing any real "hope and change" in this country.