Now let me get this straight. First, the Community Re-investment Act forced bankers to lend to folks that did not qualify for mortgages.
Second, American bankers weren’t lending fast enough, so Barney Frank, Chris Dodd and Company upped the anti and told Fanny and Freddy to backstop every mortgage that came across their desks, damn the torpedoes.
Third, with the full knowledge that “anything goes“, bankers, mortgage brokers and lending officers were processing loans, but not demanding such trivialities as dotting “I’s” crossing “T’s” or bothering to check out financial statements, verifying income or even confirming employment.
Fourth, not satisfied with the quick cash being made on billions in commissions, some very shrewd mortgage bankers, investment bankers and assorted other carnival barkers-come bankers decided it would be clever to bundle up these worthless pieces of crap with other good loans, then chop them up in chunks and sell them off to other greedy investment gurus that back stopped registered securities with the contaminated bundles, chunks of bundles and these re-packaged kibbles and bits.
Fifth, so when the wheels started coming off the gravy train, the brokers were long gone with their commissions, having peddled them off to little old ladies, college endowments and pension fund managers as “SOLID” investments. But when things went Dixie everyone turned around and said, “this is a mess, we need a bailout from the American taxpayer, so our economy won’t collapse“. And who was their for the bailout? You got it, Barney and Chris along with a paralyzed Congress.
Sixth, then the banks that were made whole after their employees had already been paid tens of billions in commissions and bonuses, gave their CEO’s hundreds of billions more in golden parachutes--not unlike Goldman Sach’s Hank Paulson, who walked away with a $500 million severance.
But when the banks started foreclosing, (because those that lost their jobs began defaulting due to the inevitable financial meltdown), started by, wait for it, BANKERS, there was a problem. Seems that the bankers had failed to keep required control of the paperwork, necessary for foreclosure (Probably because they were too busy counting their money).
So now we need another bailout for bankers (that started the meltdown in the first place) along with some new laws to clean up some old mistakes.
And that folks is how we got to where we are.
You and I fail to produce documents in court, we take our lumps. Bankers fail to produce documents and they get a pass, new laws and more of our money.
If this isn’t clear to you, you need to stop watching the alphabet networks and have your mommy explain it to you. And more importantly, if you don’t believe me, just re-elect all the incumbents and any socialists running and let them finish what they started.