[Leica] un-believable - now 'way' off-topic and long

[jayanand at gmail.com (Jayanand Govindaraj)]

Seth,
I agree with you 100% about deregulation and the venality of the bankers.
But dont underestimate the greed of the borrowers either, it takes two to
tango. Its a cultural thing, dont save, borrow and borrow and borrow.
Remember caveat emptor (Let the buyer beware) is the keyword in any
contract.
Cheers
Jayanand

On Sun, Dec 21, 2008 at 2:41 AM, Seth Rosner <sethrosner@nycap.rr.com>wrote:

> Oh yes, Frank, the folks who adore free market capitalism - run amok.
> Deregulate! Let the criminals fleece investors, earn billions of dollars in
> compensation and leave it to taxpayers to save the world while permitting
> the criminals to retain their billions. Don't get me started.
>
> Three years ago my nephew was writing reports and making oral presentations
> to clients of his firm that predicted exactly what has occurred, accusing
> Moody's and Standard & Poors, the two major credit rating agencies, of 
> gross
> negligence in failing adequately to assess precisely the risks of the
> financial skullduggery that led to 30-1 leverage ratios for lenders,
> mortgage brokers l;ying to and conning poor people into buying homes they
> couldn't possibly afford and the hedge fund crimes that ensued. Josh was
> predicting exactly what happened. The firm asked him to resign as their
> clients were offended!
>
> Now he consults frequently with the finance committees of our Senate and
> House of Representatives on legislative solutions, appears regularly as a
> commentator on financial news programs and last summer was invited by the
> Brookings Institute to Paris for its three-day program on the sub-prime
> melt-down where he appeared on several panels with Paul Volker, former
> Chairman of the Federal Reserve.
>
> Finally the people who brought you this world mess leave Washington exactly
> one month from today. They will leave behind a fair number of
> Congresspersons of similar persuasion, so the war is not yet won.
>
> Gals and guys, understand that I am an independent voter, not registered in
> any party for decades; I've cast my ballots for Democrats and Republicans
> for the presidency, the Senate and House and for state and local offices.
> Unfortunately the Republican Party was highjacked thirty years ago or more
> by unprincipled thugs whose only precepts were to say and do anything for
> money and power, lie, cheat, deceive. They've made the world a messier 
> place
> than it's been in many, many years.
>
> Fortunately slightly more than half of the American electorate saw fit to
> make an African-American our President. He's smart, principled and burdened
> with the worst economy since the Great Depression and the worst world 
> crisis
> since the demise of the Soviet Union. We'll see.
>
> Today seems to be my rant day. Please forgive.
>
> Seth
>
> ----- Original Message ----- From: "Frank Dernie" <
> Frank.Dernie@btinternet.com>
> To: "Leica Users Group" <lug@leica-users.org>
> Sent: Saturday, December 20, 2008 3:31 PM
> Subject: Re: [Leica] un-believable - now off-topic and long-ish
>
>
>  Completely agree Seth. OTOH it was the government that removed the
>> controls put in place post 1929 crash and left the inmates to run the
>> prison...
>> Greed blinds people to reality, look at the Madoff (sp) deal, no
>> investor could have believed it was straight with those returns but
>> they turned a blind eye as long as the cash came in.
>> Frank
>>
>> On 20 Dec, 2008, at 16:44, Seth Rosner wrote:
>>
>>  caught in the economic catastrophe caused by the criminals who have
>>> run the banks and investment banks and come close to destroying the
>>> world economy.
>>>
>>
>>
>> _______________________________________________
>> Leica Users Group.
>> See http://leica-users.org/mailman/listinfo/lug for more information
>>
>
>
>
> --------------------------------------------------------------------------------
>
>
>
> No virus found in this incoming message.
> Checked by AVG - http://www.avg.com
> Version: 8.0.176 / Virus Database: 270.9.19/1857 - Release Date: 12/19/2008
> 10:09 AM
>
>
> _______________________________________________
> Leica Users Group.
> See http://leica-users.org/mailman/listinfo/lug for more information
>