Quote:
Originally Posted by Miaplacidus
I have no affection for investment bankers. Many of them are swine, no doubt, and I don't care if any of them are shot.
So, having established my credentials as a right-thinking person, let me now say that I don't believe the problem lies with them. I expect bankers to be greedy. If we're honest, it's what we pay them for.
No, this problem didn't start on Wall St and spread to Main St. It started in Skid Row and spread from there. Sure, lenders were stupid, but when did it become OK for people to sign mortgage contracts that they knew they had no hope of repaying? "No job, no prospects, no assets, no savings. Hell, I think I'll jus' buy me a house!" What society spawns so many indolent dullards that their collective cupidity can jeopardize the entire global economy? If you ask me, that's why this problem isn't going to be fixed anytime soon. There are just too many fat, lazy, dumb-asses who still think the government owes them a house and an ipod.
But we're all to blame, in some measure, because we allowed the super fund trustees to be pressured to continously outperform the general economy. They can't all be geniuses, so it just ain't gonna happen without debt and leverage. Great idea while the market is advancing. Not so hot when it heads downhill.
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you couldnt have put it any better,but you forgot to mention the politicians who dont help, either to stop stupidity or solve the problem after the horse has bolted,but looove to intervene which only prolonges the recovery.
