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Web Letter

Follow the Money... Hofffman says we are all to blame for the Sub Prime Meltdown. BS.

The fact is, responsible people will be hurt by this mess, which is no fault of their own.

We have beeen here before with the S&L crisis. Was this lessson learned by Congress ? Obviously not ! Congress eliminated Glass Steagall in 1999 and four years later the treachery started, until it imploded this year ...

So, Follow the Money ...

The nefarious loan broker who lined their pockets with no financial penalties. The investment banks who sold these instruments. (BTW: Goldman Sachs just had their third best quarter in history!) The credit rating agencies who rated these "'instruments" AAA in many cases...

The meltdown we are seeing is largely due to these ratings. No one trusts the contents of these packages. Hoffman needs to look at how we got here and who benefited.

Michael McKinlay

Hercules, CA

Sep 24 2007 - 8:06pm