Greed ?

Nah, it can’t be about greed.  The banksters wouldn’t do that.  I mean Wall Street is such an up-front, Boy Scout-ish group that they just couldn’t do anything that would harm Main Street.

Say, what?

They did what?

Why that is hard to believe.

But, if BG and YD say it, it must be the Gospel (or close enough).  From “They Gave Us A Republic’s Night-Owl Newswrap” the best short explanation of how we got a mortgage crisis

And how did that end up working out? “In the early 1990s, the biggest names in the mortgage industry hatched a plan for a new electronic clearinghouse that would transform the home loan business – and unlock billions of dollars of new investments and profits. … At the time, mortgage documents were moved almost exclusively by hand and mail, a throwback to an era in which people kept stock certificates, too. That made it hard for banks to buy and sell packages of home loans to investors. By contrast, a central electronic clearinghouse would allow the companies to transfer thousands of mortgages instantaneously, greasing the wheels of a system in which loans could be repeatedly and quickly bought and sold. … On March 4, 1994, the MBA unveiled its plan to county recorders who were charged with keeping track of title, signifying the ownership of land. Not everyone was sold on the idea. “There needs to be some outside control or oversight,” one recorder said, according to a transcript of the meeting. Another said that if errors were put into the electronic system, “they’re really hard to track further down the road.” … Sixteen years down the road, the mortgage business is a mess.”

Does Wall Street = Greed = Capitalism ???

Explore posts in the same categories: Economy, Politics


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