Reader comments: Wall Street greed didn't create this mess
6 comments | Read story
Lew Jeppson | 8:27 a.m. Oct. 8, 2008
Well, yes, in fact it did. The explosion in types of mortgage backed securities, created by Walt Street to make a quick buck without producing anything real, is 80% of this catastrophe. As usual the D-News cherry picks its contributors to back captial and the Republican Party.
Ah, it's the system | 10:54 a.m. Oct. 8, 2008
It's just the system, not the people who make up the system. I understand now.
Sheesh. What a wimp-out. The fat-cats figured out a way to loan money to people who couldn't afford to pay it back, packaged up the loans, and sold them as securities, making even more money. All at the expense of the rest of us.
If I dumped pollution into the water that you had to drink, you'd make me pay to clean it up. But if I con you into buying worthless loans into the marketplace, it's your fault.
Sheesh. What a wimp-out. The fat-cats figured out a way to loan money to people who couldn't afford to pay it back, packaged up the loans, and sold them as securities, making even more money. All at the expense of the rest of us.
If I dumped pollution into the water that you had to drink, you'd make me pay to clean it up. But if I con you into buying worthless loans into the marketplace, it's your fault.
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Mark Whitney | 11:36 a.m. Oct. 8, 2008
Yes, the FED is largely to blame for this mess as it was in the 30's. Let's also not forget that the sub-prime debacle was also fomented by Congress forcing lenders to approve loans in an affimative action mindset to those who could not otherwise qualify. The Federal Reserve shoud be eliminated as it is not federal and has no reserves. It is a consortium of private bankers who create money out of thin air. It was dishonestly set up in 1913 for the sole pupose of the fat cats being able to manipulate the economy. As Amschel Rothschild said,"Give me control of a nation's money supply, and I care not who makes the laws."
Mark Whitney
Sandy
Mark Whitney
Sandy
BRAVO! | 5:08 p.m. Oct. 8, 2008
Finally someone talking some sense about this mess!
Re Mark | 10:01 p.m. Oct. 8, 2008
Thank you, Mark, for that concise explanation. I have learned the dirty secrets of the Federal Reserve over this past year, which has completely changed my mindset regarding public policy. However, I always have a hard time explaining things in a concise enough way to keep my audience's attention. I hope many people read your comment and start researching this more thoroughly. When we have an educated society, things will really start to change.
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Why is it that these tycoons get their huge bonuses regardless of their performance? Company does well big bonus, company going bankrupt and needs a bailout these guys get huge bonuses.
There may have been other factors, however the behavior of these wall street tycoons is un-excusable.
Yet one parties response to this is to lower these tycoons taxes even more. The other party would take these tax revenues and instead spend it on health care for all.