Comments Posted By ChusseinC
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THE SANTELLI RANT: A RED BULL RUSH
It is unfortunate some of your readers have to resort to name-calling instead of using a good factual argument to make their point. There are a number of places blame can be laid for this crisis. Let's start with some of the mortgage companies that promoted subprime NINJA loans. Do you remember Countrywide folks? The only reason they went under is because they kept this bad debt on their books and didn't pass it along packaged as CDO's. Firms like Goldman Sachs pushed this junk onto gullible investors while at the same time they were dumping their holdings. Because of actions like these sophisticated money managers lost a lot of money. If they can be taken so can average people with a lot less knowledge who trusted their mortgage company. By the way when was the last time any of your readers had their home appraised? If you haven't done it lately you are in for a big shock. Everyone should read Bad Money by Kevin Phillips to get a better perspective on the workings of financial markets and the root causes of this crisis.
Comment Posted By ChusseinC On 21.02.2009 @ 13:04
