Fed Shrugged as Subprime Crisis Spread

[HowHasItComeToThis]

http://www.nytimes.com/2007/12/18/business/18subprime.html?_r=1&pagewanted=all

HOPE THIS IS NOT A DUP

[Warpy]

1. None of those overpaid smart men realized

how all those bum loans had been laundered into exotic securities and sold by hedge funds to institutional investors worldwide. Even when the whole house of cards started to collapse last August, they had no clue just how bit or widespread the collapse was going to be.

Remind me why they're getting paid so much, somebody? Anybody?

[BlueManDude]

2. Remember when the almighty Greenspan The Genius reccomended we all get ARMs?

This was like 5 years ago in testimony in front of congress. I remember saying to myself "what the fuck is this guy talking about" and I don't exactly have a degree in economics.

[truedelphi]

3. Don't think it was a dupe at all.

But all of us have been DUPED!!


We were busy trying to secure our elections and never understood the heinous duplicity of the financial institutions.

[scarletwoman]

4. Well the Fed had to give all the mega-capitalists time to fatten their wallets first. (nt)

[soothsayer]

5. Someone's making money off of this crisis, you can be sure of it.

Classic pump and dump.

[Fumesucker]

6. FOLLOW THE MONEY

I've been watching season one of "The Wire" lately, one interesting point they make is that if you follow the drugs, you'll wind up with drug dealers and druggies but if you follow the money there's no telling where it will take you.