"dapperdobbs" <GeorgeCFL@[EMAIL PROTECTED]
> wrote
> Funny ... I could have *sworn* I've been saying the same
> thing for the
> last two years on this site,
No doubt.
> I wonder how long it will be before I see someone posting
> "Oh, the
> problem with the mortgages wasn't so much the housing
> market - we
> could have handled that! The BIG problem was that these
> dinkies with
> their PhD's leveraged all that borrowed money 30 -to- 1,
> and then
> couldn't cover their behinds!
I continue to believe it was a group effort in greed, from
little guy who did not have enough for a down payment yet
bought anyway; to flip-pers with their ridiculous get-rich
quick schemes; to those who sold credit derivatives without
understanding the underlying risk; to banking practices that
did not reveal the extent of exposure to subprime mortgages.
"Only sell what you understand, and if you have to wave your
hands to explain it to an investor, you shouldn't be selling
it to him/her." Toss in a government that maybe should have
done something to regulate lending standards as it lowered
interest rates.
I am not someone who like the concept of "dispersion of
blame," but here it seems at least a bit appropriate.
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