Originally Posted by
hitman619
I kinda don't feel sorry for some of these people
I remember when the inland empire was booming:sad:
I lot of people over bought that area, and sellers and builders laughed all the way to the bank:dunno:
to quote some else
to quote someonelse
bill s190 is what you refer to
"Long story short: Bill S.190 would have been a tactial step in the right direction for one part of the puzzle, however strategially it would have completely failed to address the broader problem: lack of transperancy in the securitization of mortgages, lack of oversight over the rating agencies and investment banks, and lack of regulation over lending practices. This would have happened with or without S.190. Democrats voted against S.190 because it would have created a new agency (ironic republicans sponsored it), it unfortunately became a purely partisan thing.
Deregulation, "free" markets, and less government oversight is the motto of the right. Unfortunately these economic philosophies are what drove the broader market into the ground. Fannie and Freddie are merely a tiny piece of the puzzle, a symptom of broader systematic risk. "