Zyvox Online Review

Blame the Victim Rules the Subprime Debacle   "Anyone get the impression as I do that the scene is being set for placing the blame for the economic crisis on those hapless people who were so inconsiderate as to put everyone at risk by actually taking advantage of what they saw as the opportunity to get their piece of the pie? Yes folks, zyvox online review the reason the wheels of high finance are now gumming up is you or your neighbours utter selfishness in wanting a decent roof over the heads of your families. Zyvox online review How thoughtless and unpatriotic of you to throw caution to the wind. Max Wolff notes the mindlessness that has become a feature of commentary on the financial crisis where mouthing "subprime" a sufficient number of times seems to absolve anyone from actual analysis. Zyvox online review The following from Credit Backwash August 21, zyvox online review 2007 "Every day we watch people blame sub-prime. Zyvox online review Sub-prime is neither contained nor, zyvox online review is it the essence of present trouble. Zyvox online review Discussing sub-prime as the cause of asset re-pricing has become ubiquitous. Zyvox online review I would liken this line of explanation to the way that American urban violence is often discussed as "gang related" or "drug related". Zyvox online review In short, zyvox online review it is a lazy catch all employed to avoid scratching below the surface. Zyvox online review ..." The truth is it seems that it's not only in the housing mortgage sector that 'liar loans' have been the fashion. "A huge credit bubble exists and extends far beyond sub prime mortgage distress. Zyvox online review The global bubble is enormous and has many sub-component bubblettes. Zyvox online review The internationalization, zyvox online review integration and expansion of finance extended and distributed the effects of overly cheap and easy credit. Zyvox online review (snip) This industry swelled as trillions of dollars in mortgages were written over the past few years. Zyvox online review Every obstacle to further lending was innovated around to allow profits to continue to flow. Zyvox online review The risks of all this lending were less pressing as mortgages loans were made to be sold- not held. Zyvox online review All the available credit bid up house prices and led to the false conclusion that houses were always safe, zyvox online review appreciating assets. Zyvox online review Questionable loans and sub-prime mortgages were sold and reconfigured into AAA rated product. Zyvox online review Risk vanished from consideration and discussion. Zyvox online review Transformed mortgages became credit vehicles and were sold all over the world. Zyvox online review Part of the mad dash now involves finding these hidden gems hiding on books and ascertaining their real value." Meanwhile over at the Pundit's Blog Brent Budowsky tells it to America straight: Gilded Age Crime: Poor Go Homeless, zyvox online review Wealthy Get Bailouts "Is it right that the new racket on Wall Street is that banks make bad loans, zyvox online review sell them to hedge funds and private equity firms, zyvox online review many of whom are virtually unregulated and untaxed, zyvox online review who then complain about their pain after they foreclose on average Americans for falling a little behind their payments? It is good that today the Fed cut the prime by 50 points, zyvox online review but it is bad, zyvox online review and terribly wrong and unjust, zyvox online review that in the last week the Fed has essentially used Americans' money to bail out the wealthy who made the profits, zyvox online review while doing zero for the foreclosed and homeless. When the banks, zyvox online review hedge funds and private equity firms make bad deals, zyvox online review they keep the personal profits, zyvox online review while the corporate profits are protected by bailouts. Zyvox online review Meanwhile, zyvox online review when the average Americans in the middle class, zyvox online review or the poor, zyvox online review fall a little behind, zyvox online review they get the boot, zyvox online review they lose their jobs, zyvox online review they are thrown into the street without homes and often without food." And don't ya just love the reasoning on RESPONSIBILITY that goes with the line of argument that runs, zyvox online review subprime borrowers who made bad decisions based on insufficient knowledge of what they were getting into should BE HELD RESPONSIBLE for those decisions even if this means losing their homes. Zyvox online review Who cares if they're on the streets since that won't affect the economy. Zyvox online review All they do is produce products services. Zyvox online review But investors who made bad decisions based on insufficient knowledge of the real values of their investments should .... Zyvox online review NOT BE HELD RESPONSIBLE for their decisions and should be bailed out by the taxpayer. Zyvox online review They must at all costs be protected from losses. Zyvox online review Their coupon clipping and 'premia' are essential to the economy. I think this is known as one law for the rich and another for the poor." D.D.Grant is a summa cum laude graduate in Philosophy and Economics, zyvox online review my career has spanned the Insurance and Real Estate industries and latterly, zyvox online review the IT industry in the financial transaction software sector. Zyvox online review Currently I continue to pursue my interests in Economic Theory and its history, zyvox online review whilst working on a book on the Theory of Money in which I hope to yield up all its secrets. More at: http://home-foreclosures.blogspot.com/2007/08/blame-victim-rules-subprime-debacle.html