rushmc 23 #126 October 1, 2008 Quote Quote Quote Quote >the subprime loans did open the door . . . No evidence for that. I mean, the numbers just don't work out. Subprime mortgages represent about $1.7 trillion worth of loans and only represent about 7% of mortgages. The big problem right now is in instruments like credit default swaps; CDSes account for a notional amount of over $50 trillion. (Needless to say, since some of those CDSes were protecting things like subprime mortgages, it is certainly _related_ to the problems in lending characterized by subprimes and their recent high rate of default.) So if you want to claim something "opened the door" it was deregulation of CDS'es. Article Mark and Marc might also want to Google "Commodity Futures Modernization Act" and see who its sponsors were. To your link What would make them want to do that? They did not want to lose money, correct? What put them into a position where they did not have the self determination to provide the loans they wanted to instead of those they normally would not? You got the info, YOU just dont want to put it together!!! Yes Wall Street was and is greedy but, your favorite party set the table. I guess you didn't really read it (or you've gone into a parallel universe again). You once again show why you support the dem party. heeeee haaawwwwwww"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
