It was real good until it got to the sub-prime mortgages.
Then it left out the fact that the government passed a law called the Community Reinvestment Act that FORCED the banks to make sub prime loans to unqualified people (because government says the only reason the banks don't is because they're a bunch of evil rich white guys that hate brown people).
Thus laying blame on evil greedy capitalists without laying the blame where it really belongs, at the feet of leftists in government.
The "wizard bankers" had to work their magic on the box creating Collateralized Debt Obligations because otherwise they'd lose money on the state mandated bad loans to brown people (also known as soft socialism).
2 comments:
It was real good until it got to the sub-prime mortgages.
Then it left out the fact that the government passed a law called the Community Reinvestment Act that FORCED the banks to make sub prime loans to unqualified people (because government says the only reason the banks don't is because they're a bunch of evil rich white guys that hate brown people).
Thus laying blame on evil greedy capitalists without laying the blame where it really belongs, at the feet of leftists in government.
The "wizard bankers" had to work their magic on the box creating Collateralized Debt Obligations because otherwise they'd lose money on the state mandated bad loans to brown people (also known as soft socialism).
Also, the numbers are heavily skewed, the whole "why pay mortgage on a $300,000 house that's only worth $90,000 is a HUGE exaggeration.
More like "why pay mortgage on a $300,000 house when its only worth $280,000 if I sell RIGHT NOW.
And the little graphic showing a CDO with 11 mortgages and only 2 haven't defaulted when the reality is the opposite.
Post a Comment