Archived posting to the Leica Users Group, 2008/12/20
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Len, The greed comes because they thought they could flip the house and become rich without effort, not realising that if they were getting easy loans, financial Armageddon is round the corner, only that when it comes it takes everyone by surprise. The point also is is that if you are not leveraged, you would be solvent even in economic times like this. I own a stockbroking firm and my clients have been virtually out of the equity market since mid 2007. I really shudder at what is coming to all of us economically in 2009....it wont be pretty. Cheers On Sun, Dec 21, 2008 at 7:43 AM, Leonard Taupier <len-001@verizon.net>wrote: > Jayanand, > > When it comes to the sub prime mortgages or adjustable rate mortgages I > agree the realtors who should have pre-qualified the borrowers were greedy. > The banks that allowed the mortgages to go through to buyers that couldn't > afford it were both greedy and stupid. But the borrowers were not greedy, > they were just stupid. You don't get something for nothing. Eventually you > have to pay the piper. And the piper came. And they couldn't pay. > > Len > > > > On Dec 20, 2008, at 9:00 PM, Jayanand Govindaraj wrote: > > 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 >>> >>> >> _______________________________________________ >> Leica Users Group. >> See http://leica-users.org/mailman/listinfo/lug for more information >> > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information >