Quote:
Originally Posted by Shaun 84 Targa
Rick, if it only had to to with Lenders, this would be a run-of-the-mill S&L bailout a la Neil Bush, paid for by you and me with taxes.
that's only the subplot to the story. It's the secondary market investors that ballooned it up to a worldwide crisis by fraudulently marketing these junk securities.
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Do you have a single post that doesn't blame a Bush for something? I think we can adapt the X Number of Degrees from Kevin Bacon game to your blaming Bush for everything in the world.
And I think the only thing fraudulent about those securities is the gov't. getting into the act and helping to freeze rates, which, if they adjusted as agreed upon and were repaid, would give those investors some return. And the S&L bailout is not at all comparable to this. If FDIC hadn't doubled from $40k to $100k in the '70's, the size of problem would have been a lot smaller. The gov't. should not be in the insurance business. But that's Bush's fault too.