[Rhodes22-list] Rummy said, “I don't have a mortgage (Political commenta...

[Herb Parsons]

The problem is that the greedy ones aren't the only ones that suffer the 
consequences.

You and I live off the other folks' greed. It's that "greed" that made a 
business owner decide that making average wages wasn't good enough, he 
wanted to make better than average, and to do that he had to own the 
business himself. To accomplish that, he needed workers, many of whom 
would be paid "average wages". All of those non-greedy workers received 
the benefit of the owner's greed.

If/when that owner goes out of business, those average paid workers are 
going to be looking for jobs, whether they were greedy or not.
.

R22RumRunner at aol.com wrote:
> Ed,
> You can paint it anyway you want, but the bottom line is it's all about  
> greed. I don't have any sympathy for people that might loose their asses over  
> greed. Don't come crawling me to bail you out. I won't do it.
>  
> Rummy
>  
>  
> In a message dated 9/25/2008 1:20:20 P.M. Eastern Daylight Time,  
> ekroposki at charter.net writes:
>
>
> Rummy said, “I don't have a mortgage and personally don't give a  rats ass
> about anyone stupid enough to have got caught up in this mess. Let  them all
> go down the shitter together.”
>
> Unfortunately, many  retirement accounts are owners of the mortgages and
> other involved  debt.  People expected that their retirement and savings
> accounts  would be handled honestly.  Now that all the social dogma of  giving
> mortgages to people who under historical criterion did not qualify  and
> hiding those instruments makes many retirement systems vulnerable  to
> collapse. 
>
> What you have are several causes which require  attention.  First, to get a
> mortgage certain reasonable requirements  should be met.  Second, when those
> mortgages are sold, there has to be  transparency of the underlying debt. 
> Third, if the mortgages are grouped  into a new financial instrument that
> instrument must clearly state what its  backing or collateral is worth.
>
> How should those who abused  their fiduciary duty be dealt with?  The
> originators of the  problematic instruments should be dealt with under
> criminal law and that  would include the former President of Goldman, Sacs.
>
> They should be  required to pay retribution and compensatory damages, from
> the guy in the  branch loan office to the president of failed and wobbly
> financial  institutions. 
>
> I am sorry about the underling at the branch office, but  when you see such
> goings on, you have to throw your job away.  I have  been there and done
> that.  
>
> Now it was said by another, “What  he failed to say was that he (referring to
> President Bush) was apologizing  for 7 years of failed policies that created
> this mess in the first place  and that he was trying to save his legacy by
> having the taxpayers bail his  ass out of trouble.”  When another list member
> pointed out a prior  post it was said, “I had not read through this
> (referring to the prior  post) when first posted.  Sure was a lot of talk and
> no action by  Congress.  Wonder why? Both parties and control of Congress at
> one  time or another during these events.”
>
> Here we had Bush bashing without  thought and taking time to get relevant
> facts.  The above statement  “he was trying to save his legacy by having the
> taxpayers bail his ass out  of trouble” really demands a written apology to
> the President by the  offender.
>
> It is herein thought that I am a Bush supporter.  Not  hardly, but I am left
> to defend the guy by unfounded attacks by Bush  haters.  Such an attack by
> someone without analysis of the facts is  wrong.  Such a wrong can only be
> rectified by a written apology to the  offended party even though he knows
> not of the offense.  
>
> This  problem was caused by many factors.  A big part was using credit  under
> color of Government backing thru Fannie Mae and Freddie Mac for  social
> engineering.  Has the above offender studied who originated  those laws? 
> Obviously not.  
>
> The President is the  administrator not the creator.  Should he have been
> more aggressive in  telling of the problems? The answer is probably yes, but
> would the Bush  haters have listened?  Did they listen and act upon his
> stated  warnings already posted?  Hell, the offender did not, he did  not
> bother to read the list given to him?  
>
> And again I ask, do  you really think that national health insurance would
> work  better?
>
> Ed K
> Greenville, SC, USA
> Suppose you were an  idiot.
> And suppose you were a member of Congress
> But then I repeat  myself
> -Mark Twain
>
>
>
>
>
>
>
>
>
> --  
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> Sent  from the Rhodes 22 mailing list archive at  Nabble.com.
>
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