Now the S********* want to punish poor poor Goldman Sachs for making money

[sellnbama]

Christopher,

 It's cool,we all may fly off the handle sometimes.I do it often to my good contractors when pissed about the ones that are too dumb to understand I was pissed.It's funny in the end,cause the good guys innocently ask "Are you happy with what we're doin?" I say "yeah man,yall are good,I don't like being a prick but, I can be".

 Have u heard any info about the oilspill from your parents on the beach where they are?My dad said it smells horrible in MS.

[christopher w]

All of Pensacola is freaking out because of the possible damage to the white sand. In addition to that the economy depends on tourist dollars and who is going to go to a beach covered in oil.

P.s. Glad we are cool

[phlemboy]

Well there was certainly enough blame to go around with the financial meltdown. But there's one thing that keeps sticking in my mind is the rating agencies. I mean if they put an "A" rating on securities they knew were crap, those securities would have been "uninvestable" for many institutional investors. These CDO's would never have existed if it werent for the rating agencies. David Faber did nice documentary on CNBC called "The house of Cards". Since Fannie and Freddie were temporarily out of the picture due to their own scandals at the time, a buyer was needed to buy those mortgages. Fannie and Freddie had strict rules and basically dictated how loans were originated.. They essentially kept the originators in check if they wanted a buyer for their mortgages. With them out of the picture, an unregulated industry met with wall st. IMO, those toxic assets would'nt have done the amount of damage they did without a DELIBERATE falsification of ratings by the agengies.. They even admitted in the documentary they could make a "D" rated security look like an "A" if they tweaked the criteria. Why did they do this? Because they knew that if they didn't give it an "A", their customers would find someone who would.. I love how polititians are essentially blaming Golman for the entire collapse.. Sorry for the rant.. I juat get irritated when I see this crap.