Passing the buck (By The Mogambo Guru)

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If you want to know the reason why America is freaking doomed, it is because of lowlife losers like St Louis Federal Reserve president William Poole, who is being quoted at MarketWatch.com as saying that nothing is his fault, as, "Investment professionals' 'shortsightedness' led them to make fundamental errors that led to the mortgage crisis and credit meltdown." Hahaha!

MarketWatch.com reports that, "In a speech to financial planners, Poole detailed five key mistakes that borrowers and lenders made that have pushed the economy to the brink of recession." These "mistakes" were, according to Poole, that "Borrowers took on mortgages they could not afford," which sidesteps the issue that nobody would have taken out a mortgage if the damnable Federal Reserve, of which he was a part, had not created all the money. Which created inflation, as it always does, in housing.

The second "mistake" was supposed to be that "Mortgage brokers put too many people in unsuitable mortgages. They knew, for instance, that adjustable-rate mortgages probably wouldn't be right for many borrowers if interest rates rose as the market expected." Hahaha! Again this Poole jerk does not mention that the banks, with his approval, provided so much money and credit that they drove interest rates down to abnormally low levels! Of course they had to rise!

The third "mistake", he says, was that, "Investment banks jeopardized their reputations by securitizing mortgages without doing due diligence on the underlying assets, many of which were based on 'inadequate or spurious information'." Again, the damned banks underwrote the whole thing by creating all the money necessary, so you can see why everybody else thought that the banks had already done due diligence!

http://www.atimes.com/atimes/Global_Economy/JA24Dj01.html