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here's a tip: don't make loans that won't be paid back
fudomyoo
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7-15-2008 10:22 PM
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fudomyoo
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am I really smart? or is everyone else an idiot?
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7c171be8-594d-4721-b798-20141e91fac7/655DB20C-1CF4-4E2C-AF10-9E849128E64D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.salon.com/tech/htww/2008/07/14/fannie_mae_and_freddie_mac/index.html" href="http://www.salon.com/tech/htww/2008/07/14/fannie_mae_and_freddie_mac/index.html" style="font-size: 11px;">www.salon.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.salon.com/tech/htww/2008/07/14/fannie_mae_and_freddie_mac/index.html">one of the most astounding legacies of the George W. Bush presidency, which becomes more profound and historic with the passing of every single day, is how absurd and laughable has become the idea that unregulated markets are a sensible way to run an economy</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.salon.com/tech/htww/2008/07/14/fannie_mae_and_freddie_mac/index.html"><P> Prohibit a lender from making a loan without regard to borrowers' ability to repay the loan from income and assets other than the home's value. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.salon.com/tech/htww/2008/07/14/fannie_mae_and_freddie_mac/index.html"><P> The Federal Reserve has decided it must order lenders not to make loans that they should not make. As Paul Krugman observed -- <A href="http://krugman.blogs.nytimes.com/2008/07/14/horse-barn-door/" linkindex="26" target="_blank" set="yes">"Horse. Barn door."</A> Perhaps if Bernanke's predecessor, Alan Greenspan, had taken it upon himself to so instruct the housing market five years ago, we might have avoided the current awesome spectacle in which the U.S. government is bailing out, essentially, the entire U.S home lending market. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.salon.com/tech/htww/2008/07/14/fannie_mae_and_freddie_mac/index.html">This is what we have been reduced to: The government telling the "free market": Don't be a friggin' idiot.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/655DB20C-1CF4-4E2C-AF10-9E849128E64D/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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