re: #124 austin_blue

Dude, please, quit blaming the victims. Investment units all over the world believed the big boys when they floated the derivatives with AAA ratings by the “guard dog” rating services who were in it up to their necks and being lap dogs.

This was a failure of regulatory oversight and nothing else. The Investment Banks created “investment instruments” that were shit that they knew were shit that were hidden from being widely known as shit by ratings organizations that were paid to not describe the instruments being sold as shit.

Why people aren’t in jail is beyond me.

I’m not talking about that. I’m talking about the emergency aid Obama has used to help states and municipalities avoid having to make budget cuts. What I’m saying is that some (not all) of those cuts really need to be made and any future such support needs to be smaller to induce those local governments to live within their means.