Nobody saw bust coming, Buffett tells...

Nobody saw bust coming, Buffett tells Congress

There are 27 comments on the DispatchPolitics story from Jun 3, 2010, titled Nobody saw bust coming, Buffett tells Congress. In it, DispatchPolitics reports that:

Billionaire investor Warren Buffett told a congressional panel yesterday that if he didn't see the housing bust coming, he can't blame the credit-ratings agencies much for missing it, either.

Join the discussion below, or Read more at DispatchPolitics.

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Blinded-by-The-R ight

Norfolk, VA

#22 Jun 7, 2010
liberated wrote:
<quoted text>
Buyer beware Buyer Beware...Have you EVER heard of that? Listen your take on who is responsible for the economic collapse is WRONG.
The buyer is ALWAYS responsible ESPECIALLY when "no income" statement, or someone else says you can afford ANYTHING! Anyone with a brain knows this.
Greedy irresponsible citizens wanted what they could not pay for period, and had they NOT SIGNED THE BANKERS WOULD NOT HAVE HAD THE OPPORTUNITY. GREEDY home buyers are the only ones top blame and now they want "help" from the people who were not greedy.
I do not believe the propaganda of NPR, PBS MSNBC or CNN. The gig is up.
It is ignorant to blame any of this on the right wing it just is.
Oh, a "sucker is born every minute" rings true and you sure are one of them.
I agree with some of the things you said.The one thing is that Whomever "Reviewed" the LOAN Application, is the "GUILTY PERSON"! I have read and seen many Morgage Brookers make up "False" Documents just to get the loans approved!

When was the last time you felt taken by a sales person? Car, Appliance, House? Yes there is Buyer Beware! Sales People are trained to become your "Friend", like Poloticians "Trust Me"! sound familiar?

Yes there was many People who were into "Flipping", and yes they deserve NO HELP!
There are very "SLICK" Real Estate Sales People who can EXPLOIT on the INNOCENT!!

This is a Bigger Problem than BP Oil Gusher! Yes the BP OIL is a CORPORATE TERERIOST to the ENVIORMENT of the U.S. and other countries!
Telmark

Redding, CA

#23 Jun 7, 2010
Blinded-By-The-Right wrote:
<quoted text>
Did you do your "Homework"? The Inheritance Tax was Started by the Last Greatest Republican Ever! Pres. Ike was great!
President T. Roosevelt started the TAX! Why? Look it up! Lok at how many Poloticians support the TAX!
The inheritance tax was created in 1916 under Democratic President Wilson.
Blinded-by-The-R ight

Norfolk, VA

#24 Jun 7, 2010
Telmark wrote:
<quoted text>
The inheritance tax was created in 1916 under Democratic President Wilson.
Wrong! Pres. T. Rosevelt started it. Teddy saw that the rich were making money off the people who worked for them and made them rich! Yes these people were paid wages (barely enough) that he saw that the relatives who Profited from the Inheratance were not giving back to them Communities that made them rich. IE Paris Hilton, Waltons, Peroit!
Telmark

Redding, CA

#25 Jun 7, 2010
Here's a link that you should read:

http://www.ustreas.gov/education/faq/taxes/hi...

BTW, you and I are both wrong in calling this an "inheritance" tax due to the fact that the Federal Government has an "estate tax" rather than an "inheritance tax". Inheritance taxes are levied by certain States.
Blinded-by-The-R ight

Norfolk, VA

#26 Jun 7, 2010
Telmark wrote:
Here's a link that you should read:
http://www.ustreas.gov/education/faq/taxes/hi...
BTW, you and I are both wrong in calling this an "inheritance" tax due to the fact that the Federal Government has an "estate tax" rather than an "inheritance tax". Inheritance taxes are levied by certain States.
Thanks, Yes it is "Estate TAX" commonly call Inheritance Tax. I have read many Political Books Right and Left. I am a American First! Son of a Imagrant. I could be wrong and I will admit it, tho I read where Pres. T. Roosevelt Instituted a "TAX" on Inheritance before he left office.
Here is a book that lays out the Reasoning of said such TAX!
"Free Lunch" by David Cay Johnston This book is Very Very Non-Partisan. If you are MAD about Taxes Like myself and others, This Book is great to read! Now you will get MAD AS H E L L reading it and may Throw it (I Did Severial Times), but hand in there and the last chapter will tie it all together.

Thanks
Parasite Government

Columbus, OH

#27 Jun 7, 2010
No one was looking for any problems because they knew if there was, Uncle Sam/Freddie Mac/Fannie Mae would be on the hook.

When government gets into banking, it distorts the risk assessment process by bringing in a lot of unrelated political issues. If banks knew they would be on the hook for any bad loans, they would have written far fewer loans. However, that doesn't gel with politicians goals of amassing power and votes.

Why worry about the gravy train ending when Washington would be there to clean up the mess?
Blinded-by-The-R ight

Norfolk, VA

#28 Jun 8, 2010
Parasite Government wrote:
No one was looking for any problems because they knew if there was, Uncle Sam/Freddie Mac/Fannie Mae would be on the hook.
When government gets into banking, it distorts the risk assessment process by bringing in a lot of unrelated political issues. If banks knew they would be on the hook for any bad loans, they would have written far fewer loans. However, that doesn't gel with politicians goals of amassing power and votes.
Why worry about the gravy train ending when Washington would be there to clean up the mess?
No one was looking? Bull Hocky! Severial people went to Oficials and warned them that what the Fed Chairman (Greenspan) was doing with Wall Street would be "Disastrous" to the Economy! Brooskley Born Chair of FCTC in New York sounded the Alarm in 94/95!

As for Fannie/Freddie it has been proven that the Chairman from "BlackRock Invest" a former partner with Merrill Lynch, went to Fannie and Freddie and sold them billions of "BAD PAPER" yes Fannie and Freddie bought some themselves, But not enough to hurt them, before buying the paper from "BlackRock" Investments!

The Government (G.W. Bush and his cronies) pursuaded, painted a BAD Picture to the Public and Senate/House!

The "Gravy Train" made the Rich get Richer through LOBBYING GOP Senators, and Congressman to Deregulate Laws that Protected the "Working Class"!

So now how do the Rich fix this? Nothing because they got there money and now are Laughing at you and me.

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