Re: Economist nonsense Soc.Sec. and houses

On Fri, 21 Nov 2008 15:36:55 -0800, Peter Franks <none@[EMAIL PROTECTED]
> wrote:

>Mason C wrote:
>> On Fri, 21 Nov 2008 10:07:22 -0800, Peter Franks <none@[EMAIL PROTECTED]
> wrote:
>> 
>>> Mason C wrote:
>>>> On Thu, 20 Nov 2008 22:00:11 -0800, Peter Franks <none@[EMAIL PROTECTED]
>
wrote:
>>>>
>>>>> Mason C wrote:
>>>>>> That is a failure of the unregulated free market -- overselling and

>>>>>> in many cases outright deception if not criminal fraud.
>>>>> What is an example of the deception and/or fraud?
>>>>>
>>>> Deception:  telling people they could afford a house they *obviously*

>>>> could *not* afford.   
>>> ?
>>>
>>> I've always assumed that was MY responsibility.  So is what you are 
>>> saying that it is someone else's job to tell me what I can and can't 
>>> afford???
>> 
>> No.  Read.  It is someone -- anyone's -- responsibility to not deceive
you.
>> 
>>>  If that is the case, I've never listened to or obeyed what 
>>> someone else has told me to do wrt what I can and can't afford. 
Please 
>>> explain why I'm not in debt and live within my means?
>> 
>> You are intelligent and well-educated and not vulnerable to a sharp 
>> mortgage salesman.  Lucky you.  Not all are so lucky.
>>>> Fraud:  unrecorded verbal instruction at odds with the fine print.
>>> ?
>>>
>>> What are these "unrecorded verbal instructions" you speak of?
>> 
>> The instructions sharp mortgage salesmen gave to people strongly 
>> desiring to own a home.   
>
>So, what changed?
>
>Why were these "sharp mortgage salesmen" now pu****ng (what would soon 
>become bad) loans?

These salesman, many for "mortgage brokers" and many for banks, were 
under instructions and given commissions for creating mortgages.  These 
mortgages were then packaged and sold.  The originators pocketed their 
commissions and profits and were free of any connection to the mortgagees.
The "securitized" mortgages became a new paper money in the trading 
world balloon.

I don't want to be rude but your questions suggest that you are not 
aware of what's been happening.





Mason Clark

*Greater America in the Age of Rebellion*
http://frontal-lobe.info/greateramerica.html
 -- many excerpts you can see --