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• Friday, August 17, 2007 07:59 AM

  Cry Babies.

  They created this mess. They want government out of their way. They have to suck it up. But no the Fed and the National banks stepped in to save their little skins. You want free market, here boys, take it. But they are cowards when it goes sour, their little get rich scheme.

  You don't want government restrictions free marketeers, take the China lead based paint toys. Go ahead, imagine that government regulations are not necessary and that lending standards are not important. I think this is a great time.

  This is proof that all the restrictions and all the requirements (lending etc) serve a purpose and they need to be imposed on the world market. Labor standards to environmental and so on, I was amazed at how much of this junk the world market bought into. Making loans just for fees. I would not be amazed if the same boys that brought us the S&L fiasco did not reinvent themselves and brought us this debacle.

  One question I am no genius but I saw this coming years ago when I saw the lending products they were advertising and the push for refinances, and Bush telling people to shop after 9/11. People shopping with money they got from taking out their equity to buy crap made in China.

  So now what? What is the next bubble from our bubble boys in Wall Street. I know, green investing, watch my words.

  —Stellaa Read Stellaa's other letters
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