H&S

The Financial Crisis Explained

He forgot to mention that the Banking industry and its lobbyists put the one system that worked for home lending out of business-savings & loan associations.
Then, we brilliantly created a system run by mom&pop sized companies that would get a fee for brokering mortgages which in turn were accepted without any real underlying credit analysis by the Freddie/Fannie fiascos. These fiascos did not have a clue as to underlying credit quality and did not have to because using the full faith & credit of the good old USA they could get rid of the toilet paper they had bought on a global basis and get another fee for it.
Further, whereas the S&L's had some controls and local market knowledge, many of the unregulated mortgage brokers did whatever it took to keep the fees coming in together with the realtors and appraisers[MAI- Made AS Instructed].
Finally, my fellow Republicans need to remember that free markets need rules just like football/basketball/ba... which we all understand would be no fun without rules. Rules make the playing-field level and tend to highlight the rule-breakers more quickly!!!!!
John McCain has not learned this lesson yet-will he ever????