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Strategies & Market Trends : Ride the Tiger with CD
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To: rubbersoul who wrote (131642)9/24/2008 10:20:47 PM
From: riversides1 Recommendation  Read Replies (1) of 312279
 
The real problem running through the system was not a lack of new regulations. It was a lack of skin- that
is, skin in the game. Mortgage brokers turned into fly-by-nighters, immune from the effects of reckless decisions. Local
bankers securitized loans and packed them off to some naive investor or to a rating agency manned by analysts who weren't
sharp enough to get a job at Bear Stearns or Lehman. Homebuyers who put nothing down or lied about their income could pack
up and run off, leaving no skin behind. The entire housing sector began to look like a motel renting rooms by the hour, as johns
and hookers snuck out during the wee hours. Where were the regulators? Where was Eliot Spitzer? (Maybe we know the
answer to that one.)
– Todd Buchholz, Wall Street Journal
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