Originally Posted by
chief31
The banks screwed up. But it was no accident. Those "high risk" loans were purposely sold off at inflated values. They were lemons that the insurance holder, who sold them, specifically wanted to see fail, so that they would gain on both ends. Maximum sale price, and the federal insurance that they go to keep when they sabotaged their own customers, on both ends.
The Community Reinvestment Act had done well for decades, until de-regulation led to this kind of sabotage.
Here is what I will grant you on that... The vote for the repeal of Glass-Steagal was heavily bipartisan.
Democrats, the minority at the time, joined in for the lobby money, and to not be obstructionists. That's what you do when America's people make you the minority in Washington.
But they were just as foolish as anybody on this matter.
We make most laws for a good reason. Because, left to their own decisions, man have proven, without a doubt, over the course of man's entire history, that they will destroy each other.
Laws restrict wrong-doing. Repeal re-legalizes wrong doing, unless it is done very, very carefully.