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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (428480)	10/20/2008 1:48:18 PM
From: Road Walker	Read Replies (1) \| Respond to of 1570428

re: How can talking about what might happen in the future amount to absolving anyone for anything? You specifically said "no foolish action" by 3 institutions. If you meant no foolish action by the private sector you should have mentioned them. ...assumes no new really massive and unusually foolish action by the fed, congress, or the administration (either the current one or the new one next year), but that isn't really a safe assumption. Instead for decades both parties (particularly the Democrats, but the Republicans where also in on it) kept adding distortions to the housing, mortgage, and mortgage backed securities market. Those distortions were minor, and frankly good as long as basic principle were followed. Home ownership is a stabilizing force on our society. When things got out of hand was when the investment banks could smell a buck, and had the brain fart of CDS to make their worthless paper risk-less. That's when the sub-prime mess exploded.