foucault

a book called "Confessions of a subprime lender" written by Richard Bitner claimed that one of the reasons, which most people neglected, for that crisis is the role played by Standard Poor or those credit analysts. It is these organisations gave AAA to subprime equities and also help subprime lenders to repackaging bad mortgage based equities in order to sell them to other financial institutions.

foucault

Thanks yumiko. it's not easy to explain. one thing is sure. the crisis is far from over. why ordinary people like us have to suffer from the wrong decisions of some greedy people? Those CEO they had nothing to lose in this crisis, they can still enjoy high incomes while small investors or employee have to take the cost.
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That is privatising the profits and socialising the costs, NOT FAIR