Ugh

[wraithfodder]

Just watched the Presidential address.

So? What? Elmo from Sesame Street wasn't available to give this Dummies Guide to financial disaster? Amazing how Bush didn't say "Greed" or "government incompetennce" once...

Grrr, sorry, but the whole mess is a result of greed, simple as that.

Comments

[delcamy.livejournal.com]

"cat_77 wrote:
Sep. 24th, 2008 10:04 pm (local)
I work for the Bankruptcy department for a major bank (not one of the ones involved), and am getting flak at work for saying the banks should take care of themselves. They got themselves into it, they need to get out of it or go down trying."

I agree with cat_77 here. Besides the (the banks) should have never given home loans to people who had to know they never could afford the home in the first place.

And just sucks that alot of good people may lose their jobs over this mess (hopefully they don't).

[wraithfodder.livejournal.com]

Greed, on everybody's part. I blame Greenspan for a lot of this mess. He pimped for Wall Street, lowering interest rates so low that everybody went out for a mortgage, and banks, for being so greedy they give 100% mortgages to people who owe thousands a month.

It's insane. You shouldn't get a loan unless you have collateral. Period. And variable rate mortgages? A disaster waiting to happen. Wonder if my emails from years still exist somewhere where I groused about the idiocy of it all...