Who is to blame for the subprime mortage mess which has effectlively locked up much of the global credit markets and pushed the US economy into recession. It is the banks. Period. If they had been responsible in their home lending practices, most of the thrashing of the economy could have been avoided.
Thus says Warren Buffett as he tours Europe like a king. According to Reuters "The banks exposed themselves too much, they took on too much risk …. It’s their fault. There’s no need to blame anyone else," he said.
Buffett may be right, because a number of companies like Countrywide Credit (CFC) gave mortgages to people who were able to buy homes for over $1 million on salaries of under $10,000.
Nonetheless, it is 20/20 hindsight. Where was Buffett when we needed him?
Douglas A. McIntyre
“The Next NVIDIA” Could Change Your Life
NVIDIA has returned 250-fold in the past 10 years as artificial intelligence took off.
But if you missed out on NVIDIA’s historic run, your chance to see life-changing profits from AI isn’t over.
The 24/7 Wall Street Analyst who first called NVIDIA’s AI-fueled rise in 2009 just published a brand-new research report named “The Next NVIDIA.”
The report outlines key breakthroughs in AI and the stocks ready to dominate the next wave of growth. The report is absolutely free. Simply enter your email below
By providing your email address, you agree to receive communications from us regarding website updates and other offerings that may be of interest to you.
You have the option to opt-out of these emails at any moment. For more information, please review our Disclaimer and Terms of Use.