First off- this guy and others like him should be sitting in jail. 2nd off the federal government has done too much already to bail these guys out. Lowering the interest rates is destroying our dollar- driving up the cost of oil- and inflation. Inflation is not 3%...Those are numbers that are manipulated by keeping food and energy out of the picture. Well those are the most important items. Inflation is actually running over 10%. Those who do save are not only seeing less of a return via lower interest rates, but there money is loosing big time in terms of inflation. You could have actually received better than a 10% return in the last year if you had simply put your money in Canadian dollars, and then moved it back into USD and received no interest at all on you money. Add in interest and you would have made out even much better. Maybe 15% return. Pretty sad. Our whole economy and financial system is being trashed by these guys, and they are crying about not getting more hand outs. It was the government policy that made it possible for us to get into this mess in the first place. The bankers and the real estate people, and others have been getting away with things that they should never have been allowed to do. And we are going to pay in a very big way for that now. Well this guy is under investigation by the Sec for selling many of his shares in Countrywide right before Countrywide tanked. I hope they nail him for that and more. It is so complicated to explain if you have not been following it all.
FR has a pretty representative registration.
I admit I do not scan blogs, vanities nor general chat at FR. I do read a lot of other replies. However, I have not seen nor heard of a personal anecdote on this forum from one person who has lost a house or mortgage. In my whole town of 15,000, I have not heard of someone complaining because they could not afford a mortgage.
The economy is not in recession. Diversified personal portfolios have not suffered huge hits.
Risk takers are complaining only if they bet wrong and they are usually the ones who can afford the hit.
yitbos