2010-06-19ml-implode.com

"Want to know what those numbers show more than anything else? They show that more than 25 million American families are about to be wiped out, and endure a life changing event because Wall Street’s bankers abused the mortgage securitization process, knowingly creating bonds that appeared to ratings agencies to be “triple A” but weren’t, which was necessary in order to sell them to pension plan investors, because at the same time they distorted and abused the usage of credit default swaps that allowed them to place bets against the defective bonds at 50:1 odds."



Comments:

catherine at 05:45 2010-06-20 said:
the first depression WAS STARTED by people buying stock on margin.................THIS ONE STARTED with people buying housing on margin (and then losing their jobs)

just like the first one the government couldn't pay for all that FAKE stock

the government can't fix this one by BUYING all the BAD LOANS........

it would seem ignorant in the 30s to pay people for their stock losses, IT IS FREAKING CRAZY to pay people for their housing losses, no matter what the color................the recovery never starts until the BAND-AID IS RIPPED OFF. Permalink

Allie at 11:14 2010-07-01 said:
That is the most ignorant statement ever! I wanna see a foreclosure case get tossed out because the homeowner is white! Permalink

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