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we do mortgages | by wmliu
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we do mortgages

well, please do them right.

 

i asked a banker friend why Bank of America seemed to have singularly escaped this subprime disaster. is it because they brought CDSs (credit default swaps) from likes of Bear Stern and Lehman? his answer was because Bank of America was late into the mortgage stampede and got lucky.

 

this $700B (or is it $850B) bail-out package averages more than $2000 for every single person in the US. that's a ridiculous amount of money. basically poor people have to give money to the rich, because if they don't, the poor people will get even poorer.

 

there is something corrupt and very wrong about the system. the old deregulation philosophy that the private sector knows the best is simply wrong, because this crisis clearly demonstrates that they sometimes have no idea what they are doing. we need to reinstate the regulations. and, we need to take away the golden parachutes from the CEOs, which are a source of the greed. nobody else gets rewarded for doing a bad job. why should they?

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Taken on October 4, 2008