Political Quotes

“I thank the gentlelady. If there is a problem with the Dodd-Frank bill, it is that it was passed 2 years after, rather than 2 years before, the Wall Street meltdown. That was a catastrophe. It was so bad that one of the most conservative Presidents in the history of this country came to Congress with the Goldman Sachs Secretary of the Treasury asking Congress to authorize $750 billion to bail out Wall Street's collapse. {time} 1340 That was an avoidable situation. The reason it collapsed is because of the fact that the only problem worse than no regulation or little regulation is no regulation at all. And that's what Wall Street had enjoyed. The heart of the crisis were these subprime mortgages that were loans to people who had no documentation, no ability to pay them back. They were sold and peddled not because there was even an expectation that they would be paid back, but they were sold to the mortgagees so that they could then be sold off to investors. This was the architecture of catastrophe. And the American economy is still reeling from it.…”