On Thu, 29 Apr 2010 15:05:36 -0700 (PDT), Mike
wrote:

On Apr 29, 4:25*pm, bpuharic wrote:
On Thu, 29 Apr 2010 05:51:52 -0700 (PDT), Mike
wrote:


they have their delusions. i have the facts


irrelevant. you're talking marginal influences

i'm talking meat and potatoes. *that's why you need FACTS rather than
right wing myth



Sorry, just can't buy those statistics.

yeah. god forbid you should actually consider facts. that would mean
rush is full of ****

You honestly think that
substantial increase didn't have anything do do with the many more
loans bundled up and sold off to investors? The fire that fueled the
CDO's and CDS's was the increase in loans and a "belief" that house
prices would continue to appreciate to astronomical levels.

?? what makes you think these had ANY relationship to the middle class
at all? jon chait in the 'new republic' details the king of CDO's,
'fab' tourre, in an email to his girlfriend, admitting these
'instruments' have NO relationship to ANY tangible assets at all

see, this is where you right wingers jump the track.

you have more faith in the rich than a saint has in christ, so are
unable even to comprehend that the 'financial engineering' (and, yes,
it's a real term, you can even major in it), has reality

contemporary finanical engineering invented instruments whose sole
worth was determined not by assets, but by perceived value of
investors...primarily the rich.

so they bought and sold this ghost investments to each other...told
each other the math was solid.

not realizing it was built on a house of cards....

but, of course, this involved the rich. not the middle class. you're
unable to even relate to such lies, because they DO involve the rich,
so you relate to them in the only way you've been taught

you blame the middle class

so, go ahead. believe 'fab' tourre. believe john paulson. go ahead.
keep voting right wing...they'll laugh all the way to the bank as you
continue to blow out the middle class.


If you really want to start tracing the origins of this mess, go look-
up the Community Reorganization Act (CRA) from the 70's. It was a
legitimate program.


25 of the largest 26 mortgage companies that went bust

were not subject to the CRA. another right wing myth.

But, later on (as you'll read), it became a *penalty* (and fine) for
banks not to loan (signed by Bill Clinton). Years later, the greedy
assholes on WS sunk their teeth into it and developed creative
financial tools to capitalize on it. But again, they were not
*solely* responsible. Many people, including us, were.

that's right. we kept voting right wing.

and they just kept laughing all the way to our paychecks


Mike