House Approves Bill For Reduced Food Stamp Budget

[eynon81]

[eynon81]

[Indy]

Yes, what a great "point": the net cost to the U.S. was zero because Wall St. simply borrowed money via TARP and then paid it back.

[exploited]

Yeah, that doesn't make sense.

Did these banks put people back in their homes? Did they pay back the trillions of dollars lost by normal investors? Did they pay back all the businesses who lost incredible amounts of money due to the recession?

No... them paying back the money they got bailed out with doesn't mean jack shit.

[spacemonkey]

The housing bubble happend mostly because people making 20k were approved to buy 500k homes. But also, NAFTA let most of the good jobs leave, corruption, and the concept of finite.

[Indy]

There's much to this but if you want the elevator version the meltdown happened because quantity usurped quality. You stood to make more money churning out as many mortgages as humanly possible (and packaging them into derivatives) instead of churning out QUALITY loans.

So it didn't matter if the borrowers were crap, if the mortgage was crap, if the derivative was crap--the more you moved, the more you made.

Who cares when it all blew up down the road? You made your money. You're out.

And, as we now know, with no fear of criminal consequences.

Perfect storm.

[jimmyz]

[eynon81]

[Indy]

[jimmyz]