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Since 2001, eight of the most troubled firms have donated $64.2 million to congressional candidates, presidential candidates and the Republican and Democratic parties, according to data from the nonpartisan Center for Responsive Politics... Both political parties have become beholden to Wall Street.
Both political parties have become beholden to Wall Street.
For a mere $64.2 million investment, Wall Street will be able to profit $700 billion. That is an amazing, ungodly ROI!
...experts interviewed by McClatchy said that inaction by the Congress helped set the stage for the current crisis. Some state regulators, recognizing early signs of trouble in housing markets, sought help from Congress when the Bush administration adopted rules barring states from enforcing tough laws targeting predatory lending -- the practices that were enabling unqualified applicants to obtain subprime mortgages. With Wall Street serving a key role in buying, bundling and reselling subprime mortgages, state officials couldn't get Congress to intervene, said John Ryan, the executive vice president of the Conference of State Bank Supervisors."
Some state regulators, recognizing early signs of trouble in housing markets, sought help from Congress when the Bush administration adopted rules barring states from enforcing tough laws targeting predatory lending -- the practices that were enabling unqualified applicants to obtain subprime mortgages.
With Wall Street serving a key role in buying, bundling and reselling subprime mortgages, state officials couldn't get Congress to intervene, said John Ryan, the executive vice president of the Conference of State Bank Supervisors."
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