Well Sam, don't you think post 9-11 conditions created an environment that contributed to the mess we are in today?
Quote from livermore77:
Well Sam, don't you think post 9-11 conditions created an environment that contributed to the mess we are in today?
Quote from WaveStrider:
Paulson didn't want the $700B in installments because he wanted the psychological impact of a massive gov't $ infusion.
Kind of sounds like... Shock and Awe!:eek:
Urgent rush to vote. Mass financial destruction. Shock and awe...
Dang, where was that used before...??
Quote from jprad:
".. There's no hope of recovering a dime from the purchase of this crap and the public would be lucky if the government is able to recoup enough money to cover the cost of administering this nightmare over the next 10 years.
Quote from gnome:
The public will be lucky if the Gummint doesn't demand another few $TRILLION.. after having "underestimating the cost of bailout"...
Quote from nutmeg:
Iâm really happy that i donât live in âthe promised landâ.
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That's too bad, you'd fit right in. Your post is a fitting summary that you believe what you read the news.![]()
Quote from jprad:
If only it were that straightforward.
Have you ever heard of a "toxic" mortgage when the paper is directly attached to the property it was written for?
No, Paulson is trying to get us to by mortgage-related assets, derivatives that contain fractions of mortgages.
Worse, has anyone stopped to think that all that's going on is largely based on the the subprime part of the mortgages that were underwritten?
How much worse do you think it's going to get once the Alt-A and jumbo prime mortgages start to default? Add to that credit card debt and auto loans, both of which were also put into this abyss over over-leveraged derivatives.
And then there's all these CDSs that were written and sold to "insure" all this crap.
It's time to wipe out all of this derivative crap, break up the MBSs and randomly dole out the mortgages that are still current to the holders of these nightmare inventions.