Beau Biden, A HuffPo “Game Changer”
There is this crazy argument floating around that the bankers and money managers who drove the economy off a cliff (then got paid for it) should be investigated. There is the crazy antiquated notion out there that even rich people who indulge in criminal behavior should be investigated, arrested, come to trial, be judged, and face punishment. One of the people who is pushing that quaint notion is our own AG, Beau Biden.
Beau Biden, Attorney General of Delaware chimed in with reservations as well. “The events leading up to the mortgage crisis must be fully investigated, including origination and securitization practices, before any broad immunity is granted,” he said. “The American people deserve an investigation.” Pressure from the quick-let’s-settle-and-forget-it-all contingent has remained strong.
For what it’s worth, I completely and unequivocally agree with the AG on this issue. To prematurely concede a settlement as fair/just to all parties is bad policy and an abdication of responsibility by political leaders. These accusations of wrongdoing by certain financial institutions are well documented and the damage to the economy, homeowners and all citizens demands a scrutiny that will assure an adequate resolution and settlement. Beau Biden has really stepped up on this one and has earned your support on this initiative.Those leaders who feel he is overstepping or misstepping or call for concessions to the industry need to hear your outrage and concern.
John Kowalko
John Kowalko
When the investigation is complete Bonehead Bo should realize that your own federal government is solely and ultimately responsible for the financial predicament that has unfolded over the past 15 years or so, because they relaxed the mortgage lending rules that were implemented duing the Last Depression (1930s) specifically to avoid the modern catastrophe that unfolded by removing these rules. And if you look at the Senate vote record you will see that Bo’s daddy – that’s right, PhotoOp Joe – voted for these ridiculous Bills. Plain and simple, Capitalism will take advantage of any available tool or rule. That’s why they have been making financial laws over the past 130 years or so, from the old anti-trust acts right up through today. “But everybody should be able to own a home!” BULLSHIT. I’ll show you renters that aren’t even fit to live in a barn.
delbert, the criminal behavior by the banks and financial institutions is already well-documented, including conspiracy, forgery, back-dating documents, and perjury for submitting false documentation.
Do you think those crimes should not be prosecuted?
You had an engine with the carbeurator stuck wide open, thanks to Uncle Sam. Sure, prosecute the criminals. But don’t punish them as if they created the situation, because they certainly did not.
Hmm.. How about… You can eat cherry pie filling everyday for breakfast, lunch dinner but you can’t put a cape on a turtle…?
I’m trying to come up with something as nonsensical as delbert’s but I don’t think I can do it.
Well Jason, there is nothing new about securitizing whole mortgages. They’ve been doing it since the mid70s. Mortgage backed securities grew to be about a third of the bond market. And it as a healthy and collateralized third, until your government relaxed the home lending rules RIDICULOUSLY at a time when the bond market was starving for yield because Greenspan had kept rates so low for so long. There was an insatiable market for a seemingly safe collateralized bond that floated 100 to 150 basis points above US bond rates. That opened the carbeurator to inhale any king of fuel that was thrown into it. And there were guilty parties in every related sector of this busy machine. No one sector created it. Your government created it. Relaxed standards combined with poor oversight and no foresight.
Boo Biden is Delaware’s own Inspector Cluesoe.
A complete failure as AG.
“Your government created it. Relaxed standards combined with poor oversight and no foresight.”
Oh, I get it delbert. It is just like all the shootings and killings that result from our lax gun control laws. You can’t really hold anyone responsible in this climate.
Delbert would be quite wrong anyway. But that is what happens when you just repeat the wingnut talking points.