no it is notDid you read the thread title?
This is PRECISELY what the fukk I'm talking about.
my world he says:yasure:In your world, the consumer did NOTHING wrong.
Stay on topic.
PS: the fonts are enlarging:sweetjeezus:
How much responsibility do overzealous homeowners bear for the 08 crash?
- Thread starter ☑︎#VoteDemocrat
- Start date
PS: the fonts are enlarging:sweetjeezus:
Dusty Bake Activate
Fukk your corny debates
Napoleon in 1814: How much responsibility do SCIENTIFICALLY IGNORANT American Indians who took blankets from General Jeffrey Amherst bear for the smallpox pandemic that all but wiped them out?
Last edited:
Domingo Halliburton
Handmade in USA
oh you can definitely create securities out of all those things.
Futuristic Eskimo
All Star
ABS's filled with car loans and other similar debt actually performed fine at the time. It really was just the MBS market that took everything down.
Julius Skrrvin
I be winkin' through the scope
Napoleon in 1840: How much responsibility do EXCLUSIONARY ISOLATIONIST Chinese have for the Opium Wars?
the chinese smoked the damn opium, stop being drug fiends thenNapoleon in 1840: How much responsibility do EXCLUSIONARY ISOLATIONIST Chinese have for the Opium Wars?
@Napoleon stick to flip flopping on black activism and defending Drake, youre not built for HL
Note, nobody in this thread absolved consumers of responsibility, it just seems that way because you are trying to absolve/deflect blame from the financial institutions for the mortgages they pushed on people, made commissions on, bundled into securities, and pushed onto people again knowing they were full of shyt (while the rating agencies they paid for "turned a blind eye" and kept giving that shyt A+ ratings as it was falling apart, and banks bet against the CDOs they were pushing onto clients). This is a discussion that can't be had piecemeal.... you want to talk blame you have to talk everybody- the govt, the financial industry, the media and the consumers
Note, nobody in this thread absolved consumers of responsibility, it just seems that way because you are trying to absolve/deflect blame from the financial institutions for the mortgages they pushed on people, made commissions on, bundled into securities, and pushed onto people again knowing they were full of shyt (while the rating agencies they paid for "turned a blind eye" and kept giving that shyt A+ ratings as it was falling apart, and banks bet against the CDOs they were pushing onto clients). This is a discussion that can't be had piecemeal.... you want to talk blame you have to talk everybody- the govt, the financial industry, the media and the consumers
Julius Skrrvin
I be winkin' through the scope
Napoleon in 2014: How much RESPONSIBILITY does that girl have for sleeping with me black out drunk. After all, she ASKED for it right?the chinese smoked the damn opium, stop being drug fiends then
She needs to quit being such a lush and find Jesus, Jesus would have never let that happen to herNapoleon in 2014: How much RESPONSIBILITY does that girl have for sleeping with me black out drunk. After all, she ASKED for it right?
my thing is we can't give the consumer blame
why?
because the blame is already baked into the system, otherwise why have anti-predatory lending standards and rules (which were neutered and circumvented in order to allow the crisis to happen and guess who did not do that?)
why would you need rules to protect me from getting money from a loan if it was not clear that I can act against my own interest in the transaction?
secondarily
the consumer did not get bailed out
so fukk a financial institution
I understand people don't want to sift through several pages of a contract to find out exactly what they getting in for, and companies know this and take advantage of it. However the old adage, if it's too good to be true...it usually is rings to mind.
Camile.Bidan
Banned
It was pretty obvious to me that all of that hype was built around the FED's historically low interest rates at the time. I called it, just like millions of others. I never really made such a strong call in my life, and I was proven to be right. But let's think about it.... Millions of others called it just like me.
I remember telling so many people in 2005 that buying a house was stupid idea. None of them listened to me. Honestly, why should they? Most people don't really know anything about Macro economics. I doubt 90% of Americans even know what the FED really does. They saw all their friends making a shyt ton of money flipping houses, and they wanted in. AND loans were on the cheap!
The Loan officers who were pushing the loans didn't really know how the FED operates either. Why should they take the blame?
The blame should go squarely where it belongs. 100 years ago, a boy was born, and this boy would create the most idiotic politic theory of all time. His birth caused the pain and suffering of millions of home owners in 2008.
I remember telling so many people in 2005 that buying a house was stupid idea. None of them listened to me. Honestly, why should they? Most people don't really know anything about Macro economics. I doubt 90% of Americans even know what the FED really does. They saw all their friends making a shyt ton of money flipping houses, and they wanted in. AND loans were on the cheap!
The Loan officers who were pushing the loans didn't really know how the FED operates either. Why should they take the blame?
The blame should go squarely where it belongs. 100 years ago, a boy was born, and this boy would create the most idiotic politic theory of all time. His birth caused the pain and suffering of millions of home owners in 2008.
I mean we are not talking about an ITunes agreement
This is the biggest financial transaction you will make in your life... its one thing if your documents get forged or faked without your knowledge; that definitely happened.... but if you sit down with a broker and say 'hey we make 50k' and he says 'ok we are going to put 150k down on your application'.... you voluntarily lied to buy a house you really couldn't afford
Me n wifey are saving up to buy a house now.... basic shyt... we wont buy until we have 30% cash on hand.... looking into different mortgages, mortgage insurance, etc. U have to arm (
) yourself with knowledge and know what the hell you're getting into