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Old 07-14-2008, 01:34 PM   #12
Aikibu
Dojo: West Wind Dojo Santa Monica California
Location: Malibu, California
Join Date: Feb 2006
Posts: 1,295
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Re: one of the largest bank failures in American history

Quote:
Rachel Massey wrote: View Post
Rob, there is a big difference flipping over a 3-year period versus the 1-week to 3-month periods that were common for the not so legitimate of flips.

I agree, we are in for some very interesting times.
Very True Rachel however these transaction represent less that 1/2 of 1% of all housing transactions over the last three years and as someone like Robert Kiyosaki (Rich Dad Poor Dad) points out not a very smart thing to do.

The real issue is the mucking up and non-transparency of most Mortgage Instruments into shady CDO's sold to everyone and thier brothers and sisters.
Another key issue is the reentry of Banks into the Financial Markets as speculators through the process of massive deregulation with the complete collusion of the Bond Rating Firms like Moody's and Standard & Poors (you know the folks who are supposed to provide you... dear reader... With an "objective rating" of how good/secure the bond is that you want to invest in.) and mostly accomplished by the Republican Party over the last 30 years.

Paulson bailed out the MAC's today and saved his Wall Street Buddies while sticking we 200+ Million taxpayers with the bill, and doing nothing to fix the institutional problems. As soon as the dust settles... Watch all the golden parachutes pop up as most of these executives grab what they can and run.

The Gilded Age has nothing on us....

William Hazen

Last edited by Aikibu : 07-14-2008 at 01:39 PM.
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