Iraq is nearly over. BTW we won.

[tw]

Originally Posted by Shawnee123

They KNEW KNEW KNEW they would get bailed out no matter how badly they effed it up.

Getting bailed out was not even in their mind. As America graduates more bean counters and less product people, this mindset of decisions based on spread sheets sees no risk.

Our current administration contributed massively to this. For example, previously, investment banks could only hold 12 times debt for one dollar. They got the administration to permit 30 dollars debt for one dollar. Some may have been in the $40 debt to $1 equity. Why? This administration believed the economy was healthy only because spread sheets showed higher profits. That is the myth even promoted by Carly Fiorina in HP - or why bean counters make the worst leaders in industry and government.

NINJA - issuing mortgages without any Income or Job Apparent? That too comes from new rules due to a myth that all deregulation is good. Where regulations must be largest are where (historically) the greediest and dumbest congregate. Finance industry. Look sometime in the WSJ at the full page of stock brokers prosecuted every month. Criminal mindset is highest among these people which is also why every stockbroker earns well over $200,000 annually. Bean counters doing no work (No Income No Job Apparent) were making massive incomes.

They knew nothing because they did not have to know. Unfortunately, the people who created this mess will mostly walk away richest. That stock broker that does almost nothing complains that he lost 40% in this crash? So now he is worth $60million instead of $100million. Woe is he?