Spoken like a true #occupier.
Maxine Waters blamed Wall Street for the current financial crisis. She was on this morning on “Weekends with Alex Witt” on MSNBC (see video). Maxine blamed Wall Street for the current and lingering financial crisis.
What Maxine fails to realize, either on purpose or through ignorance, is that the banks were reacting to the environment Washington created for them. They were told to make loans for people who they knew could not pay them back in the name of affordable housing for all (aka socialism). They were told not to worry about it because Fannie and Freddie would back them up. And they were warned that if they didn’t do what they were told, they just might have a discrimination suit on their hands, or at least a visit from an auditor.
Maxine and her friends in Washington set up the rules. And the banks reacted in the only way they knew how. First by saying yes, then by spreading risk with new “exotic” products. Maxine, you are right. It’s not the presidents fault. It’s your fault.
Advertisement - story continues below