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If it doesn't pass today, Dow closes under 10,000

Posted By: Barry Silliman
Date: Friday, 3 October 2008, at 5:06 p.m.

In Response To: If it doesn't pass today, Dow closes under 10,000 (Bill Riles)

Bill, I agree with you, it's a shame that the McCain-Palin camp is using the same populist rhetoric (greed and corruption on Wall Street, little man as innocent victim) that is indistinguishable from the Democrat talking points.

I'm sure there is greed and corruption on Wall Street, I'm sure there has been some predatory lending to unwitting buyers, but there was surely a healthy dose of fraud committed by prospective borrowers as well as greedy speculation.

I agree with you that Democrat-inspired laws and Democrat-controlled Fannie and Freddie are at the root cause, but if this crisis was so obvious in forthcoming, the warning bells from the Bush administration should have been louder. Yes, there were attempts at reform from the GOP but doggone it, it should have been a louder warning.

I bumped into an old high school and college buddy this week who I've only seen a couple times in the past 25 years. He runs a family construction business. He's hurting now. I asked him if he saved for a rainy day. He said "of course not". He also told me that a friend of his got a mortgage a few years back for $860,000 even though he was unemployed. It's insane!!! His buddy is going through foreclosure now.

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