It has nothing to do with politics. Money was loaned to people without any consideration of whether they could pay it back. What do you think will happen? We need some kind of regulation that prevents a loan from being resold unless the borrower has at least 20% down payment invested. That would limit the failure to the specific financial institution that loaned the money. Sure, there are some people who will default after putting down 20% or more, but they are probably limited to people who lose their job or some kind of event like that.
Those 'loans' were packaged up into some kind of 'bond' and sold as 'gold'. Then many of those 'bonds' were packaged into larger 'bonds' and sold to other financial institutions, this went on over and over so that there was something like $1 actual value for every $40 'bond'. There is no telling how deep this goes. The only good thing that anyone can say is that some of those loans are good and will be repaid. The problem is that no one knows what is good and what is bad. ----- Original Message ----- From: "Ed Leafe" <[EMAIL PROTECTED]> To: "ProFox Email List" <[email protected]> Sent: Tuesday, September 16, 2008 1:28 PM Subject: Re: [OT] Sarah Pailn On Sep 16, 2008, at 3:19 PM, John wrote: > Worry not, God is always in control.... So *that's* who is responsible for the current financial mess. And here I thought it was the idiots extending credit to the credit- unworthy! -- Ed Leafe [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
