7 Responses to Prime Targets in the Vicious Circle of Blame

  1. It pisses me off that they keep methodically blaming “those who could not afford” mortgages for the current mess the ponzi I mean economy is in. I know the sub-prime mortgages are only a fraction of the reported 1.4 quadrillion in derivatives that are about to swallow up the entire world money supply.

    I hope people are not fooled by the fake rise in the scam stock market today. BURN THEM WITH FIRE!

  2. urbandaddy says:

    What a great post! I blog about… stuff… I am in the finance field – in tax – and really have strong feelings about this recession, from a Canadian point of view. Anyways, I made a post about the recession and also take it back to the same thing… greed. Without greed, people wouldn’t be extending themselves thinking they can afford luxeries they do not deserve.

    I added you in my blogroll.

    I’m off to read the AIG post.

    Thanks!!!

  3. […] Prime Targets in the Vicious Circle of Blame By rocketone Your Mortgage or Your Life […]

  4. Alan says:

    Your comment on China buying MBS to “control the US” is misleading. The circle works like this. China purchases our debt (or lends their money to us) so that we can turn around and consume the goods they produce. Given that MBS were AAA rated securities, basically as “riskless” as treasuries but yielding much more in interest payments, the Chinese diversified.

  5. […] News Prime Targets in the Vicious Circle of Blame Banned credit card practices linger Follow the Bailout Cash More lending won’t help the […]

  6. […] This post can also be viewed on yourmortgageoryourlife.wordpress.com. […]

  7. Dave_San says:

    Seems to me the “Government” section gets off lightly and while the CRA gets some mention, what about the funding of, and tolerance of abuse and fraud at Fannie and Freddie? Let’s also not forget there was a key legislative change that helped foster the bubble.

    http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

    The CFMA enabled and established the basis for Swaps as a derivative class and enabled the repackaging of MBS into CDOs and have otherwise created an unregulated, hyper-leveraged, extreme risk speculative instrument, without which much dodgy debt and trashy mortgages could never have been rated “AAA”.

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