To split lines here, Obama offered the hope of a progressive and he turned out to be no more than a moderate Republican, to the left of the GOP, but certainly no progressive. So, those that gave him a chance and came to disappointment are not stupid, they accept the reality of his failings. Those that continue to apologize for him are stupid as they fail to see those failings.
What unlawful foreclosures? OK, list the actual laws that Obama would have used to prosecute those in the financial industry for the subprime mortgage crisis.
Not good enough. Find actual information that indicates that they had evidence that they did something prosecutable and link to those stories.
The problem here is in the deregulation that was the Gramm-Leach-Bliley Act that repealed the Glass-Steagall Act. What was once illegal, such as a bank participating in speculation, was no longer. The problem was that there were areas that were not regulated, such as in the mortgage brokerage business. Regulated banks had rules to apply when granting loans that mortgage brokers didn't. So, while a regulated bank could grant subprime loans, it had to qualify the borrower and have more reserves to handle the additional risk of those borrowers.
Mortgage brokers didn't. They sold high risk subprime loans to everyone because those brought the highest price when the loan was sold to Wall Street because of the higher interest rates for investors. They sold subprime loans to fully qualified customers too. People defaulted on their loans. They were lawfully foreclosed, regardless of how they were sold the loan.
To split lines here, Obama offered the hope of a progressive and he turned out to be no more than a moderate Republican, to the left of the GOP, but certainly no progressive. So, those that gave him a chance and came to disappointment are not stupid, they accept the reality of his failings. Those that continue to apologize for him are stupid as they fail to see those failings.
Anyone who continues to support Obama after watching him allow 15 mil unlawful foreclosures while allowing the crooks to escape prosecution is stupid.
What unlawful foreclosures? OK, list the actual laws that Obama would have used to prosecute those in the financial industry for the subprime mortgage crisis.
Forgery
Securities Fraud
Wire Fraud
Mail Fraud
Fraud Upon the Courts
Not good enough. Find actual information that indicates that they had evidence that they did something prosecutable and link to those stories.
The problem here is in the deregulation that was the Gramm-Leach-Bliley Act that repealed the Glass-Steagall Act. What was once illegal, such as a bank participating in speculation, was no longer. The problem was that there were areas that were not regulated, such as in the mortgage brokerage business. Regulated banks had rules to apply when granting loans that mortgage brokers didn't. So, while a regulated bank could grant subprime loans, it had to qualify the borrower and have more reserves to handle the additional risk of those borrowers.
Mortgage brokers didn't. They sold high risk subprime loans to everyone because those brought the highest price when the loan was sold to Wall Street because of the higher interest rates for investors. They sold subprime loans to fully qualified customers too. People defaulted on their loans. They were lawfully foreclosed, regardless of how they were sold the loan.
Is it fun being clueless?
If you have nothing to say, don't say anything.