Have you seen today's Boston Globe?...

radiotony radiotony@comcast.net
Sat Nov 15 14:20:32 EST 2008

Oh, and gluttonous greed, scurrilous speculation, billions in unearned
bonuses, outright scams, rumors and innuendo about the solvency of companies
like BearStearns [which created the initial run], and complete deregulation
and lack of oversight of the industry, had absolutely nothing to do with it
at all? Right. 

In fact, it was a combination of the two: The worst elements of unchecked
free market economics AND certain political interests on both sides of the
aisle pushing large lenders to throw loans at anyone and everyone to make
sure the housing continued buzzing along. In addition, the federal reserve
bank, which brought on the entire calamity by jacking up interest rates from
1 percent in the middle of 2004 to 5.25 percent in the middle of 2006. This
action alone brought on huge spikes in ARMs which sent people who were
otherwise having no problems at all paying their mortgages into bankruptcy. 

Very few people in the media said word one about all of this, unfortunately,
with most people concentrating on the Iraq situation. It's kinda funny and
sad now. If you went back to the time period and listened to any of the big
conservative talk radio shows, they had no problem at all that this was
going on. They too were caught up in the buzz, assuming everything their
friends and financial advisors were telling them was the truth. It turned
out to be a total like and now we're all trillions poorer than we were

Tony Schinella
Politizine.com: Random musings about politics, music, the media and modern
times. Since 2002.
OurConcord.com: News and analysis for and about Concord, N.H.

-----Original Message-----
From: boston-radio-interest-bounces@tsornin.BostonRadio.org
[mailto:boston-radio-interest-bounces@tsornin.BostonRadio.org] On Behalf Of
Bill O'Neill
Sent: Saturday, November 15, 2008 10:52 AM
To: Don A
Cc: boston-radio-interest@bostonradio.org; A. Joseph Ross
Subject: Re: Have you seen today's Boston Globe?...

Don A wrote:
>> Not me.  Let the market decide.
> The marketplace solution! 
> We all know how well it worked on Wall Street....
It was not free market economics in play on Wall & Broad when lenders 
were strong-armed into delivering risky loans to otherwise unsuitable 
recipients throughout the past 15 years.

 b -

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