others may have made this point way up stream….

the risk of default is different on say a lear jet
or pick up truck

that has stable real secondary market value

based on replacement cost and depreciation

houses are okay because like boats they can be built anew

house lots ..like picasso prints no

house lots like gold
where the ratio of yearly production to existing stock is very low ….

like stock they need
to be controled in their total expansion rate

by margin laws

and income to debt ratios

at a minimum

regulations

that efectively pin the lot values value

do the rationing right and bubbles don't inflate

so how can you blame any one else

agents will be agents
who didn't understand agency catalytics going in

who didn't understand bubblenomics

this was policy induced deliberate and utterly culpable
as to moral hazard

blame the s and l and dot .com

” rectification” was inadequate …eh ???

obviously either the hand slaps doled out
weren't hard enough or the scape goats

frightening enough last time

or as i believe

there is no stopping these agents

by risk of jail and shame and financial destruction

pre emption

there have to be no bubblenomic opportunities
in the first place

Posted by: paine | Link to comment | October 05, 2008 at 05:57 AM

paine says…
as to spreading the risk

that was all about building an obviously faulty insurance system

don't tell me the risk wasn't calculated

this was a shell game

a fraud

a bright bunch of folks saw an opporutnity to loot

and took it

then zillions of followe ons

came in

who figured

as it grew into a full blown “market”

when ..not if..it collapsed

they had safety in numbers

and the comfort in knowlege that after the last two

looter waves

the purps landed back on their feet

not totally and forever destroyed

Posted by: paine | Link to comment | October 05, 2008 at 06:09 AM

paine says…
my grand father used to say

“let em take all my winnings away
just so long as i got hope

someday some where selling so thing

i can get back into…. the great game

Posted by js paine at 03:10 AM