On Fri, 01 Aug 2008 11:42:15 -0700, Dan Abel > wrote:

>I don't have a lot of sympathy for the speculators in the latest
>mortgage fiasco, but I am incensed that our government had to buy out
>the irresponsible companies. The mortgage lenders didn't care that they
>were making bad loans, because they sold them as soon as they were made.
>The buyers of the mortgages didn't care, because they were borrowing up
>to 97% of the money, so it just wasn't their money.

I too am amazed and annoyed that the government is bailing out these
slimy institutions. Real speculators ("flippers") did it with full
knowledge that they could lose their shirt, that's why they're called
speculators. They took advantage of the practices used to entice
people who were not speculating into buying a home. They were hoping
that their home would increase in value enough that they could take
out a fixed rate loan. They are also very people who shouldn't have
been given a loan in the first place. We seem to have another blame
the victim fest going.


--
I never worry about diets. The only carrots that interest me are the number of carats in a diamond.

Mae West