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The government forced them to create CDO's? to bundle up non-AAA holdings and sell them as AAA? to extend themselves beyond their ability to cover their loses?

In a word - yes - the government forced the issue. Before the government interfered, lenders had actuarial tables and KNEW with 100% certainty who could and couldn't afford a loan the second they walked in the door. Mortgage rates were in the 8% to 10% range. Banks 'made' money on loans with the interest. People who earned less than 30K a year had a tough time getting into a house because (DUH!) they didn't really earn enough money. It was common sense. People that were POOR couldn't just go out and buy houses willy-nilly.

Then the government came along. They wanted people to get loans cheaper and more often and entirely for political reasons. But banks aren't charities and if they can't make the money on the interest (which you can't with sub-prime) then how do you make money? Hmmm... Oh yeah - let's get rid of this little thing called "Glass Steagall"! Now let's use the Fed to jack around interest rates until they are below 5%. Now you banks are commanded by government to make your profits by bundling the loans as derivatives. Now it is almost impossible to survive as a lending institution without doing what we tell you. Oh yeah, you banks? When it all blows up down the road it is YOUR fault... There you go banks!

That was government meddling with the market. They changed the rules so Barney Frank could tell voters that they had "UFFODUBBLE HOW-SING!". It was true left-wing, neolib stupidity on parade and it screwed up the entire planet. They were the ones that changed the laws. The private sector had no choice but to react to the rules that government barfed up.

The system that GOVERNMENT established turned the housing market within a very short time from a staid system of "moderate loans paid off by interest" into a crazed gold-rush of "cheap loans for everyone paid off by bundling". Banks had no choice to play that game because that was playing field that GOVERNMENT created. Any bank offering a SANE loan at an 8% interest rate and making its profits over 30 years was getting clobbered by lenders handing out loans at 2.5% ARMs that were making a bundle on the back end. Banks knew it was crazy, but those were the rules that GOVERNMENT set up and they didn't have any choice but to operate within that rubric. But government said, "Hey - if the loans blow up don't worry about it! We'll cover those bad loans with Freddie/Fannie and you won't be on the hook for it..." Government.

You see, that's what that happens when government interferes with the market and picks the winners and losers by changing rules, laws, and policy. The whole thing would have been impossible without a corrupt government starting the ball rolling for political purposes.

Everybody on the planet learned after the Great Depression that having an 'environment' where bundling and other such investments could exist was not good. That's why Glass-Stegall was created. It stopped a BAD investment practice and it worked for over 50 years without government being "involved" in a single, bloody thing. That's what !good! government does. It establishes a simple, basic set of rules and then STOPS INTERFERING. The reason for the housing failure was not because government WASN'T regulating the market. It was because the government WAS regulating the market in a terrible way.

Reinstate Glass-Steagall - a common sense law - and then ban the government from EVER interfering with the housing sector again. Things work just fine when you set up a simple, transparent system and then forbid the government from coming within a million miles of it.

OK, so I remember a discussion that was had in one of my art history courses on modern art (a few years back) while I was attending the Emily Carr University of Art & Design

The value of art. Years ago during the depression, rich people, like the Rothschilds and such had so much money, they didn't know what to do with it. They began to invest in art, buying up all the famous pieces they could. It became a famous pass-time of the rich to buy art and flaunt it around. But the investors didn't just flaunt it, they sold it.

Now, these guys were profiteers as we all know, and so were all the players that surrounded the art world. These guys looked at art as an investment, always trading up and selling for more than they paid. Art was (and still is) a commodity.

Of course with any gold-rush industry, an industry is born around that commodity and art galleries sprung up everywhere. Art was all the rage. Gallery owners and promoters, traveling shows, salesmen, pretentious buyers and all those people that wanted to be part of the In-crowd, the inner-court, as it was, were frantic to be the next best thing.

Flash forward into the eighties. Break Dancing, Rap music, Graffiti and Street gangsters and the sub-culture that goes along with it was on the rise. Gallery curators were looking for the next "big thing". Someone noticed Banksy and brought him into the gallery. (I used to have the article on how it happened, I no longer do). They put up the "great works of Banksy. They brought the street/graffiti artist off the street and billed him as the new Commodity. They invested in him and promoted him. Every one in the In-crowd bought into him and his works sold for copious amounts of money.

Then the problem arose that the "King wasn't wearing any cloths." That's right, everyone started to realize that the art was crap, simply tagging brought in off the street and hung on the gallery walls.

Only it was too late because the BIG investors who sink their cash into these commodity/investments never allow themselves to loose money. They were duped and no one wanted to admit it.

So what did they do? Well like any King Pin that controls the markets, They ignore the mistake, threw a spin on it and pretend it didn't happen, No one want's to admit they spent $200,000 on a piece of CRAP. (or more, I don't remember the dollar amounts - and I'm sure it was quite a bit more, into the millions - I just don't have those facts handy, so I'm going with six-figures.)

So to this day, Banksy is still creating art, his works are still worth money (only because they say it is), and next to impossible to sell. The fame remains because Banksy's biggest contribution to the art world was to buy with caution, it's not a good commodity just because the art world jumps on it as the flavour of the day. Many investors lost a lot of money on his works and the art buying world got a slap in the face.

Cry me a river.

How about sorting out your accreditation before landing?

Step 1: Google
Step 2: Email/post relevant documents to obtain accreditations
Step 3: Buy the plane ticket

Yeah, the job market is tough for everyone. Probably even more so if you're barely intelligible. Immigrants needs to realize the gold rush is OVER, we've cleared the forests and already built up our homes and industries. No-one is given a plot of land any more.

Canada is a first world economy where the fittest and brightest rise to the top. If you can't cut it, you still have your other citizenship. You were not kidnapped, no-one is keeping you here.

How about an on-going orgy of lies to divert attention from the real culprits? We know the reasons for centralization of power, the motivations are not numerous, and the solutions are dreadfully simple, just not paiiiinless.....If the free world would adjust it focus towards eradicating pustules like Kim Dung Ill, before they are bothersome and toxic, and party systems turned pep-rallies for personal gain....well, swords into plowshares kinda shit would happen.....fat chance. We need a new currency....how about meditation, nutrition, and fruit juices......! Hell, let vegans run the goddamn planet....or learn to speak Chinese, after the gold rush!

look how worked up theo47, one can get, over what one has no will to alter or transform......

so stoned, too mlx!.....There are two favorite Neil Young songs and this bees one of em! -(After The Gold Rush!)

Yeah, this was a pretty awful pr move on the part of comedy central. The "mother load" is a load alright, but I would be more likely to associate words like steaming, and dung, rather than quaint gold rush terminology.