Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: i-node who wrote (738929)	9/12/2013 11:22:46 AM
From: combjelly	Read Replies (1) of 1576882

A blip? The Great Economic Bellyflop was not a blip in any sense of the word. It was a near death experience. Just look at the Baltic Dry index of that period. Heck, some countries even engaged in barter to move commodities, something that hadn't occurred since the Middle Ages. Calling it a blip shows an incredible degree of ignorance. Blips don't erase trillions of dollars of value off the books. And WS didn't cause it. And this is an example of it. WS most certainly caused it. They not only created the demand for the CDOs that fueled it, they also engaged in or colluded with the fraud that led to it happening. Yeah, I know about your CRA claims. But they don't comport with the actual facts. If your thesis were true, then CRA affected loans would have been the dominate defaults. In the real world it was jumbo mortgages that dominated. Unless you want to claim that the CRA dealt in jumbo mortgages... WS is a collection of rentiers who are also high stakes gamble who have managed to socialize their risks. You claim to be a student of Adam Smith, so what did he say about that and the resulting wealth concentration? They are high cost parasites.

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