DOW cracks 25,000!!!! On its way to 30,000!

Slick Willie's boy Larry Summers was its chief advocate! And just think, Summers was on Odumbo's short list to be Fed!Fed. Originally Posted by I B Hankering

Now Trump is devaluing the dollar...let's see how that turns out.

1. I will take Bernake's word over a hedge fund manager who was the author of your link.

2. Lehman Brothers did not merge with any other commercial banks. Lehman Brothers and other wall street investment banks made risky bets that went bad. This had nothing to do with Glass-Steagall. Originally Posted by flghtr65

Your "smart guy" Bernanke wholly failed to see the crash coming that happened on his watch, flighty, meanwhile:

6 More Reasons Larry Summers Should Not Be Fed Chair

2. Larry Summers pushed to repeal the Glass-Steagall Act: In 1999, Summers also played an important role in convincing Congress to repeal the Glass-Steagall Act of 1933, which had for decades forced banks to keep their commercial and investment activities separate. The idea behind Glass-Steagall was that banks that hold customer deposits should not be making wild bets with that money. Repeal of the law allowed commercial banks to get into the mortgage-backed securities market that came crashing down during the financial crisis. “Larry Summers helped give us the last crash,” says Bart Naylor, a financial policy advocate at the consumer advocacy group Public Citizen. “He must not be allowed to operate the heavy equipment of the Fed.”

(Mother Jones)

Sounds like you know yourself well. Get that at home, too? Originally Posted by LexusLover

No , only from cowards and conservatives.

[SIZE="4"][COLOR="black"]Your "smart guy" Bernanke wholly failed to see the crash coming that happened on his watch Originally Posted by I B Hankering

No one was going to see the level of unethical and unlawful behavior that was occurring on Wall street at the time. The Federal government justice department won two settlements against Moody's an Standard and Poors for inflating the ratings of the products the investment banks like Lehman Brothers, Bear Stearns and Morgan Stanley were selling. Moody's settled their case for 864 million and Bear Stearns settled theirs for 1.3 Billion.

https://www.theguardian.com/business...nancial-crisis

No one was going to see the level of unethical and unlawful behavior that was occurring on Wall street at the time. Originally Posted by flghtr65

Especially while their friends are stuffing their pockets. There's an historical background upon which to rely for guidance. S&L's over-inflating RE values based on bogus appraisals and brokerage houses churning accounts.

Quit making excuses for them.

No one was going to see the level of unethical and unlawful behavior that was occurring on Wall street at the time. The Federal government justice department won two settlements against Moody's an Standard and Poors for inflating the ratings of the products the investment banks like Lehman Brothers, Bear Stearns and Morgan Stanley were selling. Moody's settled their case for 864 million and Bear Stearns settled theirs for 1.3 Billion.

https://www.theguardian.com/business...nancial-crisis Originally Posted by flghtr65

Only the willfully blind like you and other lib-retards, like Barnie Frank, who used his position (nepotism) to pull strings to get his boyfriend a job at Fannie Mae when it was Frank's job to provide Congressional oversight, chose not to see it coming, flighty, because when his faggoty ass was asked directly about a "looming financial crisis" Frank said:

"... five years ago, there was one of those rare moments in Washington when the branches and personalities of government—in this case, the Bush administration—are less interested in protecting or expanding their turf than in fixing a looming catastrophe. What was Frank's response to the proposal?

'These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking dim-retard on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'"

(USNews)

Sounds like you know yourself well. Get that at home, too? Originally Posted by LexusLover

Would that be the " home " ( condemned mobile home ) with the rainbow flags prominently displayed, a RED LIGHT on at the front AND BACK DOORS and the spare room saved for his HERO lubed Wide Ass ? With a burn barrel out front for seArgent shitburner to regale his WK MT Fluffer with how tough it was to be in charge of " sanitary facilities " ( latrines ) in a " war " zone ? And all conveniently located near an HEB ? That " home " ?????

No one was going to see the level of unethical and unlawful behavior that was occurring on Wall street at the time. The Federal government justice department won two settlements against Moody's an Standard and Poors for inflating the ratings of the products the investment banks like Lehman Brothers, Bear Stearns and Morgan Stanley were selling. Moody's settled their case for 864 million and Bear Stearns settled theirs for 1.3 Billion.

https://www.theguardian.com/business...nancial-crisis Originally Posted by flghtr65

The fact that the whole mortgage thing was corrupt was obvious to anyone who dealt with it.

I had friends that were getting mortgages for 5-8 times their yearly income, and didn't have any assets. Any. They couldn't even pay closing costs.

The mortgage system failure was caused by politicians imposing completely irrational rules on banks to appease a hard core, hate filled, political movement. The wide swath of people(mainly mortgage brokers) who took advantage of the irrationality mostly didn't get punished. The people who took out loans using lies that had no intention of paying them off didn't get punished. Working people with families who bought the real estate inflated by that fuckery got screwed.

Learn to read.

The fact that the whole mortgage thing was corrupt was obvious to anyone who dealt with it.

I had friends that were getting mortgages for 5-8 times their yearly income, and didn't have any assets. Any. They couldn't even pay closing costs.

The mortgage system failure was caused by politicians imposing completely irrational rules on banks to appease a hard core, hate filled, political movement. The wide swath of people(mainly mortgage brokers) who took advantage of the irrationality mostly didn't get punished. The people who took out loans using lies that had no intention of paying them off didn't get punished. Working people with families who bought the real estate inflated by that fuckery got screwed.

Learn to read. Originally Posted by pigvig

flighty is this forum biggest cheerleader on how great odummer care is and how America as a whole would be a 3rd world country were it not for his hero and savior BOOrock Insane Odummer !

Hillbilly, you know even less about Wall Street than you do about Health Insurance. The Wall street meltdown was a perfect mix of unethical behavior, unlawful behavior and uncontrollable greed. Lehman Brothers did not merge with any other company, they went bankrupt because they participated in high risk high reward bets which were unrelegated that failed. Wall Street investment banks like Bear Stearns and Morgan Stanly (sic) were colluding with Standard and Poors to falsify the prospectus of securities they were selling. Go look up the judgement that Standard and Poors had to pay the Federal government for cheating. You should go back to the Sandbox and start preparing for Handicapping College football. LOL. Originally Posted by flghtr65

No one was going to see the level of unethical and unlawful behavior that was occurring on Wall street at the time. The Federal government justice department won two settlements against Moody's and Standard and Poors for inflating the ratings of the products the investment banks like Lehman Brothers, Bear Stearns and Morgan Stanley were selling. Moody's settled their case for 864 million and Bear Stearns settled theirs for 1.3 Billion.

https://www.theguardian.com/business...nancial-crisis Originally Posted by flghtr65

You are the fucking ignoramus who doesn't understand the myriad causes of the 2008/09 financial crisis and instead tries to cover up your ignorance by spouting simple-minded, left-wing talking points blaming Bush, Republicans, Wall Street, "banksters" and rating agencies, flighty-ass.

It would be a fool's errand for anyone to try and straighten out your ignorant ass, so I will limit myself to pointing out you don't even know the difference between a judgment and a settlement. A judgment means you were tried and convicted, whereas a settlement means you agreed to pay a sum to avoid a lengthy and expensive court fight. Innocent people are coerced into settlements all the time, flighty. To quote from your own link:

"Moody’s said that it stands behind the integrity of its ratings and noted that the settlement contains no finding of a violation of law or admission of liability."

The DOJ under the uber-corrupt leadership of Eric Holder and Loretta Lynch filed dozens of frivolous lawsuits against banks, insurers and rating agencies, knowing they would cave under the pressure and publicity and agree to pay billions in extortion money that the government could then turn around and funnel to its favorite pet left-wing groups such as ACORN and other "community organizer" clones. Fortunately, Jeff Sessions has now put a stop to this outrageous government theft and corruption.

I realize this is way over your head, but much of the analysis behind the Moody's/S&P ratings was vindicated by the recession. Some of the highest-rated sub-prime bond tranches never defaulted. Their cashflows performed as predicted. While they did plummet in price as panicky investors indiscrimately dumped anything related to sub-prime, anyone savvy enough to scoop them up at deep discounts back in 2008-09 earned out-sized returns down the road.

I was close enough to what happened to know that many of the same deadbeat assholes who screamed at mortgage lenders to hurry up and approve their loan applications back in 2004-05 later turned around and claimed they were "victims" of "predatory lending". Then they stopped making their loan payments and lived in their houses free for years because the banks were afraid to foreclose on them. Of course, libtards like you suppress and ignore stories like that because they don't fit neatly into your greedy Wall Street/bankster/anti-Republican/never-let-a-crisis-go-to-waste narrative, right flighty?

Jesus H Christ lustylad, you spout about left leaning talking point and follow that up with right wing talking points.

Jesus H Christ lustylad, you spout about left leaning talking point and follow that up with right wing talking points. Originally Posted by WTF

Hey cocksucker...

1. Pointing out the difference between a legal judgment and an out-of-court settlement is not a talking point.

2. Stopping the DoJ from extorting money to give to partisan 3rd parties is not a talking point, no matter which political party controls the DoJ.

3. Explaining the methodologies used by Wall Street rating agencies to those who are too lazy and stupid to figure it out is not a talking point.

4. Noting that lots of people took advantage of the housing bubble to game the system to their advantage, while posing as victims, is not a talking point.

Now why don't you just admit you are a fraud who has nothing intelligent to say - and then shut the fuck up?

Only the willfully blind like you and other lib-retards, like Barnie Frank, who used his position (nepotism) to pull strings to get his boyfriend a job at Fannie Mae when it was Frank's job to provide Congressional oversight, chose not to see it coming, flighty, because when his faggoty ass was asked directly about a "looming financial crisis" Frank said: Originally Posted by I B Hankering

" willfully blind " Bawney Fwank has had that " condition " for some time now. He was questioned in 1989 regarding to his " admitted lengthy relationship with a male hooker that ran a bisexual prostitution service out of Fwanks apartment." " his indiscretion was so great that his standing in Congress was greatly damaged and a House reprimand passed overwhelmingly in July 1990. " ( From the Washington Post, a lying lib loving rag ! ) Another hero of the Gloryhole Guru and the reach-around crew !

when his faggoty ass was asked directly about a "looming financial crisis" Frank said: Originally Posted by I B Hankering

"willfully blind" Bawney Fwank has had that "condition" for some time now... Originally Posted by Rey Lengua

Let's hear it straight from the homo's mouth:

Bush actually warned Congress many times that problems were coming because of these loan practices the left forced on banks. He was laughed at by Frank and the rest of the dimbocrats who claimed things were great. Until they weren't. Then Odumbo and Holder wanted to essentially repeat the whole process by forcing more loans to people who obviously couldn't afford the payments.