Linked by Flatland_Spider on Wed 24th Sep 2008 21:56 UTC
Thread beginning with comment 331450
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You may then want to read about this law:
http://globaleconomicanalysis.blogspot.com/2008/05/bankruptcy-refor...
and this documentary:
http://books.google.com/books?id=zjHTClK0qyQC
You will then see how FICO works and that the Federal Reserve is owned by private banks. Ever wondered why credit cards are issued to freshman college students in America? In europe and asia, you need to demonstrate your ability to repay credit (either with assets or a job) even before you could get your paws on a credit card.
The financial industry is too large to be regulated, they regulate themselves. In the US, if you are rich and powerful, you can lobby for any laws to be put in place.




Member since:
2008-07-01
If one were to Google Ron Paul it'd easily be possible to find opinions expressed that would find government culpable. While the crooks are on Wall Street various forms of government interference/intervention provided a framework that now allows this crisis to occur. The subject is complex but at a basic level most ask: "How did so many default on mortgages?" This is directly related to well-meaning government action:
http://en.wikipedia.org/wiki/Community_Reinvestment_Act
This act *required* the lenders to give to the "uncredit worthy" and provided special treatment for Fannie Mae and Freddie Mac.
Edited 2008-09-25 14:08 UTC