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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (145233)	11/5/2008 9:26:12 PM
From: geode00	Read Replies (1) \| Respond to of 173976

"...but your picture of all or most of the professionals being fraudsters who walked away with a ton of money and all or most of the home owners being innocent victems is simply false." I don't know if most or all of the professionals in this financial mess were fraudsters who walked away with tons of money. I doubt it is all but maybe it is 20% or 45% or 60%...who knows? I don't and neither do you. I also pointed out that some homeowners are flippers looking to gamble on the bubble. In the pros versus amateurs activities, the pros OBVIOUSLY have a decided advantage in experience, knowledge and resources and so have a greater responsibility (legally even) to act properly. Are you actually going to cry and say that they do not? Who is giving homeowners their homes? Where are homes being given for free other than for charitable purposes? You start the car, I'll bring the picnic lunch....let's go and get some. The financial crisis appears to stem from any number of CDOs based on all kinds of debt and not just mortgages. The wider crisis appears to come from the large amount of leverage used to gamble in these securities coupled with a lack of exchange-based transparency as to their underlying risk. The other part of the problem is the global economy going into recession. If it was just the mortgages, as I've said before, the amount of money made available to the economy would have been enough. No, I'm talking specifically about Bush making only a paltry effort to help individual homeowners and then only after the situation became quite ugly. "The FHA estimates that the Bush proposal would help an additional 80,000 homeowners to refinance. Mike Calhoun, president of the nonprofit, nonpartisan Center for Responsible Lending, says that number might sound like a lot, but it underestimates the full extent of the problem. "Even the Bush administration acknowledges that several million homeowners face large payment shocks and the threat of foreclosure in the upcoming year," he says. Calhoun says the administration's response would need to increase by at least ten- or twentyfold in order to address the full problem." Everyone knows that the government spends too much money somewhere and on something. That and $5 gets you a cup of coffee with sprinkles at Starbucks. I would be happy to have the government stop spending money in Iraq. Even at 'only' $10B/month it is money wasted in a country that doesn't want us there anyway. I'd rather spend that money on alternative energy, conservation and small business investment....as examples.