Article

2008-09-22 Home Front Economy

VDH: We have seen the enemy and he is us

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by 2008-09-22 12:16|| || Front Page|| [2 views ] Top

#1 sheesh. Speak for yourself, VDH. Many Americans did not do this and they are the ones who are going to foot the bill for those who did. What caused this mess was that regulators looked the other way in exchange for sweetheart deals and allowed the risk to removed from those who hawked bad loans for commissions. No one cared that any blind man could see that a huge number of borrowers would eventually be unable to pay. It was a ponzi scheme that anyone who had even a minimum amount of knowledge knew would eventually crash.

The problem is that those who were making the loans didn't care. They could make their commissions and bonuses and then sell the junk to someone else all nicely wrapped in packages that kept the stink under wraps long enough for them to get out of town.

Posted by Betty Grating2215 2008-09-22 16:15|| 2008-09-22 16:15|| Front Page Top

23:55 Halliburton - Asymmetrical Reply Division
23:54 Red Dawg
23:49 General_Comment
23:43 USN,Ret.
23:40 General_Comment
23:35 Cornsilk Blondie
23:31 Red Dawg
23:31 General_Comment
23:29 Betty Grating2215
23:26 Betty Grating2215
23:23 General_Comment
23:21 General_Comment
23:16 rammer
23:15 Red Dawg
23:13 Red Dawg
23:00 Zhang Fei
22:56 JosephMendiola
22:44 Spaish Flomble3461
22:41 rjschwarz
22:38 rjschwarz
22:36 Milton Fandango
22:36 rjschwarz
22:35 Barbara Skolaut
22:33 Pappy