"BILL BLACK: It's a very severe problem for consumers who are going to lose not only their cars, but their credit ratings."
This is an individual's problem.It could never affect the larger economy. lol
"BILL BLACK: Because that's the word people use, "risky," when they should be saying "fraudulent," and that goes back to President Obama, who said, "Well, a lot of these things are probably not illegal." He said it at a point there had been essentially zero investigations. And Geithner, Timothy Geithner, his Treasury Secretary, was saying, "No, don't look at banking. Don't prosecute the banks, and most particularly, don't prosecute the bankers." Right? That the key to financial stability was to leave the fraudulent bank CEOs in charge of the banks. Well, gosh, they got rich by leading frauds. They paid no penalty for leading frauds. Guess what they started to do immediately with the financial crisis? New frauds. And this is only one of them. We haven't talked about the frauds that they exercised against the FHA, the Federal Housing Administration, which stepped in in the most acute phase of the crisis and was pretty much the only entity providing liquidity to the housing markets."
"BILL BLACK: It's a very severe problem for consumers who are going to lose not only their cars, but their credit ratings."
This is an individual's problem.It could never affect the larger economy. lol
"BILL BLACK: Because that's the word people use, "risky," when they should be saying "fraudulent," and that goes back to President Obama, who said, "Well, a lot of these things are probably not illegal." He said it at a point there had been essentially zero investigations. And Geithner, Timothy Geithner, his Treasury Secretary, was saying, "No, don't look at banking. Don't prosecute the banks, and most particularly, don't prosecute the bankers." Right? That the key to financial stability was to leave the fraudulent bank CEOs in charge of the banks. Well, gosh, they got rich by leading frauds. They paid no penalty for leading frauds. Guess what they started to do immediately with the financial crisis? New frauds. And this is only one of them. We haven't talked about the frauds that they exercised against the FHA, the Federal Housing Administration, which stepped in in the most acute phase of the crisis and was pretty much the only entity providing liquidity to the housing markets."
DIE! TBTF,TARP,Bail-out lovers.
http://therealnews.com/t2/story:19641:Subprime-Auto-Loan-Defaults-on-the-Rise