he doesn’t mean approve ofthat particular scenario, so much as find a means to justify the general ineptness of the system generally.

i think it’s pretty clear the “approval” portion refers to the article generally and the quotation portion is not the portion to be approved of.

and bgig is probably right. I think probably some piggs, maybe even me, would find a way to justify banker behaviors in the article , because at heart, we’re kind of conservative and believe in markets and systems with just a few tweaks here n there. Securitization of mortgages is certainly a good thing in my view and while I wouldnt defend it to the death, I’d certainly take a stab at defending it, even in the face of all the systemic problems.

But goddamnit, it’s articles like this that again freak me out and make me feel like a major tard for offering big money on houses.

what KIND OF MORORN bids over HALF A MILLION on a dump in the INLAND EMPIRE when the entire FINANCIAL SYSTEM is about to be BLOWN APART by some CRAPPY LITTLE JUDGE in the MIDDLE OF NOWHERE with a few ADVERSE RULINGS??????

what si the US supreme court going to have to come in at the 11th hour with abush v gore type decision to hodl the us economic system in place with duct tape and spit?