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Posted by MoparNorm on Tuesday, December 16, 2008 at 12:59:40 :
In Reply to: Re: Crunching Numbers posted by Steve on Tuesday, December 16, 2008 at 10:45:58 :
"Norm, I'm afraid that is simply not correct."
Steve,
It is correct, those are the raw stats. However these guys "bundled" these sub primes into packages that they resold and then insured. That brought the AIG's of the world into the debacle. With these bad loans mixed with the good, the lending institutions themselves have no idea what they bought or how to identify them, this whole scenario that you described is their smoke screen to justify their free bailout...and 700 billion is about 33% of what they will need to get out of jail free.