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

[JLova]

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.

Bingo. Banks were on some "Hey, you can afford it....buy a house...value's gonna go up and your salary will double". WTF do you expect people are going to do? It's still the bank who looked over their application, knew they couldn't afford the shyt and STILL gave them the loan. The types of loans were fukked too. 0 down loans being offered. Folk with no gotdamn job were getting mortgages. Banks got off with a bailout and these people lost everything.

People will do what you allow them to do. These people weren't cheating, they were told they could afford these loans. And the banks tried to pull a fast one on everybody and got caught....they still got off with a bailout. Must be nice. Let a nikka deceive the public and see what kind of punishment he gets.

 

[The Amerikkkan Idol]

If those 100 idiots occupy every single position of knowledge and authority in the field and all my friends and family co-signed I probably would

End thread.

If 100 fukking doctors told me that the way to cure cancer was with aspirin, I'd probably start taking aspirin

These were people with AUTHORITY who the American public to spend and more importantly that debt wasn't important.

George W. Bush, the president told the American public spending was the best way to help America after 9/11.

We were told that the American Dream was owning a home and that capitalism would allow all of us to be our own bosses and make us all rich.

I love when Napoleon exposes exactly what we hate about liberals.

As much as they talk shyt about Republicans, they are just as elitist and patronizing in their own way.

At least the Republicans admit that they hate poor people

Democrats claim they love them and then tell them to stop "feeding their kids fried chicken for breakfast"

 

[Berniewood Hogan]

OP pushed the racist birther conspiracy theory that obama was born in kenya: @Napoleon's thoughts OFFICIAL thread

 

[50CentStan]

Those you're approved for nearly any amount for a home were good times

 

[Pirius Black]

Look, I know banks committed fraud in mislabeling loans, by lying about the quality of loans, pushing terrible terms, exploiting public ignorance, defrauding 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???

Even worse was the so called house flippers. How is it sustainable to buy properties with other peoples money, no collateral, and no credit?

 

[Bumblebreh]

Bingo. Banks were on some "Hey, you can afford it....buy a house...value's gonna go up and your salary will double". WTF do you expect people are going to do? It's still the bank who looked over their application, knew they couldn't afford the shyt and STILL gave them the loan. The types of loans were fukked too. 0 down loans being offered. Folk with no gotdamn job were getting mortgages. Banks got off with a bailout and these people lost everything.

People will do what you allow them to do. These people weren't cheating, they were told they could afford these loans. And the banks tried to pull a fast one on everybody and got caught....they still got off with a bailout. Must be nice. Let a nikka deceive the public and see what kind of punishment he gets.

The banks never lose.Now imagine you lose your dream home and still have to pay back the reaming amount of debt to your lender as debts can be sold on to debt companies.Some of the homes were overvalued or were pieces of shyt but because of the rising interest rates they were fukked over.Imagine having that on your credit.

 

[EndDomination]

Why are you acting like the average citizen was making 50k a year and taking out a $300k mortgage
The majority of people were fukked over buying their first home, for an inflated price, unbeknowest to them backed by the government and packaged as securities
My parents made more than enough to purchase their home, and they still got pushed underwater when the crash came
The vast majority of citizens affected by the Crash were not being especially irresponsible, not by a long shot.

 

[Rell Lauren]

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

It's not a rich white arguments. Its a common sense argument. I was interning on Wall Street the Summer of 07 and it was predicted that it would happen for the reasons stated. We're absolving people of personal responsibility when you just blame the banks.

 

[☑︎#VoteDemocrat]

Even worse was the so called house flippers. How is it sustainable to buy properties with other peoples money, no collateral, and no credit?

I had relatives that got sucked into that vortex too

People really thought it was easy money out here

No one considered the risks.

 

[hayesc0]

It's not a rich white arguments. Its a common sense argument. I was interning on Wall Street the Summer of 07 and it was predicted that it would happen for the reasons stated. We're absolving people of personal responsibility when you just blame the banks.

Real talk im not arguing with nikkas in the red anymore im just gonna leave it at that.

 

[☑︎#VoteDemocrat]

Why are you acting like the average citizen was making 50k a year and taking out a $300k mortgage
The majority of people were fukked over buying their first home, for an inflated price, unbeknowest to them backed by the government and packaged as securities
My parents made more than enough to purchase their home, and they still got pushed underwater when the crash came
The vast majority of citizens affected by the Crash were not being especially irresponsible, not by a long shot.

Way to prove my fukking point.

Why are people buying shyt they can't afford?

 

[☑︎#VoteDemocrat]

It's not a rich white arguments. Its a common sense argument. I was interning on Wall Street the Summer of 07 and it was predicted that it would happen for the reasons stated. We're absolving people of personal responsibility when you just blame the banks.

I totally blame the banks for the lack of due diligence and enforcing regulations against borrowing to risky profiles...but people know they had full and well no business playing with fire like that.

They signed on adjustable low rates knowing good and damn well they were getting deals they shouldn't have.

 

[Rell Lauren]

Real talk im not arguing with nikkas in the red anymore im just gonna leave it at that.

Imagine me giving a fukk.

 

[EndDomination]

It's not a rich white arguments. Its a common sense argument. I was interning on Wall Street the Summer of 07 and it was predicted that it would happen for the reasons stated. We're absolving people of personal responsibility when you just blame the banks.

The banks should carry most of, if not all of the responsibility.
The issue was that they targeted people with a high chance of default, they ratcheted up interest rates sky-high, especially to Black Americans, even with the same income and credit score as their White counterparts, they sold incredibly risky mortgage-backed securities, they continued to approve ridiculous sale prices for clearly inflated homes without enough capital to back their high valuations.

I don't believe you interned on Wall Street for a single second if you're this woefully unaware of foreclosure-laced displacement of AAs, the devastating affect the 07-08 crisis had on lower income neighborhoods with pitifully low-valued homes, the specific discrimination against Black people, THE BANKS LITERALLY CREATING FAKE ACCOUNTS AND OPENLY LYING TO NEW HOMEBUYERS.

What @∆y = f(∆x) is saying is actual horseshyt.

 

[☑︎#VoteDemocrat]

Like who are people gonna blame when they behind schedule get that Apple Credit card this summer?