Quote:
Originally Posted by Wayne Maybury
If the media won't run with the story, then why dosen't McCain hammer away at this during the debates?
Wayne
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Wayne,
Because McCain knows that the whole thing really started with the Financial Services Modernization Act (also known as the Gramm-Leach-Bliley Act named for 3 GOP Congresscritters - Gramm being one of McCains primary economic advisers).
Perry,
Greenspan even said that it was not the selling of the subprimes as that has been happening for 30 years, it was the packaging them into securities (MBS) and selling them with a lower risk rating than they should have. This is a result of deregulation from that act, as well as banks trying to make extra money by not doing their due diligence. Despite what ACORN did, nobody forced the banks into selling the mortgages into MBS.
Steve