Real Estate Agents
Out of context: Reply #16
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- _salisae_0
Bail out the institution... to hell with the subprime borrower? Oh really...look a little closer
The real bail out here is for these Credit Default Swaps...OTC deriviatives...these toxic deregulated activities were blessed and passed into law by Congress in 2000...Thank largely in part to ex-sentor Phil Gramm...CEO of UBS...McCain finance minister...
Repeal of the Glass Steagal Act in 1999 was another one of the his feathers in his cap. The congress...the president...banks...insurance companies, hedge funds, pension funds...etc...let this ride for atleast 8 years.
These OTC deriviatives were called by Buffet as investments of Mass Destruction...he personally had to clean up and unwind a company that he brought that was wrapped up in these kinds of products.
Get ready for government owned entities that we as taxpayers all own but have no control of...remember, this is just the beginning.