tyb
Paul Krugman Returns to Perpetuating the Big Lie for Wall Street
Paul Krugman, the New York Times columnist who won the 2008 Nobel Memorial Prize in Economic Sciences, is back to pedaling his Big Lie that Wall Street banks were not responsible for the financial crash of 2008 or the ensuing housing crash. This time he’s told such a doozie of a lie that there is no longer any doubt that he’s on a mission to restore Wall Street’s credibility, even if he has to rewrite the history of the financial crash and every official report that’s been published on it.
The latest Big Lie from Krugman appeared in yesterday’s print edition but first appeared in the digital edition on Monday under a different headline, “Have Zombies Eaten Bloomberg’s and Buttigieg’s Brains?” In a very clever sleight of hand, Krugman is complaining, correctly so, about the fact that presidential candidate Michael Bloomberg has adopted a right-wing mantra in attempting to place the blame for the housing bust, that accompanied the Wall Street collapse, on liberals who “caused the crisis by forcing poor innocent bankers to lend money to people of color….” (Krugman’s complaint about Buttigieg is that he’s too obsessed with the $23 trillion national debt – a significant part of which, of course, resulted from attempting to recover from the Wall Street collapse.)
As Krugman asserts his superiority on facts versus Bloomberg, he throws out this whopper of a lie about the 2008 financial crash: “The surge in bad loans came neither from government-sponsored agencies nor from regulated banks, but from unregulated mortgage originators.”
Every official report on the Wall Street collapse has revealed the following: that Wall Street banks were fueling the subprime mortgage loans because they wanted the fat underwriting fees to bundle the loans and securitize them. Some Wall Street banks, like Goldman Sachs and Citigroup, even used their insider knowledge of just how bad the loans were to bet against them (make short bets). The crisis was further deepened by the fact that these same Wall Street banks were paying for rating agencies like Standard & Poor’s and Moody’s to give triple-A ratings to securitizations that the banks knew were likely to collapse. The official government report on the financial crisis, the Financial Crisis Inquiry Commission Report, writes this about who was issuing all of this subprime debt:
“Subprime was dominated by a narrowing field of ever-larger firms; the marginal players from the past decade had merged or vanished. By 2003, the top 25 subprime lenders made 93% of all subprime loans, up from 47% in 1996. There were now three main kinds of companies in the subprime origination and securitization business: commercial banks and thrifts, Wall Street investment banks, and independent mortgage lenders. Some of the biggest banks and thrifts—Citigroup, National City Bank, HSBC, and Washington Mutual [all regulated, federally-insured banks] —spent billions on boosting subprime lending by creating new units, acquiring firms, or offering financing to other mortgage originators….” Why does Krugman think the U.S. Department of Justice and other regulators fined JPMorgan Chase, the largest regulated bank in the country, $13 billion for its sales of toxic subprime mortgages? On November 19, 2013, the U.S. Department of Justice announced the $13 billion fine and wrote this:
“Without a doubt, the conduct uncovered in this investigation helped sow the seeds of the mortgage meltdown…The conduct JPMorgan has acknowledged – packaging risky home loans into securities, then selling them without disclosing their low quality to investors – contributed to the wreckage of the financial crisis. By requiring JPMorgan both to pay the largest FIRREA penalty in history and provide needed consumer relief to areas hardest hit by the financial crisis, we rectify some of that harm today.”
rest at link
https://wallstreetonparade.com/2020/02/paul-krugman-returns-to-perpetuating-the-big-lie-for-wall-street/
if no takers..drop it and muh collector will take it down and see if I can get an ebaker.
confirm
muh collector on it
will need an ebaker at end of this bred if no incoming baker.
07
had the same reaction. Must be some things we are not privy to yet.
notes at just past 600 both on the tag so plenty of time to figure out who does it.
#10480
Notables #10480 and not endorsements
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>>8186228, >>8186262, >>8186356, >>8186469, >>8186481, >>8186536, >>8186715 Planefags aloft
>>8186229 Prosecution to recommend investigation into former company owned by Gantz
>>8186240 Did you know Mike Bloomberg banned food donations to the homeless because his bureaucrats didn’t know the sodium content? (2012)
>>8186246 >>8186249 >>8186266 UAW & Fiat Chrysler officials charged so far in auto scandal/sent to prison for bribery scheme
>>8186252 Travel pool report: DJT spoke with Macron yesterday
>>8186278 Russian Defense Ministry: terrorists in Syria use U.S. weapons against Syrian civilians and army
>>8186280 Bloomberg memo warns Sanders 'impossible to stop' unless Biden, Klobuchar, and Buttigieg drop out
>>8186332 Pentagon's top policy official John Rood resigns at Trump's request
>>8186377 WATCH: Pro-transgender UK politician claims children are ‘born without sex’ on live TV
baker/notetaker change
>>8186443 Blown CIA Operation Cause for Concern patriotpost.com
>>8186452 Doug Jones Asked Whether Abortion Should Be Banned After 5 Months: ‘What A Stupid Question’-dailycaller.com
>>8186476 WSJ reporters' credentials revocation not retaliation for US designation of Chinese media: observer-gloabltimes.com
>>8186499 Strzok knew Hillbags had info on server-U.S. DOJ doc dated Dec 20 2016- unsauced but have seen this before
>>8186501 Holder Twat
>>8186510 Prominent Democrat Arrested & Charged With 6 Felonies-dcclothesline.com (turn your ad blocker off though)
>>8186519 The IRS is Suing Facebook for $9 BILLION-dcclothesline.com
>>8186529 Who are the People’s Mujahedeen of Iran?-foxnews.com
>>8186554 Former CIA director Petraeus talks Middle East-yaledailynews.com…consider the source here
>>8186571 Extreme cold weather being caused by the jet stream is not a result of Arctic warming, research suggests.-breakingnews.ie
>>8186617 How John Bolton won the war on Iran policy-yahoo.com (he did?…ok :/)
>>8186650 Nascar's Ryan Newman Released from Hospital … Walks Out with 2 Daughters!!!-tmz vid (glad to see that…the walking out part)
>>8186700 "Hey Bloomberg, Stop Ignoring My Questions About the Financial Crisis" Op-ed-slate.com
>>8186718 NSA/CSS @NSAGov Twat
>>8186727 How Jewish American pedophiles hide from justice in Israel-cbsNews (chek't raw story not just the twatter link)
>>8186755 Cannibal who murdered his Grindr date and ate his testicles is found unresponsive in his jail cell after losing his appetite and barely eating since December arrest-dailymail.com (don't see that every day….)
all yours bakers.
I've used it a few times. see you nb