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We have ignored the results of this report because they cause us too much distress. We don't act until we are forced to, like we will be in this decade. Until then, let's continue the whining and name-calling.
C'mon, Eric...If our financial institutions had taken the time to properly qualify borrowers, require reserves to back up CDSs, and follow prudent underwriting rules...most of the incapable borrowers wouldn't have received loans. The report is right on about Wall Street's culpability and the creation of CDOs and other instruments they created, sold and repackaged to their own benefit while adding to their customer's' risk of loss. There are a lot of these folks in the financial industry who should be facing charges, including the boys at Goldman, AIG and many others, instead of now pocketing billions in bonuses. But, its done and no one is going after most of them because of the magnitude of the injustice and the horrendous task of prosecuting so many well-connected people. The problem was much simpler than presented, and lies at the feet of those who should have been watching out for the best interests of their customers and their constituents.
An afterthought: Now look at what our leaders are promoting...a 2% payroll cut which they are hoping folks will spend to stimulate the economy and jumpstart job growth. This, in the face of the fact the average consumer is somewhere around $8,000-$10,000 in credit card debt at unconscionably high interest rates. Anyone who has any sense will pay down debt and save what they have left. Why would our leaders promote any other approach? And that goes for both parties?
I am going to believe this report, yeah right, the same guys probably did the 9/11 Commission investigation. 86 Cameras on and around the Pentagon and not one captures an image of the plane that barrels into it? No debris at the Pentagon or Penssylvania crash sites? BBC reports 20 minutes before WTC 7 falls that the building fell (never hit by a plane and fell at free fall speed), no video of the terrorists getting onto the plane. This report is bogus. And this report says that a few hundred or thousand more regulators could have fixed everything. What you have is the Federal Reserve as "Federal" as Federal Express that kept interest rates too low + pumped housing until it hit it's pin and the bubble burst. Then the banks drunk on the Fed's low interest rates lent to anyone with a heartbeat. Then you had Fannie + Freddie Mac pushing houses to people who should have never had one. Then you had greedy Americans looking for a quick buck. The infighting we need is not between Democrats and Republicans, rather it is between the American people and the ruling class.
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