Gary! Gary! Gary! Consolidation saved the government billions and then made them billions..
How’s that? Well, instead of having to keep track of and litigate against nearly 40 different smaller players, they only had to go after a half dozen players. The Feds then fined them billions and billions, and milked every multi-billion dollar headline.
Amazing how the Feds created and cultivated the atmosphere for the CRA and lending regs that eventually produced “no risk” mortgages and the “housing debt crisis” toxicity. Then Harry Reid pushed the whole market off the cliff in September 2008 for the sake of politics. Remember his “They don’t know what to do!” with Bernanke and Paulson standing there? Twice. It was akin to yelling fire in a crowded theater. A very crowded theater. Two months later and 5,000 Dow points lower, we got the trash and burn financials administration.
.
Ah, what a scam.
Gary! Gary! Gary! Consolidation saved the government billions and then made them billions..
How’s that? Well, instead of having to keep track of and litigate against nearly 40 different smaller players, they only had to go after a half dozen players. The Feds then fined them billions and billions, and milked every multi-billion dollar headline.
Amazing how the Feds created and cultivated the atmosphere for the CRA and lending regs that eventually produced “no risk” mortgages and the “housing debt crisis” toxicity. Then Harry Reid pushed the whole market off the cliff in September 2008 for the sake of politics. Remember his “They don’t know what to do!” with Bernanke and Paulson standing there? Twice. It was akin to yelling fire in a crowded theater. A very crowded theater. Two months later and 5,000 Dow points lower, we got the trash and burn financials administration.
.
Ah, what a scam.