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Whirlaway · 06-12-2012, 06:08 AM

"THE EXCUSE PRESIDENT "

Whirlaway · 06-12-2012, 06:09 AM

"THE WORSE ECONOMIC RECOVERY IN 60 YEARS "

JD Barleycorn · 06-12-2012, 11:26 AM

Obama girl is not anymore. Though it might be too late.

yaddayadda · 06-12-2012, 12:36 PM

Credit default swaps WERE bundles of mortgages. You pair 70% "good" mortgages with 30% bad ones. The theory was that "worst case" returns were acceptable. The problem arose when there were not enough "good" mortgages to offset the "bad" but were bundled anyway.
Then investors wanted "insurance" on the investment and insurance agencies sold insurance on what the ratings agencies (the true villian, besides Barney Frank) said was a AAA low risk investment......and the REST is history.....
The right way to let this bubble burst was for the Government to take over the PHYSICAL asset and let the people who actually live or use the property to remain in some reasonable "deal" can be made. As far as the speculative investor or the house buyer that couldn't afford the house they live in.......FUCK EM. Let the bank eat the loss. And don't you believe the banking system would collapse, there are enough GOOD banks that didn't buy into this BULLSHIT that would enjoy you depositing your paycheck into them, credit unions too....