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Comment by askyourmother | Hacker News Reader

We would not accept shitty ingredients in our food, being told it was a grade beef, when it turned out it was actually alley cat, sewer rat and suchlike mixed in.

How on earth did they get away with a grade securitised mortgage products that actually contained a stink load of ready to default loans?

Forget blaming a specific person, or whether it may have been technically legal, what can be done to stop them doing this again?

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Yes we would. We would say "just don't buy from that particular meat seller, it's a free market, buyer beware, the market will take care of it and adjust, competition, I'm very smart I would never get tricked and buy bad stuff like that it's just dumb people who are not as smart as me that would get hurt" -- there is this exact discussion happening higher up in this very comment section.

>We would not accept shitty ingredients in our food, being told it was a grade beef, when it turned out it was actually alley cat, sewer rat and suchlike mixed in.

This is America. Some percentage of the population not only would accept it but get pretty bitter about government overreach if you proposed that more be done about food safety, and refuse to believe you if you said that selling rat meat is already illegal...

You have put your finger right on why "It's hard to find what was illegal." is bullshit. Either...

1. The issuers of CDOs defrauded the rating agencies giving them false data

2. Or the rating agencies conspired with the issuers to mis-rate the CDOs

Or both. And nobody went to prison.

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