I was just reading an article about Allen Greenspan. Looks like he is taking it on the chin for all the problems we are having. He provided artificially low interest rates wile at the same time championing the derivitives. that allowed mortgage sellers to sell bad loans and then dump them off on the derivitive market. With no goverment over sight.
He some how believed that wallstreet could police its self. I read that part and said to my self " Are you friggin nuts!!!!" A bunch of greedy,live for the moment, money grubbers could never police them selfs. Never.
Basicly too low of interest rates allowed prices to soar past levels that would normally happen, wile mortgage sellers could write mortgages to people who wouldnt normally be able to qualify for those loans. No risk for them just dump them off on the derivatives market and spend your check.
How stupid can these smart people be? Looks like one of the dummies was the guy managing my 401K.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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