Quote:
Originally Posted by woj
I'm not familiar with specifics of what pools got unloaded to whom, etc, but in finance there is no us vs them... we are all in the same boat, everything is interconnected in ways you can't even imagine,
the 85B/year loss would trickle down "common man" anyway... we would all end up indirectly subsidizing those that can't afford a mortgage now...
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i agree about it all being interconnected and economists will argue infinitely over the details
BUT at this point i see plenty of us vs them. They- the big money center banks- got access to virtually free capital (Fed "printing" money) and levered it to blow up commodities and gold. On top of that they froze lending
we cant lever like that, we dont have access to cheap refis, and we get hit with rising commodity costs.
The Fed indirectly chose the winner- big banks- thinking there would be a regular flow of capital to engines of growth- small biz.
And i never said go back to subprime standards- i can pay my 30yr fixed 5 3/4 loan like always, have plenty of equity. i just want to pay 3.5-4 %
give me the "bonus" not some high level Wall St exec or hedge fun guy.
I'm selfish like that