 "The trouble reached escape velocity in the fall of 2008 when a particular brand of racket among the Wall Street kit-bag of rackets got badly out-of-hand, namely the business of selling securitized bundled mortgages and their “innovative” derivative “products” to dupes unaware that they were booby-trapped for failure which would, perversely, hugely reward the seller of such trash paper."
Yeah Kunstler, that was the Federal Government that made it illegal for banks to reject "sub-prime" borrowers
for a loan: No collateral, no credit rating, no character: the federal government, that a communist such as
you gets his damp sheets into a knot about, forced US banks to give schlubbs, like the liberals that post here,
free mortgages.
The banks were legislated to lend the cash to the schlubbs, but the feds didn't legislate that the mortgages had
to be carried on the loaning banks books, and the Feds set up Freddy Mac and Fanny Mae to buy, or underwrite, those books of
of Federally legislated business. FM & FM bought those schlubb mortgages taken out (by people like the liberals who post here
like stalking under-pants cladden children without a home), and sold them to other banks, like Lehman bros.
The biggest transfer of trash/paper/wealth in history. Because Clinton wanted it that way to buy votes from the schlubb class.
So Freddy Mac and Fanny Mae were the "bundlers" that bought those schlubb legislated loans, and sold them to the world:
The Europeans are still furious.
kunstler, it was hacks such as yourself that caused the mortgage debacle, and now you use it as another reason to attack
what was once a healthy economy.
So how is that income inequality equalization program working for you?
Why not ask the IMF about your Clinton drafted home-ownership ponzi scheme.
Daft, daft, daft, and you dumb liberals cheer, because you post your arrows, but you are unemployed,
and you lost your Free Mortgage Clinton Dream Homes.....
The only thing you have left in life is the red arrow button, so go ahead, fire away schlubbs ;)
For the small investor, if you managed to read Kunstler's commie rant, forget him, he can't offer
any information to help you make a metal trade that will profit you.
DCA, all the way!!!
Take out the trash, dump Kunstler!
 Commented 3995 days ago |
