[Karen37a]

Let me tell you about securities industry, originally there were little to no regulations. Then when trouble came and the stock mkt crashed the SEC was invented and the acts of 33 and 34 were created then the act of 1940 they were rigid, but they were workable. So then some nut case decided we need a Self Regulating Organization SRO-- called NASD originally now know as FINRA it was supposed to be helpful to broker dealers and clients--then it turned on the broker dealers made them the enemy. So they decided to keep writing rules and never stopped. They have added so many rules (so many unnecessary ones) they have driven independent small and medium firms out of business for the last 3 decades, not for being bad actors, but they have made it so expensive to conduct business that you can only survive by having massive broker dealers consolidation of the mid and small players. So believe me when I say mix money and regulation and it will never stop, every day they will propose rules and they will get them implemented, every rule means hiring more people to service the regulatory structure. I said enough, and I do not read these long and winding threads because most people here would rather bully someone asking a questions that they consider beneath them--why they can't just ignore the post I do not know, but they can't stop themselves from being nasty bastards in replying. As far as the 2008 debacle, it came courtesy of your Democratic Congressman Barney Frank--so unbelievable people named the act that followed after him as he was at the center of it all. Barney Frank made a public appeal to congress that it should be the right of every American to own his own home. So what did they do--they allowed Fnma and Gnma to start taking low document loans that were not vetted by anyone. You blame the banks? Hell they had this dangled in front of them. they were all in, they could package these no down payment no verification loans and sell them as fast as they could produce them. The Drive Through attendant at McDonalds who made 360.00 a week and was allowed to buy a house for 280k because why? Barney Frank decided it is a RIGHT of every American to own a home. Then the big banks repackaged the loans within a CDO type product where they combined bonds of all sorts from AA to CC and that pool was rated well above investment grade--these are complex products and they are only suited to institutional investors--it is buyer beware when dealing institution to institution as both parties are considered to be knowledgeable parties capable of researching any investment they buy. Of course everyone pointed fingers when things go wrong it is the American way--sue everyone and see what sticks. Then you heard the mortgage brokers were cheating and not submitting correct application --hell no doc loans and you are going to hold them responsible? Then they went after the rating agencies who they said should have known that those mortgages not backed by fnam and freddie were all crap. This standard created by the US govt was to accept low doc loans--so the rating agency is held responsible--but the son of a ***** Barney Frank is a hero for starting the whole **** ball of wax rolling down hill--unbelievable the way all three branches of the federal govt could spin it that this was all a greedy money grab by banks when they started the whole thing and did nothing to rein it in. Alan Greenspan knew very early that this was going to blow up but did he run out to a TV station and scream it from the pulpit--no--but when he thought the stock mkt was overvalued he made a point of making sure his opinion was heard world wide as the irrational exuberance speech. Where was he in 2006 saying this a dangerous thing to allow these undocumented loans to be packaged along with other securities in pools and re marketed as investment gradepaper, being sold to every mutual fund, and every insurance company who knew exactly what was in those pools, but hey they could buy protection in bond default swaps so what the hell party on. You can blame the regulators and the US government for the 2008 meltdown. The regulators were to busy running around checking to see if everyone got the correct breakpoints on their mutual fund purchases while they let Rome burn to the ground--and they were the ones that supplied the matches--enough I can't stand it when people tell me the banks caused the 2008 meltdown I want to grab them by the neck and tell them stop believing what the spin master are selling you--spin it hard enough and a lot of people will believe it as fact--like the Obama administration had no scandals lol. Benghazi was not a scandal? The sec of state operated a server that had sensitive data on it without permission and then denied its existence until someone hacked it and showed the world the email--then when it was revealed that Obama himself using a alias was communicating with Clinton on the server denied it was true (when he previously told the American public that he had no knowledge of the server) when the evidence was in the public domain. I am telling you believe no one who tells you how it was or is find the evidence and decide for yourself.

And for you nasty bastards on these threads
Strive to be the person your dog thinks you are--you will be better for it

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