From: "Nico Williams" <n...@cryptonector.com> To: noloa...@gmail.com Cc: "Crypto discussion list" <cryptography@randombit.net> Sent: Monday, June 13, 2011 12:57:58 AM Subject: Re: [cryptography] Digital cash in the news...
>Now, financial institutions clearly played a role, but mostly it was a >fee-taking role (since they mostly passed mortgages through to >Frannie), and it was a role they had to play (see CRA). Some played a >role in the securitization of lousy mortgages, but I'm not sure that >they understood the systemic risk -- the securities' buyers certainly >didn't, even though most were also financial institutions with >sophisticated people in charge, so it's not too much of a stretch to >think that this was all really just a necessary consequence of CRA and >Frannie. That's my theory anyways. That's right: POOR PEOPLE caused the Current Unpleasantness! The people who pushed the Liar Loans and the alleged people who packaged those into securities and the alleged people who gave those securities AAA ratings and the alleged people who sold those AAA securities and the alleged people who bought those AAA securities and so on are completely blameless. POOR PEOPLE caused the financial crisis! Of course. _______________________________________________ cryptography mailing list cryptography@randombit.net http://lists.randombit.net/mailman/listinfo/cryptography
