charlieg wrote:
blocking any meaningful reform
Because I wasn't talking about reform. I was talking about illegal predatory loans that could never be serviced by the borrower should interest rates go up (they did) and these loans packaged and mislabeled (by the financial institutions). Loans made not by Wall Street, where the fraudulent packaging and reselling took place, but my Main Street, where the local mortgage broker talked people into these loans. So far as I've heard, none of these brokers got so much as a slap on the fingertip for the profits they pocketed. But who was minding the store? Checking and approving/not approving these loans. Well, it was a replay of the Reagan FSLIC era: the Federal enforcement was called off as it was inhibiting commerce. Or, had it been in the 'recognized crime' world, influence peddling and racketeering.
But - as I did mention - the money finally spent was from the Middle Class's pockets. At least for the auto industry, the loans have been (or are being) paid back with interest. The laws, meant to stop this, never made it through congress (dominated by which party - duh).
Ravings en masse^
"The difference between genius and stupidity is that genius has its limits." - Albert Einstein
"If you are searching for perfection in others, then you seek disappointment. If you are seek perfection in yourself, then you will find failure." - Balboos HaGadol Mar 2010