Capital New York

melro52 commented on Bloomberg: 'Plain and simple,' Congress caused the mortgage crisis, not the banks

"It was, plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp. Now, I'm not saying I'm sure that was terrible policy, because a lot of those people who got homes still have them and they wouldn't have gotten them without that. But they were the ones who pushed Fannie and Freddie to make a bunch of loans that were imprudent, if you will. They were the ones that pushed the banks to loan to everybody." Plain, simple, forced, pushed? Passing along bundled junk even overseas, multiple times, and making a ton of money doing so is neither plain or simple. That took some conniving. And to say the banks can be forced and pushed by Congress bwahahahaha. They got our money and haven't trickled that down yet. Everyone is screaming at them and NADA. Now they own a heck of a lot of prime real estate that used to belong to the people. It appears that every time Congress passes a new bill the wording has to be very, very precise because Corp. America will figure out a way to run wild with it, screw the little guy, and gain more wealth and power. Alas, Bloomberg shows his true colors as a fat cat protecting his brothers in wealth.

Posted on February 1st, 2012 12:25am