David Lereah said what?!

[Newport Trojan_IHB]

So check this piece of work out



<a href="http://www.newsweek.com/id/135724">http://www.newsweek.com/id/135724</a>



I think I just blew my funny fuse and topped off the ol' Schadenfreude reservoir...I can't wait for the dog pile on Thoughtless tomorrow for this one.

 

[OCCOBRA_IHB]

." He, like other prognosticators (including Greenspan), points to his lack of understanding of the profound effects that subprime lending was having on housing markets. " just didn't realize the scope, the extent, the magnitude of the loose underwriting?not looking at incomes and wages, just providing so many mortgage loans based on [expected] future price appreciation rather than the creditworthiness of the borrower," Lereah says. "That got so out of hand, and none of us realized the magnitude of it until it was too late."



This guy is a complete Moron. What is even more scary is that he is advising Wall Street. Here is another example of someone who is not or never was in the trenches and has no idea what is going on.

 

[no_vaseline_IHB]

I think you've miss analyzed the situation.



He's just a hired gun spouting whatever the party line is to earn his maximum return. Everybody's soul has a price.