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I had a uncle who had a GM dealership and I wanted/needed a new car, just for transportation, so he basically gave me a striped down Chevette, which was a fine car for my needs and wallet. He had a bunched parked out back and said pick one.

I asked him why he had so many, and he said that in order for him to get the cars his customers really wanted, and he could make money on, GM also said you got to take these and move them, or else.

So too with poorer quality goods in other markets. Anyone can sell, move the good in demand stuff. Kind of like being in the Army and you getting a few good troops that would do the work of three without baby sitting, you also got to take a few dolts that everyone is trying to palm off on each other.

I’m sure the financial institutions could and did buy really nice blends of mortgages, but they were expensive, so they moved down the quality blend. There is fundamentally nothing wrong with this, it is common everywhere, a fact of business life. You want the good stuff, you got to take some of my lower quality goods too.

Actually, I’ve been a fan of even poor people getting credit the last decade or so. It is that credit market changed, er...provided credit faster than the real world market could, say, build houses. So, for quite a while we had a lot of credit pouring into a housing market that couldn’t keep up, physically, with building housing stock. More money, not so much more houses, price go up...speculators...and well, we know the rest of the story.

I’m in construction which is really really bad right now. But, looking back the last fifteen years, for the nation it has been good. We built a lot of house, most of which will be standing and housing people long after our children or their children are dead. And, long after this mess in our laps is long forgotten.

As for the deritives, I blam not having these ‘instriment’ registered in a controled market, like a stock exchange. Or, as is the case, these were unregistered so called securities, well fine, that is a private matter and should not be bailed out or supported by the citizens at large. All these finacial types, banks, AIG...are all big boys, well educated, well paid. Let them figure it out, and eat the losses. Like I said, the rest of us in the real, rubber meets the road, go to work every morning, do what it takes ecomomy, we don’t really need them. They need us. We are the foundation, the bedrock.

Bush, Congress, Paulson should of fire stopped at us and let the fire burn out AIG, Citi...etc.

I’m afraid the fuel, the dead wood is still out there.