This blog has been around since 2004. There are several other blogs out there that have warned of the dangers to our economy due to these 100%+ stated, cash back, no doc, no income loans that have been going on for years. Where has the Fed been during all this time?
If all of these individual bloggers with limited time and resources could see the coming danger for years, then how come the Fed with essentially unlimited time and resources couldn’t see it? It’s just ridiculous to think that the Fed is doing a great job now after totally ignoring this budding situation for years.
As for Bear, I don’t think the Fed backing was terrible. My understanding is that Bear is resonsible for clearing in certain markets and if they had gone under then there would have been a severe disruption. However, it still pisses me off to think about all these Bear assholes who were making million-dollar bonuses for essentially being scammers. And now the Fed has to come in with $30 billion of taxpayer money to essentially pay all those bonuses retroactively. Yeah, stuff like that tends to piss off your average American.
Like Ex-SD, I’m sick of hearing about all this Great Depression crap. The Fed has already proved they can’t find their ass with both hands by sitting on (some would say encouraging) this problem since at least 2004. To say that the Fed now has some magic Great Depression-prevention formula now is ridiculous. The ECB has clearly done a better job throughout this period. At least European savers aren’t getting anally-raped every day due to the collapse of their currency.
