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Google Reduces Evil Quotient

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WINDUPBIRD DISEASE [S.K.U.M.M.]3/22/2010 11:06:05 pm PDT

re: #753 keloyd

WUB and Matrix -
Yall play nice! Of all the lizards here who do not bow to my genius and brilliant Machiavellian political wisdom, and humility :P , WUB disagrees more agreeably and articulately than most.

It is unbelievably, psychotically, breathtakingly right to point out that Democrats including, but not limited to Barney Frank played a big role in giving banks a very unhealthy set of incentives to lend to people of inadequate ability to pay.

OTOH, I have no distinct memory of W having a role in this. He burned up so much political capital on the wars and social security reform, that I don’t remember him doing much of anything about Freddy and Fannie. I would blame Bush for being too politically weakened to fix the thing a few years before it imploded.


I don’t believe this is true. At all.

Here is what I believe (backed up by economists)

Housing bubble, bad home loans, bad home equity loans, bad paper all around. Deregulation of lending istitutions. Consolidation of lending institutions. Credit default swap market traing around mortgage loans as if they’re playing cars so nobody has any idea what was worth what.

Bubble bursts, everyone realizes that they’re in too deep on their homes, using them as ATMS, getting loans that they’re underwater on, economy is predicated on a good housing market, that crashes, it all crashes. crash crash crash.

Putting it on F&F is ridiculous and ignorant.