George wrote:
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.

Sure, you think they're making money off you're checking account
balance? Well, they are, maybe a few fractions of a cent. But they're
really making money off of overdraft fees, credit card interest
(especially "penalty" rates) etc.

nate

--
replace "roosters" with "cox" to reply.
http://members.cox.net/njnagel