On Sat, Sep 20, 2008 at 10:30 AM, Bruce Johnson < [EMAIL PROTECTED]> wrote:
> > > On Sep 19, 2008, at 9:18 PM, richardsan san wrote: > > > On Fri, Sep 19, 2008 at 10:11 PM, Bruce Johnson < > > [EMAIL PROTECTED]> wrote: > > > >> > >> on Real Time just now: > >> > >> "There are no atheists in foxholes, and there are no libertarians in > >> financial crises." > >> > >> watched that, it was a weird show. i thought it was going to fall > >> apart > > near the beginning and end... > > What I mainly learned was that Andrew Sullivan is a idiot who doesn't > have the slightest clue why the economy is bad, or that he's just > another 'I got mine, Jack, fuck off!' Thatcherite conservative. > > He wants to blame it all on those greedy greedy pigs who bought houses > they couldn't afford. > > No, it isn't. The mortgage companies who came up with these stupid > loans, got their fees and kickbacks, then dumped the mortgages in > securities that the credit rating companies had NO BUSINESS rating as > anything other than junk are the primary villains in this crisis. > > There was constant drumbeat of cheerleading from the top on down about > how this 'ownership society' was the endless wealth generator that the > previous stock market bubble failed to be. > > People were steered into complex mortgages on the explicit promises > that the value of their house would always go up and rates would > always be low; shows spread like wildfire on cable about the > glamourous and profitable life of house flippers, and a gold-rush > mentality was generated in places like California, Florida, Nevada and > Arizona by mortgage originators and developers. > > "greedy poor people" didnt' walk into a mortgage company and invent > the Ninja loans, or interest-only loans. > > (And I won't EVEN get into the kind of 'brownlining' that went on, > steering mostly minority borrowers into riskier sub-prime loans even > when their credit should have qualified them for better fixed rate > loans.) > > yeah, that's skimming the top of that dude...he was too animated...was he high on jesus or something-[just himself?]? --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "StrataList-OT" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/StrataList-OT?hl=en -~----------~----~----~----~------~----~------~--~---
