FEIN: Biden and Palin betrayed ignorance

Republicans would be better off asking why such business savy people would abondon the risk analysis that should have precluded making such bad decisions. That would lead directly to Fannie and Freddie, who eliminated the risk by buying up all the sub-prime mortgages banks could make as soon as they made them. And of course Wall Street then purchased the MBSs from Fannie and Freddie with the implicit (now explicit) guarantee that the instruments were safe (the safety of T-bills but with a higher payout). And Fannie and Freddie in turn leads directly to Democrats and their lust for socialized housing. Greed will always be with us but let's hope Fannie and Freddie will not. Fannie and Freddie was the base for the house-of-cards with Wall Street investment firms at the top. When Fannie and Freddie fell earlier this year, it was only a matter of time before the rest of the structure collapsed. Thanks Democrats. Your socialist policies that you pretend are economic policies has made this a swell year for all involved.

Somebody needs to look deeply 'behind the scenes' and determine what, exactly, George Soros has had to do with all of this. Is his wealth still in dollars, or has he already moved into a safer currency in anticipation that his planned destruction of the U S Economy will attain its objective in the near future? As far as the democriminals are concerned, they can't see beyond their little beaks, and will have to settle for running a police state about the size, in wealth, of East Germany, or maybe more realistically, North Korea, if George even leaves them that much to play with.

Why does everything have to be so partisan? I am in favor of getting rid of Fannie and Freddie over time (as well as the mortgage interest tax deduction) and Barney Frank was a cheerleader for risky subsidized lending to low income borrowers. But don't forget that it is the amazing slew of unregulated CDOs and CDSs that have us in this problem, created not by Fannie and Freddie but by the big 5 investment banks at the time. In 2006 Fannie and Freddie were involved in a minority of subprime lending--most were funneled through the investment banks and never touched F & F. It's these indecipherable tranches and the credit default swaps written on top of them, $65 trillion worth, that have us in this mess. Only $1 trillion or so of mortgages are delinquent right now. If old-fashioned banking were in place then the problem would be pretty easy to deal with. It's the $65 trillion of derivatives that may bring down the world financial system.