If we did as much profit-taking regarding this issue as we have discussing it, we'd all be filthy rich.
Excellent Commentary Bush is the perfect example of stupidity, recklessness, and cronyism. ..How can one expect anything different... from such a pitiful excuse of a supposed US President... Just look back at the profits that this segment contributed to the majors such as Lehman, Goldman, etc...not long ago. The bonus to the current ex Goldman US Treasury secretary Paulson was partly derived from this greed motive... This whole segment was slanted away from prudence by short term gains and greed. The CMO segment had the air of security when in fact had none....even the likes of the CEO of S&P succumbed to this nonsense. Those who made this type of debt available...and those who gave it the visad of security must pay...and not the taxpayers... The CEO of S&P just walks away to spend more time with the family ? Huh? And the very likes of Bear Stearns have tried to run to protecting their ill gained assets by trying to domicile legal actions in other countries...which in fact have recently been disallowed.. The bottom line is that the whole cmo case is in fact a fraudulent case... This is the same as if one were to take a junk rated bond.....and then putting a AAA rating on the cover in order to sell it. Those who bought it...bought the rating...and trusted the firms who sold this garbage... US taxpayers should definitely not be paying for this debacle. This would be the same as paying Michael Milkin of Drexel Burnham instead of penalizing him... Like I said...even Paulson has money in the bank...from this fiasco...
So im thinking that the people who signed for these loans didn't know what they were signing. Now its time to bail out about 80,000 homeowners. The market created these problems, why are so many interfering with something that should just take its own course.