Oh, now we're talking about mortgage backed securities? No, we're not. We're not talking about securities derivitives that involve third parties, or anything like that. I'll put it in terms perhaps you can understand. I buy a toolbox that's underpriced from someone who's moving, wants to clean out his garage, just bought a new toolbox, whatever, at a very good price. I don't need that toolbox, but the price was just too good to pass up. I post that toolbox on Craiglist, Kijiji, whatever, with a higher price so I can, gasp!, make a profit.
Someone contacts me, comes over to look at the toolbox, then pays my asking price or a negotiated price among the two of us, and I make that profit. I had something he needed and/or wanted, we agreed on a price, he bought it, and I made a profit. Wow...what a concept!
And yes, that is the basis of capitalism, albeit an example of a secondary market, but a market nonetheless. I invested capital, time, and effort. I put my capital at risk in the thought I would get that money back, as well as extra money, and that's exactly what happened. No one forced either party into the transaction, both parties did so willingly, and both parties walked away happy. As a specific example, I bought a toolbox a couple years ago for $50, did a little repair on it, then resold it for $400. Well worth my time, money, and effort and he was very pleased with his purchase. Because it was a good deal for him.
You don't like people making a buck, nontheless a quick buck, b/c you don't have the stones or the knowledge to do it yourself, so you have to put down those who do. As long as no one is being dishonest in their dealings, there is absolutely no moral quandry. But I don't expect you to understand that, so I will just say, to each his own!
Amen, brother. Amen.
