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| Re: What was the West Farms Spur? (714547) | |||
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Re: What was the West Farms Spur? |
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Posted by Broadway Lion on Wed Dec 3 07:55:03 2008, in response to Re: What was the West Farms Spur?, posted by SelkirkTMO on Wed Dec 3 03:43:33 2008. Yes. This is true.Besides that, money was not *really* lost. I have waled on the streets around Bushwick: Safe Clean, much rebuilding. It was money well spent, and value was received for it, and we are all better off for it. Some of the loans were shaky, most probably were not, and are yet being repaid properly. The money WAS properly and well spent, value was received, people were paid for their work, and they too grew in turn. The bankers packaged the mortgages, and sold them to bigger institutions, who in turn kept the good risks and packaged and sold the poor risks. Up to this point, nobody lost any money. But all of the poor risks were packaged, and sold, offering higher interest because of the increased risk contained therein. People *bought* these risks in the hope of making more money on them than they could have had they purchased less risky financials. THEY WERE WILLING TO TAKE THE PROFIT: THEY ARE THE ONES WHO SHOULD EAT THE LOSS. ROAR |
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