there are FReepers here too applauding cleaning house and tightening credit
this housing boom, bubble bust is sure far reaching
beware of bundles
These people are among Obama’s most ardent supporters. With every keystroke they demonstrate the disaster that would be an Obama presidency.
::::::::::::::
Yes, feel the love FOR AMERICA!!! Communist Bastards.
As an American and an investor, I not only abhor these communist remarks, I believe that if these weasels prevail there will be a gigantic revolution!
I’m surprised to hear they are celebrating the demise of Lehman Brothers. Lehman Brothers were big financial supporters of Obama.
Will O-dummy be returning all the donations from Lehmann?
It is kind of hard to feel for companies (not saying Lehman is) that give loans to people with very bad credit, make risky investment, and do other very foolish things. The government needs to let these companies fail or get absorbed instead of bailing them out and making the problem worse.
“poor little capitalists ...don’t they understand that money, not people, matters?”
But the money is used to buy capital, which produces things more efficiently, which allows poorer people to afford more and more...Aw, what’s the point explaining it? They don’t listen.
The really sad thing is, like every other major job loss in America; those ultimately responsible for the crushing losses are still employed, getting full benefits and cashing in on bonus’s and stock options.
Congress is ultimately responsible for the horrendous loan programs that were forced down the throats of Fannie Mae, Freddie Mac, and most every bank that is going through bankruptcy today. When Congress mandated that the rate of minorities owning homes is a racial factor, not a cultural, educational or fiscal responsibility issue, the banks were given a choice. Either the banks develop ‘programs’ for high risk, unqualified and financially irresponsible people with low credit scores to not only buy homes; but buy homes at an income:value ratio that few others qualify for - or Congress would impose sanctions against these banks.
So, against common sense, against every principle established by years of loan servicing - homes were sold to fiscally irresponsible people, and loans were developed that were simply insane for those people who did have a decent credit score.
Consider, one major bank in California that went bankrupt about a month ago has the claim that no income verification was required to qualify for a home loan. What?!?!??
Another had a perpetual loan where a person with a $100,000 income could buy a multi-million dollar home; and pay just $1,000/month on the loan. The balance of his mortgage payment would simply add to the principle on that loan. The idea is that the home would appreciate faster than the 10% interest rate. When the real estate market collapsed, people who earned only 100,000/yr living in a $4.5 Million dollar home found that their home was worth only $1.75 Million; and declared bankruptcy.
And we, the taxpayer get to eat the bill; because Congress acted irresponsibly AGAIN.
I wonder if they know that those Lehman employees gave almost half a million dollars to Obama.
They are attacking their own base of support.
The only thing Ive got to say to any DUer or Freeper who thinks it funny that people are losing their jobs. You’re an @$$hole and an idiot. 95% or more of those losing jobs are regular people who dont make huge salaries and get huge bonuses. They have mouths to feed and bills to pay just like any other average American. So while your getting a good chuckle I hope you choke on it.
Lehman employees gave 3 times the money to Obama as to McCain. F-em.
I want the Fannie and Freddie employees out on the street too. Let them sell pencils.
The wife of Obama’s buddy Ayers, Bernardine Dohrn....
http://internet-deutschland.eu/video_Dba7_D3m1UU_tag_dohrn.html
http://www.csmonitor.com/2008/0722/p01s04-uspo.html
A housing rescue nears – but for whom?
Minority neighborhoods would especially benefit from a $3.9 billion aid package.
By Gail Russell Chaddock | Staff writer of The Christian Science Monitor
from the July 22, 2008 edition
These people need to be re-educated.
Are they serious?
This is the fault of irresponsible humans at war against market forces. If any ‘ism is at fault it's socialism. If a truly free market reigned all these suicidal loans would have never been approved of in the first place. Too many people in the business would have "If I give this person a loan my butt might get fired" or "Our shareholders will get pissed" in the back of their minds. Now if those do gooders in DC said "We will work with/for you etc." well...
Banks with the backing of a CENTRAL GOVERNMENT (That never forces businesses to do their bidding /s) tried the ‘pie in the sky’, ‘everyone deserves to live beyond their means’, ‘let us get our poor people loan’ and it was good for awhile. If these idiots think this represents capitalism they must of slept through their economic classes.
If anything capitalism should be the correcting mechanism that will get us out of this position and most importantly TEACH the lesson. But in the end the mechanism that brought this debacle on will be the idiot teacher, government will save us all, Yeahhhhh Hawwwwww!!!!
Former Lehman Brothers Employees Celebrate 0bama Supporters Losing Their Jobs
Former Lehman Emoloyees Celebrate 0bama Campaigners Losing Their Jobs