February 6, 2013

Wednesday Off-Topic (Moderated) Open Thread (020613)

Filed under: Lucid Links — Tom @ 6:05 am

Rules are here. Possible comment fodder follows. Other topics are also fair game.

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The answer is obviously “Yes”:

Payback for a Downgrade?
The feds sue S&P but not Moody’s for pre-crisis credit ratings.

Readers here know that the real deceivers in the subprime mortgage mess were at Fannie Mae and Freddie Mac:

… from the time Fannie and Freddie began buying risky loans as early as 1993, they routinely misrepresented the mortgages they were acquiring, reporting them as prime when they had characteristics that made them clearly subprime or Alt-A.

As seen in the update at the link, the dollar value of the securities involved went to 13 figures, i.e., somewhere in the neighborhood of $2 trillion to $5 trillion.

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It’s long past time to drop the illusion that Karl Rove has any interest beyond defending the GOP establishment politicians against those who believe the Constitution means what it says — people Rove describes as “far right.”

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1 Comment

  1. The scary thing is that the DOJ is apparently fabricating the case against S&P using anecdotes and out of context excerpts from e-mails. Obama and the DOJ are twisting the facts to suit their theory, and that is yet another example of how out of control and corrupt this administration is.

    Comment by zf — February 7, 2013 @ 5:35 am

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