What killed the banks

CardsFan wrote:
> "WayneC" wrote in message
>
>> http://scotlandonsunday.scotsman.com/comment/Gerald-Warner-Capitalism-...n39t-ki
>
> Another view: http://www.newsweek.com/id/169160
>
> and this from the same writer: http://www.newsweek.com/id/162789
>
> Pick your explanation. I know which I find to be credible.
>
> AJM
> '93 40th Anniversary coupe, 6 sp (both tops)
>
>
I posted to this newsgroup by mistake, sorry.

I would agree that there are probably mortgage companies that were
prudent in the sub-prime market,
but the politicians pushed for high percentages of sub-prime loans and
the sharks expanded into NINJA
(no job, no income) and illegal alien loans, with Fannie Mae and Freddie
Mac acting as politician-designated
dumping grounds for those bad loans, which they in turn bundled into
very risky investments that were not
identified as such when sold on Wall Street. Without government
injecting itself into the mortgage business,
there would have been no motivation to make risky loans at low rates,
and no banks would have made them.
But when you can make 'em, bundle 'em and palm 'em off as
government-backed investments, why not???
No one is against giving mortgages to first-time or low-income
borrowers, so long as there's a reasonable
chance they'd be able and willing to pay them back. Allowing zero-down
and teaser rates that would
explode within a few years (to people with little or no chance of
increasing their income) was either sheer
lunacy or downright crooked. Anybody would be willing to buy a house if
it's cheaper than renting and nicer
than public housing (who could say no?); the problem is, they won't
stick around when the monthly payment
exceeds rent and they realize they have no equity in their house because
it's worth less than what they paid for it.
I can't feel sorry for those sub-prime home buyers... aside from having
to move on, what exactly did they lose?

There's plenty of blame to go around.

I'm definitely not one of those responsible, I don't even have a
mortgage, I made all my payments, I'm retired,
and I never purchased any bundled mortgage investments on Wall Street,
so far as I know...
but people like me turn out to be the biggest losers... the people who
caused it all either had a gold-plated
government retirement guarantee, nothing to lose, or they absconded with
their ill-gotten gains.

Now, where do I go to recover the half of my life savings that
disappeared when the bottom fell out
of the stock market because of those demagogues, cowards, thieves, and
fools???
 >> Stay informed about: What killed the banks 

"WayneC" wrote in message

Snip
> I'm definitely not one of those responsible, I don't even have a
> mortgage, I made all my payments, I'm retired,
> and I never purchased any bundled mortgage investments on Wall
> Street, so far as I know...
> but people like me turn out to be the biggest losers... the people
> who caused it all either had a gold-plated
> government retirement guarantee, nothing to lose, or they absconded
> with their ill-gotten gains.
>
> Now, where do I go to recover the half of my life savings that
> disappeared when the bottom fell out
> of the stock market because of those demagogues, cowards, thieves,
> and fools???

PLUS you are now going to be taxed to pay for those people to stay in
their foreclosed home. Of course you will be justly rewarded by lesser
benefits now that you "Entitlements" are more than those babies want
to pay.

Geriatrics are the present money pool, watch the ads and how many new
drug stores are out there now.

What ever, don't pucker and it won't hurt that much........
 >> Stay informed about: What killed the banks 

"Dad" wrote in message

>
> "WayneC" wrote in message
>
> Snip
>> I'm definitely not one of those responsible, I don't even have a
>> mortgage, I made all my payments, I'm retired,
>> and I never purchased any bundled mortgage investments on Wall Street, so
>> far as I know...
>> but people like me turn out to be the biggest losers... the people who
>> caused it all either had a gold-plated
>> government retirement guarantee, nothing to lose, or they absconded with
>> their ill-gotten gains.
>>
>> Now, where do I go to recover the half of my life savings that
>> disappeared when the bottom fell out
>> of the stock market because of those demagogues, cowards, thieves, and
>> fools???
>
> PLUS you are now going to be taxed to pay for those people to stay in
> their foreclosed home. Of course you will be justly rewarded by lesser
> benefits now thaI at you "Entitlements" are more than those babies want to
> pay.

At 67 I am still working, but with the almost certain tax increases next
year or so, I am starting to wonder if my income and my wife's together with
my USAF retirement will put us in the Obama "rich" bracket -- which I last
understood was $120k if you believe what was said during the campaign.

>
> Geriatrics are the present money pool, watch the ads and how many new drug
> stores are out there now.
>
> What ever, don't pucker and it won't hurt that much........
 >> Stay informed about: What killed the banks 

tww1491 wrote:
<snip>
>
> At 67 I am still working, but with the almost certain tax increases next
> year or so, I am starting to wonder if my income and my wife's together with
> my USAF retirement will put us in the Obama "rich" bracket -- which I last
> understood was $120k if you believe what was said during the campaign.

I thought it was 200k, maybe not.
 >> Stay informed about: What killed the banks 

> At 67 I am still working, but with the almost certain tax increases next
> year or so, I am starting to wonder if my income and my wife's together with
> my USAF retirement will put us in the Obama "rich" bracket -- which I last
> understood was $120k if you believe what was said during the campaign.
>
I think there were several figures bantered about...
Obama said $250k per couple
Biden said $200k, then $180k, then either he or someone else in their
campaign said the number was $150k

I don't know the tax codes that well, but I think the $120k number was
if you were filing separately
rather than jointly.

Who knows?!!!! Small potatoes compared to the losses in your IRA/401K
accounts.
I know I won't be buying any Corvettes (or buying services for my C1
restoration project)... shoulda bought
a new Vette last year, and a Ferrari too, for that matter, 'cause the
money's gone now. Who knew?
Yes there's gonna be a recession; just as an example, I'd have a guy
replacing my deteriorating decks,
and another guy working on a retaining wall right now... TODAY... were
it not for the crash... that's
$50k+ that I won't be putting into the economy this year (maybe never),
and doesn't even
include the drapes, furniture, and newer (used) car I'd hoped to get soon.
If there's a bright side, it's also taxes I won't be paying for taking
money out of the 401k.

BTW, have you seen this scheme:

http://www.carolinajournal.com/exclusives/dems-target-private-retireme...account
 >> Stay informed about: What killed the banks 

On Sun, 23 Nov 2008 10:03:36 -0800, WayneC
wrote:

>http://scotlandonsunday.scotsman.com/comment/Gerald-Warner-Capitalism-didn39t-kill.4722357.jp


Greed.
 >> Stay informed about: What killed the banks