The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Smiling Bob who wrote (200060)	5/4/2009 1:06:39 PM
From: DebtBomb	Read Replies (1) of 306849

Buffett Lambastes Bankers, Insurers for ‘Stupidity’ “I think that virtually everybody associated with the financial world contributed to it,” Buffett said of the crisis. “Some of it stemmed from greed, some from stupidity, some from people saying the other guy was doing it.” Buffett said the media failed to adequately report on the housing bubble, and singled out regulators of mortgage companies Fannie Mae and Freddie Mac for missing the danger their loans would pose if home prices fell. Munger said the firms that packaged subprime mortgages into securities “were either delusional or flim-flam artists.” ‘Sewage-like Qualities’ “They were going to take a lot of sewage and mix it up in a different way and said it’s not sewage,” Munger said. “The laws of nature are such that it keeps its sewage-like qualities.” bloomberg.com

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