Rich ‘virtually no one ‘ Toscano

[kewp]

[quote=capeman]Then they need to reevaluate what PhDs/MBAs from Ivy League business schools are worth. Since most of these fools in power who have them didn’t have the common sense of the armchair economist Bloggers who foresaw this. [/quote]

Oh, they knew. It just wasn’t in their best interest to be truthful about it. They aren’t that stupid.

Why do you think government tightened up the bankruptcy laws in 2005? Because they knew this was coming and wanted to make us debt slaves.

In our case; it *was* in our best interest to be truthful about it.

Edit: Think of it this way. If you speak the party line; you get very rich. If you tell the truth, you get fired. What would you do?

[patientrenter]

[quote=esmith]Even here in San Diego, high end did not get all that bubbly.[/quote]

Let me guess, esmith, you own a house, maybe high end, maybe in SD.

[patientrenter]

[quote=esmith]Even here in San Diego, high end did not get all that bubbly.[/quote]

Let me guess, esmith, you own a house, maybe high end, maybe in SD.

[patientrenter]

[quote=esmith]Even here in San Diego, high end did not get all that bubbly.[/quote]

Let me guess, esmith, you own a house, maybe high end, maybe in SD.

[patientrenter]

[quote=esmith]Even here in San Diego, high end did not get all that bubbly.[/quote]

Let me guess, esmith, you own a house, maybe high end, maybe in SD.

[patientrenter]

[quote=esmith]Even here in San Diego, high end did not get all that bubbly.[/quote]

Let me guess, esmith, you own a house, maybe high end, maybe in SD.

[BKlawyer]

I had Rich and Ben Jones on my radio program in 2005. They were prescient in their description of what HAD to happen. Ben commented that he’d seen this movie before and it didn’t end well. Rich demonstrated his masterful knowledge of the statistics in San Diego and conclusion that it “could not” play out without pain and destruction. I commented that, in the rear view mirror, we would all be looked at as prophets. I’m disgusted at the Govt. “experts” who could not see what a bunch of yahoos like us saw.

[BKlawyer]

I had Rich and Ben Jones on my radio program in 2005. They were prescient in their description of what HAD to happen. Ben commented that he’d seen this movie before and it didn’t end well. Rich demonstrated his masterful knowledge of the statistics in San Diego and conclusion that it “could not” play out without pain and destruction. I commented that, in the rear view mirror, we would all be looked at as prophets. I’m disgusted at the Govt. “experts” who could not see what a bunch of yahoos like us saw.

[BKlawyer]

I had Rich and Ben Jones on my radio program in 2005. They were prescient in their description of what HAD to happen. Ben commented that he’d seen this movie before and it didn’t end well. Rich demonstrated his masterful knowledge of the statistics in San Diego and conclusion that it “could not” play out without pain and destruction. I commented that, in the rear view mirror, we would all be looked at as prophets. I’m disgusted at the Govt. “experts” who could not see what a bunch of yahoos like us saw.

[BKlawyer]

I had Rich and Ben Jones on my radio program in 2005. They were prescient in their description of what HAD to happen. Ben commented that he’d seen this movie before and it didn’t end well. Rich demonstrated his masterful knowledge of the statistics in San Diego and conclusion that it “could not” play out without pain and destruction. I commented that, in the rear view mirror, we would all be looked at as prophets. I’m disgusted at the Govt. “experts” who could not see what a bunch of yahoos like us saw.

[BKlawyer]

I had Rich and Ben Jones on my radio program in 2005. They were prescient in their description of what HAD to happen. Ben commented that he’d seen this movie before and it didn’t end well. Rich demonstrated his masterful knowledge of the statistics in San Diego and conclusion that it “could not” play out without pain and destruction. I commented that, in the rear view mirror, we would all be looked at as prophets. I’m disgusted at the Govt. “experts” who could not see what a bunch of yahoos like us saw.

[JerseyGrl]

The Real Deal

So who is to blame? There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of “layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role.” Here’s a partial list of those alleged to be at fault:

* The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

* Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

* Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

* Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

* The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

* Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

* Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

* Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

* The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

* An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

* Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

–by Joe Miller and Brooks Jackson

[JerseyGrl]

The Real Deal

So who is to blame? There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of “layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role.” Here’s a partial list of those alleged to be at fault:

* The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

* Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

* Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

* Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

* The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

* Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

* Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

* Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

* The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

* An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

* Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

–by Joe Miller and Brooks Jackson

[JerseyGrl]

The Real Deal

So who is to blame? There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of “layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role.” Here’s a partial list of those alleged to be at fault:

* The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

* Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

* Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

* Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

* The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

* Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

* Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

* Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

* The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

* An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

* Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

–by Joe Miller and Brooks Jackson

[JerseyGrl]

The Real Deal

So who is to blame? There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of “layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role.” Here’s a partial list of those alleged to be at fault:

* The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

* Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

* Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

* Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

* The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

* Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

* Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

* Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

* The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

* An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

* Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

–by Joe Miller and Brooks Jackson

[Author]

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