Thanks for posting that,Phil.
- Joined May 2005 | Status: Member | 1,494 Posts
In trading, there is no bullshit. You either make money or you don't.
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DislikedALAN GREENSPAN: Well, the real problem began because a very significant proportion of those loans were on terms which shouldn't have been made. In many cases, I think it was fraud and that, I say in the book, as you know, the only area where I think more regulation is required in this country is addressing fraud, because fraud is destructive of markets, but more importantly it's destructive of families.Ignored
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Just like trading, it's human nature to blame everyone but themselves for the dilemma we've created. Don't worry though, soon the democrats will rule (another painful statement) and they will take money from the disciplined and distribute it to the stupid.Ignored
DislikedTerriffic! As was the whole post. Of course the ultimate responsibility lies with those who borrowed more than they can pay back.
Let me ask you, Phil, only because you are well versed and I value your opinion: Do you think banks will start policing themselves and go back to practicing the requirements they used a decade or two ago? As far as the public, I'm sure they will continue to take whatever they can grab.
The X.O. of the submarine I served on had a plaque on his stateroom door that read:
The Stupid Shall Be Punished.
Lt. Commander Alexander, Executive Officer U.S.S. Robt. E Lee SSBN 601Ignored
DislikedLOL, Great points Phil... I find it interesting that this is the only area Greenspan wants more regulation... That is a fairly safe thing to say, because who would not want a government to tightly regulate or enforce fraud laws?Ignored
Dislikedin the 60mins interview, he said he did not want regulate the fraud. he actually said he was aware of the subprime fraud long ago (they did an investigation or something) but he did nothing about it because it would have taken too much effort.Ignored
Dislikedjust goes to show if you talk long enough you will contradict yourself LOLIgnored
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mine is on order, im a bit late. we shall have a good chat when i am finished with itIgnored
DislikedReally?? I guess I have some reading to catch up on. Can you suggest where this might be found?Ignored
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mine is on order, im a bit late. we shall have a good chat when i am finished with itIgnored
DislikedNot off the top of my head. It was something one of my college professors lectured on once. It was a sociology class.Ignored