What the economic numbers don't say.
- Thread starter GROUCHO MARX
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but it is the realtors and bankers that were doing the pushing that they knew was bad deals.
How was it that these bankers were able to get these "bad loans"?
but it is the realtors and bankers that were doing the pushing that they knew was bad deals.
How was it that these bankers were able to get these "bad loans"?
Originally Posted By: IndyIan
+1 I think at my credit union, if the mortgage officer was signing off on mortgage applications like many I've read about, they would've fired long before the recession hit...
I think also the lack of financial education in high school is a shame. Maybe the financial giants lobby to prevent this as alot of their business would disappear?
I hate to admit it but this seems true. We did have about one classes worth of checkbook balancing in home economics.
Public school (and liberal arts college for that matter) seems to grind out sheeple, lemmings, worker bees, whatever you call it, that don't have the motivation to overthrow anyone or rock the boat or think beyond what TV tells them.
+1 I think at my credit union, if the mortgage officer was signing off on mortgage applications like many I've read about, they would've fired long before the recession hit...
I think also the lack of financial education in high school is a shame. Maybe the financial giants lobby to prevent this as alot of their business would disappear?
I hate to admit it but this seems true. We did have about one classes worth of checkbook balancing in home economics.
Public school (and liberal arts college for that matter) seems to grind out sheeple, lemmings, worker bees, whatever you call it, that don't have the motivation to overthrow anyone or rock the boat or think beyond what TV tells them.
Originally Posted By: eljefino
Originally Posted By: IndyIan
+1 I think at my credit union, if the mortgage officer was signing off on mortgage applications like many I've read about, they would've fired long before the recession hit...
I think also the lack of financial education in high school is a shame. Maybe the financial giants lobby to prevent this as alot of their business would disappear?
I hate to admit it but this seems true. We did have about one classes worth of checkbook balancing in home economics.
Public school (and liberal arts college for that matter) seems to grind out sheeple, lemmings, worker bees, whatever you call it, that don't have the motivation to overthrow anyone or rock the boat or think beyond what TV tells them.
And the ad industry is now targeting 4 and 5 year olds to believe superficial things are the most important, khrap like bratz dolls... So they will grow up to believe only money and buying stuff is the only way to be happy.
I had a high school english teacher that gave us more than a few lessons in critical thinking about all sorts of topics that I doubt were in the curriculum. Follow the money is one I remember, applies to personal financial decisions and banana republics...
Originally Posted By: IndyIan
+1 I think at my credit union, if the mortgage officer was signing off on mortgage applications like many I've read about, they would've fired long before the recession hit...
I think also the lack of financial education in high school is a shame. Maybe the financial giants lobby to prevent this as alot of their business would disappear?
I hate to admit it but this seems true. We did have about one classes worth of checkbook balancing in home economics.
Public school (and liberal arts college for that matter) seems to grind out sheeple, lemmings, worker bees, whatever you call it, that don't have the motivation to overthrow anyone or rock the boat or think beyond what TV tells them.
And the ad industry is now targeting 4 and 5 year olds to believe superficial things are the most important, khrap like bratz dolls... So they will grow up to believe only money and buying stuff is the only way to be happy.
I had a high school english teacher that gave us more than a few lessons in critical thinking about all sorts of topics that I doubt were in the curriculum. Follow the money is one I remember, applies to personal financial decisions and banana republics...
Article in Sunday's NY Times said at the rate note holders are moving it will take 62 YEARS to foreclose on all the delinquent properties.
This beats any subsidized government housing.
This beats any subsidized government housing.
Originally Posted By: 65cuda
If the people were Bozo's then what does that make the realtors and bankers that also were signing these papers? Look I'm not saying that the buyers weren't at fault to an extent, but I am saying that when you are being told by professionals that you would expect to be getting sound advice from you sometimes will get overwhelmed.
That's why I think it was wrong for the Gov't to bail out the banks that found themselves in trouble by giving anyone a huge loan they couldn't afford. Those banks instead should have went down the tubes and out of business for their own bad business practices.
If the people were Bozo's then what does that make the realtors and bankers that also were signing these papers? Look I'm not saying that the buyers weren't at fault to an extent, but I am saying that when you are being told by professionals that you would expect to be getting sound advice from you sometimes will get overwhelmed.
That's why I think it was wrong for the Gov't to bail out the banks that found themselves in trouble by giving anyone a huge loan they couldn't afford. Those banks instead should have went down the tubes and out of business for their own bad business practices.
Originally Posted By: GROUCHO MARX
Article in Sunday's NY Times said at the rate note holders are moving it will take 62 YEARS to foreclose on all the delinquent properties.
This beats any subsidized government housing.
Guess I'll stop making payments now ... I'll be dead before they can foreclose on me!
Article in Sunday's NY Times said at the rate note holders are moving it will take 62 YEARS to foreclose on all the delinquent properties.
This beats any subsidized government housing.
Guess I'll stop making payments now ... I'll be dead before they can foreclose on me!
Originally Posted By: ZeeOSix
Those banks instead should have went down the tubes and out of business for their own bad business practices.
Have you seen how it looks when many banks went down the tube at the same time? How everyone runs to the bank and withdraw and collapse even a healthy bank rumors to have problems?
I have no problem bailing out a bank as long as the share holders and managements' profit / income are wiped out as a result. The captains should go down with their ships.
Those banks instead should have went down the tubes and out of business for their own bad business practices.
Have you seen how it looks when many banks went down the tube at the same time? How everyone runs to the bank and withdraw and collapse even a healthy bank rumors to have problems?
I have no problem bailing out a bank as long as the share holders and managements' profit / income are wiped out as a result. The captains should go down with their ships.
Originally Posted By: PandaBear
I have no problem bailing out a bank as long as the share holders and managements' profit / income are wiped out as a result. The captains should go down with their ships.
The "captains" probably didn't even get their hands slapped. If there are no ramifications for banks practicing bad business, and they expect/depend on a bail out, then they will never learn and just do it over and over again.
Maybe the banks knowing people would withdraw all their money and cause them a total failure would be good enough reason to operate in such a way as not to cause that to happen to themselves. Businesses, just like people need to take full responsibly for their actions and their total greed in the banks' case.
I have no problem bailing out a bank as long as the share holders and managements' profit / income are wiped out as a result. The captains should go down with their ships.
The "captains" probably didn't even get their hands slapped. If there are no ramifications for banks practicing bad business, and they expect/depend on a bail out, then they will never learn and just do it over and over again.
Maybe the banks knowing people would withdraw all their money and cause them a total failure would be good enough reason to operate in such a way as not to cause that to happen to themselves. Businesses, just like people need to take full responsibly for their actions and their total greed in the banks' case.
Originally Posted By: GROUCHO MARX
Article in Sunday's NY Times said at the rate note holders are moving it will take 62 YEARS to foreclose on all the delinquent properties.
This beats any subsidized government housing.
Addendum, the article referred just to delinquencies in NY State.
Article in Sunday's NY Times said at the rate note holders are moving it will take 62 YEARS to foreclose on all the delinquent properties.
This beats any subsidized government housing.
Addendum, the article referred just to delinquencies in NY State.
Originally Posted By: ZeeOSix
Originally Posted By: 65cuda
If the people were Bozo's then what does that make the realtors and bankers that also were signing these papers? Look I'm not saying that the buyers weren't at fault to an extent, but I am saying that when you are being told by professionals that you would expect to be getting sound advice from you sometimes will get overwhelmed.
That's why I think it was wrong for the Gov't to bail out the banks that found themselves in trouble by giving anyone a huge loan they couldn't afford. Those banks instead should have went down the tubes and out of business for their own bad business practices.
Except it would have had a result like during the depression where everybody was trying to pull their money out. Bailing the banks out wasn't as much of the problem as was the handling of it. The ones that caused it pretty well got off easy and it doesn't appear that they learned their lessons either. Also I think that the role of speculators in the markets should have been looked at and how to control it so that it doesn't hurt the economy. The ones that were the leaders in the fraud should have been sentenced to prison time and their assets seized. If it meant their families lost their homes and their assets then so be it. They were the ones that caused it and benefited from it.
Originally Posted By: 65cuda
If the people were Bozo's then what does that make the realtors and bankers that also were signing these papers? Look I'm not saying that the buyers weren't at fault to an extent, but I am saying that when you are being told by professionals that you would expect to be getting sound advice from you sometimes will get overwhelmed.
That's why I think it was wrong for the Gov't to bail out the banks that found themselves in trouble by giving anyone a huge loan they couldn't afford. Those banks instead should have went down the tubes and out of business for their own bad business practices.
Except it would have had a result like during the depression where everybody was trying to pull their money out. Bailing the banks out wasn't as much of the problem as was the handling of it. The ones that caused it pretty well got off easy and it doesn't appear that they learned their lessons either. Also I think that the role of speculators in the markets should have been looked at and how to control it so that it doesn't hurt the economy. The ones that were the leaders in the fraud should have been sentenced to prison time and their assets seized. If it meant their families lost their homes and their assets then so be it. They were the ones that caused it and benefited from it.
Yeah, I'd say those most responsible were let off real easy as well.
Heck, some of them even got to keep their seats in Congress and helped write the new banking reform bill...lol...thanks MA voters!
Heck, some of them even got to keep their seats in Congress and helped write the new banking reform bill...lol...thanks MA voters!
Head Rat Leaving a Sinking Ship
http://www.bloomberg.com/news/2011-06-30...e-resolved.html
"Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving after reaching an agreement with Congress to raise the national debt limit, according to three people familiar with the matter."
http://www.bloomberg.com/news/2011-06-30...e-resolved.html
"Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving after reaching an agreement with Congress to raise the national debt limit, according to three people familiar with the matter."
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