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#1241 Re: The Garden » 2016 Presidential Election Thread » 561 weeks ago
The overwhelming majority of these loans weren't backed by any federal entity. They were "mortgage houses" set up with Wall Street money, who gave out loans, then immediately resold them to be re-bundled as securities. The ratings agencies were some of the biggest culprits of this disaster, because they awarded these dogshit securities AAA ratings. Ultimately though, many people were complicit in the bubble: Lenders, Wall Street financiers, ratings agencies, Realtors, appraisers, Mortgage brokers, and the buyers themselves.
This &
Nobody forced the banks to give out loans. The banks gave out loans because THEY MADE MONEY and they were greedy. Who propped up the loans? Wall Street, that's who.
You think only poor people took out sub prime loans? Reminds me of my dickhead cousin, who lost all nine of his houses during the bust, then blamed the entire thing on the poor blacks. Funny how when it comes to personal responsibility, Republicans sure like to blame it all on the least among us. He was quick to brag about the money he made prior though. So when he was up, he was a genius. When he lost his ass, then it was everybody elses fault.
absolutely this. Speculators, I tell you. But this is now well off topic, yea? Maybe delete all these banking posts? Or not, whatever..
#1242 Re: The Garden » 2016 Presidential Election Thread » 561 weeks ago
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.It is not the low income earners fault at all. It was the policy they came up with to give them loans that was the issue.
Divney I understand your point(and its valid) but SG is right. I witnessed this firsthand in my family. I had an aunt and uncle(he murdered her in 2004) who bought a house. Neither of them EVER worked. They were both on SSI, which is something like $700 a month. People in that financial situation who are living off the government do NOT need to own a home. Period. This same situation was happening all over the country.
Everyone doesn't deserve to have everything. Just because some middle class guy works hard for his family to own a home doesn't mean the unemployed living in trailer parks deserve that same home.
Yea I get that man, believe me. But that was just a small percentage of the bigger issue. Cramer's got the score.
#1243 Re: Guns N' Roses » Your Opinions on a Axl/Slash Reconciliation » 561 weeks ago
Hope they play Sorry. But later in the set than 4th or 5th song.
That used to completely kill crowd. Well the opposite happened in Dublin 08 or 09 when they started bottling the stage when Sorry started!
#1245 Re: The Garden » GTA V Online - GnREvo » 561 weeks ago
Yea. Payout for final was like 20k?? Can get that by grinding vans on Pacific standard. Actually won 21k on that race earlier. But yea, blowing myself up like a n00b was embarrassing!
#1246 Re: The Sunset Strip » HBO's A Game of Thrones » 561 weeks ago
At this stage tho it's the only option..?? Think of it as a parallel universe sorta rule. What would you have done, brought grrm in to write the show? I'd have been tempted if I'd been hbo & had the money, his episodes are usually amongst the best..
The only real problem as I see it is the show runners know what's in the forthcoming books/the end (tho, by speculation, so do a lot of people I suspect). It depends how much you care. It is a bit crappy having invested time in reading those books (some of which were a mess & hard work) only to have tv sweep the rug out from under that effort but.. So it goes, eh?
Will just have to wait and see how they compare now I guess. The show'll prob have run its course unless grrm surprises us all..
#1247 Re: The Garden » GTA V Online - GnREvo » 561 weeks ago
Epic fail. Was going to open one of those boxes that have ammo/armour but had my grenade launcher equipped instead of my rifle.
Schoolboy stuff. Shameful.
X2 - bet AGAINST myself in a race which I proceeded to win.
Evening off to a bad start..
#1248 Re: The Garden » 2016 Presidential Election Thread » 561 weeks ago
It is not the low income earners fault at all. It was the policy they came up with to give them loans that was the issue.
That means they gave loans to people with bad credit, etc with variable rates so it was cheap at first but after 5 years the rates went up causing a major cluster fuck. The whole system was fucked up.
We're going round in circles here. The crisis hit in countries that didn't have a Fannie/Freddie Mac policy. I'm not saying that that wasn't a cause however.
They gave loans to people with bad credit, yea, that's a bit different from the wording you used previously. This was where the policy got exploited & corrupted - by people speculating then unable to sustain, not by owners/occupiers.
Anyway yea we're going round in circles. The whole system was fucked up you're right there, & it still is. So it goes..
#1249 Re: The Garden » 2016 Presidential Election Thread » 561 weeks ago
-snip
yes, ok, the door was left ajar. BUT it still doesn't explain how countries without a fannie/freddie suffered a housing crisis? it's a global crisis/meltdown.
you can't just blame the thing on one ill judged policy.
or maybe you can.
what the fuck do i care.
it really depresses the shit out of me. no joke. it fucks with my head so much. just people & their fraud & their fucking greedy bullshit. fuck, i wish i'd never opened this goddamn thread. i wish i could just bury my head in the sand. i try sometimes.
i mean look at that fucking prick shkreli in the most popular article on theatlantic (or just about everywhere today). that fucking bullshit, it's just never ending.
i'll just have to disagree with you on this one buddy. just to me it makes little sense logically to try & pin the blame on low-income owner/occupiers, that's all. but whatever, y'know??
#1250 Re: The Garden » 2016 Presidential Election Thread » 561 weeks ago
You admit the housing crisis goes back basically to making sure everyone got a house correct? And who propped up those toxic loans and predatory lending to mainly African Americans? THE FUCKING DEMOCRATS. then it all collapsed because everyone got in on it and everyone started taking advantage of it, even the banks because it was easy money. Not everyone needs their own home or free cell phone or free college tuition. It is that mentality that creates this entitlement nanny state that will hurt us for decades to come.
ID, please look up the history on the housing market collapse. Then come back and discuss after you get the refresher course.
i REALLY don't want to get into the middle of the debate on american politics but there is a point here i believe is slightly incorrect.
ok, "the housing crisis goes back basically to making sure everyone got a house correct?" well, kinda but no, not exactly. the housing bubble came about in many countries that had NO government driven schemes such as the in the US.
when you say about people taking advantage of it, then you're getting closer to the truth of the the cause. they just packaged that shit & found people complicit to sell it onto all the way down the line. a fraudulent system ripe for exploitation was the problem, not government policy on housing.
this idea of lending to mainly black people as a cause is really distasteful - or the idea of mainly lending to the poor as the reason.
what caused the bubbled wasn't owner-occupiers such as the low-income people you're describing (or attempting to describe).
the bubble was caused by speculators: middle to high income earners who took the loans and became speculators - that's the crap that wasn't sustainable, those are the people who got greedy & stupid (but they were just doing what they were told to do by crooks and/or other greedy & stupid people).
