http://market-ticker.org/akcs-www?post=170167
Ben actually came out and said, The loans needed to be made in the right way?
OMG....Busted.
Was that his idea of regulation? A little reminder to do right?
Now think Ben and Hank lying to congress about what they were going to do with the money.
Hank made it real clear and made sure of the fact that he couldn't be held personally responsible for actions that needed to be taken.
Coz he knew he was covering up a crime, and odds are the Senate knew to.
Else why would they give the money to him when the people had already made it clear that the consideration was off the table and the House voted it as such and the motion was killed.
All these "Fancy Schmancy Financial Products" - remember this quote?
Ben Bernanke, 5/18/2006:
"Our assessment at this point ... is that this looks to be a very orderly and moderate kind of cooling," Bernanke said.
"We're not saying you shouldn't make these loans. What we're saying is that they be done the right way," Bernanke told the banking conference.
What was Citibank's Chief Underwriter saying at the same time?
“In mid-2006, I discovered that over 60 percent of these mortgages purchased and sold were defective,” Bowen testified on April 7 before the Financial Crisis Inquiry Commission created by Congress. “Defective mortgages increased during 2007 to over 80 percent of production.”
He also reported this up the chain to senior Management.
The Federal Reserve, and The Federal Reserve Bank of New York, are the primary regulators for these large banking institutions.
They - including Ben Bernanke personally - knew full well what was going on with "these loans" AND THEY LIED TO CONGRESS AND THE AMERICAN PEOPLE. WORSE, THEY'RE STILL LYING!
Let me be plain about this:
This entire mess - all of it - the entire housing bubble and subsequent collapse, along with the unemployment, poverty, privation and loss - occurred due to the intentional blindness and refusal to regulate by the people entrusted by YOU to keep your money, your credit, and our economy safe and sound.
Instead of doing their jobs they literally gave these financial institutions a license to rob you blind and then assault you from the rear for good measure.
These executives and the regulators knew full well what was going on. They were fully aware of the defective nature of these loans. They did nothing - on purpose - to stop it.
And now, more than three years into this mess, not only have they done nothing but neither political party has addressed the problem nor has there been
