The Subprime Conspiracy

[jotsy]

Found this by Mike Whitney at Counter Punch

http://

The sub head asks if there was a plan to blow up the Economy.

Here's a snip from the articles mid section:

As we've pointed out in earlier articles, scores of people knew what was going on during the subprime fiasco. But it's worth a quick review, because Robert Rubin, Alan Greenspan, Timothy Geithner, and others have been defending themselves saying, "Who could have known?".

~

I say they should have known and probably did, but let all that pursuit of imaginary profit prevail.

[rfranklin]

1. There definitely was a plan to loot as much as possible under Bush...

He followed the pattern of Reagan and Bush senior but amplified it times ten.

[jotsy]

2. Bozo the boy king was and remains a clown, court jester to the blue bloods we call the BFEE.

In the early part of the '04 election cycle, I made jokes about how this anomaly of American royalty would return us to a monarchy before yielding the reins of the nation. It was funny then because I knew he didn't have a snowflakes chance in Hades of getting re-elected. I cried everyday after that election all the way to Thanksgiving. Not so much for the repeat of a stolen election, or the damage I knew his sinister crew would do to the judicial branch. No, it was that the country unanimously elected to discriminate in each and every state where anti-gay laws were on the ballot, I think there were 11. The biggest test of our constitution to come along since the sixties, and we blew it big time. Sorry to go off topic.

This was the sheriff nobody expected to point, much less pull the trigger in terms of enforcing applicable laws, which had been weakened in '99 during republican rule in congress.

[HillbillyBob]

4. Very true..i did not start on (*)..i would still be ranting

Im trying to keep those last two threads of sanity..I may need them!

[HillbillyBob]

3. Most anyone who could see lightening and hear thunder

should have noticed..

I mean by 2002 I could see that housing would be the next bubble.

Partner and I even talked about it then. We lived in SoFla and some friends had pre-bought a condo in a beach side building that was still going up for about 250,000 in 99 and in 2002 sold it for about 2.5m$.

The house we were renting had been bought by our landlord for about 85,000 in a marginal neighborhood and sold it for 450g and they had only owned it for about 6 yrs.

We were tired of the noise, etc of city life so we moved to NC, and seeing the property prices jumping almost immediately up around Asheville, new gated 'communities' springing up in areas that were pretty much as mother nature designed them..and turning them to goof courses.
Also in the central part of the state around Greensboro home prices were going up.

Most real estate agents were hip on creative/adjustable rate mortgages as were their brokers. I finally found an agent with a sensible broker.

We did find what we were looking for (such a deal). We have room to grow food and are working to eventually be close to fossil fuel free.
I had been burned in a creative mortgage many years ago.
If we are not very fossil fuel dependent that will be better for us since I suspect fuel is going to get very expensive over the next 10 yrs. Just as I thought the housing price jumps would eventually fall through.