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Rank: Fecal Impaction For the Win!
Groups: {pDs} Member, Registered User, Server Admin
Joined: 11/27/2007
Posts: 1,625
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Location: Birmingham, Alabama
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Rank: Polio Power!
Groups: {pDs} Member, Registered User
Joined: 8/1/2008
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Location: SoCal
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Most people paying attention were aware of what was going on in 2004. The housing market was moving at a pace that was unsustainable and we're seeing the results of it today combined with companies giving out loans to individuals that did not have the income to pay for them.
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Rank: Fecal Impaction For the Win!
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Joined: 1/13/2008
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Good job Razor. While the republicans can't necessarily stand behind this stuff and play as heroes held down by the evil democrats, its nice to see some kinks in the democratic armor. I am actually very scared about obama's economic advisor choice. This Raines guy is really scary. And im not just saying that from this video. He has the fannie mae fraud thing against him....25 million in his pockets as he walked out the doors. Ugh. Seems like a greedy bastard fucking the working class in the ass and telling them its good for them.
Quote:
"Who the fuck is Leon Switch and why does he know we have a dog?" - Mrs. Giller
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Rank: Administration
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Joined: 3/27/2008
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Location: Arizona
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RichardAwesome wrote:Most people paying attention were aware of what was going on in 2004. The housing market was moving at a pace that was unsustainable and we're seeing the results of it today combined with companies giving out loans to individuals that did not have the income to pay for them. Such is the outcome of a society built on credit cards and other financially pathetic habits.
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Rank: Fecal Impaction For the Win!
Groups: {pDs} Member, Registered User, Server Admin
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Location: Birmingham, Alabama
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Rikaelus wrote:RichardAwesome wrote:Most people paying attention were aware of what was going on in 2004. The housing market was moving at a pace that was unsustainable and we're seeing the results of it today combined with companies giving out loans to individuals that did not have the income to pay for them. Such is the outcome of a society built on credit cards and other financially pathetic habits.
I am a credit underwriter and I can attest that this is a very true statement. 100% correct.
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Rank: Fecal Impaction For the Win!
Groups: {pDs} Member, Registered User, Server Admin
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Location: Birmingham, Alabama
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This is not a political statement in any way. Why is there a problem with sub prime mortgages? It is the government's fault. Not democrats, not republicans, goernment. I had a discussion with my boss on Monday about whose fault it is. He thinks it is the greed in the financial institutions. I agree with that in part, but the bulk of the blame lies with the goernment putting pressure on banks to lend to individuals that otherwise could not afford home ownership at the level that they desired to have it. You may agree or disagree but home ownership is a privilege not a right. We have lost sight of that somewhere. This should not be a newsflash but banks are in business to make money. When banks are forced to make loans that do not make sense then eventually profits will suffer.
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Rank: Polio Power!
Groups: {pDs} Member, Registered User
Joined: 8/1/2008
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Location: SoCal
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Rikaelus wrote:RichardAwesome wrote:Most people paying attention were aware of what was going on in 2004. The housing market was moving at a pace that was unsustainable and we're seeing the results of it today combined with companies giving out loans to individuals that did not have the income to pay for them. Such is the outcome of a society built on credit cards and other financially pathetic habits. All the more reason not to bail these people out. No one learns anything if we do a patch job on this problem.
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Rank: Coathanger Abortion
Groups: {pDs} Member, Server Admin
Joined: 5/17/2006
Posts: 3,487
Points: 1,990
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Razor wrote:
This is not a political statement in any way. Why is there a problem with sub prime mortgages? It is the government's fault.
Fundamental misunderstanding of the relationship between politicians and Wall Street leads to backwards logic. Even assuming the subprime mess was caused because the government "forced" banks to lend to unworthy loan applicants (and that certainly did play a role, along with predatory lending, and a wide variety of other issues which fueled the bubble), that doesn't address the real issue which is that the banks then built a big pile of shit on top of the mess by conjuring up the whole mortgage-backed securities shenanigans and it is this stinking pile of shit which has fucked the credit markets and turned this thing into a real crisis. Razor wrote:Killing people is good therapy.  
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Rank: Coathanger Abortion
Groups: {pDs} Member, Server Admin
Joined: 5/17/2006
Posts: 3,487
Points: 1,990
Location: Undisclosed Location
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RichardAwesome wrote:Rikaelus wrote:RichardAwesome wrote:Most people paying attention were aware of what was going on in 2004. The housing market was moving at a pace that was unsustainable and we're seeing the results of it today combined with companies giving out loans to individuals that did not have the income to pay for them. Such is the outcome of a society built on credit cards and other financially pathetic habits. All the more reason not to bail these people out. No one learns anything if we do a patch job on this problem. I hate Wall Street, and as I'm sure you can all tell giving rich fucks more money is one of my least favorite things to do, but unless something is done to get the spice flowing again the system breaks down catastrophically. Do you want 21st century capitalism to die an ugly death? Razor wrote:Killing people is good therapy.
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