Stefan MolyneuxVerified account

Also: "A mutated form of capitalism enables profit to be privatized while losses often are nationalized to the people. If this was the case for Las Vegas’ casinos, few would have believed it." Read more here: http://www.siggygalaen.com/2015/06/18/financial-madness/ …

True the Community Reinvestment Act did promote risky loans along with Fannie and Freddie lowering loan standards.But it didn’t force Goldman Sachs and others to bundle those subprimes up and sell them as AAA mortgage back securities. They committed fraud on a mass scale ,

Where is the evidence that recipients were ethnic minorities specifically?

jup.

But but but, George Bush did it :)

No. 2008 resulted from debt ratings agencies committing fraud. If crap debt had been accurately rated as crap debt, unqualified borrowers would never have been able to borrow.

Ok. Mind blown. I never heard this explanation anywhere before! I’m not saying you’re right, but you might be, and it’s great food for thought. So thank you.

People have the right to NOT pick up the bill, they have suffered enough from politicians vote buying.

Of course the banks got bailed out , directly with taxpayers money and indirectly when the Federal Reserve lowered interest rates to near zero and bought up the bad paper through their quantitative easing program , No one went to jail ,

Oh and Jamie Diamond would still be serving a 20 year sentence instead of being on economic advisory board , if there were any justice in the USA