On 9/21/2010 12:25 AM, Anthony Farr wrote:
On 21 September 2010 11:52, steve harley<p...@paper-ape.com> wrote:
it is the bankers -- the
professionals at risk management -- who didn't evaluate the risk properly
... they sold riskier and riskier loans as they invented cleverer ways to
ignore the risk;
Oh, but that was the whole appeal of the sub-prime mortgages from the
banks point of view. The mortgages were so risky that a great many of
them were bound to fail, and the banks would profit handsomely from
the foreclosures. What they failed to recognise was that they'd
created a pyramid scheme which would return less and less as it grew,
as all pyramid schemes are bound to do. The collapse of the sub-prime
mortgage/profit from foreclosure scheme was inevitable, and the
failure of the U.S. Government was in permitting it to run to its
conclusion. They should have grown some balls, stood on the banks'
throats and stopped the lunatic greed in its tracks.
regards, Anthony
"Of what use is lens and light
to those who lack in mind and sight"
(Anon)
Here's a quote you should ponder.
"When he legislature decides what is bought and sold, the first thing
bought and sold is the legislature."
Senator Christopher Dodd of Connecticut soon to be the former chairman
of the Senate Banking Committee , is not running for re-election this year.
He was the recipient of at least one "VIP" loan, as Countrywide used to
call them. Special rates, special underwriting, special payment
terms... (just don't you worry you pretty little head about payments if
you get my drift). There are still questions left hanging about how he
aforded his vacation/investment property in Ireland.
Now the Senator claims he didn't know that he was getting preferential
treatment, (even the average Dodd voter had a hard time actually believe
that one).
Now I'm fairly sure that what the Good Senator did would have landed
anyone not in his position in Jail. But seeing that he was powerful
member of the Senate, his party allowed him to serve out his term and
quietly retire without acknowledging any wrongdoing. Because if he did
run he wasn't going to win. I bet the Republicans could have run a
bucket of sour milk against him and we'd have had Senator Bucket for 6
years, and it would have been an improvement.
You expect entrenched politicians who are part of the Gravy train to
derail that train?
Barny Frank, the Chairman of the House Banking committee may actually be
so stupid that he didn't realize he was getting sweetheart deals, after
all a former lover of his was running a sex for hire operation out of
Barny's Georgetown apartment, while they were still lovers, and he
claimed he had no idea what was going on.
These are the men who were running the oversight of the banks bundling
and selling mortgage based securities.
--
"His lack of education is more than compensated for by his keenly developed moral
bankruptcy."
-Woody Allen
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