I really find it hard to truly "blame" the borrower. Some of course, but the lion's share belongs to the banks.

The question REALLY is, how many people literally and knowingly lied about income? How many people had the lie made for them (VERY common for the broker to lie to make the sale)? How much pressure was there from banks to brokers to make the sale, any sale so they could sell the mortgage up into the securities market?

I also find it hard to believe that a large number of people would knowingly lie about income to get something that they could not afford just so they could go bankrupt (the exception are the flippers - tons of lies I'm sure).

The buck starts and stops with the banks. They created the insane mortgages to get the "asses in the seats" KNOWING full well they could pass the risk up. Banks have made mortgages for a billion years and then all of a sudden everyone lied and bamboozled them? All of a sudden everyone is wealthier and earning more than anybody thought even though there are strong statistics that wages, on a whole, have decreased?

And by the way, THESE home borrowers have a lot to answer for? Yeah right. The banks are using the bailouts for their own bonuses RIGHT NOW! Bonus for what!?

puh-lease.

Posted by: Pastabatman at November 3, 2008 1:20 PM in response to The foundation of fraud.

sigh.

no shit dave. I just thought it was insane that october often shakes and moves.

Posted by: Pastabatman at October 24, 2008 9:49 AM in response to Oh no.. World markets collapse..

from wikipedia:

Three phrases - Black Thursday, Black Monday, and Black Tuesday - are used to describe this collapse of stock values. All three are appropriate, for the crash was not a one-day affair. The initial crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 28 and 29, 1929) that precipitated widespread panic

Black Thursday (October 24, 1929)....and 2008?

Posted by: Pastabatman at October 24, 2008 9:42 AM in response to Oh no.. World markets collapse..

daveinbedstuy

1st off, that was not what I was saying. I was saying: You may be the only one left on the planet that pretends to understand what in fact is unfolding in front of us. Not whether or not we are headed for a depression or recession.

2nd. There is no absolute definition of a "depression" anyway. So i guess we CAN in fact not agree there. But that's really besides the point.

My only point was that you seem to argue with The What for the very sake of the argument. You also seek him out on the forums to do just that. I believe you have no clue what is going to happen on a broad scale, because I think that nobody does.

Unless of course this an amazing moment in history where there is some condescending "internet tough guy" named dave that lives in a brownstone in bedstuy brooklyn who has all of the worlds economic answers.

I smell a movie deal when this is all over...

Posted by: Pastabatman at October 13, 2008 8:29 AM in response to I told you so...

daveinbedstuy

how can you say that a depression or a fall in the Bkln housing market has not occurred, when the DOW has dropped 40% in a year - much of it in the last month?

Why would you think that economic reaction to this would be instantaneous, and if not, then therefore NOT going to happen.

I have no clue if we're heading for a literal depression or if the bkln market will "bottom out" but at this point how could you honestly rule out ANYTHING!?

simply to be contrarian to The What?

you give off a vibe that "you've seen this before and no big deal". Well, you're the only one left to say that on the planet.

Posted by: Pastabatman at October 10, 2008 3:01 PM in response to I told you so...

7andfive

i second that. he sure gets a lot of "ignoring" volume.

I'm glad to see he's back.

Somebody here might have to change their moniker to cryinbedstuy pretty soon..

Posted by: Pastabatman at October 6, 2008 2:22 PM in response to Stocks decline worldwide!!! Global crash alert!!!

Inigo

Where does it go? Where are there not kids in NYC? Where? The docks? Are the people going to the this new location allowed to travel through Brooklyn Heights to get there? Or do they take the train to a non-kid area and then walk along the water front? Can they go near Ikea on the way? Is that allowed?

Can they be in Red hook? I've seen kids in Red Hook.

What is your plan? They go anywhere, just away from you?

Why can't St Anns go? Why not? It's downtown brooklyn by the courts.

Posted by: Pastabatman at September 27, 2008 4:22 PM in response to Escaped Parolee a Game-Changer for Saint Ann's Stance

in a family neighborhood? Most neighborhoods are. It's the type of family yeah?

it's called COURT street for a reason. Toughen up or move. Why can't st ann's move?

I will say, in St. Anne's defense, I grew up in the city and I do recall the St. Anne's kids being pretty doughy and soft private school snowflakes. I hope their eyeballs are ok if they saw his go down.

Posted by: Pastabatman at September 27, 2008 10:04 AM in response to Escaped Parolee a Game-Changer for Saint Ann's Stance

Keep posting What!!

Posted by: Pastabatman at September 26, 2008 2:47 PM in response to WAMU Ka-Boom!!!!!

wasder -

"Bayridge--second that. "What" a difference it makes!"

oh really? then why did you seek him out on the forums?

Posted by: Pastabatman at September 20, 2008 11:39 AM in response to Wall Street Reorg: Impact on Real Estate?

Who's to say that the bubs themselves won't change? Why only that people will flock to the cities hat ALREADY exist?

Don't discount technology so fast. What if entire industries move? Why do many industries NEED to be in NY?

I see the urbanization of the burbs as something to chew on.

Posted by: Pastabatman at August 8, 2008 12:53 PM in response to News Flash: Everyone Wants to Live in the City

High five for 7andfive!

Posted by: SnarkSlope at October 24, 2008 4:18 PM in response to Oh no.. World markets collapse..

mopar, cars, stocks, and RE--all fine examples of depreciating assets!

Posted by: denton at October 25, 2008 10:19 AM in response to Oh no.. World markets collapse..

Go back to your Irish Times denton!!!!! LOL

Posted by: daveinbedstuy at October 25, 2008 1:35 PM in response to Oh no.. World markets collapse..

Well, pastabatman, I am sure that there is plenty of blame to go around. I do think that these two things happened hand in hand. The banks made it easier to get loans and lowered there standards and then buyers decided to bite off more than they could chew.

Posted by: wasder at November 3, 2008 1:43 PM in response to The foundation of fraud.

Love the photo/analogy. The most powerful tool in business is deceipt. How's that bailout working out?

Posted by: DOW8000SP800 at November 3, 2008 2:10 PM in response to The foundation of fraud.

Look who the cat dragged in? Where have you been DOW?

Posted by: wasder at November 3, 2008 2:13 PM in response to The foundation of fraud.

San Fran Bay Area, wasder. Home prices are getting killed out their. 70% drops in the rural areas people are telling me. I'm loving every minute of it. Nothing but bad news during my absence though. Gun fire, foreclosure in prime Prospect Heights, sales falling off a cliff. 'hell's going on?

Posted by: DOW8000SP800 at November 3, 2008 2:23 PM in response to The foundation of fraud.

"Love the photo/analogy. The most powerful tool in business is deceipt. How's that bailout working out?"

Lookie here..

AIG bailout upsets Republican lawmakers

http://www.cnn.com/2008/POLITICS/09/17/aig.bailout.congress/index.html

"Once again the Fed has put the taxpayers on the hook for billions of dollars to bail out an institution that put greed ahead of responsibility and used their good name to take risky bets that did not pay off," said Sen. Jim Bunning, R-Kentucky, a member of the Senate Banking Committee."

Dow8000 (You need to make that Dow4000) You have witnessed the biggest rip off in American history! Almost 2 trillion dollars for the Mutant Asset Bubble and America will need to borrow the same amount next year.

"Furthermore, I am going to settle into this house and try to be a positive influence in my neighborhood,"

Look Wasder I don't give a fuck (yes fuck) about your situation. If you believe that crap your spewing then fine. Enjoy your house and stop trying to comment on everything I write.

The What

Someday this war is gonna end...

Posted by: Return of The What at November 3, 2008 2:28 PM in response to The foundation of fraud.

Welcome back. 70% drops in rural areas? Whoa. What do you attribute that level of drop to? And yes, some bad news here that we are debating all over this blog. It would be interesting to have a DOW and What discussion about the effects of the economic downturn on crime and how much that dampens your (DOW) enthusiasm for buying.

Posted by: wasder at November 3, 2008 2:30 PM in response to The foundation of fraud.

"Look Wasder I don't give a fuck (yes fuck) about your situation. If you believe that crap your spewing then fine. Enjoy your house and stop trying to comment on everything I write."

Dumbf**k--you will see that I started my participation in this thread by agreeing with the premise of what you wrote, not arguing with you. You are the one that made it confrontational. Whatever I am spewing is about how to live in times like these, and that includes being a responsible neighbor. I continually try to give you the benefit of the doubt that you are not as heinous as you try to front on here and believe that you must do something constructive in your neighborhood (our neighborhood I should say since we live so close together) but maybe you are just a pathetic shut in asshole. What are you?

Posted by: wasder at November 3, 2008 2:35 PM in response to The foundation of fraud.