Personally I think it would be nice if they got hit hard but in all reality, many people were “in on the game”. It didn’t take a rocket scientist to see that much of that JUNK wasn’t AAA rated like they said it was. No one wanted to see the truth at all.
It was kind of like everyone knew the Emperor had no clothes on but everyone wanted to play along like he did. (As long as “he had clothes on” they could get fat off the King)…
I saw a lot of crazy things during the bubble. Lots of people wanted to try to blame someone else.
Quite comical actually. You had people that had $hitty jobs not making much money and they were some how “fooled” into lying about their income and buying a house they couldn’t afford. They blame it on someone else all the while knowing they couldn’t afford a house that was $500,000+. Yeah..it was someone else’s fault….uh huh.
There is a lot of blame to go around including these fraudulent sham ratings agencies.
I suspect they will get a slap on the risk and move on….same as a lot of the other players.
Those of you who haven’t seen the movie “Inside Job” should definitely watch it. It’s an EXCELLENT documentary that touches upon some of this rating agency junk. I believe it’s also on Netflix DVD delivery. (It won an Academy Award for Best Documentary Feature).
The typical John and Jane Doe will probably get sick watching it however…
