Briefs: Goodfellas tour covers western New York

Captain A wrote:

The largest organized crime just happened, The wall street rape and pillage of the Americas financial system.

Robespierre wrote:

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Strange that you don't blame the liberal socialist communist French for that one!!
You even blamed them for Katrina!!

Captain A wrote:

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this was Greed on a massive scale Robbie. Actually it was the liberals that started the mess at first. Bill Clinton was the catalyst back in 1996 when he loosend the standards of lending so people that couldnt have recieved loans before( poor Black people) could now qualify for a 125% loan on the appraised value of a house with no money down. So now that Money was so cheap and easy to get Everyone got into the housing business over here in America and the speculators went crazy and drove the price of houses two to over three times their real value. then when the Gas crises hit people started to pull back with credit and spending. Now all those over priced houses fell almost by 50% of their valve and people are just walking away from them and leaving Banks with lots of bad loans. The Banks practice that thing called Fractional banking and the whole thing is collapsing around us now in this financial crises. The reason that I dont just Blast the Liberals is that the Republicans were in power Also during this debacle and did nothing to stop or fix it so they are just as Guilty as the liberal leftists. I know who is guilty and who is responsible, Im not just jerk conservative I have Honor and morals...If anyone on my side is screwing up I have no problem calling them out. Thats unlike the Liberal leftist democrats who NEVER admit to ANY failure or corruption. I can be harsh but I will be truthful and fair....with a lot of sarcastic humor tossed in

Robespierre wrote:

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A bit stupid to blame Clinton for that one, don't you think?
The responsability for a bad loan is always with the lender who didn't take the necessary precautions. Most of the banking, lending, and mortgage industry works with bonus for those who bring the contracts, encouraging unscrupulous agentsa to take excessive risks to obtain business. Their bosses also get bonusses according to the amount of business they generated, and then the branch managers, district managers, company directors and so on, all along the chain.
The only way to make money and get juicy bonusses is to take risk, lend at risk, close the eyes, etc...
For years, people involved in finance have played that game, to the point that banks wouldn't lend money to each others, knowing full well the level of exposure they all have in common.
If the bonus system was banned and decent wages paid to bank operators instead, we would supress most of the problem.
How can banks expect to run a proper business, lending 125% on the purchase value of properties? That, I will never understand!!

Captain A wrote:

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Yes, you are right on....But at the start It was the Government loosing of the loan standards that started the greed rolling is my minor point here. Mr Clinton was at the start and the republicans didnt do a freaking thing to stop it either. They are all guilty in this dirty scandal..