Don't look at me, I was 100% cash yesterday...
Posted on 09/15/2008 1:16:57 PM PDT by illiac
Bad day for Wall Street
(Excerpt) Read more at finance.google.com ...
WaMu downgraded to junk today by S&P.
It should have read trillions upon trillions of dollars of bad loans, my bad.
For one thing, too many people are not content with a simple and adequate home. Greed and mammonistic priorities got the better of folks. One anecdotal WAMU case had a couple getting a $500,000 home loan. Both worked at McDonalds.
For another, the greed of the lenders for loan commissions led them to grant these loans, not looking out for the best interests of either the borrower or the bank.
Ethics ought to trump everything - after all, if we always did what was right we would not need law for we'd be a law unto ourselves. They should, but alas do not, and Plato knew this when he wrote his famous Republic. Fallen human nature is what it is.
"Why sure Ms. Smith...Hehehhe just sign here"...
That all worked out real well didn't it?
We don’t need a new political system, we need to let these banks and investment houses FAIL!
Loaning money is a 2 way street, it is fiscally irresponsible to make a loan to someone you know can’t pay you back. ANd yet, the biggest marketed commodity in the united states today is DEBT.
The theives on wall street and the national banks thought they could continue to rob the american people blind to fund their excess, they threw all common sense out the window, and have basically screwed the pooch. ANd the ones most responsible for it won’t be the ones who suffer. They should be hauled off in cuffs and face a firing squad for their actions.. of course they won’t.
I’m still waiting for someone to explain to me how Countrywide’s CEO is not in jail for his blatant pump and dump to the tune of 1/2 a BILLION in options.
Unfettered capitalism breeds corruption, and its high damned time that all these “markets are god” types stop regurgitating that insanity and look at the mess that idiotic mantra has created.
Markets are not gods, Governments are not gods, anyone advocates blindly that either of them are, are complete an total fools and useful idiots for the folks who wis to take advantage of the people through one or the others power.
BS.. it was caused by GREED, not government program and its idiotic to try to claim that... makes nice talk radio pinhead rhetoric, but its absolute crap BS.
GREED, and greed alone, blaming dems for it is stupid.. If you want to blame the government blame both parties for failing to properly enforce and regulate the damned industries and allowing this sort of crap to happen.
Thanks - I think I understand - unwind means the slow process of getting rid of hard-to-sell (not liquid) assets. And, yes, isn't FR grand - some Freepers are so knowledgeable. This is best site for this type of info as well as military info.
Now, if they would only stop obsessing about the election, and contribute to the fin threads! On a day like this, the Freepers should all over the crisis.
No, your just baffled, and refuse to admit the lenders and bankers could have cared less if the poor slobs were even capable of paying the loan back.
That all worked out real slick huh?
The results of your position have littered the landscape with bankrupt lending institutions leaving the tax payers to foot the bill.
To hell with lending ethics and standards.
Clever!
You are just being argumentative and evasive now. I already CLEARLY STATED that greedy lenders had a big portion of blame.
The difference is, I know that ALL of the parties have some share of blame. You hold the greedy home buyers who wanted massive homes or wanted to be flippers and get rich, or lived in a hovel on a burger flipper salary and convinced themselves they could afford a McMansion, ABSOLUTELY HARMLESS.
Forget it. I am sorry that you were duped into buying a home and got foreclosed on. That is the only logical explanation why you are being so unreasonable in refusing any blame on the part of the buyer. You bought a home, got foreclosed on and are in denial. Or your baby sister did and all you can see is a big bad wolf Villian because you are too close and too emotional to this whole thing.
That is all that can explain your attitude.
And you flippantly pretend I did not already state that the lenders are much to blame for giving out loans that should never have been granted.
Fine.
Go on believing that innocent people had no clue there was any cost to moving from their 800 sq. ft. starter home to that 3,600 sq. ft. McMansion.
Go on believing that flippers didn’t exploit the soft money.
Go on believing that every couple that got a loan just had no clue they were signing fraudulent loan applications when the lender told them to write in a higher income than they knew they earned.
Fine. The buyers were innocent sainted little lambs.
Go ahead and steal a page from the liberal playbook — the buyers were just victims of the greedy old evil corporate Right Wing capitalists.
Now you are just making me furious. And you are being a 1st class royal asshole.
How many damn times do I have to say the Lenders were guilty of offering fraudulent loans? This is the 4th damn time I have posted that. You are being a royal ass. You know good damn well I’ve agreed with you over and over that the lenders were wrong to make those loans. I’ve stated they are partially to blame.
The difference is, ah, screw you. You are not worth talking to. A brick wall has more intellect.
Ya think?
Since *they* wrote up and *approved* the loans, I'd say they are 99 percent to blame.
Like I said, drunks have no say about going to jail when stopped. Just like those wanting loans that they could not afford...They had zero authority to authorize and approve their own loans. That was all done by Mr. Banker and Mr. Lender.
We now all see the results of Mr. Bankers lending standards and ethics.
You ought to eat a pill. Your going to blow a gasket slick. lol
No, your just baffled, and refuse to admit the lenders and bankers could have cared less if the poor slobs were even capable of paying the loan back.
I freely admit that lenders and bankers couldn't give a rats ass about anything but their huge fees and bonus. I freely admit that lenders and bankers couldn't give a damn if borrowers could pay back the loans, so long as it did not cost them any money on the backside. I COMPLETELY AGREE WITH YOU.
That all worked out real slick huh?
AS you well know, the effect of the fraudulent loans doled out by greedy lenders and bankers is a key component of the liquidty crisis and impending US financial collapse. I COMPLETELY AGREE WITH YOU.
The results of your position have littered the landscape with bankrupt lending institutions leaving the tax payers to foot the bill.
The results of my position as stated above would have lead to responsible banking, as I never supported the lenders and bankers who gave out fraudulent loans, nor the politicians who destroyed the regulations preventing this, or the ratings agencies who gave AAA rating to risky MBSs, etc. etc. on and on. I COMPLETELY AGREE WITH YOU.
To hell with lending ethics and standards.
That is what got us into this mess. I COMPLETELY AGREE WITH YOU.
I cannot possibly make the above any more crystal clear. Now just once, I want you to admit unequivocally that the borrowers had SOME responsibility for their part in taking out loans on homes they could not afford. =
Impossible. The slobs wanting the loans they could not afford had ZERO authority to approve their own loans.
That authority was in the hands of the professionals in the lending industry.
Very simple.
This is just the dark side of the “free market.”
I agree - go cash and be ready for the oncoming rally.
While standing in line at the deli counter the other day, I overheard a couple of young ladies discussing finances. One commented about how her boyfriend drove around in a new truck for a year without making a payment until it got repossessed. The other was complaining about no longer being able to kite checks.
My thought at the time is that we are in for some rocky times..
Don't look at me, I was 100% cash yesterday...
How is our economy destroyed by selling stock at $60 and buying it back at 50 cents?
You always said someone was going to suffer
Ah here's the problem; you must be confusing me with some other freeper because I've never been very much into this "suffer" thing like so many others are. Right now the sun's shining on a beautiful new day and everything's better than ever.
OK, we always hear lots of people yelling about how the price of something is way down --last night's crisis was low stock prices. That may be bad for stock sellers like the Chicoms, but this is very good news for the stock buyers like the Americans. These days we also got oil selling at over a third below the going price of a few weeks ago. Bad for Chavez and good for me. Freedom. Works every time it's tried.
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