Well 10 days have gone by and no blog ....it really is taking me time to try to understand what is going on..............seems the blame is now squarely placed on incompetent bankers for lending and betting on the future up up and away trend. Apparantly it was just a meager 6% of the mortgages that needed to go bad to topple the whole pile since not only was there bad loans but bad insurance for them too without any funds to back up the insurance! This is like leverage of 3 times !
But seems to me we have gone and saved a banking system that is simply greedy and non productive ! Wouldn't it have been better for the government to have taken on all the good mortgages and not just the bad. Wouldn't it have been a fairer system to reward debt repayment by lower interest rates to those committed to reducing their debt !
While the greedy bankers have taken irresponsible risks it would seem to me that the bill will still be paid essentially by the 90% plus of the people that service their debt and pay their bills and their unacceptable taxes !
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