If I were overstating the problems, we wouldn’t have the “credit crisis” we’re being threatened with now.
Nobody’s saying fraud wasn’t rampant on the way up. Lord knows there was probably more fraud than not during the bubble. The problem is that the fraud is continuing very much today. If we don’t stop the fraud, we will never have a fundamentally sound market. If we don’t have a fundamentally sound market, we will always risk having a “crisis” of one form or another. Personally, I’m getting sick and tired of watching fools and fraudsters benefit at the expense of the responsible people.
We would be much nearer the true “bottom” if they had arrested/fined those guilty of fraud, instead of finding ever-more creative ways of rewarding the thieving, conniving scum (borrowers, lenders/originators, and the regulators who LET it happen). Frustrated? You bet!!!
