Since the Feds were directly responsible for more than 2/3 of the risky sub-prime mortgages that led to the crash, why, oh why, aren’t the Republican candidates making that argument? From IBD:
Oh, BTW, the other less than a third of risky mortgages? Oh, they were mandated by the Feds, anyway…
I might suggest that “the Feds” took no responsibility, nor ‘oversight’ in the first place … bit difficult to blame “the Feds” .. heh.
The two really criminal (in any semi-almost-sort-of rational society) parts of this is that
1. After making all these sub-prime loans to people who had no hope in hell of paying them off, these federal government organs then bundled up these crap loans, certified the bundle of crap as “pure gold” and sold ’em off to banks and other financial institutions with the promise that any that failed would be paid off by the feds (with money borrowed against my grandchildren’s future).
2. At the same time, the feds were requiring banks to extend loans to people who had no hope in hell of paying them off, without the attendant promise to swoop in and pay them off when they inevitably failed.
It was “feddle gummint” regulation and intervention in the market that CAUSED the sub-prime mortgage collapse and the following financial collapse, and it has been “feddle gummint” regulation and intervention in the market that has kept any recovery from occurring. Every federal official–elected, appointed, hired in any way–who had ANYTHING to do with this should have ALL their family’s assets seized and be placed on a chain gang making little rocks out of big ones, for life.
Barney Frank and Chris Dodd and their ilk who pushed the laws into effect and “supervised” the agencies that caused the collapse should be executed for malfeasance in office and treason. I’d support an amendment to the ex post facto clause and the eighth amendment prohibition against “cruel and unusual punishment” specifically for politicians only in order that their executions could then legally be by tarring and feathering them and then giving them lit matches to play with…