[quote=Huckleberry]No matter how you slice it, he is still an idiot.
At what point do taxpayers have a fiduciary responsibility to make it right, because there was a regulatory failure?
I know it wasn’t my fault! How about all you other Piggs out there, was it your fault?
He definitely has some sort of ulterior motive for writing something like this…
What a scumbag and bonehead!
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As outtamojo pointed out, he is Moody’s chief economist, so he would like all those AAA ratings they gave to MBSs to be somewhat justified. Instead of bad lenders taking losses on bad loans, his idea is that they forgive the debt and send the bill for the forgiveness to the taxpayer. Everyone is happy, unless you didn’t borrow too much to buy a house and you pay lots of taxes. Well, what about those people who limit their borrowings to well within their means to repay, and who pay lots of taxes? Scum of the earth. Soak ’em.
Speaking of motives, I wonder how big the home values and mortgages are on Barney Frank’s house(s)? Chris Dodd’s? Larry Summers? Ben Bernanke? Tim Geithner? It wouldn’t surprise me to learn that they owned homes that had, at the peak of the bubble, been valued at ridiculous multiples of their pay, and with big mortgages to boot. Do they want the bubble to reflate just a little, for their own selfish sake, as well as to satisfy the demands of their voters and banker contributors? Just askin’.
