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September 18, 2008

How They Built the Bomb, Addendum: The Bomb Worked as Designed.

Jack Straw:

The root of this whole problem is the Community Development Act. It literally forced banks to make loans against established rules, common practice and common sense. Fannie and Freddie and other banks were the tools that carried out the mission and some, like the dual disasters of Fan and Fred were corrupt and exacerbated the problem, but that is only icing on the cake.
No amount of oversight was going to stop the process because the process was working the way it was designed, to give uncreditworthy people credit. You would have to be an idiot or a lunatic to design a law like this. Or corrupt.

It is the nature of a bomb to explode. That is its purpose. That is its destiny.

posted by Ace at 05:04 PM

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No amount of oversight was going to stop the process because the process was working the way it was designed, to give uncreditworthy people credit. You would have to be an idiot or a lunatic to design a law like this. Or corrupt. It is the nature of a bomb to explode. That is its purpose. That is its destiny. posted by Ace at 05:04 PM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments steevy: "Oh and remember Trump said no Chinese spy balloons ..." 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