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The Greatest Depression
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[QUOTE]Originally posted by Lockman: [QB] [QUOTE]Originally posted by glassman: [qb] [b]but their products were the direct result of government interference in the housing markets. The government incouraging Banks (sometimes insisting)to loan money to non-qualified applicants is the root of the problem.[/b] i know that alot of people esp. Republicans like to say that. the problem is that its just not the truth... the derivatives market is how the swindlers pulle dit off.. they sold alot of "bad" mortgages and then they "insured" the mortgages with CDSes... the mortgage brokers KNEW they were writing bad loans when they did it... but htey get paid up front, not ont he back side... ;) it is true that Bush and Clinotn and many politicians on both sided encouraged the issuing of bad loans too.. but private insutry wrote every single one of them and they did it for profit... meanwhile? Derivatives (CDSes) were legally banned from regulation by two laws,written by the GOP run Congress and signed by Bill Clinton... the CDSes are what allowed the lenders to go so crazy witht hemoney... they liked getting th efees with the new loans, but they sold the risk off to other parties and basically lied about how risky they were.. [/qb][/QUOTE]I under stand how the dirivatives where the nail in the coffin but this all started by relaxing mortgage requirements so those with shaky credit could enter the housing market. It all started around 1978 and with it came the housing boom. [/QB][/QUOTE]
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