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Telamon

In article ,
dxAce wrote:

Telamon wrote:

In article
,
wrote:

On Mar 15, 9:56 am, dave wrote:
wrote:
Welcome, kids, to the Brokest Generation

The young aren't to blame for this mess, but they'll be paying for it.

How is this different from Reagan, Bush (41 and 43)?

Why don't YOU explain it to us with your infinite reservoir of
omnipotent Liberal Fascist wisdom and knowledge and all.
[We wait with bated breath.]

Bush 43 in his second term allowed the Dem's in congress to create this
toxic debt crisis by allowing the repeal of the 70-year-old
Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking
and finance committee, who loosened the lending rules that Fanny may and
Freddy Mac were required to go by. This was the genesis of the problems
we are facing today.

Instead of being a conservative president and preventing the over
heating of the housing markets with what amounts to unsecured debt the
whole industry was screwed. Today¹s economic conditions were just a
matter of time before this house of cards folded.

You understand that once these poorly at best secured real estate debt
was created it had to be repackaged as something else so it could be
sold and resold like most credit contracts in the credit market. These
created and inflated for crap government unsecured real estate debt
became the toxic derivatives.

People in the credit industry were very creative packaging together good
secured loans with the heavily leveraged ones to spread the risk. The
market went down and the leveraged loans started failing, which in the
process now ruined many good loans starting a snowball down hill turning
into an avalanche. Most of the debt was frozen in place because it was
now un-sellable.

The right answer is to wait this out. People that own the contracts will
have to wait for them to play out. Some will win with reasonable
returns, some will lose, and some will break even. The worst thing one
could do is bail anyone out of this situation they got themselves into,
which is what we are doing.

This problem which has added itself to the recession would play out in a
couple of years, which would be tough but not bad but now we have Bush
followed by the obomination making a recession into a depression.

Bush allowed this to happen and the Dem's in Congress created the
problem so who are you going to call to solve the problem? The
obomination? You think he knows what to do with it? Nope.

The obomination is in the process of making things worse. We are screwed.

I don't know how old you are, but myself, I'm happy to be retired.

The folks I currently feel sorry for are those who saved our butts during WWII
and are leaving us in ever increasing numbers.

Imagine looking at the current debacle, and wondering if it was all worth it?

We let them down.

I'm still working and wondering just how much money I need to amass so I
can retire one day. It's not looking good.

--
Telamon
Ventura, California