Credit Swap Crisis

There was an interesting story on 60 minutes last night. Several economists, some lawyers, and even professors weighed in on the current economic crisis. Everyone has an opinion and solution in hindsight I guess. Basically what they describe is gambling and I can’t believe this bill ever passed, but it did. It was motivated by greed and lots of people benefitted from this. However, it also helped lead us into the position we are currently in.

Im not sure where I stand on government regulation frankly because I dont understand it well enough to have a valid opinion, but in my mind, these are the types of loopholes that we need to clean up. Whoever our next President is, I hope they can get us back on the right track.

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One thought on “Credit Swap Crisis

  1. You aren’t kidding about everyone having perfect vision in hind sight.

    People forget that when this really started, the US was a different place. Everyone was doing well and it seemed only natural to help less wealthy people get into a house. Many people would never have a house before got to qualify and ended up having real estate. Others, as we can see from the headlines, are losing their homes. In hindsight, what no one wants to say is these particular people probably shouldn’t have bought a house anyway… there is still a such thing as personal responsibility. The easy credit and the grab at the American Dream probably made it too easy to say yes to something they couldn’t afford.

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