Forrest Gump Explains Mortgage Backed Securities
October 22, 2008
This showed up in my mail box this afternoon and thought it worthy of passing on.
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Mortgage Backed Securities are like boxes of chocolates. Criminals on Wall Street stole a few chocolates from the boxes and replaced them with turds. Their criminal buddies at Standard & Poor rated these boxes AAA Investment Grade chocolates. These boxes were then sold all over the world to investors. Eventually somebody bites into a turd and discovers the crime. Suddenly nobody trusts American chocolates anymore worldwide.
Hank Paulson now wants the American taxpayers to buy up and hold all these boxes of turd-infested chocolates for $700 billion dollars until the market for turds returns to normal. Meanwhile, Hank’s buddies, the Wall Street criminals who stole all the good chocolates are not being investigated, arrested, or indicted.
Mama always said: ‘Sniff the chocolates first Forrest
Posted by Tom Remington
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[...] Forrest Gump Explains Mortgage Backed Securities [...]
Wouldn’t you think the next President would be interested in
solving at least some of the econimic problems we are facing?
I would too.
I’m currently thinking I don’t like him and if he condones
the continuing bail-out and non-accountability, I will like
him less.
I remember not liking Bush for some of the things he did/is
doing……even hated it. Obama hasn’t taken office, yet and
I’m wondering if I’ll hate some of the things he is proposing. Could be.
http://www.humanevents.com/article.php?id=29501
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