[Info-vax] HP stopping VMS paper documentation ?

[JF Mezei]

George Cook wrote:

> The deficit as a percent of GDP was not shooting up until 2008. 


This was a statistical anomaly. Consider that a lot of the business
activity went towards building homes that the economy couldnt sustain
and then selling them to people who couldn't afford a home.

In essence, the country borrowed prosperity by building homes now and
paying later. And the world payed big time when it was realised there
was nobody to pay for all thsoe homes and the banking system collapsed.

Had USA banks not played tricks repackaging bad mortgages and spreading
their infections to a large array of finnancial products all around the
world, the small retail banks wouldn't have been able to continue to
issue mortgages to people who couldn't afford them because the larger
banks wouldn't have been able to repackage those.


If it had just been the issue of issuing mortgages to people who
couldn't afford them, then only fanny may/freddie mac would have gone
under because they would have inherited all those bad mortgages.

So the loose regulations allowing fanny may and freddie mac to issue
mortgages to anyone were not the sole cause of this. Abuses by Wall
Street Bankers to take advantage of this multiplied and spread the
problem to a worldwide scale.

Also, it is not clear whether the GDP, if averaged between 2000-2009 (or
2010) would have shown sigificant growth.