Am I stupid enough to think that somehow the turds on wallstreet wont figure out a way to maintain their millions and screw us out of the money .. Of course not.. They will figure something out.. Some way to pass on that debt to us.. And I will take it when I have to.. I just said .It serves the gready bastards right .. They did it to themselves writing loans to dirty asses that had no means nor intentions to pay the loans back.. Non Citizens and single parents and welfare mother loans and all those other ******** programs that they use to give money and now HOMEs to people that have never done anything to help themselves.... Is what caused this.. And like It or not eventually it will roll down hill and I (we ) will have to foot the bill for those **** heals once again... But for now.. Small victory...
Yes!!! It Didnt Pass :)
- Thread starter Born4spd
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The problem was that lenders were not "following suit to stay competitive", they were making these loans because they were mandated. In fact, the law firm that Obama worked for sued Citibank for not making enough "sub-prime" loans. The problem compounded itself when banks, needing to make sub-prime loans, instituted what has been referred to as predatory lending practices that put more unqualified buyers in houses they ultimately could not afford. Attempts to modify these practices were (including a bill sponsored by McCain) were defeated in congress. The reality is that government interference in the market, by encouraging the provision of easy credit pumped up the housing market to an unsustainable level. After 9/11, low interest rates, designed to encourage the economy added fuel to the fire. When the fed raised interest rates to slow down a percieved rise in inflation, the people who were only marginally able to afford their house payments (along with credit card and other debts) began to go into default. When the housing market died, the banks who had been purchasing the mortgage loans (remember, most of the banks that are now being affected did not write the original loan) discovered that these "mortgage backed securities" were worth much less than they were on the books for. The amount a bank can loan is based upon it assets. If it has fewer assets, its ability to make loans dries up. This is not an unregulated free market problem, it is a government interference problem. If the government had not interfered in the banks' credit decision process, marginal borrowers would not have been extended credit, and lacking the demand that this created, the housing boom would not have occurred. How many of you made money from the housing boom? Well, it is time to give some of it back.
60+% of Americans have money invested in the stock market. Yesterday, the market lost 1.2 TRILLION dollars in value. Who knows how many have jobs that are dependant on readily available consumer credit. One of my businesses is a car dealership. If there is no credit, there are no car sales. I am hurt as well as all of my employees. The people who transport the cars are hurt. So are the people who make them and all of their component parts. Think about what happens to the ordinary worker when you reduce the demand for steel, plastic, fuel, manufacturing, etc. Trust me, this is not a bailout for Wall Street. It is a necessary evil to preserve everyone's livelyhood. If you don't work in the construction or manufacturing industry or in a business that depends on those industries to provide customers or products AND you don't have any money invested in the stock market, you don't have to worry about the bailout. You probably work for the government, hell you may even be a congressman. For the rest of us, this bailout is more about providing market liquidity and continued access to credit than it is about saving Wall Street.
Dan
60+% of Americans have money invested in the stock market. Yesterday, the market lost 1.2 TRILLION dollars in value. Who knows how many have jobs that are dependant on readily available consumer credit. One of my businesses is a car dealership. If there is no credit, there are no car sales. I am hurt as well as all of my employees. The people who transport the cars are hurt. So are the people who make them and all of their component parts. Think about what happens to the ordinary worker when you reduce the demand for steel, plastic, fuel, manufacturing, etc. Trust me, this is not a bailout for Wall Street. It is a necessary evil to preserve everyone's livelyhood. If you don't work in the construction or manufacturing industry or in a business that depends on those industries to provide customers or products AND you don't have any money invested in the stock market, you don't have to worry about the bailout. You probably work for the government, hell you may even be a congressman. For the rest of us, this bailout is more about providing market liquidity and continued access to credit than it is about saving Wall Street.
Dan
Swampy,
Your statement that "it serves the bastards right" is a bit misplaced. In many cases, the bank or invesment banking firm or brokerage house had nothing to do with the initial loan. A great number of these loans were originated by "mortgage brokers" or lenders who had no intention of servicing the loans. The loans were then packaged together and sold as "mortgage backed securities." These securities were popular investment vehicles because they provided a higher yield and they were secured by real estate and government or private insurance (remember Fannie Mae, Freddie Mac and AIG). There was a ready market in them so they were liquid. Companies seeking higher yields for their shareholders flocked to "mortgage backed securities."
The problem with mortgage backed securities occurs because the lenders are no longer concerned with whether the borrower can pay the loan since he will sell it and make his money on the front end (unlike the early days of S&Ls who were home lenders that also serviced the loans they made). When you are not worried if a person can pay something back, you have a disincentive to checking his qualifications.It became more of a game of musical chairs. The companies affected today are only in a pickle because the music has stopped.
Dan
Your statement that "it serves the bastards right" is a bit misplaced. In many cases, the bank or invesment banking firm or brokerage house had nothing to do with the initial loan. A great number of these loans were originated by "mortgage brokers" or lenders who had no intention of servicing the loans. The loans were then packaged together and sold as "mortgage backed securities." These securities were popular investment vehicles because they provided a higher yield and they were secured by real estate and government or private insurance (remember Fannie Mae, Freddie Mac and AIG). There was a ready market in them so they were liquid. Companies seeking higher yields for their shareholders flocked to "mortgage backed securities."
The problem with mortgage backed securities occurs because the lenders are no longer concerned with whether the borrower can pay the loan since he will sell it and make his money on the front end (unlike the early days of S&Ls who were home lenders that also serviced the loans they made). When you are not worried if a person can pay something back, you have a disincentive to checking his qualifications.It became more of a game of musical chairs. The companies affected today are only in a pickle because the music has stopped.
Dan
166 academic economists sign letter to Congress.
http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html?iref=mpstoryview
Art
http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html?iref=mpstoryview
Art
So if my simple southern republican brain could understand that, they agree to let the mortgage companies bankrupt and eliminate the policies that forced them to give more loans out to applicants who had little chance to pay it all back?
nickatnite
Crybaby Hater...
Guys,
Keep this in mind and it's NOT to set further panic here. What you see happening on Wall Street today (it's up over 200 points today) is really just smoke and mirrors.
Today is a Jewish holiday and a LARGE MAJORITY of the traders and money movers are off...
Keep this in mind and it's NOT to set further panic here. What you see happening on Wall Street today (it's up over 200 points today) is really just smoke and mirrors.
Today is a Jewish holiday and a LARGE MAJORITY of the traders and money movers are off...
gbundersea
Just my 2¢
http://www.youtube.com/user/TheMouthPeace
Almost 11 minutes long, and worth it! Factual, sourced video showing the liberal scumbags, including ObamaSama and several of his close associates, who brought on the current mess.
Note: This is a slightly updated version of the "Burning Down the House" video that artabr posted on another thread.
Almost 11 minutes long, and worth it! Factual, sourced video showing the liberal scumbags, including ObamaSama and several of his close associates, who brought on the current mess.
Note: This is a slightly updated version of the "Burning Down the House" video that artabr posted on another thread.
