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Fred Thomas
Who are we going to blame?
If you asked flamers like Bwany Fwank and Cwis Dodd who was to blame for the current economic crisis they would probably say greedy bankers and Wall Street types, particularly Goldman Sachs. Others would say that Bwany and Cwis are responsible because of their support for the CRA (Community Reinvestment Act). And what about corruption and incompetance at the SEC and other government regulatory agencies? Who were the people running Fannie Mae and Freddie Mac, buying bad mortgages and running those semi government agencies into bankruptcy?
Moodies and Standard and Poors did a terrible job of rating derivitives and mortgage backed securities too. What about phony property appraisals and realators selling homes to people who didn't have jobs? And who were idiots who bought homes without having income or jobs? What about people who took second mortgages and are now under water and people walking away from their obligation?
Obama blames Bush. Republicans blame Obama. Everyone blames the economists who never seem to predict anything correctly. The Fed is printing money, social security, medicare, and medicaid are on the verge of bankruptcy. It reminds me of the movie "Murder on the Orient Express", in which everyone on board the train conspired to commit the murder.
So when I wanted to know who was really responsible, I looked in the mirror and there he was, the greedy MFer staring back at me. This guy really thought that 30% annual returns on his IRAs would go on forever. Try looking in your mirror and you will see what I mean.
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