Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Unalakleet who wrote (106550)	1/15/2010 8:05:25 PM
From: ggersh	Read Replies (1) of 116555

"Had the Fed had even hinted at taking away the punch bowl, they would have all been replaced quicker than you can say three-car garage." I agree with story as I lived it also. But the Fed should never had put that punch bowl out in the first place. All the "LIAR and NINJA loans" were never made back when. But until a couple of years ago all you needed to do was walk into any Countrywide office and say I want a loan and they didn't do any "due diligence" on these applicants and gave them away. Of course WS wanted every and any kind of loan to securitize so they also did no "due diligence" So in conclusion, yes the American people are dumb and irresponsible, but so were the lenders and WS. IOW where were the grownups?

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