Wednesday, October 01, 2008

"It could be structured by cows"

The Wall Street Bankers knew as long as two years ago that they were building a house of cards. They gloated that they knew the fix was in for everyone else but they were profiting. 60 Minutes actually did its job here, and Sunday presented Treasury Secretary Hank Paulson with copies of the e-mails they had obtained that revealed the Bankers' and the Raters' venality in the extreme. Among other things:

"It could be structured by cows and we would still rate it"


"Let's hope we are all wealthy and retired by the time this house of cards falters."

The reporter asked Paulson, Why are we bailing these people out?"

Skip to 10:49 for the reporter question and Paulson's answer

Watch CBS Videos Online


Anonymous said...

I am not afraid of the total collapse of the market. So what. For hundreds of years people have survived without a fraction of we consider necessitities. Let the new paradigm begin, I say.

Elizabeth Prata said...

I agree as well. I know it will be completely hard but we were so bloated we needed a puncture to get back to normal sized wants and needs.

A shame it had to be brought about by total greed at the expense of people with homes and businesses...and children. I fear for families.