It was my understanding that the rules regarding bundling came after Clinton, I may well be wrong on that point. I need to look that up. Either way, we are pretty much in agreement.
Wrong again Lefty...
"After the last Depression, Congress enacted a law, Glass-Steagall, which forbid banks, insurance companies, and investment houses to be in the same institution, to deter reckless speculation with depositors' money, which was seen as a major contributor to the stock market instability of the time. Then in 1999, at the height of the "Deregulation" craze, Citigroup and Travelers merged, a clear violation of Glass-Steagall. But rather than enforce the law, Congress repealed the prohibitions of Glass-Steagall with the passage of the 1999 Financial Services Act.
That opened the floodgates for runaway financial speculation. Wall Street knew that if they made money they would be allowed to keep it, but if their investments lost money, the US Government would step in to transfer the losses to the American people, because that is what had been demonstrated during the S&L debacle of the 1980s."
That's what led to the creation of Mortgage Backed Securities and "sub-prime" mortgages being bundled into securities which were foisted onto the market.
Uh, I think it was your boy Clinton that was in power in 1999. He signed the bill repealing provisions of Glass-Steagall. It was "The Financial Services Act of 1999". Oh, and the massive outsourcing of jobs that led to millions being unable to pay their mortgages started with Bill Clinton signing NAFTA... the atomic bombed dropped on the working class who foolishly elected him. Bill Clinton's selling out the middle class is what turned "risky" mortgages into foreclosures. Democrats own the biggest financial meltdown since the Great Depression. Dumbass Democrats still think he was great. Even more stupid are Democrat gun owners who saw him constantly whittling away their Constitutional Rights and went on to vote for more anti-gun Liberal Democrats. But you can claim you never saw this because you are too cowardly to respond to me. I however, can still show everyone else what a lying disingenuous two-faced ass you are.
