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

[Bumblebreh]

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

Mass consumerism that is backed by fiat money.The powers that be just want us to consume and think that everything is okay.Motherfukkers do not know about gdp or about the basic principles of economics.All people know abut the shyt that they cannot afford.

 

[☑︎#VoteDemocrat]

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

Wait, who told my mom's hairdresser to buy a 250K townhouse in 2006?

Yes, the system failed her by telling her she could live her dream and did not tell her the reality of her situation by stopping her from getting that loan.

...but who signed that deal? Come on now.

Theres a reason everyone ain't pushing G-Wagons instead of Honda Pilots right now either. People see housing as some far off distant thing, not the every-day financial decision they make!!!

I'm dead serious right now.

 

[Orange cream shake]

I worked in modifications for a couple years. I learned that people feel entitled to have and keep their home no matter the financial burden it puts on them. I saw loans where people were approved for 200k loans making 14 dollars a hr . And once they realize they couldn’t afford it they were mad that we couldn’t reduce the payment. People don’t believe in downsizing once their income changes. My favorite are you New York nikkas who are behind 10 years and want a modification.

 

[☑︎#VoteDemocrat]

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.

People ain't learning man...

I knew doctors who were underwater on their mortgage. shyt makes no sense.

They were chasing easy money and thought they could cheat gravity...

 

[Oldschooler]

Most regular people are sheep and follow the crowd. It's up to the government to properly educate them on these financial matters. The government issues warnings about bad drugs or chemicals all the time. Why couldn't they do it for bad lenders. Unless they were in on it! Of course they were right they receive millions of dollars from the bankers every year. By the way this shyt still goes on in large cities. Borrowing 300k on a 50k wage over a period of 30 years aint even that bad. Try borrowing 800k on 100k income cus that's what a regular house costs in major cities. The only things keeping shyt affloat is the fact that house values have gone up significantly.

 

[boskey]

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

A lot of people told them to ya fukkin moron

 

[☑︎#VoteDemocrat]

A lot of people told them to ya fukkin moron

If 100 idiots tell you something do you listen?

 

[---]

Wait, who told my mom's hairdresser to buy a 250K townhouse in 2006?

I'm dead serious right now.

Again bringing a simpleton perspective thinking that most of the low rate adjustable mortgages were or had anything to do with being the catalyst for the cause.

America wouldn't be half the country it is today without the extension of credit, in fact, no country would. If you don't get that what point is there even trying to answer your question.

 

[hayesc0]

I worked in modifications for a couple years. I learned that people feel entitled to have and keep their home no matter the financial burden it puts on them. I saw loans where people were approved for 200k loans making 14 dollars a hr . And once they realize they couldn’t afford it they were mad that we couldn’t reduce the payment. People don’t believe in downsizing once their income changes. My favorite are you New York nikkas who are behind 10 years and want a modification.

I make around 20 now and I know I can't afford it currently lol.

 

[☑︎#VoteDemocrat]

Again bringing a simpleton perspective thinking that most of the low rate adjustable mortgages were or had anything to do with being the catalyst for the cause.

America wouldn't be half the country it is today without the extension of credit, in fact, no country would. If you don't get that what point is there even trying to answer your question.

Whats that got to do with living within your means?

EVERYONE has mortgages.

Thats not the point.

 

[Donald J Trump]

Wait until the student loan bubble pops

 

[☑︎#VoteDemocrat]

Wait until the student loan bubble pops

 

[Koapa]

People ain't learning man...

I knew doctors who were underwater on their mortgage. shyt makes no sense.

They were chasing easy money and thought they could cheat gravity...

This is a very interesting topic you bring up. As a young 23 year old in 2008, that crash taught me about financial responsiblity that I hate to say but my moms didnt teach me. She wasnt taught it either. I didnt even learn this in college. There was a period were I was really being hard on myself becuz of what I didnt have but then I realized that most people I saw in fancy homes and cars were living well above their means. I knew people who had BMW 745s making 35K a year.

My cousin signed an adjustable rate mortage. Went from paying $1200 to damn near $2500 a month within 2 years. Not including the HOA dues, property taxes, and general maintenance of the home. Sad thing, his marriage fall apart becuz of extremely bad financial decisions.

 

[☑︎#VoteDemocrat]

This is a very interesting topic you bring up. As a young 23 year old in 2008, that crash taught me about financial responsiblity that I hate to say but my moms didnt teach me. She wasnt taught it either. I didnt even learn this in college. There was a period were I was really being hard on myself becuz of what I didnt have but then I realized that most people I saw in fancy homes and cars were living well above their means. I knew people who had BMW 745s making 35K a year.

My cousin signed an adjustable rate mortage. Went from paying $1200 to damn near $2500 a month within 2 years. Not including the HOA dues, property taxes, and general maintenance of the home. Sad thing, his marriage fall apart becuz of extremely bad financial decisions.

my parents always stressed this stuff and rode that wave because they KNEW the value of saving a dollar.

I can say I'm fortunate in that regard but a lot of people never truly did the introspection required to avoid that pitfall again.

 

[boskey]

If 100 idiots tell you something do you listen?

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