Oh, so you agree with me.
The 2008 crash ignores the role average citizens played, IN ADDITION TO FINANCIAL INDUSTRY FRAUD
- Thread starter ☑︎#VoteDemocrat
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Oh, so you agree with me.
You're comparing a car to a home, they don't exist in the same realm as far as individual wealth is concerned.Using this logic, I can afford a Rolls Royce Cullinan
Wells Fargo said its possible
If you get a 30 year mortgage, the credit line you get for property is going to have a much higher threshold than a car.
A person making $50k a year certainly can purchase a $200k home, and they'll be more inclined to believe that when the fukking bank tells them they can
Because systemic discrimination is the reason why many of the Black homeowners were screwed in 08.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?
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
You're trying to paint average consumers as doing something inherently wrong.
They didn't. The banks did. That's really it.
Read Crashed by Adam Tooze.
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
Exactly, folks are financially dumb. Folks are even worse after they graduate college.
Why didn't you end up in this situation then?
Oh, and I've read Crashed. The Big Short. Etc. All of it.
I've studied this shyt more than you could ever imagine.
Nah. Don't do that to this thread.
This is about personal responsibility homie.
I'm very well versed about the racialization of housing discrimination.
I've read the Color of Law and all that.
I'm talking about the HOUSING CRISIS.
And you can afford an S-Class if you want it.You're comparing a car to a home, they don't exist in the same realm as far as individual wealth is concerned.
If you get a 30 year mortgage, the credit line you get for property is going to have a much higher threshold than a car.
A person making $50k a year certainly can purchase a $200k home, and they'll be more inclined to believe that when the fukking bank tells them they can
Why don't you go buy one?
HarlemHottie
Uptown Thoroughbred
Dumb thread.
On one end, you had functionally financially illiterate ppl being brain washed to buy homes (remember hgtv in those days? Remember all the real estate moguls selling classes? Remember the president admonishing us to keep spending and the whole media co signing? It was a full court press.)
Otoh, you had malicious financiers at the top and mid level bankers who didn't even understand the financial vehicles they were re packaging and selling.
My man is in finance and we saw it a mile away. None of his co workers did though. Boss was very grateful for the heads up. Everybody but the guys at the very top got caught out there. It was a global con.
On one end, you had functionally financially illiterate ppl being brain washed to buy homes (remember hgtv in those days? Remember all the real estate moguls selling classes? Remember the president admonishing us to keep spending and the whole media co signing? It was a full court press.)
Otoh, you had malicious financiers at the top and mid level bankers who didn't even understand the financial vehicles they were re packaging and selling.
My man is in finance and we saw it a mile away. None of his co workers did though. Boss was very grateful for the heads up. Everybody but the guys at the very top got caught out there. It was a global con.
I'm not absolving the system.
But to act like people did not know they were getting deals they didn't deserve is preposterous.
We let some of this happen to ourselves. We should be mature enough to admit this.
And you can afford an S-Class if you want it.
Why don't you go buy one?
Why not? If you are told by institutions you are told to trust that you can afford it then you’re going to put the lions share of the blame on the buyer? How?
People need to get more financially literate but that’s not what the government or banks or businesses want. They want you to buy buy buy. And the government has a vested interest in people being dumb. Keep taking out loans for that education and be a slave to the car loan, mortgage, student loan, etc.
Banks seeing people are underwater but still offering larger limits. Offering people lines of credit.
When I bought my first place they were offering me a line of credit. I said no. So I’d blame the dealer ahead of blaming the addict.
I'm talking about personal accountability, to the extent that we can discuss that.
TaxCollector13459
2018 Coli Rookie of the Year
Wait until the student loan bubble pops
Post 9-11 GI bill
The villain escapes again
EVERYONE buys homes because of appreciation these days.
Using that rationale, I should go finance a mansion tonight
iN 2005 your own mortgage broker driven by commission not fiduciary duty could finesse a mansion
but somehow you blame borrowers for fraudulent underwriting ?
They proactively pushed these mortgages on people
The only bank to get prosecuted was a small Chinese bank
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Same people defending irresponsibility in here won't go out and do the same thing themselves 