The 2008 crash ignores the role average citizens played, IN ADDITION TO FINANCIAL INDUSTRY FRAUD

[☑︎#VoteDemocrat]

Look. LET ME BE 100% CLEAR. I know the financial industry/banks:

• committed fraud in mislabeling loans,
• lied about the quality of loans,
• pushed terrible terms,
• exploited public ignorance,
• defrauded the public trust
• and frankly offered products they shouldn't have offered....

...but...

...even if you saw The Big Short

What people don't mention is that PEOPLE HAD NO BUSINESS BUYING HOMES ON PROPERTY THEY COULD NOT AFFORD WITH TERMS THEY SHOULD NOT HAVE AGREED TO!!!!

What were people thinking?!?

Folks were making $50K a year buying $300K+ houses!!

How the hell did people ever think that was going to work?????

You had people buying 2nd and 3rd homes like they were cars!!!!

EVERYONE wanted a deal back then. They all thought they could beat the market and ride the wave to the top.

Why the hell are you signing paperwork for adjustable loans???

 

[Donald J Trump]

People do dumb shyt

like make 9000 page threads about collusion that didnt happen

 

[☑︎#VoteDemocrat]

People do dumb shyt

like make 9000 page threads about collusion that didnt happen

Thats like saying police brutality doesn't exist because it never gets prosecuted :MuellerWhat:

 

[Bumblebreh]

Look, I know banks committed fraud in mislabeling loans, by lying about the quality of loans, and frankly offered products they shouldn't have offered....

...but...

...even if you saw The Big Short

What people don't mention is that PEOPLE HAD NO BUSINESS BUYING HOMES ON PROPERTY THEY COULD NOT AFFORD WITH TERMS THEY SHOULD NOT HAVE AGREED TO!!!!

What were people thinking?!?

Folks were making $50K a year buying $300K+ houses!!

How the hell did people ever think that was going to work?????

You had people buying 2nd and 3rd homes like they were cars!!!!

Dude it is the lender or the banks who can decide if you can get approved for a mortgage.It was the banks who got greedy and needed a bailout.The people who took out the loans and mortgages were hit hard.

 

[hayesc0]

Look, I know banks committed fraud in mislabeling loans, by lying about the quality of loans, and frankly offered products they shouldn't have offered....

...but...

...even if you saw The Big Short

What people don't mention is that PEOPLE HAD NO BUSINESS BUYING HOMES ON PROPERTY THEY COULD NOT AFFORD WITH TERMS THEY SHOULD NOT HAVE AGREED TO!!!!

What were people thinking?!?

Folks were making $50K a year buying $300K+ houses!!

How the hell did people ever think that was going to work?????

You had people buying 2nd and 3rd homes like they were cars!!!!

This sounds like the fox news rich white people argument that was presented all the time back then. Some real questionable shyt

 

[☑︎#VoteDemocrat]

Dude it is the lender or the banks who can decide of you can get approved for a mortgage.It was the banks who got greedy and needed a bailout.The people who took out the loans and mortgages were hit hard.

I understand this.

I completely do.

But come on bruh...its the same reason credit card companies are gonna look like they don't know you when you're bankrupt from credit card debt...

You should know what you're doing on some level...I get it. They're supposed to cut people off at the bar, but at some point it feels like a lot of people thought they could beat out the next person and they all got left holding the bag

 

[Koapa]

They were still conducting the same practice after the crash.

Im in Texas and my coworker and her husband probably made a combine 100k a year, some mortage company was offering them a 500K loan for a home. She decline and got a 125K home. Most people wouldnt make the best financial decision like that.

In 2008 I just graduated from college and started my career makin entry level pay. That market crash was a surreal eyeopener to see and learn from.

 

[☑︎#VoteDemocrat]

This sounds like the fox news rich white people argument that was presented all the time back then. Some real questionable shyt

Bruh, I blame the financial industry to the highest degree...but thats like blaming liquor companies for your DUI.

 

[hayesc0]

Bruh, I blame the financial industry to the highest degree...but thats like blaming liquor companies for your DUI.

Yeah that's the people who were making that argument at that time. I'm not a teen or 20 something so I remember

 

[☑︎#VoteDemocrat]

Yeah that's the people who were making that argument at that time. I'm not a teen or 20 something so I remember

I remember too. I had a close friend who got a job at Lehman in 2008

I saw him struggle for 5 years before he bounced back with a full elite MBA and everything

 

[BeeCityRoller]

American society is coddled, the vast majority of people don't want to hear what they can't afford, but the powers that be want it that way because it makes the economy look like its doing better than it really is.

Students are financing 10k worth of tuition every year, a 25k car, 1k for a new phone every year, 800 a month in rent, on a Part-Time Starbucks/Applebees wage, then wonder why they are age Twenty-Five 60k in debt and the cycle continues. Y'all ain't catching me with my pants down this next recession

 

[Cynic]

What part of corrupting rating agencies and selling sub-prime loans as triple A investments
while taking insurance against the defaults then asking the government for a bailout and
refusing to lend said money

DON'T YOU GET ?

 

[☑︎#VoteDemocrat]

What part of corrupting rating agencies and selling sub-prime loans as triple A investments
while taking insurance against the defaults then asking the government for a bailout and
refusing to lend said money

DON'T YOU GET ?

Did you not read the first part of the first thing I said?

I said THEY WERE WRONG FOR THAT...

but no one told these people to sign fukked up deals in 2005, 2006, and 2007.

 

[---]

Mods bush this dumb ass thread. How can anyone with a half fukking brain say this? Simpleton perspective.

 

[☑︎#VoteDemocrat]

American society is coddled, the vast majority of people don't want to hear what they can't afford, but the powers that be want it that way because it makes the economy look like its doing better than it really is.

Students are financing 10k worth of tuition every year, a 25k car, 1k for a new phone every year, 800 a month in rent, on a Part-Time Starbucks/Applebees wage, then wonder why they are age Twenty-Five 60k in debt and the cycle continues. Y'all ain't catching me with my pants down this next recession

Heres the thing...A lot of our mothers wouldn't let us do the things people were doing in the run up to the financial crisis. people were being OD irresponsible and no one wanted to look in the mirror for that.

I KNOW DOCTORS PERSONALLY WHO GET UNDERWATER ON THEIR MORTGAGES THEY HAD NO REASON GETTING!!!

People were overextended and didn't want to be told the truth about that shyt.

A lot of people survived that period and its precisely because frugality saved them. Thats a simple fact.