crwnedblasphemy
Well-known member
Sorry to get political, but I've had enough of all the lies!
T
trey85stang
Well-known member
dont worry, more lies to come at 10.
Marshall Law
Well-known member
I agree, welfare for wall street, let the cards fall where they may, it's all bullshit, follow the sheep,
the treasure secretary is the old CEO of gold man sacks, who is calling for this bail out, you want a bail out? fuck it, take that 700 billion and start a new bank, not the same people who fucked us in the first place, Ps don't blame Bush or the republicans, this actually started with Clinton and the socialist cronies, loaning everybody and their grandmother including illegal aliens a chance to borrow money, with very lax standards, you can't expect it to last forever, basically this was a MARGIN call.
the treasure secretary is the old CEO of gold man sacks, who is calling for this bail out, you want a bail out? fuck it, take that 700 billion and start a new bank, not the same people who fucked us in the first place, Ps don't blame Bush or the republicans, this actually started with Clinton and the socialist cronies, loaning everybody and their grandmother including illegal aliens a chance to borrow money, with very lax standards, you can't expect it to last forever, basically this was a MARGIN call.
EvilBatman
New member
And you gotta just love this part of the legislation...
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
United States of America
July 4, 1776-September 2008
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
United States of America
July 4, 1776-September 2008
Audioholic
New member
Unfortunetally wall street and the mortgage peeps really screwed things up man. I think it might be beyond bailing out these companies alone, but it reached a point to where the greed, poor decisions and downfall will effect us as a whole, rather then them. I have heard some very good explanations about how this might actually work and help, and I also have reserves as well, but its a desperate time man.
I truly hope things will work out!!!!
I truly hope things will work out!!!!
crwnedblasphemy
Well-known member
Don't take my rant as a Bush bashing....Not that I remotely respect that prick, but this shit started when ol woody wilson sold this country to the federal reserve. Now they want to buy up all the credit so we are worse off than communist china. No thanks. I wrote my senator saying I support none of it.
PS....how can in mere days they(congress) throw together a $700 billion dollar bill, and it took weeks to get any fucking aid to Hurricane Katrina victims....I think we all know the answer why!!! This shit has to stop for good.
I pretty much agree with this...
http://www.lewrockwell.com/paul/paul479.html
PS....how can in mere days they(congress) throw together a $700 billion dollar bill, and it took weeks to get any fucking aid to Hurricane Katrina victims....I think we all know the answer why!!! This shit has to stop for good.
I pretty much agree with this...
http://www.lewrockwell.com/paul/paul479.html
Audioholic
New member
I don't even pretend to know all aspects of what, why and how this will all go down, and hopefully much smarter people then I have thier head at least somewhat straight in making these major desicions. I think its a pretty complex issue, that there are probally truth on all sides of the coin.
timbo
New member
As much as I hate government in my life, I think no private entity should have control over:
*Communications
*Energy
*Finance
*Security
IMO, if the government ran the oil and gas industry gasoline would be $1.50 per gallon now.
*Communications
*Energy
*Finance
*Security
IMO, if the government ran the oil and gas industry gasoline would be $1.50 per gallon now.
thiswaythatway
Well-known member
timbo":25gjhu68 said:
You can always move to Cuba or North Korea. Please keep the government far far away from communications. The FCC is bad enough.
D
defpearlpilot
New member
Marshall Law":1kqkcrmc said:I agree, welfare for wall street, let the cards fall where they may, it's all bullshit, follow the sheep,
the treasure secretary is the old CEO of gold man sacks, who is calling for this bail out, you want a bail out? fuck it, take that 700 billion and start a new bank, not the same people who fucked us in the first place, Ps don't blame Bush or the republicans, this actually started with Clinton and the socialist cronies, loaning everybody and their grandmother including illegal aliens a chance to borrow money, with very lax standards, you can't expect it to last forever, basically this was a MARGIN call.
Bullshit!
The only part of this post that you have right is about Paulson's ties to Goldman.
D
defpearlpilot
New member
timbo":1o1jvsou said:
They should definitely have control over our currency. The *main* cause of all this bullshit is the Federal Reserve which is a private entity.
http://library.hsh.com/?row_id=88
Just look at this graph. When did all this shit really get noticed? August 2007.
mrhiwatt
Member
be carefull who you put blame on.
http://www.bloomberg.com/apps/news?pid= ... KSoiNbnQY0
Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president's warnings:
** 2001
April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
** 2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
** 2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
** 2004
February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
** 2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)
** 2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)
** 2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)
"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
In 2005-- Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.
More... Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson.
UPDATE: The media is not reporting that the failed financial institutions are big Obama donors.
http://www.bloomberg.com/apps/news?pid= ... KSoiNbnQY0
Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president's warnings:
** 2001
April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
** 2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
** 2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
** 2004
February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
** 2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)
** 2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)
** 2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)
"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
In 2005-- Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.
More... Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson.
UPDATE: The media is not reporting that the failed financial institutions are big Obama donors.
FUZZboat
New member
psychodave":jzit9egm said:While I hate the bail out, it is needed. We cant place all of the blame on wall street and CEO... It basically started with people who bought houses and obtained mortgages they could not afford...
why couldn't they afford the mortgages ???
maybe housing prices are over-inflated and all the manufacturing jobs are going overseas
AmpliFIRE
Well-known member
psychodave":1phs2ncv said:While I hate the bail out, it is needed. We cant place all of the blame on wall street and CEO... It basically started with people who bought houses and obtained mortgages they could not afford...
Agreed...but the banks knew what was at stake and still approved countless loans they knew would most likely fail. This mess wouldn't exist today if the banks didn't loosen up their underwriting and approve countless questionable loans.
guitarslinger
New member
We need to bring back debtor's prison so there are some accountabilibuddies for all these dickheads who default on loans. 
FUZZboat
New member
I'm sick and tired of all these sleazy lying politicians trying to reassure us "blue collar-hardworking" citizens that everything is fine and theres no need to pull your $$$ out of the bank.
90% of my savings is out of the bank at 5pm today !!
October 29 is right around the corner (I remember someone saying once something about "history" & "repeating" )
90% of my savings is out of the bank at 5pm today !!
October 29 is right around the corner (I remember someone saying once something about "history" & "repeating" )
mysticaxe
New member
FUZZboat":ljnreloj said:psychodave":ljnreloj said:While I hate the bail out, it is needed. We cant place all of the blame on wall street and CEO... It basically started with people who bought houses and obtained mortgages they could not afford...
why couldn't they afford the mortgages ???
maybe housing prices are over-inflated and all the manufacturing jobs are going overseas
It's a cycle. When money becomes cheap/free, then it drives up the number of people in the housing market. Because inventory is essentially fixed over short terms, this causes prices to jump up and supports construction booms.
The blame game cuts both ways - banks lending anyone money with a signed IOU, and people borrowing WAY more than they could afford. There were stories in the Boston area of people making $25K/year getting approved for $600K mortgages. I don't understand how that could possibly work, or how Joe on the night shift at Wendy's could expect to afford a 4 bedroom house on his "slightly above minimum wage" job.
C
cliffc8488
Active member
Dems, Republicans, they're more alike than they are different now. They're all in the pocket of big business. Every senator is a millionaire many times over. Do you think they really understand or represent the majority of us?
My problem with this whole bailout is I just don't trust them. We've been lied to constantly for the past eight years. There's no credibility. WMD's, Iraq, deregulation, etc. Lies and more lies. I want to believe they are doing this for the good of the country but my gut tells me this is for the good of a very small, very wealthy, select group.
My problem with this whole bailout is I just don't trust them. We've been lied to constantly for the past eight years. There's no credibility. WMD's, Iraq, deregulation, etc. Lies and more lies. I want to believe they are doing this for the good of the country but my gut tells me this is for the good of a very small, very wealthy, select group.
degenaro
Well-known member
25k/yr. is slightly above minimum wage?mysticaxe":1s3xrmqc said:FUZZboat":1s3xrmqc said:psychodave":1s3xrmqc said:While I hate the bail out, it is needed. We cant place all of the blame on wall street and CEO... It basically started with people who bought houses and obtained mortgages they could not afford...
why couldn't they afford the mortgages ???
maybe housing prices are over-inflated and all the manufacturing jobs are going overseas
It's a cycle. When money becomes cheap/free, then it drives up the number of people in the housing market. Because inventory is essentially fixed over short terms, this causes prices to jump up and supports construction booms.
The blame game cuts both ways - banks lending anyone money with a signed IOU, and people borrowing WAY more than they could afford. There were stories in the Boston area of people making $25K/year getting approved for $600K mortgages. I don't understand how that could possibly work, or how Joe on the night shift at Wendy's could expect to afford a 4 bedroom house on his "slightly above minimum wage" job.
As for the bail-out let the fucking market sort it out.
I just lost on 100+ shares of WAMU since the FDIC seized them and sold them to JP Morgan. And to make matters worse my wife works at WAMU corporate.
timbo
New member
There is a big reason why for so many years banks gave out money to people who they knew damn good and well they couldn't pay it back............and that's because at the top 1/3rd of the pyramid there was alot of smart, fat tie wearin crackers that we're getting rich overnight!!!! These people ought to be shot or at the least thrown in jail! (yeah like that'll happen!) And, the people takin out loans that knew damn good and well they couldn't afford oughta be spendin the night out on the fuggin street. I'm sick and tired of people livin high off of my hard workin dime!
Hell, all we can do is bitch. I'll bet the Muslims are reveling in our fall.
Hell, all we can do is bitch. I'll bet the Muslims are reveling in our fall.