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

[hayesc0]

Imagine me giving a fukk.

You quoted me and bother to let me know you don't give a fukk which means you give a fukk

 

[EndDomination]

Way to prove my fukking point.

Why are people buying shyt they can't afford?

Because they were told by financial professionals, including the bank that they likely went to for years, the credit unions, the military, and numerous others that they could
People got screwed making $100k a year and buying a $200k home, people got screwed making $45k a year and buying an $80k a year home.
You don't seem to understand what "afford" means, or how the blatant lying by financial institutions impacted the choices made

 

[Rell Lauren]

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.

I don't care for the caps lock. Answer the question. Why would you take out a large mortgage on your home with fluctuating interest rates and an income that doesn't allow you to afford timely payments? People who were slightly above the poverty were taking out six figure mortgages on homes they could not afford. When does personal responsibility kick in?

EDIT: lol I have nothing to prove to anyone on here. Unlike most people on here, I'm not pulling stuff out of my ass to impress people who I'll never meet.

 

[Rell Lauren]

You quoted me and bother to let me know you don't give a fukk which means you give a fukk

Amazing logic you used.

 

[☑︎#VoteDemocrat]

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 can give you 1,000 caveats blaming bankers and I'm wondering why you don't ask homeowners why a vast majority of them never ask themselves if they didn't bring some of that pain on themselves.

Bankers lied, committed fraud and many should have gone to jail.

I've said that dozens of times.

...but who signed that loan on a $200K starter home on a $45K salary?

WHO DID THAT?

black people are already ripe for being targeted...why did we let them use that against us even further?

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

Wait a minute...what does the systemic racial discrimination in housing (which no one is denying or debating) have to do with ambitious consumers engaging in business they shouldn't have been engaging in?????

Yall love coming in here with shyt NO ONE is saying and trying to be slick.

Yall do this SAME shyt in the illegal immigrant threads when I talk about how illegal immigration has directly harmed black labor!

I SEE THE BS MOVE YOURE PULLING

 

[hayesc0]

Amazing logic you used.

Oh I know you welcome.

 

[☑︎#VoteDemocrat]

I don't care for the caps lock. Answer the question. Why would you take out a large mortgage on your home with fluctuating interest rates and an income that doesn't allow you to afford timely payments? People who were slightly above the poverty were taking out six figure mortgages on homes they could not afford. When does personal responsibility kick in?

This is precisely the same moving of the goalposts people do when I talk about illegal immigration's effects on the black community's labor market.

I'm NOT a conservative.

But goddamn, I'm not gonna sign a piece of paper I know I have no business signing!

 

[☑︎#VoteDemocrat]

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.

Is this the logic you want to use?

That EVERYONE got lied to?

Because I know for a fact, as do you, thats not true.

 

[☑︎#VoteDemocrat]

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"

If its 2005, and you're buying your first home, are you seriously buying something you'd never be able to afford just cause the bank says so?

I'm legitimately asking you that.

Because a lot of people knew better than to do that, and I'm not absolving the financial industry of fraud either so don't play that game.

At what point do you look in the mirror and say, "even if doctors say I'm not overweight, that I should start exercising more?"

 

[☑︎#VoteDemocrat]

Because they were told by financial professionals, including the bank that they likely went to for years, the credit unions, the military, and numerous others that they could
People got screwed making $100k a year and buying a $200k home, people got screwed making $45k a year and buying an $80k a year home.
You don't seem to understand what "afford" means, or how the blatant lying by financial institutions impacted the choices made

Using this logic, I can afford a Rolls Royce Cullinan

Wells Fargo said its possible

 

[☑︎#VoteDemocrat]

Yall don't have this energy when it comes to buying new iPhones

Apple is pushing these things into the price of brand new televisions and we're out here justifying paying for this shyt

 

[JLova]

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.

They thought they were slick. If the buyer defaulted, they would get the property back and it would be worth more. The problem is the value tanked.

Why would a bank lend to a stripper or someone who clearly could not pay off the loan? Folk letting banks off the hook man.

 

[☑︎#VoteDemocrat]

Most of the coli in 2005: "Hey, I make $60K a year and I got qualified for a $350K home "

:conceitedsideeye:

 

[☑︎#VoteDemocrat]

They thought they were slick. If the buyer defaulted, they would get the property back and it would be worth more. The problem is the value tanked.

Why would a bank lend to a stripper or someone who clearly could not pay off the loan? Folk letting banks off the hook man.

I'm not letting the banks off the hook.

Why did that stripper think she could afford 4 properties?

 

[JLova]

I'm not letting the banks off the hook.

Why did that stripper think she could afford 4 properties?

Because the banks told her she could. It's that simple.

Was she stupid? Yes. But she shouldn't have even gotten approved in the first place.