Gary DW
12/13/2010 6:50:00 AM
In article <68219b70-7f01-4ec0-b121-
24beef0ef0fe@n32g2000pre.googlegroups.com>, wryan77@gmail.com,WR says...
>
> On Dec 6, 8:07?pm, Phlip <phlip2...@gmail.com> wrote:
> > On Dec 6, 4:52?pm, Geo <geotax...@yahoo.com> wrote:
> >
> > > Wait a second, I thought there were no regulations!
> >
> > You mean "Bush deregulation caused the bubble"?
> >
> > No regulations would be bad. Fair deregulation, to simplify things and
> > level the playing field, would be good.
> >
> > We didn't get either. We got custom loopholes, sold to the highest
> > bidders to exploit.
>
> It was nastier than that. The banks engaged in massive fraud. They
> bundled worthless mortgages and then rated the bundled securities
> triple A, foised them on the market, and, when they began to sense the
> tumble, sold short on their own offerings.
Limbaugh and the wanna-be Limbaughs never mention this, so there isn't a
rightie in the entire country that knows this factual information.
The rich got one hell of
> lot richer, and the rest of the country was stuck holding the bag.
If we bailed AIG out with the stipulation that any of their CDS
repayments only could be made if the companies accepting them would
forgo all corporate bonuses for the next 20 years, the problem would
have been solved.
Goldman Sachs would have had to choose between bankruptsy, or an intact
business with their CEOs operating without bonuses for a long long time.
Of course they would have chosen the latter.
Instead they are now enjoying massive profits and the CEO's are banking
billions of bonuses again.
What lesson was learned?
Crime DOES pay?
The
> rich are still doing damn well. Last year, the 25 top hedge fund
> managers earned over $1 billion each. Guess who eventually pays for
> that.
Ding ding ding...
--
And I'll never forgive the Bush administration and Paulson for basically
destroying the last vestige of fiscal responsibility that we had in the
Republican Party. After that, I don't know how we ever make the tough
choices..
David Stockman, Reagan budget director