Recent content by Postbiological

http://imageshack.us/photo/my-images/24/picturetxn.jpg/ It's meant to be symbolic..

And I don't see how I or anyone else was blaming securitization for the current problem ...

I'm just arguing for a point of view ... I don't get this obviously arbitrary and meaningless sloganeering like "If you don't work 80 hours a week you've got no right to complain about not being in the 1%!" It's interesting that "the 1%" has become a more common term recently.

Well, I will acknowledge that I have more to learn on this topic, but at the moment, to me, there is a difference between how risk in loans is managed (e.g., securitization), and whether or not those loans (such as subprime loans) should have been made in the first place ...

? There are plenty of people who work 80 hours a week and who are not in the 1%, and plenty, plenty of people in the 1% who do not work 80 hours a week, or at all. This attitude of defending the wealthy against all criticism is amazing.

It's fine to take this rather condescending argumentative approach, but I don't see what your point is other than that you believe securitzation is a sound strategy for managing risk in loans.

I don't think it's generally agreed that securitization of debt is as wise an idea as you are suggesting.

How can it be the same if the result is dramatically different?

And how many times do I have to say that I acknowledge that the blame goes beyond Wall Street to the home buyers and regulatory agencies, but not to an equal degree or for the same reasons. I don't understand this constant desire to defend Wall Street other than to have some sense of connection...

I don't understand the point of your question; are you saying that Canadian home buyers are less irresponsible than American home buyers?

ed

Again, I am saying that the irresponsible home buyer takes a share of the blame for being irresponsible, but that share is not nearly as large nor of the same character as that of the bankers who instituted a system which further enriched a few at the expense of millions. Frankly, I don't...

I do have a bias, in that I think the "elite" / rich / ruling class are increasingly moving society toward a situation in which there is a small but extremely wealthy upper class, and a beggared underclass, with perhaps a smattering in the middle. For most of history this has been the case...

I guess approximately the same share that complicit or derelict police officers get for not preventing a crime?

No, you are not correctly assessing my perspective. I am saying that the irresponsible home buyer takes a share of the blame, but that share is not nearly as large as the sophisticated bankers who instituted the lending schemes.