Quote:
Originally Posted by fishpoopoo
Spence, that is a political document.
The sad thing is, regulators won't pay heed to that report. They can ignore it, because, it is a political document.
All the bad loans came from somewhere, and if you bothered to even see where a few of them came from and what kind of loans they were, regardless of subprime or prime credit, you'd have a clue.
But nobody bothers to do their own work anymore.
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I got tired of all these economists saying the same thing so I figured we'd give the politicians a try
What's most interesting are the dissenting opinions. The bulk of the Republican dissent (aside from Wallison who seems to think the market can do no wrong, guess that's why he works for the AEI) was that they felt the global nature of the credit bubble wasn't adequately included in the main findings. I didn't see any mention of the CRA in their dissent either.
I actually think the Republican dissent is more on the mark than the main findings. All together it's a pretty good look at how this happened.
Remember, the context of the discussion is how Liberal policy caused the crisis...The government forcing banks to make loans to dead beats remember? I still haven't seen any data that really backs this up...I guess I just don't have a clue.
-spence