Psst... your Dems get plenty of contributions from Wall St too genius.
And Barney's Frank was dead against any reform of Fannie/Freddie as the bubble was getting bigger and bigger in 2003-2004, because Fan & Fred were significant contributors to Democrats.
Yes, I am against this agency for the record. Because I believe it will hamper lending and do exactly the OPPOSITE of what you retards think it will do. You want oversight but still expect lenders to make unprofitable loans to unqualified buyers without adequate risk compensation. You want massive new regulations yet stand in denial of its dampening effect on liquidity in the marketplace.
Here's an idea... how about expecting people to stop going through life clueless and maybe expect them to be more street smart, more rational, and less knee-jerk emotional? There have been and always will be spivvy scumbags in life and we shouldn't try to protect against everything bad that can happen to someone. Yes, during the housing boom some unfortunates got ripped off with accreting mortgages they didn't understand. But they wanted that house so badly... they were buying em, flipping em like pancakes. Until one day the music stopped and suddenly the piper had to be paid.
I'm sorry, I'm just very libertarian about many things. I have seen the incompetence of government over and over and frankly I'm not convinced we aren't all better off on our own for most things. This new bureacracy is not going to do one damn thing except grow government and the NEXT disaster is going to happen in spite of its creation.
This is the phony, false, and downright fictional libertarian world that will never exist my friend. People will ALWAYS be stupid and fall for predatory lending tactics. Just because the deck of cards almost came crashing down this time doesn't mean it won't happen again. Financial institutions will simply come up with new ways to cheat the system and the majority of the population will be none the wiser.
This is the problem with libertarians. Their ideas sound great, but most are entirely not implementable in any society. Look around the world and name me one example in civilized and recorded history of a truly libertarian society. They simply don't exist, and believing that they are achievable in our society today is simply a waste of time, effort, and votes IMHO. It's foolish and on par with values voters.
The financial institutions KNEW what they were doing was wrong. They knew they were lending to people with shit credit that couldn't afford their mortgages. IMHO the lion's share of the blame has to go to the institutions whose own basis of survival depends on them knowing better. There must be strict rules and regulations in place, and I don't care if the markets have to suffer for this. The people have suffered enough because of their greed. I can't tell you how many people I know who have had to delay retirement by 5-10 years because their 401Ks went into the shitter. People who made an honest living, didn't live outside their means, got royally screwed over too.