Capital New York

Matt P commented on Bloomberg: 'Plain and simple,' Congress caused the mortgage crisis, not the banks

Wow. What a bunch of misinformation. It was unregulated entities, mortgage companies originating to private equity and then private-label securities mills that pioneered and then massively grew the subprime market. The GSEs and regulated entities were late to the game, playing catchup to try to retain market share. And the why matters - it is a lack of public oversight, not public pressure, that created the mess. The GOP and finance capital wish us to believe otherwise, because it threatens the myth of deregulation. Fewer opportunities to play roulette with the public as the loss guarantor. Bloomberg shows us who he is - just another bankster.

Posted on November 1st, 2011 6:08pm