Re: Bill Black: The Amazing Vanishing Act: Accounting Control Fraud Disappears from the Regulatory Lexicon
Originally Posted by dons parrot
best demolition yet of the CEO defense mantra . . . Conspiracy Theory . . . Bawwk! . . . Conspiracy Theory
uh huh, but this ones even better:
Originally Posted by black
....The single most destructive deregulatory act, ironically, was contemporaneous with Akerlof and Romer’s hopeful conclusion in 1993: “now we know better” – and can use that knowledge to prevent future crises. The 1993 deregulation was “bound to produce looting,” which demonstrated that economists never “knew better” and our successors as regulatory leaders no longer “knew better.” In 1993, the federal financial regulatory agencies adopted an interagency rule junking their loan underwriting rules and substituting deliberately unenforceable guidelines.
>>> This is the rule change that allowed fraudulent liar’s loans. <<<
(why its H I L A R I O U S that apologists for/along with the current occupants blame the prev occupants for The Great Crash/Depression II and dumped generally, by the lamestream media, on the bad ole repubs since then...)
It was adopted only two years after we (OTS West Region) forced the end of S&Ls making liar’s loans.I do not want to overstate the impact of the rule change. Liar’s loans were overwhelmingly made by uninsured lenders. OTS, however, was supposed to regulate several of the largest originators of liar’s loans – Countrywide, WaMu, and IndyMac.
The Federal Reserve’s anti-regulatory dogma was far more destructive because only the Fed had statutory authority under the Home Ownership and Equity Protection Act of 1994 (HOEPA) to stop all lenders from making liar’s loans.
and what party gave us the fed reserve?
maybe the same party the gets most of GS's campaign contributions?
along with the same group that prevents any real medical care/insurance reform?
(hint: its not the accountants association) and what party gets most of theirs?
gee, i dunno - maybe i'm too dumb to connect the dots anyway....
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