here stupid,
let me make this easy for you
Frank doesn't. But his fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing
http://archive.boston.com/bostonglo...ngerprints_are_all_over_the_financial_fiasco/
Now that the bubble has burst and the "systemic risk" is apparent to all, Frank blithely declares: "The private sector got us into this mess." Well, give the congressman points for gall. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame, he can find one suspect in the nearest mirror.
How do people stay so ignorant? The bankers created the financial the certificates they sold that were based on mortgages. The first one were solid because mortgages were. Banks were making tons of money and sold all they had. They needed more mortgages so they instructed their lending agencies to drop standards. They sold all of them. So they instructed them to drop them again and again.
They needed to get the certs ratified by the rating agencies. So they paid them tons of money and every agency was AAA rating every shit cert they wrote. In front of congress, after the smoke cleared, the agencies said they would have AAA rated anything they threw at them.
The banks had no liability. They sold the certs immediately. Their jeopardy was gone. They just piled up money.
That was not enough for banks. they sold insurance on the certs, guaranteeing them. They knew they could not pay them off in a crash, but the money. It is always the money. Banks were playing casino and had the game fixed until suddenly, it was over. Then we all had to bail them out to save the financial system. The fucking bankers were being strongarmed by treasury to buy up the failing institutions at great rates. But the pricks balked because they were not guaranteed their bonuses. So the govt. acquiesced and the crooks got that too.
All your crap is wrong and after the fact right-wing crap trying to make sure the bankers escaped.