DAMN I LOVE MATT TAIBBI !!!! Read this re wingnuts blaming minorities for financial crisis

[WallStreetNobody]

Matt Taibbi is a writer for Rolling Stone who wrote perhaps the greatest piece ever on Palin titled "Mad Dog Palin". Here is the transcript of an online interview between him and a writer from the National Review and see how Matt just tears him up on the financial crisis. This will make you smile.

http://nymag.com/daily/intel/2008/10/matt_taibbi_and_byron_york_but.html

[aquart]

1. Oh, that was fun.

[Karenina]

3. Slam dunk.

:rofl:

[wysi]

2. His Palin article in RS...

... was one of the best things I've read all year. He nailed it.

[leftchick]

4. wow! That was great!

<snip>

B.Y.: I think that Fannie Mae and Freddie Mac were also major factors. And I believe that many of the problems in the mortgage area can be attributed to the confluence of Democratic and Republican priorities: the Democrats' desire to give mortgages to people, particularly minorities, who could not afford them, and the Republicans' desire to achieve an "ownership society," in part by giving mortgages to people who could not afford them. Again, I believe that if you are suggesting that the financial crisis is a Republican creation, or even more specifically a McCain creation, I think you're on pretty shaky ground.

M.T.: Oh, come on. Tell me you're not ashamed to put this gigantic international financial Krakatoa at the feet of a bunch of poor black people who missed their mortgage payments. The CDS market, this market for credit default swaps that was created in 2000 by Phil Gramm's Commodities Future Modernization Act, this is now a $62 trillion market, up from $900 billion in 2000. That's like five times the size of the holdings in the NYSE. And it's all speculation by Wall Street traders. It's a classic bubble/Ponzi scheme. The effort of people like you to pin this whole thing on minorities, when in fact this whole thing has been caused by greedy traders dealing in unregulated markets, is despicable.



I love Matt! :)

[malaise]

5. Pwned

:rofl:

[Locrian]

6. great article

Lots of talk about what caused the financial crisis, people need to understand the casino behind all of the traded loans. The derivatives market is over $400 TRILLOIN dollars of speculation. That is $400,000,000,000,000 or 7X the wealth of the planet.

So, if you don’t understand (actually if you THINK you understand) what brought on the financial, if you think it was some poor guy defaulting on his mortgage, PLEASE read these:

http://www.ireport.com/docs/DOC-103385
http://nymag.com/daily/intel/2008/10/matt_taibbi_and_byron_york_but.html
http://www.theoildrum.com/node/4629