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eric pebble

The Ongoing Cover Up. Fraud In The Origination Of The Mortgages, Fraud In The Underwriting, Fraud In The Ratings Agencies.

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Wish I could believe that this is the way....... Sadly, I feel that 'dishonesty' reigns supreme nowadays....... More than ever....

...at the end of the day people require repeat business to survive....build up reliable, trustworthy people that have proven integrity and come with recommendation from a good source around you.....people buy people, first and foremost, only give them one chance then if they fail to deliver vote with your feet. ;)

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As the tide receeds, the boulders and stinking seaweed left on the beach is visible to all.

I too agree with you. I 'm afraid we are in a period where the world is so full of trickery, dishonesty, deception that honest folk with morals are the mugs.

Everybody it seems is out to cheat, lie, rob, deceive whether it be the vendor of a home, the local authority, your car garage, your neighbour, the police.

Keep the faith Eric. The tide will turn and the rotting, smelly seaweed will be washed away. Just a question of when.

Well thanks PRE --- [sIGH.... :rolleyes:] - It is very difficult to keep any faith in the prevailing circumstances.... :rolleyes:

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...

Earlier this week I was reading through the review of Scott Paterson's book "The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It" on Amazon and got taken aback at a scathing review posted by someone going by the moniker 'hh'. Clearly whoever 'hh' is they are very close indeed to the work of Quants. Despite what you might think about Quants, it wasn't them who encouraged people to sign up to mortgages they couldn't afford.

From what I can tell, the fundamental problem with the work of Quants - forgive my ignorance here - is that risk is based on the Normal probability distribution which assumes that movements (upside and downside risks) will occur with equal probability. In an ideal world that may be true but, as we know all too well, in the real world, during a boom or a bust, that assumption is a gross over-simplication of neolithic incompetence*. Taleb has pointed out this fallacy and having rekindled my interest in the mathematics of financial engineering recently I am inclinded to agree.

...

Taleb doesn't really know what he is talking about.

Apart from his mathematical and philosophical errors, which you might not be interested in, he continually perpetuates the myth that the crisis was an unpredictable 'Black-swan' caused by complex derivatives and complex mathematics.

In fact it was caused by the simple, ancient practices of loose-lending, greed and corruption, and was entirely predictable.

Edited by (Blizzard)

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Taleb doesn't really know what he is talking about.

....///....

In fact it was caused by the simple, ancient practices of loose-lending, greed and corruption, and was entirely predictable.

Agree 100%. A 15 yr old GCSE pupil could have spotted it coming....

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Its a classic " The Emperor's new clothes "

http://en.wikipedia.org/wiki/The_Emperor%27s_New_Clothes

The result of acknowledging the obvious is financial chaos. This is why on one wants to be the little boy pointing a finger.

Most believe it is better to live in a rich kingdom of lies, than in the a the poor Hamlet of truth.

:rolleyes: Looks like - finally - people are seeing the world for what it is...... :rolleyes:

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As the tide receeds, the boulders and stinking seaweed left on the beach is visible to all.

I too agree with you. I 'm afraid we are in a period where the world is so full of trickery, dishonesty, deception that honest folk with morals are the mugs.

Everybody it seems is out to cheat, lie, rob, deceive whether it be the vendor of a home, the local authority, your car garage, your neighbour, the police.

Keep the faith Eric. The tide will turn and the rotting, smelly seaweed will be washed away. Just a question of when.

:rolleyes::rolleyes::rolleyes:

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The mortgage industry was definately all completely built on fraud. As an example Future Mortgages [part ofCity Group] business development managers used to go round shouting how they did employed self cert as "they didn't wan't the outright fraud on their books that SPML [Part of Lehman Bro's had".

There is no legitimate reason for self cert self employed in my opinion [let alone employed self cert which is just fraud]. If you cannot show three years accounts, with stable/increasing earnings how sound is your business?

Self cert like interest only was designed to increase banks profits and aid the bubble it is that simple and completley obvious.

This just HAS TO be repeated and learned ad infinitum. It is CRUCIAL to all our futures.

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  • 297 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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