[VRM]

Mike,
Excellent post!
I'm not familiar with the site you posted from, but like a broken watch that is correct twice a day even WND and Move-On can get it right once in a while.

Subprime loans are nothing new. They have higher risk, but they also carry a higher reward. Thinking banks can regulate themselves is like thinking that you can negotiate with a fox to only take 1 chicken every 3 days if you let him into the henhouse. It is just not in their nature.

I despise regulation, but I also know that in some cases the alternative is worse because human nature will will frequently cause us do the thing that might seem like a great idea in the short term, but is ultimately bad in the long term. In this case these regulations need to be there to protect the idiots trying to get loans as well as the people who will be forced to cover the losses when the banks are allowed to abdicate their own responsibility.

The only thing that gives us a chance at surviving in a civilised manner is our laws, and the penalties for not following them (we need to beef those up as well).

Steve


BTW CdC,
That one was actually funny! I'm used to your usual repetitive mantras showing that you have no imagination (and you managed to not disappoint me again this time), but the graphic you managed to find somewhere was quite good!