Posted on 03/17/2008 1:48:03 AM PDT by bruinbirdman
It's about a lot of things that add up. You have to ask, what was the trigger here? Having lots of debt is not a bad thing *if* you can finance it. The question to ask is, why were people no longer able to finance their debt? It's a lot of different things which interact - some job losses here, some inflation there, some tax hikes someplace else, bad monetary and spending policies elsewhere, etc.
NO FED BAILOUT!!!
I agree and would add that homes are generally not income producing and in fact are often the opposite.
It was a joke. The world’s financial markets have nothing to do with illegal immigration, the second amendment or... schiavo.
Please. Spare us your sanctimonious sophistry.
The banks had no legitimate business lending these people money in the first place. Zero.
When I applied for my mortgage, the first thing they wanted was my legitimate Social Security Number. Another question was if I was a US citizen or here legally. None of these people met the first requirement much less the second. Lending to these people was like lending money to a criminal on the lamb who will run at the first sign of trouble. Yet the banks continued on their merry way to give these criminals whatever money they wanted.
The banks involved deserve to lose whatever money they gave these people. Additionally, their loan officers and managers should be sent to jail for either gross criminal negligence or aiding and abetting a fleeing criminal.
This has nothing to do with whether they "have a job" or not. Lots of criminals on the lamb have "legitimate" jobs. They are still criminals and miserably poor loan risks to boot.
The government is negligent, the banks are negligent, and We The People are negligent for electing such fools and allowing these shenanigans to go on in the first place.
Everybody in the know knew this was going on and anybody with half a brain knew it could not end well.
But the politicians were looking for some fast votes, the banks were looking for some fast money, and We The People were looking the other way so as not to offend anybody and be called a racist or nativist.
Illegal immigrants should not be here in the United States in the first place - much less taking out huge loans so they could rent out their overpriced homes by the bunk to other illegal aliens as flophouses to make the payments. Did anybody of sound mind really expect they would hang around when the music stopped.
We are all fools and will now reap what we sowed. We are all going to lose, big time, in this fiasco, except Juan (or whatever his name is but it is probably not the one on the mortgage application) who has absconded to who-knows-where!
der.. I feel dumb lol
Think,....CRA...Community Redevelopment Act behind some of this...I think....
Schumer and Dodd plan to do more meddling....they will welcome this opportunity....
It may be sanctimonious and it may be sophistry but it also has the advantage of being true. In a sense it doesn't matter whether or not the banks should have made better loans. The fact is that they didn't and people let their emotionalism cloud their long term better interests.
Oh.
But, aren't we talking about the U.S. economy on this thread?
Just what we need.
And then they’ll blame the whole damn financial meltdown fiasco on Bush.
F’n great.
The U.S. economy is dependent on the world financial markets at this point.
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