60 Minutes had a segment today about a second mortgage meltdown coming........... http://www.cbsnews.com/video/watch/?id=4668112n
While I believe we aren't out of this mess.. I thought the report reaked of "fear" reporting. It was basically one sided with no arguments on the other side. Also I thought it was highly suspicious that the main guy they brought on was a fund manager who has an invested interest that there is a so-called second coming of a "highly predictable" mortgage looming... What they didn't point out is that he has an invested interest that the market moves in that direction. It seems like he was just trying to play up his position using 60 minutes to pander to a diverse audience.
I'd worry less about the pandering , and more about why we didn't crucify the scumbags in the real estate industry while they were raping the system. At least as bad as Madoff, probably 10x worse. Our real problem is re are an impotent society, unable to stop crime even when it's in plain view. Blame the lawyers and the liberals.
I'd worry less about the pandering , and more about why we didn't crucify the scumbags in the real estate industry while they were raping the system. At least as bad as Madoff, probably 10x worse. Our real problem is we are an impotent society, unable to stop crime even when it's in plain view. Blame the lawyers and the liberals.
The guy goes on a rant about how bad things are and that we are in the 3rd inning and then he said he loves equities here? He must have a LONG time horizon.