Shogun
Free: Mudholes Stomped
- Jan 8, 2007
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- #61
Wrong.
The only aspect of last year's meltdown that even remotely resembled anything laissez-faire was the trade in mortgage-based derivatives, which wouldn't have had all the high risk paper in it without insane amounts of outside interference in the creation of those mortgages.
HA!
yea... and when a stimulus package DARES to try and limit itself to domestic goods.. well, someone call the antichrist... it's the end of days.
Dude is correct. there is nothing wrong with deratives. the problem is that banks were forced to give mortages to people who shouldn't have receive them, adding much higher risk to the deritavties than normally would be there. without those loans the deritatives would be just fine.
Specific instances of given credit is not why we have more credit lending commericals than job fairs. No one FORCED the selling of sub-prime lending. Banks were out to make a quick buck via deregulation. Hell, we saw the same with 80s savings and loan crisis.