The Monster That Ate Wall Street

GABforyou , have you heard of spell check ? Looks like you never passed grade school and you are posting on a public forum.

Great Comment Posted By: pearsoncrz @ 09/28/2008 10:27:15 PM.

If any working class americain scamed a thousandth of the least of these offensences, thay would never see the light of day, Inless it was from a prision cell. every Man or women who had any part of this should be accountable, weather through there over inflated pay, and bonisess ,, or through any loupol that makes them look clean. all there personal assasets should be seazed, whether a corperate lubull such as Incorperation, then when all these assestss are retreved , see where the losses dont amount to as much. Its time to take off the gloves and return what was stolden, then Jail or public service to pay what they have already spent. Also a record that would make there getting a job that tempts them with more of the same, A law that requires construction or any other hard labor so they know how hard the investors they riped off sacroficed to invest , only to have a Man or Woman with soft hands and not a pain in there body intitle thereself to pay themself mor in a day then the worker does in a month, year or posibly maney livetimes.

Indeed, even the great Warren Buffet's appreciative metaphor on the CDS being like Robert Oppenheimer's obsolete WMDs is quite baroque - from a Unimatrix perspective. What is needed is a real rethinking --- vis-a-vis the shortsighted, destructive, imperfect mathematics of the MIT grads devising the CDS ---and shift the American perspective, more accurately its weltannschauung, towards the pressing reality that the world had become, demanding a warp-speed adjustment and change that do not compromise triumph for either vulnerability, retreat or defeat. LIVE LONG AND PROSPER!

Even the great Warren Buffet's appreciative metaphor on the CDS being like Robert Oppenheimer's obsolete WMDs is quite baroque - from a Unimatrix perspective. What is needed is a real rethinking --- vis-a-vis the shortsighted, destructive, imperfect mathematics of the MIT grads devising the CDS ---and shift the American perspective, more accurately its weltannschauung, towards the pressing reality that the world had become, demanding a warp-speed adjustment and change that do not compromise triumph for either vulnerability, retreat or defeat. LIVE LONG AND PROSPER!

I have been in the mortgage industry for over 30 yrs. This is all about greed. Although the creation of tje CDS helped perpetuate the situation, CEO's and Sr Mgmt teams wanted to make a buck, and played upon the belief that everyone should have credit & a mortgage, which simply is not true. Not everyone considers paying mortgages and credit a high priority. So thus begins the long train ride of option arms, subprime lending, etc. Then came Fannie Mae and Freddie Mac and HUD, they all wanted a pert of it so they loosened control of their underwritiing practices so they could complete with the subprime market. Then you had your little peons in the risk depts at your mortgage instituions who saw all this risk(i.e. underwriters) and knew it should not be made, but their opinions were considered and they were told to make the loan anyway, after all, it had a DU or LP or Scorecard approval, so it was a good loan. Now is all comes tumbleing down.

I have been in the mortgage industry for over 30 yrs. This is all about greed. Although the creation of tje CDS helped perpetuate the situation, CEO's and Sr Mgmt teams wanted to make a buck, and played upon the belief that everyone should have credit & a mortgage, which simply is not true. Not everyone considers paying mortgages and credit a high priority. So thus begins the long train ride of option arms, subprime lending, etc. Then came Fannie Mae and Freddie Mac and HUD, they all wanted a pert of it so they loosened control of their underwritiing practices so they could complete with the subprime market. Then you had your little peons in the risk depts at your mortgage instituions who saw all this risk(i.e. underwriters) and knew it should not be made, but their opinions were considered and they were told to make the loan anyway, after all, it had a DU or LP or Scorecard approval, so it was a good loan. Now is all comes tumbleing down.

The article is just another hack story from a liberal tabloid. The real reason that we are in this mess is the Cummunity reinvestment act of 1977 and enhancements made in 1992 under the direction of Bill Clinton made the changes to Frannie and Freddie, goverment sponsered enterprises. Below I have pasted a paragraph from a May 31,1999 LA times story explaining what a wonderful job this act was doing.

In 1992, Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. It has aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets. Most importantly, Fannie Mae has agreed to buy more loans with very low down payments???or with mortgage payments that represent an unusually high percentage of a buyer???s income. That???s made banks willing to lend to lower-income families they once might have rejected.

If you think this is false, go look for yourself.

Also, in 2003, Bush tried to get oversight for Freddie and Fannie, but congress was divided down party lines and nothing happened. In another article I found, it quoted Barney Frank saying that "it is not broken, so there is no need to fix it.
Here we are 5 years letter letting him be involved to try and find answer to a problem that was pointed out to him and he ignored it. There is plenty of blame, to go around, but the reality is ,the problem is in Washington, not Wall Street. Congress waits to address everything until it is a problem, then they look to blame someone else.
They screwed us all on this and have the media helping them blame the very people that they manipulated. The provide the carrots and whips and nothing happens without them having their hands in it. They have messed up on energy, mortgages and soon to be social security. When Social Security melts down, they will be looking for someone else to blame. We need people up there with experience in the real world, not career politicians or lawyers or teachers, this is not the real world, were people have to perform.
With all of its faults, this is still the best country on the planet.

I have been in the mortgage industry for over 30 yrs. This is all about greed. Although the creation of tje CDS helped perpetuate the situation, CEO's and Sr Mgmt teams wanted to make a buck, and played upon the belief that everyone should have credit & a mortgage, which simply is not true. Not everyone considers paying mortgages and credit a high priority. So thus begins the long train ride of option arms, subprime lending, etc. Then came Fannie Mae and Freddie Mac and HUD, they all wanted a pert of it so they loosened control of their underwritiing practices so they could complete with the subprime market. Then you had your little peons in the risk depts at your mortgage instituions who saw all this risk(i.e. underwriters) and knew it should not be made, but their opinions were considered and they were told to make the loan anyway, after all, it had a DU or LP or Scorecard approval, so it was a good loan. Now is all comes tumbleing down.

The individuals responsible for the Wall Street financial meltdown has flagrantly put the United States in clear and present danger. These individuals responsible should be arrested for treason. Deliberate over inflating and manipulating the market to turn a profit is fraud. They should be tried to the fullest extent of the law with incarceration in Federal Prison.

Lest not forget how Martha Steward was incarcerated for insider trading which is trivial in comparison. These individuals recklessly took down our economy and are walking away with millions in golden parachutes.

Americans wake up and demand justice. Demand these scoundrels arrested and prosecuted publicly. Strip them of their assets to pay down this debt.

Enough is enough!

This article fails to mention CRA (Community Reinvestment Act) of 1977 (Carter). Please do more research on this before you post another article that seems to have it all figured out. You'll see that that the government is the root cause of all going on now over 30 years later. Thank you.

AIG posted many insurance ads that they could BEAT the competetors rates; in the process of stealing all the clientel they could they couldnt financially back their claims that they had to pay on so they cried bankrupcy. I don't think its the American Taxpayer that should be held responsible for their negligence. Their company should fold and people should shop their policies with a respectable company.

The individuals responsible for the Wall Street financial meltdown has flagrantly put the United States in clear and present danger. These individuals responsible should be arrested for treason. Deliberate over inflating and manipulating the market to turn a profit is fraud. They should be tried to the fullest extent of the law with incarceration in Federal Prison.

Lest not forget how Martha Steward was incarcerated for insider trading which is trivial in comparison. These individuals recklessly took down our economy and are walking away with millions in golden parachutes.

Americans wake up and demand justice. Demand these scoundrels arrested and prosecuted publicly. Strip them of their assets to pay down this debt.

Enough is enough!

I say give the bailout money to the tax payers-solves the housing problem.

What we I am saying here is that Wall Street is kinda obsolescent now, and becoming passe (like Enron, maybe). Morgan La Fey has to give way, indeed, to a new Round Table that must surely dissipate the dark spell on the US and the world markets. Humanity, or you the US, must needs work yourself doubly determinedly, double time, perhaps in warp speed, to rethink yourself, once more. RESISTANCE IS FUTILE.

It seems to me as this is a huge Pyramid scam that finally played out. The big boys on top made all the money while now the tax payers will have to pay for it all. Question is whose pockets did all this money go into, it just didn???t disappear into thin air. Of course there???s no such thing as conspiracies, but if there were, you would have to blame the Dynasties that control this world and the press and TV and Politicians and the bankers and Wall Street.

It seems to me as this is a huge Pyramid scam that finally played out. The big boys on top made all the money while now the tax payers will have to pay for it all. Question is whose pockets did all this money go into, it just didn???t disappear into thin air. Of course there???s no such thing as conspiracies, but if there were, you would have to blame the Dynasties that control this world and the press and TV and Politicians and the bankers and Wall Street.