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To: TimF who wrote (69794)	1/9/2009 5:01:00 PM
From: koan	Read Replies (2) of 71178

Are you aware we are in a monster depression tim?? It was caused by the theories of unregulated "pure Capitalism" ideas of Ayn Rand and MIlton Friedman and subscribbesd to by alan greenspan. Greenspan recently did a mea culpa. Bush allowed little regulation and so the SEC slept on orders from this administration. No regulation was the mantra. According to the PBS program NOW, it was caused by Moodys and Standard and Poors allowing banks to strip out C and B mortgages bundle them into CDO's (collateralized Debt Obligations) and restamp them AAA paper. Then the banks sold these huge billion dollar bundles around the world as AAA paper making huge profits. Pure Fraud. Then they repealed the glass Steagall ACT and banks were allowed to leverage up from 12 to 1 to 40 to 1. One top of this they insured the loans with CDS's (credit default swaps) which then allowed the banks even more leverage for gambling. Then to make matters worse they, they started gambling with the CDS's. The total amount of CDS's got to 62 trillion and all CDS's, CDO's and derivatives over 1/2 a quadrillion. When that house of cards started to collapse it gave us this depression. And Bush allowed it and has done nothing about it.

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