Global Meltdown Killing the Banks? No Problem - Let's Sue Them!! - Granite Grok

Global Meltdown Killing the Banks? No Problem – Let’s Sue Them!!

Cross posted my rant on Yahoo!, after I tripped over THIS nugget:

Feds sue big banks over sales of risky investments

Nice! Obama’s wrecking ball strikes the economy, yet again.
How do I know this is all a crock?
First, the Carter-Era Community Re-investment act, successively amped up by both Clinton and Bush 2, which penalized the banks if they did not make risky loans to the kind of people dumb enough to think their interests are represented by the likes of Maxine Swamp-Waters.
Second, Fannie and Freddie aggressively purchased such risky loans, and encouraged the mortgage companies to make more of them,
Third, Fannie and Freddie, having paid out enormous bonuses to corrupt "Friends of Bill" like Jim Johnson, recycled the risky paper onto the global market as Mortgage Backed Securities, some of which was bought by the same banks, and some by big investment houses.
Fourth, when some of those large banks and investment houses came unglued, the Fed and Treasury under both Bush2 and Obama encouraged, nay, coerced, banks like BofA to take TARP funds and buy up some of the failing institutions.

BofA is a victim several times over – their CEO was forced out for daring to call out Treasury over the coerced TARP "loans"; it was coerced to buy up failing banks, and finally, it gets itself sued, mostly for the antics of the failing banks the government wanted it to buy.

Like I said, a crock of S#!t, and it’s about to hit the fan. hold onto your wallets and work harder so you can hope to keep your jobs – the recession is now looking mighty similar to the great depression.

…and for those who remember history accurately, ONLY America had a GREAT depression, because only America had the great meddler, FDR, who simply could not bear to leave the market to heal itself. And now, the great meddler Obama threatens to destroy our economy. I am not sure whether he intends destruction, but he is surely causing it.

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