Who is this lunatic lady on Bill Maher?

[bluestate10]

32. Caruso-Cabrera is wrong.

Banks, Mortage companies and Investment Banks were involved in an infested web of home loan lending, credit card lending, questionable business lending, bond securitization and bond bundling. The fuckheads topped off their idiocy by creating derivatives that allowed gamblers to take a Call or Put position relative to valuation of super bond clusters. Caruso-Cabrera made the point that banks made home, credit card and business loans that got banks in trouble and she claimed, inaccurately that Glass-Steagall didn't prevent that activity. What Caruso-Cabrera cleverly didn't mention and wasn't called bullshit on, is that repeal of Glass-Steagall made it possible for banks to sell the loans that banks made, that rather large item was not possible under Glass-Steagall. Banks being able to sell loans to Investment Banks that then bundled those loans into bonds, then super bond clusters, removed the historical burden on banks of grilling the creditworthiness of potential borrowers. Glass-Steagall forced banks to hold the loans that they made, leading to prudent examination of the creditworthiness of potential borrowers. Some banks like Citi and BankAmerica were burning candles on both ends, making shitty loans, bundling loans into bonds, then bundling groups of bonds into super bond clusters.

The reason why no one responded to Caruso-Cabrera, except for a faint complaint from Bradley, is that the correct answer is too long and complex to fit into the sounbite format of talk shows. Caruso-Cabrera had an advantage in that she could throw up wreaking bullshit knowing that it could not be swatted down.