Reply #202: Agree with her totally-this is not due to "subprime mortgages" [View All]

This at its base is the result of classic neocon chicanery; the de-regulation and disposal of Glass Steagal, passed in response to the last unregulated binge and purge of credit and asset madness in 1929.

As someone on the front lines of this- I deal in CMO and other derivative products- thisis a result of unregulated lying scumbags selling c-d paper by breaking down components of it and adding a pool of "A" paper to the mix, then selling THAT product with A paper pricing

This is where the blame lies. Banks used to have orderly regulation and very strict liquidity and pricing requirements. Then they let the Wall Street foxes into the henhouse ( the result of the "deregulation" Neocons are so fond of), and Enron-style,they ran out and fleeced the BIG Money responsible for keeping global markets capitalized. That is a sin equatable to trying to fool mother nature. There are very finite and quantifiable results when you fuck with the source of your capital markets. None of them good. Time to suffah the pain of consequence, foolishness is NOT the new smart. problem is, it takes all of us down together, as these assholes think blowing a hole in the hull up forward was a good idea, and in the back of the boat, our feet are getting wet as well.