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24HourForums.com > The Top 10 Supported Forums > 24's Political Matters > As I thought would happen... |
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sirlamre Pioneer100© Member Official Forum Troublemaker
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http://www.cnn.com/2008/POLITICS/09/22/cnn.poll/index.html CNN poll: GOP takes brunt of blame for economy; Obama gains Right, wrong, or otherwise, this is what I expected.... people should remember who did what, but they won't --- they'll blame the current captain of the ship. (not entirely undeservedly, but not wholly his problem) Though I will say that if Bush COULD have screwed up this badly in eight years, he'd have done it. It's not wisdom on his part, it's just that it took longer to screw up than he was in office for. Anyone who couldn't run a horse racing club without bankrupting it...
 Turn thou unto God and say: O my Sovereign Lord! I am but a vassal of Thine, and Thou art, in truth, the King of kings. I have lifted my suppliant hands unto the heaven of Thy grace and Thy bounties. |
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Brian Grand Poobah of Moderation 
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sirlamre wrote: Anyone who couldn't run a horse racing club without bankrupting it... I think you're thinking of "Brownie".  At any rate, I agree: The current administration will bear the brunt of the blame (as appears to be happening), but the problems with the market preceed the administration. I've been able to find references to home loan bundling at least as far back as 1999, and if I spent more time on it, I'd probably trace it back further. The basic problem appears to be bundling good loans with bad ones and selling them as a unit, without any way for the investor to see what's inside the bundle.
"It's been a long December, and there's reason to believe maybe this year will be better than the last." -- "A Long December", Counting Crows |
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sirlamre Pioneer100© Member Official Forum Troublemaker
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Brian wrote:
And what idiots agreed to BUY that horseshit? What SHOULD have happened is that all the companies buying loans should have said "we are collectively NOT going to buy packages of loans without details" And all the loser companies trying to sell out the bad loans would have been STUCK with them. Instead, the buyers acted like those little old ladies driving cars in traffic -- You know, when you're in a long line of traffic, and some guy in a truck screams up the emergency lane, turns on his signal, and bulls his way in front of a bluehair driving some small car. She's not going to be pushy and close up between her and the car in front; she'll let him bull his way in, having passed 40 cars. Redneck with truck knows someone will be "nice" and let him in, especially if he's pushy and just starts moving over and daring someone to clip him, so it's worth trying to drive up the emergency lane and shove his way in. Same thing with the bad loans -- the people bundle good with bad, say "we're not telling you what's inside" -- KNOWING that some stupid fool out there will say "OK, I'll buy it without knowing what's in the box"
Turn thou unto God and say: O my Sovereign Lord! I am but a vassal of Thine, and Thou art, in truth, the King of kings. I have lifted my suppliant hands unto the heaven of Thy grace and Thy bounties. |
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24HourForums.com > The Top 10 Supported Forums > 24's Political Matters > As I thought would happen... | ||||||||||||||||||||||||||||||||||||||||
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