HeyBub wrote:
George wrote:

So you actually believe the drop all the regulations because we can
trust everyone to do the right thing Reagan thinking wasn't
responsible for dropping numerous banking regulations which allowed
super mega mergers of banking and investment institutions with
minimal regulation had nothing to do with last year's implosion? You
might want to hit the red kool-aid a little less if you don't.

Yep. It wasn't the LACK of regulation, it was too much of the WRONG KIND of
regulation. Specifically the requirements that lending institutions serve
"underserved" areas.

That what Limbagh told you. None of this would have worked if there also
weren't massive opaque institutions who could manufacture the CDOs and
other paper to keep the scam running as long as it did.


Cruise through the worst parts of your town. You'll find a Bank of America
branch sandwiched between a pawn shop and a Stop-&-Rob in neighborhoods
where the only other retail businesses on the street are hookers and crack
dealers. Do you think BoA or Wachovia or Washington Mutual opened those
branches because of rational business decisions?



Banks have always made money from the poor.