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Credit Crisis Review: ARMed for Failure

Gee, I'm sure glad the Fed's done a "Good Job" in 2007-8 and we've got till 2010-12 for the "Bad news". Not for nothing-But!!-if the Fed continues their "good job" we're not making 2010!

It was actually a Triumvirate spawned by the Greenspan era of low interest rates=easy credit.

1.Banks wrote mortgages designed for maximum profits in anticipation of ever increasing home values. And packaged the CDO junk for sale -up the line and overseas. Boy we sure fooled those Chinese with our AAA CDO-Tranches Huh??

2. Those poor dupes who wanted but could never qualify were accommodated anyway. Unemployed room temperature I-Q's stood No Chance against lifetime Real Estate hucksters. Plus as values rose ,they discovered the "Equity Loan" compounding the damage.

3. The true speculator, that believed it would never end and rode the Ponzi scheme to dizzying heights, turning cheap Lead to Gold, till that one big wave and ----Wipeout!!
Aug 04 12:16 pm |Rating: 0 0 |Link to Comment |View article

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Credit Crisis Review: ARMed for Failure

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