Contra Taibbi, greed is part of the human condition and, as such, isn't much of an explanation for any particular economic bust. You're right to look for a variable that has changed, instead of trying to pin the blame on a constant.
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it's almost like you can use diversity to cover for your cynical cash grabs. signed, Nike corporate.
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Sokrates teaches that the stern oligarchs, attached to wealth & property, eventually corrupt their regime by offering & extending credit to the next generation, to increase their accumulations. They indulge & ruin the subsequent generations who live for desires, vices, & vanity.
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I think you mean "Housing Bubble and Bust." You wrote "Housing Bubble and Bush," which appears to be a typo.
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I really doubt those of the sainted diversity were all that screwed by the housing crash, it was a nice chipboard dream with cash outs and big screen TVs and then one day it was foreclosed upon with no real downside.
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But that’s a far cry from a de-regulated mortgage and banking system
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...governed by capital requirements. There was a whole eco-system in place that was a far cry from “de-regulation” or no government involvement. Now, in the context of the system we did have in place in the 2000s I agree it was foolish to encourage loans to Hispanics.
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...however, from a broader perspective the mortgage industry was still heavily regulated and government was involved in all sorts of ways that facilitated the crisis. Fannie and Freddie existed to buy all those MBS - and rating agencies themselves looked at banks...
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Did Bill Kristol write the "Diversity is our Strength" speech for Quayle in 1992?
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Bad mortgage lending contributed to the bubble but was not the cause. Wall Street's manipulation of packaging and bundling mortgages repeatedly among many other bags of tricks caused it.
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Steve - I love your analysis but as someone with more libertarian views of the economy I always chuckle when I read you talk about “deregulation” of the mortgage industry. From a narrow perspective, you are absolutely correct in your account...
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