"Dave Brat Blames Atheists for Subprime Crisis"

Dave Brat Blames Atheists for Subprime Crisis

By Ben Collins at Esquire

http://www.esquire.com/blogs/news/dave-brats-land-of-magical-thinking

"SNIP...................


But Brat, an economics professor at Randolph-Macon College, has written that Wall Street should be, in part, absolved. In 2011, Brat wrote “God and Advanced Mammon—Can Theological Types Handle Usury and Capitalism?” In it, he explains that the mortgage crisis began because “we wanted to force low-interest loans on the banks so that the poor could magically afford houses.”

In the news, the recent economic unpleasantness called the “Global Financial Crisis” was set off by weaknesses in the housing market. Basically, we wanted to force low-interest loans on the banks so that the poor could magically afford houses. Sounds good. Banks made loans to anyone. Liar loans. They then immediately sold those loans to the government, who then took on the risk as well, and the rest is history. The sub-prime loans are still bend sorted out on Wall Street. Well-intentioned policy became a nightmare. Wall Street played its role and is equally to blame, but without the “coercion” in the housing market, there would have been much less crisis. This is my view.

Of course, this is not the case. Current Goldman Sachs CEO Lloyd Blankfein sent an email to employees cheering them on for making “more money than we lost because of shorts” during the subprime mortgage crisis. Fellow Goldman executive Donald Mullen, in emails released at a Senate panel in 2007, bragged that it “sounds like we will make some serious money” during the crisis.

Wall Street is unrepentant about its lion’s share of the blame for the homelessness of thousands, and this is the issue upon which Brat will run. As recently 2011, he did not believe that.



...................SNIP"