Re: Home Foreclosures: Crisis Is Only Getting Deeper, conservatives echo Custer, indians, what indians?

On Thu, 15 May 2008 19:52:19 +0000, Econotron wrote:

> 
> <milt.shook@[EMAIL PROTECTED]
> wrote in message 
> news:92ddb59c-bd91-4045-913b-ea501da31626@[EMAIL PROTECTED]
>> On May 14, 8:30 pm, "BuffettHa...@[EMAIL PROTECTED]
" <BuffettHa...@[EMAIL PROTECTED]
>
>> wrote:
>>> On May 14, 8:02 pm, "Patriot" <liber...@[EMAIL PROTECTED]
> wrote:
>>>
>>> > Dumb ****ing idiots shouldn't have bought a home that they couldn't 
>>> > afford.
>>>
>>> > Now that's common sense!
>>>
>>> Everyone was doing it.  The credit crunch and real estate collapse
>>> still
>>> has not hit canada by any measure. . . and the big sub prime lenders
>>> here are the german and swiss banks, lol.
>>
>> Over here, there was a lot of corruption. There is nothing inherently
>> wrong with subprime loans, or even interest-only loans. The problem
>> was, we allowed pretty much anyone to be a broker, and a lot of crooks
>> took applications from people, faked their qualifications to submit to
>> the bank, then, after the bank approved the underwriting of the
>> mortgage and supplied the cash, the broker sold the paper, then
>> someone else sold the paper, etc.
>>
> Banks should have controlled the brokers, as they did in the past. The 
> reason for their neglect was securitization, that is, they did not have
to 
> keep those mortgages. There were two major factors that caused the
bubble: 
> mortgage securitization and the Fed's easy money. Of course, the third
one 
> was people's stupidity, but it has always been there.:-)
>>
>> One of the problems lawyers are having right now is, there is a lot of
>> obvious fraud out there, but they can't find someone to sue, because
>> it's almost impossible to figure out who owns what mortgage.
>>
> Are they looking to sue mortgage owners? LOL! Those are the people who
lost 
> money.
>>
>> This goes a lot deeper than a bunch of foreclosures. It's a criminal
>> enterprise gone wild.
>>
> As much as any other bubble. Tulips, Gold rush, Tech stocks, you name
it. 
> When there is a law that makes bubbles illegal, it will be a criminal 
> enterprise.

Glass-Steagall was not a "criminal enterprise", Requiring proper re****ting
concerning market activity and positions in commodities is not a "criminal
enterprise".  Limiting the amount of any commodity that can be contracted
for in any market where supply is fixed and demand is very inelastic is
not a "criminal activity". And putting people in jail for market
manipulation in such markets is not a "criminal activity".

-- 
"I know no safe depository of the ultimate powers
of society but the people themselves; and
if we think them not enlightened enough to
exercise their control with a wholesome
discretion, the remedy is not to take it from
them, but to inform their discretion by
education." - Thomas Jefferson
http://GreaterVoice.org/extend