Re: UNCIVIL UNIONS

On Thu, Mar 10, 2011 at 4:58 AM, Karl Swenson <[email protected]>
wrote:
> **I dunno.  I think some people deserve the misery they got when they took
> on loans they knew they could not afford.

And the banks deserved some misery for taking on loans they knew had a
high risk of default.

**some were told they had to though, IIRC.

I don't mean that one side got punished more than they should have
been.  I mean that the other side was barely punished at all, when
traditionally/historically/ethically they would have also been
financially "punished" for each loan they originated that defaulted.
Instead they collected record high compensation.  Their "risk
management" strategy was to internalize and privatize the profits and
externalize and socialize the risks (aka arbitrage).  Financial and
legal imbalances like this completely subvert the "invisible hand"
that allows a free market to function and generate wealth for
everyone.

**Can't argue that.

> **I am buying a house (final walkthrough is Friday) and I went over my
> budget with a fine tooth comb before I submitted the offer.

Congrats.  :-)  If your signature isn't already a fast and easy one,
by the end of closing day it will be.  ;-)

**everyone keeps saying that....


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