Re: housing woes

On Tue, 10 Jun 2008 22:54:12 GMT, Dave K posted:

On Tue, 10 Jun 2008 16:25:27 -0500, "Amused"
<jamescopeland@xxxxxxxxxxxxxx> wrote:

"Dave K" <dave.k@xxxxxxx> wrote in message
news:gvqt449cjn0lni71gjgijnqjipkajhi6ab@xxxxxxxxxx
On Fri, 6 Jun 2008 16:03:27 -0500, "Amused"
<snip>


Honestly, some of the brightest, most astute financial experts on the
planet, got caught up in the bubble. (CEO's heads are rolling and more
will. Good. That's the way it's suppose to be.) And I for one, do NOT
believe for a moment that a mountain of regulations would do the least bit
of good. Hell, most of them barely understand what happened.

According to a Steve Kroff report on 60 minutes, some banks/mortgage
brokers, many in foreign countries, STILL do not know what they're holding
and have no idea what to do about it.

I do NOT want the American taxpayer to bundle out people that.....
Over bought....
Paid too much.....
Didn't understand....
Whatever....

If they can re-negotiate their mortgages down, more power to them. And I
fully understand that if the banks take a hit, eventually the government
will take a hit, (And THAT means me.) It was a BUBBLE. Many people warned
that all bubbles burst. Some of them burst fast, like this one, and some
burst slow, like Social Security.

James....



As I said, " The disagreement we will have is in the choices of
what we'd rather see government regulate than business run freely."

These people made megabucks loaning large amounts of money to bad
risks speculating upon returns. I really don't give a rat's patoot
about the quality of their minds. It is fairly obvious they are smart
people because they hoodwinked their customers good.

It is that sort of opportunism that I resent.

I don't think that people understand that this fiasco is another Bushco
disaster. The things that were done to repackage debt would have been
fraud, if repugs like Phil Gramm hadn't changed the law to allow it.

Those who made mega-millions are now down the road, and our financial
infrastructure has once again been raped by repugs. They used to be
"starve the beasters." Now they're "*** the beast up."

Who ends up losing? The little guys, millions of times over.
De-regulation is largely responsible for corporate misbehavior.
--
I never smoked a cigarette until I was nine.
H. L. Mencken
.

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