Oh God! The pressure these CEO’s must have endured. I imagine most of them are in re-hab. Say in Dubai or the Caribbean.

No shit, Sherlock.

But since when do the conservatives let the facts get in the way of talking points?

Bottom line is they blame Freddie and Fannie for the meltdown, and, hold your breath, it was BILL CLINTON’S fault for easing loan rules.

The right wing has some serious problems with taking accountability for their actions.

Jeez, why did I have to fly all the way from my home planet to point that one out?

Ummm…
… Since when do poor people decide how much capital to lend?

.

Kroszner’s speech cited a recent internal Fed study on the impact of the CRA, which Kroszner says definitively rejects the notion that the CRA had anything to do with the subprime crisis. As Kroszner put it:

“[T]he findings of a recent analysis of mortgage-related data by Federal Reserve staff runs counter to the charge that the CRA was at the root of, or otherwise contributed in any substantive way, to the current subprime crisis.”

The speech contains a lot of actual data on the CRA issue, which has so far been lacking in the public forum. Case closed.

The poor didn’t control the faucets and spigots of money that flowed from the banks to the brokers when the fed slashed and burned the interest rates like it was the Amazon rain forests.

And I certainly don’t recall any special interest groups by the poor, for the poor helping cushion the Bush and Cheney nest egg retirement funds to help deregulate Wall St. to the point that a mortgage could be made to my pet rabbit.

They offered more than double what I had deemed affordable.

I bought the cheapest house I could find, paid half what bank was willing to loan.

5 years ago I signed on for my 3rd home, and subsequent mortgage.

Again, I’m offered at least double what my personally calculated budget says I can afford, and again I spend less than they offer.

Hi, I’m not poor, and I did not cause the current financial crisis.

“We couldn’t afford to make the bet that the changes were not going to be permanent,” Mudd said.

The Republican-led deregulation turned investment firms into competitors in the mortgage market. Wall street deregulation allowed these investment firms to treat the mortgages AS investment vehicles for others. Fannie/Freddie thus risked losing business, which in turn would threaten lending for affordable housing, so they had to climb on board to some extent.
ANd the bottom line is that it was the GOP-enabled unregulated Wall Street investment firms that then did not ‘hold’ each mortgage as a single asset/liability contract, each with a specific value but instead bundled them into investment vehicles which were then promoted because their real value was in the commissions based on the sales.
Lossning the terms of the mortgages encouraged the buying of mortgages which meant more ‘investment vehicles’ to sell and make commissions on.
Add to that the speculation that then on stocks of the companies offering these ‘investment vehicles’ and that’s how they were ‘valued’ and it’s that ‘value’ that has been lost ( I’ll guess half (?) the Wall street ‘losses’ are actually just profits not realized. For the actual mortgage buyers though the losses are all too real.

And the MSM have done NOTHING to separate fact from myth. Much like the last 8 years, and I don’t know how many more years before Bush the Stupid.