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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Crimson Ghost who wrote (68134)8/27/2007 8:35:12 PM
From: polarisnh  Read Replies (1) of 116555
 
Crimson,

'Why did the markets and the media downplay the subprime menace? '

I believe the reason is quite simple. The banks and financial companies hadn't completed moving all of their CDOs onto the public and were still caught holding the bag when the sub prime market blew up in their faces. At that point in time they had to do damage control by downplaying the problem through the media which they control until they could unload their holdings onto the public. Unfortunately for them, the market disappeared for their garbage and now they are trying to get the Fed to pony up and pass their losses onto the American taxpayers. It is kind of ironic how they didn't share their record earnings over the past 6 years but they want the taxpayers to share in their losses now. Very sick indeed.

Steve
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