At 20:35 07/01/2009, [email protected] wrote: >There was an awful lot of fraud, irresponsibility and the like on >the borrowers' side in all this. But as I said before, I frankly am >not sure that is the real nub of the problem. It is the credit >default swaps and the like that are ultimately causing the financial >crisis, not the sub-prime mortgage market.
Over the pond, the perception is that it's a political lack of controls that is at the root of the problem. A lack due partly to ideology, partly to business being in bed with government. This is borne out by the fact that the further a system is from the post-Reagan model, the better it's current posture (yes, there are exceptions like Iceland). john g --~--~---------~--~----~------------~-------~--~----~ Persons posting messages to not_honyaku assume all responsibility for their messages. The list owner does not review messages, and accepts no responsibility for the content of messages posted. -~----------~----~----~----~------~----~------~--~---
