The questions are not really questions but are statements of unrealized fears. In other words, I disagree with your contention that there is something wrong, and secondly that someone screwed someone.
The vast majority of sub primes are being paid on time. The set asides and loss claims by the big boys are all paper at this point, and are meant to be way on the conservative side. Out of a abundance of caution, they are preparing for potential losses that are yet to materialize.
They are forced to do this by the markets, because they cannot be caught understating. The real numbers, or the actual losses will not be tallied for a couple years and are expected by most to be way short of the baseless projections. It is the media and the short sellers who are hyping the fears, just as they are doing with the price of oil.
It's the perfect storm for them with the election looming. All this results in consumer confidence falling like a rock, yet no pain is being felt by the fearful. They then claim everything is going to hell and when asked how they are doing personally, they all say GREAT!
So what's wrong with this picture?
I'll tell you................
The picture is not real. It's bovine excrement! But just as soon as Hillary is elected, the media will drop this crap like a hot potato and the fears will dissipate like fart in the wind.
The sad thing to me, is that REPUBLICANS of all stripes are buying into this stuff, hook, line and sinker. I saw it again last night while watching a C-span presentation of a Republican focus group.
Among the things the focus group said, was that Bush lacked intelligence, He refused to listen to the Base voters, yet out of the same mouths came statements like..."He sticks to his guns and we like his determination."
The entire lot of them were worried about the economy and their children's future yet each and every one said they were doing great financially.
They all were worried about too much expense for the war and felt Bush was breaking our financial back, yet they all liked the idea of free health care and drugs.
Talk about schitsophenia!
Frankly speaking, this country will get the leadership it deserves in 2008. Stupid is as stupid does......While they are worrying about nonexistent increases in deficit spending and loss of basic freedoms because the war costs in useless Iraq, they will gleefully add billions to entitlement programs, tie the hands of the people who protect them in order to protect their false perceptions of freedom, and regulate business out of business because they think they are getting screwed by someone...................anyone.........wag finger in any direction as long as it is away from them.
Yep! Lose money in the market and it's always fraud....But never say the same about a slot machine. That's just gambling risk.......
These are conservatives saying this stuff! Republicans!
No way we win elections this way. No way in hell.
After this Bush administration is over, we face 8 years of hell and stagnation. Maybe then, and only then, will the memories return regarding what a bad economy looks and feels like. What a recession really is! What real, and not media perceived fraud and deceit really looks like up close and personal. There will be no need for false perception creation.
Then and only then...............
???