Not so fast. Just Fannie Mae in one year spent $10 Million on lobbying congress to hire every lobbying firm in DC so no one opposng them could fight against them. Freddie Mac spent $12 million the same yearTyphoon wrote:Republicrats were as much at the trough as Demopublicans.Mr. Perfect wrote:I guess. But Glas steagl didn't have anything to do with anything.Parodite wrote: The push to "deregulate", notably repealing the Glass-Steagall act, was pushed for by corporate investment banksters and speculators decades long: a link was once posted by Typhoon.
It was caused by a Keynesian bubble, a government created debt market and a government created financing entity, Freddie/Fannie.The 2008 crisis was not only caused by the housing bubble in the US. Also regulators not doing their job and allowing triple-A dog-poo to accumulate in the housing market knowingly.
It's all Democrat from top to bottom.
As I said, don't hate the playa, hate the game. GS just plays the game as designed by Democrats. Root cause is the Democrats, not GS.A number of wrong incentives have contributed to the 2008 crisis. Most importantly, IMO, the fact that people like Goldman Sachs CEO Blankfein are allowed to entirely protect their private capital from being exposed to the same risks he takes with other peoples money.
Um, under obama we're already there again. You guys really, really, really don't pay attention.Intentionally rigged or not.. the incentives operating in the financial industry will drive us again to a 2008 situation.
And Democrats are there to facilitate that process at every step. That's why we're against Democrats so much.Btw.. Mr. P.,... you of all people should know. Where there are rules&laws, there will always be people trying to find semi-illegal loopholes, try steal without being caught, or preferably: grab power and change laws to rig a system in your own favor.
You should watch this video, it's really going to change your mind.
IyqYY72PeRM
From another thread,
Wearing ideological blinders while trying to understand the FIRE economy is like boxing blindfolded with one hand tied behind behind one's back.A small group of pundits have criticized the movie [The Big Short], claiming that the fundamental narrative is wrong. The government, they say, is at fault, because it forced banks to give mortgages to lower-income people who couldn’t afford them. Barron’s blamed Bill Clinton, the Wall Street Journal blamed “uncertainty about how government would treat the biggest banks,” and Peter Wallison at the American Enterprise Institute went back to pursuing his white whale, blaming Fannie Mae and Freddie Mac for all that is wrong in the world.
Each of these arguments has been so thoroughly debunked over the years that they are not worth spilling more than a few pixels here. Yes, Clinton -- and George W. Bush after him -- both promoted housing for lower-income families. However, these were not the mortgages at the heart of the crisis. As my Bloomberg View colleague Noah Smith observes, “housing bubbles manifested in many countries that had no equivalent to the government-sponsored enterprises Fannie Mae and Freddie Mac, the bubble was driven by middle- and high-income borrowers, and the borrowers who drove up prices were primarily speculators rather than owner-occupiers.”
The same applies to trying to make money in the financial markets.
https://www.opensecrets.org/lobby/clien ... &year=2005
Fannie Mae
Client Profile: Summary, 2005
Year:
A special interest's lobbying activity may go up or down over time, depending on how much attention the federal government is giving their issues. Particularly active clients often retain multiple lobbying firms, each with a team of lobbyists, to press their case for them.
Total Lobbying Expenditures: $10,080,000
Subtotal for Parent Fannie Mae: $10,080,000
Fannie Mae Lobbying by Industry Industry Total
Real Estate $10,080,000
Itemized Lobbying Expenses for Fannie Mae Firms Hired Total Reported by Filer Reported Contract Expenses (included in Total Reported by Filer)
Fannie Mae $10,080,000 -
Ogilvy Government Relations - $280,000
McSlarrow Consulting - $200,000
Van Scoyoc Assoc - $160,000
Johnson, Madigan et al - $140,000
Bryan Cave Strategies - $140,000
C2 Group - $120,000
Cauthen, Forbes & Williams - $120,000
Alexander Strategy Group - $120,000
Public Strategies Inc - $120,000
Ricchetti Inc - $120,000
Miller, Hamilton et al - $80,000
Fierce, Isakowitz & Blalock - $80,000
Barker, James C - $80,000
Duberstein Group - $80,000
Clark & Assoc - $80,000
Larson, Dodd et al - $80,000
Downey McGrath Group - $40,000
Elmendorf, Steven - $40,000
Ernst & Young - $40,000
OB-C Group - $40,000
Gray, Geoffrey P - $20,000
Kelley, Drye & Warren - $20,000
Bracewell & Giuliani - $0
$2,200,000
Italicized records not included in Total Reported by Filer
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