10/8 1:38 PM It's hard to tell whether you are agreeing or disagreeing with me, and since political threads aren't allowed I'll wrap this up quickly. The point is that Fannie/Freddie were the prime movers behind the subprime loans. As such, they are partly to blame. The liberal congresspeople who pushed Fannie and Freddie into giving these loans to these "poor people" (you don't have to be poor to have terrible economic and financial instincts) are also partly to blame. I would argue that the Masters of the Universe share less blame than either of the former parties because what they did was perfectly legal, unlike Fannie's accounting fraud. Banks will make money if there is an avenue to making money. The idea that they shouldn't take an opportunity when the entire financial sector is taking it, and it is legal, is ridiculous. The problem is that when these banks take risks, which is how they make money, there is the implicit idea that the risk might have bad consequences. Well, risking leveraged funds on mortgage securities executed by people who don't deserve the loans they were given was a bad decision and should have bad consequences. The people who were smart enough to read the fine print and didn't take subprime loans, on one hand, and banks which foresaw the bubble bursting on the other shouldn't be punished for the actions of those responsible (and I hate the words should and shouldn't, like there is some ideal that everyone can agree on and represents the Universal Should). So, in short, banks gambling to legally make money are not the problem. It is naive to expect them not to do everything in their power to grow wealth. The fault lies with the self-righteous folks who pushed banks into offering home loans to people who couldn't afford the houses the loans bought, out of some socialist idea that everyone "deserves" a home. This is capitalism (for now) - the only thing you deserve is the opportunity to maximize your talents and create as much legal wealth as your talents will allow. The fault lies with ceos like Raines who cooked the books and hid the fact that they were in deep trouble because of these irrational liberal policies. The fault lies to a lesser extent with those folks who still haven't learned one of life's earliest and simplest lessons: if it sounds too good to be true, it probably is.
Oh, and for the record I don't work on Wall Street and I wish the bailout would have failed again.
About Me
Attorney in Tampa.
My Schools
Parkersburg South High School , (West Virginia) Student status: Alumni Years attended: 1998 to 2000 Graduated: 2000 Degree: High School diploma Clubs/Activities: Sports: have played any sport imaginable throughout life. Best sports were baseball and tennis, but loved playing and watching football and basketball the most.
University of Kentucky, (Kentucky) Student status: Alumni Years attended: 2000 to 2004 Graduated: 2004 Degree: Bachelor's Degree Major: Finance; Economics Minor: Clubs/Activities: Sports: Greek:
University of Florida, (Florida) Student status: Alumni Years attended: 2006 to 2008 Degree: Professional Major: Law Minor: Clubs/Activities: EASLS, Entertainment Law Review, and Estates and Trusts Society Sports: Greek:
Parkersburg South High School , (West Virginia) Student status: Alumni Years attended: 1998 to 2000 Graduated: 2000 Degree: High School diploma Clubs/Activities: Sports: have played any sport imaginable throughout life. Best sports were baseball and tennis, but loved playing and watching football and basketball the most.
University of Kentucky, (Kentucky) Student status: Alumni Years attended: 2000 to 2004 Graduated: 2004 Degree: Bachelor's Degree Major: Finance; Economics Minor: Clubs/Activities: Sports: Greek:
University of Florida, (Florida) Student status: Alumni Years attended: 2006 to 2008 Degree: Professional Major: Law Minor: Clubs/Activities: EASLS, Entertainment Law Review, and Estates and Trusts Society Sports: Greek:
Favorite Team:Notre Dame Favorite Players: Rocket, Jerome Bettis, Joey Getheral, Brady Quinn, and Gary Gray. Favorite Coach:Lou Holtz Favorite Moments: Watching and going to games with my dad and uncle.
Favorite Team:Notre Dame Favorite Players: Rocket, Jerome Bettis, Joey Getheral, Brady Quinn, and Gary Gray. Favorite Coach:Lou Holtz Favorite Moments: Watching and going to games with my dad and uncle.
Favorite Team:Kentucky Favorite Players: Rex Chapman, Travis Ford, Chuck Hayes, and Patrick Patterson Favorite Coach:John Calipari Favorite Moments: 98 vs. Duke 03 vs. UF, Patterson's press conference, and "The Door"
Favorite Team:Kentucky Favorite Players: Rex Chapman, Travis Ford, Chuck Hayes, and Patrick Patterson Favorite Coach:John Calipari Favorite Mascot: Favorite Moments: 98 vs. Duke 03 vs. UF, Patterson's press conference, and "The Door"
Favorite Team:Pittsburgh Steelers Favorite Players: Hines Ward, Bus, Rod Woodson, Troy P., and Louis Lipps. Favorite Coach:Bill Cowher Favorite Moments: XL
Favorite Team:Pittsburgh Pirates Favorite Players: Barry Bonds, Tony Gwynn, Andy Van Slyke, and Jason Bay. Favorite Coach:Jim Leyland Favorite Moments: Going to games with my family when I was a child.
Favorite Team:Pittsburgh Penguins Favorite Players: Mario Lemieux, Jaromir Jagr, and Sidney Crosby. Favorite Moments: When the Pens decided to stay in Pittsburgh.
pretty much everything, but I enjoy watching golf and Nascar also.
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