FuzzNJ wrote:Really? We don't have cradle to grave anything and the last time I checked the economic melt down was created by risky gambling in unregulated derivative markets, pure capitalism.
But we've gone off track for the thread.
This ad is obviously racist, made by a right-wing activist.
And this is where Fuzz is wrong...again.
The derivatives were a creation of government programs that literally forced banks to give out high-risk loans to people that everyone knew couldn't be paid back. The result was a lot of junk paper.
So, like good businessmen, the banks tried to turn crap into gold, in order to prevent from going under. So they created a derivatives market and sold off their bad debt to anyone stupid enough to buy them.
Then you had institutions like the FDIC putting their backing behind the proliferation of said high-risk loans, making the laughable claim that they were a better investment than standard loans because their default rate was so "low." The reason for that was because prior to the Clinton administration putting the screws to the financial institutions, those types of loans were given out rarely.
Then again, Fannie Mae and Freddis Mac - the two entities holding the bag on lion's share of that bad debt - were both quasi-government institutions. They weren't free market institutions even in the most "liberal" interpretation of the term.
But it all started with liberals like Fuzz in government trying to make socialism work. It doesn't.
I fail to be amazed anymore my Fuzz's complete ignorance on just about every subject.
Either that or he is just a blatant liar. You can pretty much take your pick.
