New Book Predicted Mortgage, Credit Crises »
Posted By jovial 1 year, 7 months ago in Arts & EntertainmentThe credit crisis has inspired a new version of the old question: What did you know and when did you know it?
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jovial
Grew up In Brooklyn. Joined the Navy in 1976 stayed in 10 years. Aircraft Electronics tech. Worked for Major Govt. contractor then settled in California ...
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GHOSTWHOWALKS1 year, 7 months ago
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Tell ya what Jovial, lets just kick the Fed and it's ridiculousness policies out in the street and then we won't have to worry about what these numb nuts are stealing and how much. BTW. There have many books that have been written about the things that are happening now. Morris, while very good, is just jumping on the bandwagon started by others.
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OnionHeadComment removed: Retracted by user
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ETproductions1 year, 7 months ago
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cowboygrandpa1 year, 7 months ago
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ETproductions:
"Are all MBAs brain dead?"
No just mostly greedy and full of themseves. LOL
I took accounting and was employed as a full charge bookkeeper for a while. Had to get out of it. Bored me to tears.
I saw this comming back in 2004 and was telling people. But you know greed is like a fever. It can leave one delirious.
It's not only the ARM's it's also a case of real value being over estimated in relation to affordability. In other words if you can't afford it but think that the price and value will continue to increase. Well you play the rob Peter to pay Paul game until you have enough equity to pay both. LOL
People never fail to amaze me. They don't make enough to afford it yet buy it on hope and a prayer.
And businesses will do anything to show their profit now. That bonus the executives receive makes them happy.
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Spadecaller1 year, 7 months ago
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When Ronald Reagan was in office they had a (grand old) party on us -- using taxpayers money. So why was everyone so surprised when "Black Monday" hit?
Well since Bush was in office, the rich had another big bash using taxpayer's money. And, now they want to use taxpayers money to bail them out of the mess that they created because of their selfish and tragic indulgences (Iraq War).
Will Americans ever smarten up?
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DoseASpinoza1 year, 7 months ago
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The war is to blame for plenty of the economic problems in the U.S. now, but not this one directly. If it was the root cause then other countries would not be suffering to the same degree.
The relationship is one of sleight-of-hand. The government and institutions used this as a distraction. As long as Americans felt flush, the weren't complaining about Bush's war.
What's even worse is that now that people are in trouble, the politicos and moguls are using *that* as the distraction to keep people from opposing the war.
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flyonthewallzz1 year, 7 months ago
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I have posted this before:
If this is old hat info sorry.
"The Garn-St Germain Depository Institutions Act of 1982 was a United States federal law enacted in 1982 that deregulated the Savings and Loan industry. This Act turned out to be one of many contributing factors that lead to the Savings and Loan crisis of the late 1980s"
"TITLE VIII, ALTERNATIVE MORTGAGE TRANSACTIONS, allowed Adjustable rate mortgages"
http://en.wikipedia.org/wiki/Garn_-_St_Germain_...
When I was reading about this I also read that the tax reform act that followed made it profiable and no-taxable to bundle and "securities" (spelling?) mortgages.
Moral Hazard::
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DoseASpinoza1 year, 7 months ago
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The funny thing is, this happened before in Orange County, Calif. -- one of the epicenters of the bubble -- when it went bankrupt in the '90s.
A gadfly named John Moorlach kept going to the County Board of Supervisors telling them that their derivative investments amounted to a ponzi scheme that was bound to collapse, and nobody listened. The county went bankrupt and when it did, he got elected treasurer.
People are stupid and will ignore all the long-term warning signs if it means they can have immediate comfort. They are paying for it now. I'm glad I didn't fall for it and have no sympathy for people who did.
No bailouts! Greed got you into this situation, learn your lesson and get yourself out. Bailouts on the backs of taxpayers send the wrong message -- that you can get away with being greedy and stupid if you wait long enough. Those of us who made the decision to live within our means should not have to pay for the ones who treated housing like an ATM.
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