Broke-- The New American Dream
- Thread starter marketsurfer
- Start date
Just being honest. On the flipside, I do correct your haters when they are wrong.
Whoever is dumb enough to buy Wall Street crap. Pension funds, mutual funds, government entities all across the world. Come on now, it was AAA rated, lol.
Much of the worthless paper stayed on the books of the IBs. Do you recall the whole L3 assets debacle that started emerging in 2007 and began the crisis?
I really wonder why so many people insist on staying so gullible. It's the same old trick that is done by the banksters, over and over. You can credit Micheal Milken of being the original mastermind behind taking crap and re-packaging it into something that looks like it's worth anything. Even if it is still crap. However, this time, it's done to an exponential level.
Then why did you exclude the Republicans from your critical observation?
It's one thing to have a well-intentioned, if perhaps ill-conceived, idea. It's quite another to feed it steroids, as the Republicans are apt to do. Here's a different one-sided view:
http://xeniagazette.1upmonitor.com/...SubSectionID=452&ArticleID=161044&TM=77851.52
Lots of people share in the responsibility of the complications. However, the author conveniently left out the pilot program of Affirmative Action Lending... where the DemoCraps initiated the program where "minoritories who othewise would not qualify for loans will be granted loans..."
The income qualifications/verifications, down payment, PMI in lieu of down payment were all waived... and high risk loans were made to poorly qualified minorities.... the banks were virtually forced to make such loans, and FNM took those loans off of the bank's hands.. then packaged and sold them to stupid investors.
It ALL began with the DemoCraps legislating that minorities were to be given loans they otherwised could not qualify for.
That's all I said... that this poorly conceived, politically motivated and racially biased legislation was the beginning of this mess.
Fair enough. Perhaps the "racial bias" was intended as a means of reversing the racial bias that may have preceded it. I don't know, as I'm not too familiar with it. However, it would appear that the Reps took this still potential mess in its infancy and gave it legs. Big, powerful, muscular legs.
Lots of people did. The Dems VEHEMENTLY fought against any efforts to regulate or reign-in the practice... in spite of recognition that the Gummint would be required to bail them out unless "things went perfectly"... which they did not. The RepubliClowns eventually jumped onboard with a "if you can't whip 'em, join 'em" resolve. And everybody took advantage of the situation to make it as greedy as possible for themselves.
you mean republicans likE soros and sac?
You guys are a trip!
You guys are a trip!
All said might be construed as racist (but true)! But this is not 2009 yet, so white people can still speak the truth without fear of imprisonment. After January 20 though, beware of the thought police. They will be working with the Urban Affairs department.
Trend Following
Sponsor
Slight change in subject...My film is done. We are left with some mastering aspects, but I do have the opportunity to add few seconds here and there of "stock" footage like what the guy posted in this thread with '<a href="http://www.youtube.com/watch?v=hn5EP9StlVA">Lending Tree</a>' (which was great). If anyone on here knows of a Wall Street related commercial on YouTube, something where brokers and mutual funds tried to make themselves look good or made outrageous promises (circa 04-07), please post the link. I won't promise much, but if it is a good clip that gets used I will definitely give film credit to you for "consulting".