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Reply #33: No where did I suggest congress should act on refi... [View All]

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salin Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-09-08 12:38 PM
Response to Reply #27
33. No where did I suggest congress should act on refi...
indeed, I don't think that would address the economic problems around the corner - and THAT is what I am talking about. Forget blaming the loanees for the overall financial failures that are starting to happen - they took out one loan and most are going to have to pay, one way or another, for that mistake - no I am saying that when looking at the big picture - blame the industries that engaged in making thousands of these bad loans. Blame wall street and rating agencies that created greatly exposed debt or didn't self-regulate (ala the rating agencies) to call out "the emperor has no clothes!" on these CDOs, ALL of those individuals and entities taking HUGE fees.

If you want to cast blame for "greed, stupidity, and irresponsibility". Look to those who acted on this on a massive scale, not those who engaged on a single transaction.

This is the greatest case of the need for reregulating industries - the number of these faulty and fraudulent loans that were made should NEVER have happened; the selling of completely risk exposed "investments" to institutional investors (re: pension funds) sold as SAFE investments (with high ratings from the ratings agencies) should NEVER have happened.

Congress should be more focused on how this happened - and be prepared to react to some of the fallout which is going to be much greater than the 'crisis' of the homeowners (many greedy and foolish as you state). I believe we have only begun to see the fallout.
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