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Old 05-08-2009, 08:04 AM
Michael Tipton's Avatar
Michael Tipton Michael Tipton is offline
 
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Default Who's Behind the Financial Meltdown articles

The top subprime lenders whose loans are largely blamed for triggering the global economic meltdown were owned or backed by giant banks now collecting billions of dollars in bailout money, according to Who’s Behind the Financial Meltdown?, a new investigation by the Center for Public Integrity.

“The mega-banks that funded the subprime industry were not victims of an unforeseen financial collapse, as they have sometimes portrayed themselves,” said Center Executive Director Bill Buzenberg. “These banks were deliberate enablers that bankrolled the type of lending that’s now threatening the financial system.”

http://www.publicintegrity.org/news/entry/1352/
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Old 05-08-2009, 08:34 AM
rcsone rcsone is offline
 
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.....I was taught the only thing you needed to know about economics is, "...the biggest prince is the biggest thief...". Does same apply with these lenders of "repute"?.............I still maintain this whole mess was created in order for the US not to default on Treasuries bought in exchange for energy and other imports. We created a series of MBS's, DIR, and such POOP to worldwide invest/sell. These instruments allowed us to trade goods for the current worthless in degree invented paper. And the end results will be the Princes of Banking will own the mortgage paper that is worth lots more than currently portrayed with the "foreigners" having nothing.
......such is such . . . . . and best to all..........rs
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Old 05-08-2009, 08:39 AM
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Michael Tipton Michael Tipton is offline
 
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If I was a small local bank or a regional bank I would have issues with the bailout of the mega banks. The regulators and the government allowed this to occur and are now providing financial support for the institutions and their management to compete.
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Old 05-08-2009, 08:55 AM
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Workbox Workbox is offline
 
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Quote:
Originally Posted by rcsone View Post
.....I was taught the only thing you needed to know about economics is, "...the biggest prince is the biggest thief...". Does same apply with these lenders of "repute"?.............I still maintain this whole mess was created in order for the US not to default on Treasuries bought in exchange for energy and other imports. We created a series of MBS's, DIR, and such POOP to worldwide invest/sell. These instruments allowed us to trade goods for the current worthless in degree invented paper. And the end results will be the Princes of Banking will own the mortgage paper that is worth lots more than currently portrayed with the "foreigners" having nothing.
......such is such . . . . . and best to all..........rs
To bad most folks will not understand what you are talking about, but some do.
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