Thursday, Mar 13, 2008
Bernanke: "I don’t know how to fix it."
Money Morning: Dear Ben: To Save the U.S. Economy, Here Are the Moves You Need to Make Now
"The fruit picker in Southern California making $17,500 a year who reportedly "qualified" for a $700,000 adjustable-rate mortgage (ARM) should receive a "stupidity premium" on his next tax return and the mortgage representatives who handled and processed the paperwork should be prosecuted in criminal court for predatory lending - if not for "credit-rating homicide.""
Posted by cornishman @ 09:56 AM (414 views) Add Comment
5 Comments
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1. Icarus said...
Dear Ben
Do nothing. Don't pump more air into the bubble. Let it correct itself, even though that means recession - or worse. Then put in place the means of curbing the spivs in the financial services sector so that they cannot get super-rich by creating credit out of thin air and then leaving their jobs in the banks with billions in their pockets while the banks (i.e. Joe Public) suffer.
2. cornishman said...
Why is no one being prosecuted for fraud with all these 'liar loans' or self cert?
I love the "stupidity premium"!
3. plato said...
Ben. S. Bernanke : "I don’t know how to fix it."
This is a First : I believe this man is telling the Truth at last. Take note Darling.
4. magnifico said...
I completely agree with Icarus.
I hope that after the slaughter lessons will be learnt in the regulation of the financial industry.
What I also would like to see is heavy taxation on property investment in any asset that is not domicile abode.
5. also sold to rent said...
Cross your fingers and pray to baby Jesus that this is the route the Bank of England takes.