No Joke: The Regime Replicates the Policy That Created the Subprime Mortgage Crisis - The Rush Limbaugh Show

Remember all this? You remember then that Wall Street banks -- after doing this under threat of investigation and threat of the use of force under the intimidation of federal government -- then made these loans. And then what they did is they pooled them together. Worthless pieces of paper. Worthless mortgage after worthless mortgage. The banks pooled these things together in consort with Fannie Mae and Freddie Mac.

And they went out and they gave these new pooled mortgages names, "derivatives" and so forth, and then they sold them to unsuspecting people. And they said, "Look at this income stream we've got for you! We have put together 25,000 mortgages here. Yeah, look at the income stream you've got. AAA rating on these loans! AAA rating on these mortgages." The banks were stuck with worthless paper that the government made them issue. The government made them make these loans.

This subprime mortgage thing was a government creation, brought to us by liberals under the guise of compassion. "It's unfair that some people should have homes and others shouldn't." All of this cost at least a trillion dollars. It put the government in a gigantic hole that we are still in. We still have not dug ourselves out of it! You've heard me tell this story how many times? Then we had the investors jumping in. Interest-only loans! No documentation loans!

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