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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: longnshort who wrote (33174)	7/4/2008 6:11:44 PM
From: koan	Read Replies (2) \| Respond to of 224756

Nonsense. I sell real estate now (16 years) and saw exactly how it happened. The fed has the prime at 1%. Banks borrowed and looked for anyone to lend to. People often didn't even fill out papers. Banks made points on the loan, selling the loan and processing the loan. Then the loan was bndled and sold. It was the speculators who brought it all down. The troubled areas are Florida, California, Las Vegas and some rust states. Then we bundled up the crap and sold it to our friends and big investment banks as triple AAA rated securities known as collateralized debt obligations. But no one could tell how much they were really worth as the debt was not AAA. Mark to market they call it. There was none. Now the taxpayer is involved in one of the biggest bailouts of the banks since the great depression. But everyone made a bundle for a while-lol. At the taxpayers expense. Why is the governement bailing them out with our money?