Quote:
Originally Posted by The_Waco_Kid
Bill Clinton is not my hero. speaking of credit default swap bets .. why did that even exist as a Wall Street hedge in the first place? because on YOUR hero Bill Clinton's watch HUD mandated more minority lending. thus was born the housing meltdown in 2008. Bill lit the fuse on that. i find it amusing you will not accept that fact. and it is a fact.
you do realize that the bail out was actually the Government bailing out the Government right? since it was Fannie Mae and Freddy Mac (who thinks up these stupid names??) that backed the mortgages ...............
JPMC was never in any danger at all .............
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No,Clinton is not your hero. However, Bush43 and Dick Cheney are your other two heroes. Why did Credit Default swaps exist in the first place? Because there wasn't any law on the books like the Dodd/Frank financial reform bill at the time. A law that limits the risky bets that Wall street bankers can make.
The lending rules were changed a little to make it easier to qualify for a mortgage. No one was who was unemployed or under employed should have received a mortgage. The Banks were running a SCAM. Freddy mac and Fannie mae were scambed by Wall investment bank Morgan Stanley.
Chase bank lost so much money on credit default swaps they fired the vice president who in charge of those trading desks.
The banks were in such bad shape not only did they stop making loans to small businesses they stopped making loans with each other. Why would Hank Paulson who worked for Bush43 want to give the banks 750 billion in fourth quarter 2008? Team Obama reduced that 400 plus billion in 2009. Chase Bank did get 25 billion. Not for reasons you listed. All the banks were in bad shape including Lehman Brothers which no longer exists.
It was one Big Scam that had nothing to do with Clinton. All you have to do is look at the billion dollar settlements that rating houses Moody's and Standard Poors paid the Federal Government for their role in the scam.
https://www.cbsnews.com/news/moodys-...ancial-crisis/
