Saturday, August 6, 2011

JOE NOCERA STILL MISSES THE POINT!

JOE IN HIS APOLOGY COLUMN WROTE THIS:
I like to joke that there’s nothing like a good financial crisis to turn you into a liberal. But it’s not really a joke.

The more I learned the back story that led to the crisis, the more horrified I became. [READ "MORE LIBERAL I BECAME." - RELIAPUNDIT]

The lack of regulation and oversight of Wall Street and the big subprime companies like Countrywide, driven by the ideology of deregulation, was thoughtless and irresponsible.

The refusal of bank regulators to stop subprime abuses bordered on the criminally negligent.
COUNTRYWIDE AND FANNIE MAE DID WHAT THEY DID OVER THE PROTESTS OF CONSERVATIVES.

COUNTRYWIDE AND FANNIE MAE WERE PROTECTED BY LIBERALS AND DEMOCRATS.

BOTH BUSH - IN 2003!!!!!!! - AND THEN MCCAIN PUSHED FOR REFORMS OF FANNIE MAE AND WERE CALLED RACISTS FOR DOING SO.

MCCAIN DID IT IN 2005 - BECASUE SAW THE RISKS PILING UP AT FANNIE MAE AND WANTED THE GOVERNMENT TO TAKE ACTION:
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
THE PRIMARY FAULT LIES NOT WITH WALL STREET - WHICH BOUGHT THE DERIVATIVES IN GOOD FAITH, BUT WITH THE FOLKS WHO GENERATED THE SUBPRIME AND ALT-A MORTGAGES AND THEN REPACKAGED THEM - NAMELY COUNTRYWIDE AND FANNIE MAE.

THE LIBERALS WERE CRIMINALLY NEGLIGENT. THEY PROTECTED THESE GSE'S; (GUYS LIKE BARNEY FRANK DID THE HEAVY-LIFTING).

AND MOST OF THE WALL STREET BIGSHOTS WHO MADE MONEY ON THE DERIVATIVES WERE DEMOCRATS. LIKE THE GUYS WHO RAN GOLDMAN SACHS.

NOCERA KNOWS THIS.

HIS CO-WORKER AT THE TIMES WROTE A BOOK ABOUT IT.



NOCERA'S "APOLOGY" HAS ONLY FURTHER PROVEN THAT NOCERA IS A LIBERAL HACK.

A LIBERAL HACK WHO IS STILL PROTECTING THE LIBERAL AGENDA AND SACRIFICING THE TRUTH.

AND SACRIFICING HIS GOOD NAME.

HE APPARENTLY DOES THIS WITH NO SHAME.

IOW: APOLOGY NOT ACCEPTED!

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