Michael Moore SCHOOLS Sean Hannity On REALITY!!

[TheFranklinParty]

Yeah....right....it was always the borrowers' fault....​

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VULTURE KAPITALI$M at it's finest....​

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At the end of the day, everyone has to own their share of the responsibility. If you bought a house, lied on the application, didn't have the income to pay for it, and got too far extended; then it's at least partly your fault. If you point the gun and pull the trigger, it's hard to blame the gun. If you think it's too good to be true, it probably is.

 

[Mr. Shaman]

the facts are that it was deregulation, that allowed commercial banks and investment banks to merge, this merger led to the creation of financial products that made the issuing of loans to people who couldnt afford them PROFITABLE, as the large investment banks were able to bundle these loans, sell them, offset their books, pay their own regulators to give them triple A ratings, and thus scam the system and puncture holes in Capitalism itself.

Very nicely put...the question is why did the legislators allow the regulatory changes to occur?

Changes????

PLEASE!!!!!!!!!!

The fact IS....the only change was AIG's ability to DODGE regulations!!!!!!!!!

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"Many have suggested that had there been a federal regulator overseeing the combined financial and insurance entities of AIG, such a massive default would have been prevented. Under current regulatory law, a financial institution is allowed to designate itself as a “thrift” institution and thus fall under OTS (Office of Thrift Supervision) jurisdiction. In fact, AIG—which has been a savings and loan holding company since 1999—purposefully exploited a regulatory gap under OTS, since OTS had no jurisdiction over AIG’s billion-dollar CDS (credit-default-swap) holdings. As a result, AIG operated in a culture of regulatory arbitrage, where their financial arm squirmed away from regulators and gambled on the future of the entire company."

 

[Mr. Shaman]

I have no argument with Michael Moore's questions, but instead of just rolling off on a half comedic theory he should really do his homework and dig a little deeper to understand the real accounting scandal that occurred.

Kinda like lookin'-in-a-mirror, huh?

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[Mr. Shaman]

At the end of the day, everyone has to own their share of the responsibility. If you bought a house, lied on the application, didn't have the income to pay for it, and got too far extended; then it's at least partly your fault.

Ah, yes....let's not lean-too-heavily on the financial-in$titution$, here...and, besmirch their good-name.

After all, weren't they the (actual) rookies, here?!!

How could they possibly be expected to be fully-versed on all things; financial??

How could they possibly know they were realizing such mega-profit$, at that time??!!!

You're so full o' crap.....

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[Mr. Shaman]

I love listening to Hannity insist the CRA caused the crash. It just reminds me how clueless his audience is.

Here's a pretty-cool article I ran-across.....

The Mindset Of An AIG Executive

“I know that because of hard work I have benefited more than most during the economic boom.” "If there was a correlation between hard work and pay, then many people in this country would be far richer than those on Wall Street."