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posted to rec.boats
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First recorded activity by BoatBanter: Sep 2008
Posts: 2,326
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It Really Is Clinton III
On Fri, 09 Jan 2009 21:28:33 -0600, wrote:
It was greed. Financial markets are run on the balance of greed/risk.
There's nothing wrong with that, but greed took over, and here we are. A
few fat cat "financiers" just brought the world's economy to a
standstill.
Um...it takes two to tango you know. The old saw "if it's too good to
be true, it probably is" had a big part in this.
In my view, politics besides the point, folks who purchased $300,000
homes with no documenation of their $100,000 income when they were
actually on welfare are just as guilty as those who wrote the
mortgages.
And believe it or not, that's pretty much what happened. The dynamic
of buying a $300,000 home one year and selling it the next for
$400,000 was too good to be true. I saw it happen right here in
Woodstock right down the street from me.
There is a lot of blame to go around on this - it wasn't strictly a
case of financiers being greedy.
Also, I would posit that the base reason the economy tanked wasn't the
mortgage crisis - it was the rampant speculation on the crude oil
market that tanked the world's economy.
And I think I can prove it.
--
If we aren't supposed to eat animals,
why are they made of meat?
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