Gary Watson

Wall Street Breakfast: Must-Know News

You are 100% correct!


On Jul 15 07:31 AM AndrewBaker wrote:

> I hope CALPERS wins big damages. The rating agencies put big bucks
> ahead of veracity when they gave these SIV the high ratings they
> did. There were those within the companies concerned who were concerned
> about the viability and strength of these vehicles given a worsening
> credit environment, but they were ignored by others with more power
> and far greedier for the profits and bonuses they would get.
>
> The failures of these SIV have now worked through to the real economy
> causing home and job losses, uncertainty about both for those still
> with homes and jobs, and substantial falls in savings and worth for
> all but the most profligate and indebted.
>
> The government's answer of printing yet more worthless money and
> trying to inflate away the debt problem will only cause us even more
> financial loss, and many years of yet more hard work to get back
> to where we were before this recession/depression began courtesy
> of, initially, the banks' greed in constructing and selling flawed
> SIV.