Politicians get Richer, Civilians Pay

[crhomebuilder]

Am I the only one who's getting nauseous from the political BS?

 

Who do you think pays for the failure (bankruptcy) of the civilians who got caught up in the politicians exchange of favors, (lobbying) for allowing the lending guidelines to be weakened, so the huge sub-prime lenders could rape the American public?

 

John Paulson, hedge fund manager - "While we never made a sub-prime loan and are not predatory lenders, we think a lot of homeowners have been victimized, bankruptcy is the best way to keep homeowners in the home without costing the government any money."

Trader Made Billions on Sub-prime Failures - The losers in the collapse of the US housing market are the American public.

 

The biggest winner is John Paulson, a little-known hedge fund manager whose funds were up $15 billion in 2007, on a spectacularly successful bet against the housing market.

 

Mr. Paulson has reaped an estimated $3 billion to $4 billion for himself. This is believed to be the largest one-year payday in Wall Street history.

 

Now, in another twist in financial history, Mr. Paulson is hiring Alan Greenspan, a man some blame for helping feed the housing-market bubble by keeping interest rates so low.

 

Wall Street Journal, 1-15-08 - Former Federal Reserve Chairman Alan Greenspan, whom some blame for fueling a housing bubble, is signing on as an adviser to hedge-fund firm Paulson & Co., which has profited handsomely from the collapse of that bubble.

 

Mr. Greenspan will become a member of the New York-based fund manager's advisory board, the firm is to announce today. It is the third consulting contract he has signed since leaving the Fed after 18 years as chairman in January 2006.