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Post by jeffolie on Aug 1, 2007 18:16:09 GMT -6
Americans are generally greedy and stupid. When others Americans were making huge gains from housing equity, greedy opportunistic Americans joined the sucessful by becoming home owners. Obviously the most greedy and stupid continued to buy into and past the peak in prices in mid 2005.
World professional investors are greedy and stupid. Pro's provided liquidity to the buyers for mortgage money and ever more complex financial instruments running up $500 Trillion in derivatives. Now there are 'no bid' events for the complex instruments proving the utter stupidity of the world wide Pro's.
It is easy for the self deluded to see in hindsight the consequences. It takes many years for the greedy and stupid to move from denial to fear to despair to acceptance of their actions.
Knowledge of financial and political matters on a gross, macro scale is readily available in college and even to the self taught in public libraries. Of course, experience is the simplest and most damaging way to learn that greedy and stupidity result in political and financial unhappiness. Some never learn and faithfully repeat their patterns of failures. Some suceed and avoid repeating the same and similar unfortunate events. Most are part of the crowd and mindlessly do what everyone else does.
Money and politics are not all there is to be involved in life.
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Post by unlawflcombatnt on Aug 1, 2007 20:06:27 GMT -6
Americans are generally greedy and stupid. When others Americans were making huge gains from housing equity, greedy opportunistic Americans joined the sucessful by becoming home owners. Obviously the most greedy and stupid continued to buy into and past the peak in prices in mid 2005. World professional investors are greedy and stupid. Pro's provided liquidity to the buyers for mortgage money and ever more complex financial instruments running up $500 Trillion in derivatives. Now there are 'no bid' events for the complex instruments proving the utter stupidity of the world wide Pro's. It is easy for the self deluded to see in hindsight the consequences. It takes many years for the greedy and stupid to move from denial to fear to despair to acceptance of their actions. That's a great summary of the mentality of those touting the current economy. A few are now realizing how wrong they were. But it's still only a few.
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Post by blueneck on Aug 1, 2007 20:37:03 GMT -6
Insanity also applies
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