I still say that if people didn't borrow more than they could afford... this would have never happened.
The lenders SHOULD have stopped lending sub prime, but if somebody lies about their income, looks you in the eye, and borrows hundreds of thousands of dollars they say they will pay back....
It is political unfeasable to blame ignorant and greedy borrowers though. You won't see Obama or Mccain blame the idiot/liar buyer, they will blame everybody else because they want VOTES !
The lenders SHOULD have stopped lending sub prime, but if somebody lies about their income, looks you in the eye, and borrows hundreds of thousands of dollars they say they will pay back....
It is political unfeasable to blame ignorant and greedy borrowers though. You won't see Obama or Mccain blame the idiot/liar buyer, they will blame everybody else because they want VOTES !
also the federal reserve system and their continued power grab over the years since the federal reserve act was signed into law....now they are nationalizing investment banks and insurance companies....now we want to give the treasury dictatorial powers....federal reserve is the enabler to all of these problems that allows the controllers to do such things and get us in these situations to begin with
yeah and in this situation its just criminals watching other criminals
so you gonna get more crime
they are gonna bring in "experts" to help out ben and hanktator in this endeavor most who will likely be high finance guys with alot of vested interest and money at stake to keep wall streets interests ahead of the taxpayers
its all a rigged game
rigged capitalism just continues to get worse
they even banning shorting now....IBM added to their short list today
hilarous shit...
they will do anything and everything to stop the stock market from falling/crashing
in the end though the markets are bigger than them....they won't win
so you gonna get more crime
they are gonna bring in "experts" to help out ben and hanktator in this endeavor most who will likely be high finance guys with alot of vested interest and money at stake to keep wall streets interests ahead of the taxpayers
its all a rigged game
rigged capitalism just continues to get worse
they even banning shorting now....IBM added to their short list today
hilarous shit...
they will do anything and everything to stop the stock market from falling/crashing
in the end though the markets are bigger than them....they won't win
So people who lied on their docs, overstated their income, looked lenders in the eye, promised to pay back and didn't...
You think that is ok because they are poor?
Have you ever loaned money to somebody that didn't pay the money back? How did that make you feel? How do you think you would feel if you lent out 500,000 dollars to somebody who lied to you and promised to pay the money back?
If you were borrowed money in 1008 instead of 2008, the creditors would have done a lot more than taken the house as collaterial... you'd be dead.
many of the mortgage writers lied for them on their applications
hell people that couldn't even speak or read english were allowed to sign on the dotted line
obviously both sides to blame...you need sheep to sheer to get into this situation....
plus many people programmed to be dumbed down in these types of things by the "system"
much more blame should be placed on the business/government side vs. the consumer side...IMO
hell people that couldn't even speak or read english were allowed to sign on the dotted line
obviously both sides to blame...you need sheep to sheer to get into this situation....
plus many people programmed to be dumbed down in these types of things by the "system"
much more blame should be placed on the business/government side vs. the consumer side...IMO
The Borrowers...bought more house than they could afford because real estate values always go up and they have a burning desire to one-up their neighbors. They also love to talk about their 3,500 sq.ft. house with 3 flat screen TVs when they go to their 20 year high school reunion. So, they fudge a little on their no-doc loan application. I'll take the ARM 'cause the rates lower and I can refi in 5 years when my house is worth 30% more than it is now...prolly take cash out and put in a pool. SWEET!
The Lenders...greed, greed and more greed. Ratios dont work, get it done somehow. Appraisal didnt come in?...find another appraiser. The applications were coming is so fast and furious..all they saw were dollar signs. I know mortgage brokers who didnt know what an ARM or FHA loan was in 2002 make over $200,000 in 2003 doing refis...and all they did was answer the phone! Of course, those guys are parking cars now.
Clinton...relaxed the Fannie & Freddie standards that allowed this shit. No one is pointing a finger at him...I wonder why
Bush...did nothing to prevent it. Allowed this moronic economic stimulous to pass this summer. I dont know anyone who has a college education who thinks that was a good idea. Hhhmmm, lets dump Billions of dollars to people and encourage them to go to Target and buy a new TV or a dishwasher. So, now the GDP and Target's earnings look good for a quarter...the next quarter looks like shit but the debt is there forever. BRILLIANT!
Congress...They are in the same boat as Bush for doing nothing and approving that ridiculous stimulus package.
Greenspan...he made money too cheap and left it too cheap for WAY too long. He would occasionally wag his finger and say "irrational exuberance" and things but, he had to know what the fuck he was doing. I still dont know what his motives were for doing what he did but, I suspect that will come out in the wash some day.
So, I voted all of the above.
The Lenders...greed, greed and more greed. Ratios dont work, get it done somehow. Appraisal didnt come in?...find another appraiser. The applications were coming is so fast and furious..all they saw were dollar signs. I know mortgage brokers who didnt know what an ARM or FHA loan was in 2002 make over $200,000 in 2003 doing refis...and all they did was answer the phone! Of course, those guys are parking cars now.
Clinton...relaxed the Fannie & Freddie standards that allowed this shit. No one is pointing a finger at him...I wonder why
Bush...did nothing to prevent it. Allowed this moronic economic stimulous to pass this summer. I dont know anyone who has a college education who thinks that was a good idea. Hhhmmm, lets dump Billions of dollars to people and encourage them to go to Target and buy a new TV or a dishwasher. So, now the GDP and Target's earnings look good for a quarter...the next quarter looks like shit but the debt is there forever. BRILLIANT!
Congress...They are in the same boat as Bush for doing nothing and approving that ridiculous stimulus package.
Greenspan...he made money too cheap and left it too cheap for WAY too long. He would occasionally wag his finger and say "irrational exuberance" and things but, he had to know what the fuck he was doing. I still dont know what his motives were for doing what he did but, I suspect that will come out in the wash some day.
So, I voted all of the above.
I am not ONLY blaming the consumers... but if they are going to come to the deal table ignorant...
Tiz- How do you regulate who can buy what? How do you make a blanket rule?
The (Clinton) government was trying to make it even EASIER to buy with FHA and other programs for low income minorities. Now people are saying the government should have clamped down on all this? Hindsight sure is 20/20.
There were a lot of people at fault... no question... but if people can't take personal responsibility for their own actions....
Tiz- How do you regulate who can buy what? How do you make a blanket rule?
The (Clinton) government was trying to make it even EASIER to buy with FHA and other programs for low income minorities. Now people are saying the government should have clamped down on all this? Hindsight sure is 20/20.
There were a lot of people at fault... no question... but if people can't take personal responsibility for their own actions....
I am not ONLY blaming the consumers... but if they are going to come to the deal table ignorant...
Tiz- How do you regulate who can buy what? How do you make a blanket rule?
The (Clinton) government was trying to make it even EASIER to buy with FHA and other programs for low income minorities. Now people are saying the government should have clamped down on all this? Hindsight sure is 20/20.
There were a lot of people at fault... no question... but if people can't take personal responsibility for their own actions....
Tiz- How do you regulate who can buy what? How do you make a blanket rule?
The (Clinton) government was trying to make it even EASIER to buy with FHA and other programs for low income minorities. Now people are saying the government should have clamped down on all this? Hindsight sure is 20/20.
There were a lot of people at fault... no question... but if people can't take personal responsibility for their own actions....
