Feb 222011
today they refused to submit a cash offer for me!!
Why would they buy these securities in the first place? They were obviously packaged together in a way that would make them appealing. But should these bankers in Europe know better than that? I mean how stupid can you be?
hair, nails, gifts and mortgages
Cover shot for the "illustrated guide to the mortgage crisis"
They were not obviously packaged together. The risk they were perceived to have was underestimated.
the problem was not that they should have known better. the problem wasthat the product sold was completely untransparant.
noone knew what exactly was sold, only that it provided a stable stream of income.
How stupid? They underestimated the risk. People (including you most likely) underestimate or overestimate risk every day. When historic evidence shows you that an event is highly improbable, you tend to ignore it — and you’re acting rationally. There was a low probability of the confluence of events that unfolded. Not zero, but low. If I got on an airplane today carrying a lot of cash and it went down in flames, would you say “how stupid could he be?”
This is great! You made me giggle.
Very funny, I wonder if the mortgages are the loss leader to get people into the store and have their nails done.
A friend from the 1-2-3 : DC VA MD Area Group.
What… no guns, wedding dresses or beer?
Great Capture!
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Seen on your photo stream. (?)
wowzers…
Please consider adding this to the Housing Bubble Group!