So whos staying up for the election results?

ElanJo said:
Bye bye economy.


(tho it was doomed either way)

ha.......remember why the economy is in the state its in. an unregulated, shady as fuck, securitized mortgage market stemmed from shady lenders lending to dumb americans, selling shitty mortgages collecting the fees and then selling those shitty mortgages to financial institutions that sliced them and diced them up and put them in funds all over the world, when Glass Steagal was overturned it was only a matter of time until we were doomed to this fate.......that's it, that's all it took and we're all fucked........so yea, let's go ahead and blame that on Obama, c'mon your're smarter than that....

http://en.wikipedia.org/wiki/Glass-Steagall_Act

and the only reason why i went on this rant is because i had to do a huge report on freddie and fannie my last year of grad school and we were doomed to this fate for a while back ever since these institutions where implicitly backed by the government but were publicly traded and since they are implicitly backed by the US they were able to be levered far more than the SEC allowed private companies to be levered. Freddie and Fannie were the pile of dynamite and the mortgage backed security market was the fuse..........moral hazard out the fucking arse!!!!!
 
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