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Some Days You Eat the Bear Stearns, and Some Days the Bear Stearns Eats You

March 17, 2008 11:15 AM

David Bernstein: "I simply didn't, and still don't, understand how anyone could have thought that giving people, often people with terrible credit histories, mortgages with no money down and often with no documentation of income -- and after an unprecedented increase in prices left the market especially vulnerable to a downturn in prices -- was a good idea. Maybe if I had studied for an MBA in Harvard and worked my way up to the top of the investment banking industry it would somehow have made sense to me."

Recall yesterday the Treasury Secretary was non-committal about whether the US was in a recession. "I think it's less important what you call it than what you do about it," he said.

Umm…right….Same thing with a hurricane, I suppose.

- jpt

March 17, 2008 | Permalink | Share | User Comments (8)

User Comments

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And some days people just get so GREEDY that it effects us all.....this isn't a commercial institution folks, these are the folks that service those folks...and that is the problem...well that and having an ignorant "c" level president in the WH.

Posted by: Enid | Mar 17, 2008 6:04:13 PM

I'd like to see "Bubbles" Greenspan in the dock over this. The republicans throw regulation to the wind, and we reap the whirlwind. Things are getting worse as you read this.

This is obviously not the thread to discuss the situation with Obama's pastor, and it's becoming pretty clear to me that these comment sections are all about a few lurking Obama haters venting their collective spleen. Briefly, the pastor situation is clearly a smear. Obama represents a generational shift, and has clearly grown past the angry rhetoric often preached by Black ministers who were young adults when Martin Luther King was gunned down. But none of that appears to mean anything to the haters who frequent this board. So sad.

Posted by: Tungsten | Mar 17, 2008 3:57:57 PM

Tungsten,

I don't think the pastor disaster is a non-issue and I voted for Obama in the primary. I might still vote for him if he gets the nomination if I can somehow justify our future President listening and probably agreeing with the racist hate coming from this "pastor". Isn't our side supposed to be totally against this sort of thing? Still, I dislike and distrust HRC for so many more reasons that I consider Obama still is a valid option. What a mess.

Posted by: SuziQ | Mar 17, 2008 2:20:31 PM

Regarding Sec. Paulson's comments. "A rose by any other name...."

Posted by: chuck | Mar 17, 2008 1:40:22 PM

It is a recession and has been for sometime. Don't these people ever go into a grocery store? We are paying almost double for everything.

Posted by: Tina D | Mar 17, 2008 12:57:37 PM

Tungsten,
Why would you want to say the case with the hate speaking pastor is a non-issue? It is still an issue with regards to Obama's judgement.

Posted by: WestCoastMessenger | Mar 17, 2008 12:01:24 PM

How come the REPUBLICANs, who tout the free market system with arrogance are the first to get in and tamper when the market eats one of its own? And by the way, Tungsten, Obama doesn't get off the hook, he has absolutely no plan so it is a pure disaster in the making. What is the I.Q. of the American people as a hole?

Posted by: WestCoastMessenger | Mar 17, 2008 11:58:20 AM

This is a real disaster. Thanks for focusing on this, and not the foolishness around the Obama pastor non-issue. THIS is the issue the candidates need to address. It's also the issue that will, in my view, crush McCain in the general election.

Posted by: Tungsten | Mar 17, 2008 11:31:54 AM

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