Just read this. It is Scott Creighton's latest anti-bankster/gov't collusionist screed over at American Everyman, and it's a winner.
This was, and is, a crime against humanity and none of this would have been possible if government was not working in direct opposition to the best interest of the people of this country. None of it. And both parties are culpable.
Without the destruction of the protections of the Glass-Steagall Act, or the Banking Act of 1933 none of this would have happened. Part of the Roosevelt’s New Deal program, this Glass-Steagall separated commercial and investment banking institutions. This kept Wall Street firms from becoming “Too Big Too Fail” and from betting on the demise of the liar loans they created. Glass-Steagall was destroyed by the previous administration, the Clinton administration, just prior to their leaving office, setting up what would come later under Bush. They also made it illegal to regulate the very derivatives that would end up fueling this latest great depression. When one looks at it clearly one can see that both parties, working in near perfect synchronicity, conspired with the banks to defraud the people of this country and to cripple the economy in such a way that now they are able to pass certain reforms which would have been unthinkable in 1999.
They (the banks and financial institutions) made money on this plot of theirs in every conceivable way and they continue to this day to profit immensely from their scheme.
Not only did they profit from the government programs designed to help unqualified buyers with their down payments, but the profited from the payments made, from the bundling of the loans, from betting against the loans when they were doomed to fail, from the eventual foreclosures and resale of the property, and then from the bailouts and backdoor bailouts as well.
I'll say. Paine ain't go nothin' on Creighton.