Quote:
Originally Posted by Guest
What so many seem to forget, is that loans made to high-risk/subprime borrowers (because the banks weren't hanging on to them)..... were then sold to the financial market as relatively safe investments.
The fact that derivatives/CDO's/subprime mortgage-backed securities (MBS), were invented to try and hide dog chit, by wrapping it in sirloin and then being sold as all sirloin...was the crux of the problem.
Had the major ratings agencies done their job, then high-risk loans would have been properly rated and the market would have dried up...thereby reducing the number of those types of loans given to those who couldn't afford them.
The biggest failure of Obama's administration in my mind, is that not enough of these scumbags went to jail. 
CNM |
See Michael Moore's movie Where to Invade Next if you haven't seen it already.
When you see how Italians work/vacation, French Public School children eat,Tunisian Students learn and Spanish drug addicts are treated is so different then what we do, it's easy to question everything.
At the end of the movie the story is about Icelandic women in power. They go after corrupt bankers and send them to prison. That's why I brought this up.
Icelandic Women, maybe all of Iceland has a low opinion about how Americans treat each other.
for everyone else--have fun---plenty of room for stupid remarks