[Info-vax] HP stopping VMS paper documentation ?

[Andrew]

On 02/12/2011 17:53, JF Mezei wrote:
> George Cook wrote:
>

>
> 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.
>

And how many of these 'homes' were bought by people who were deluded by 
that infamous book "Rich Dad, Poor Dad" ?. The credit crunch and housing 
seizure in the USA and the UK would never have happened if people acted 
more responsibly. But offer 'free' money and you get a stampede.

> 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 the rating agencies had done their job properly these CDO and other 
packages would have been correctly rated as 'junk', not AAA.
>

> 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.
>
Or even any real growth at all ...