Quote of the Day
You have the effects of the MAB [Mutant Asset Bubble] implosion wrong. The MAB has hurt poor people greatly. If you go to subprime areas, you see that it is poor, working class people who were swindled by subprime brokers and are now losing their credit scores, their houses, and in many cases down payments…
You have the effects of the MAB [Mutant Asset Bubble] implosion wrong. The MAB has hurt poor people greatly. If you go to subprime areas, you see that it is poor, working class people who were swindled by subprime brokers and are now losing their credit scores, their houses, and in many cases down payments and closing costs. This is very serious. In addition, all the empty, boarded up houses just encourage crime and destroy the property values of their neighbors’ houses. In sum, poor people were screwed on the way up and they’re being screwed on the way down. The rich are not going to suffer as much.
— by mopar in Last Week’s Biggest Sales
I just saw this:
http://www.cnn.com/2009/US/02/18/map.states.foreclosures/index.html
Interesting look at the foreclosures by state. Only 4,861 in the entire sate of NY.
The majority of foreclosures have been in California and Florida.
A few states have have given the rest of us a bad name…
Well put, mcKenzie. And isn’t it interesting that people were taken in by Madoff?
the rich were screwed by the likes of Bernie Madoff, the poor are being screwed by the mortgage implosion. Most rich people don’t even notice the bump in the road. They have extra good suspension.
The definition of being rich is that while others flail and die off by the side of the road, you sail by dressed in white and sipping French mineral water with a twist of lime.
What- I guess you really don’t understand english. I gave you the courtesy of an explanation, not to pass some infantile test of yours. I envision you just hugging yourself with glee, and wiggling in your chair with delight at your own wit, such as it is. I have no idea why I waste my time on someone so incapable of the simplest civil human interaction. I guess you amuse me.
Given your limited understanding of these things I can see where you would continue to behave like an immature class clown and of course your childish behavior is simply a way of demanding my attention- there, I given you 5 seconds of serious consideration.
Sweetie- you’re getting tiresome. When you have a legitimate point to make, please do. Until then, remember- the dates were 1929-1933, straight and strait are 2 entirely different words, and yes- that Holocaust. I realize with your limited capabilities and knowledge of history you may not understand the full implications and effects of it, so I suggest you read Holocaust for Dummies. It’ll be clear, concise and simple enough even for you.
“Forget about who “was more than happy to facilitate” the crime of overborrowing (banks, brokers). The crime was committed by the BORROWERS…I will probably lose my financial job this year because a bunch of flunkies had to have the awesome kitchens that their friends had.”
I’m sorry you’re worried about your job, but I just don’t believe your conspiracy theory that poor people figured out how to trick Wall Street into giving them billions in loans they couldn’t pay off, and thereby brought down the financial system.
The fault lies with the professional financiers whose entire job was deciding who to give loans to and who not to give loans to, and who chose to give loans to people they knew couldn’t pay them off. There’s a big share of fault also to the geniuses who bought these loans because they thought they’d figured out a way to make money even if the creditor defaulted. And the insane masters of the universe who allowed ridiculous leverage and ignored every warning sign that this was insane.
All these guys, frankly, knew full well that a LOT of the little fish wouldn’t be able to pay off these loans, but gave them the loan anyway. Because, hey, there’s money to be made in loan origination, selling bundled securities, etc. And, did we mention, these GENIUSES have figured out a way to make money even if the people borrowing money default?
Seriously, it’s kind of crazy to blame unsophisticated people who took free money on what they were told were incredible terms. It makes a LOT more sense to blame the so-called financial geniuses who gave them free money on false pretenses, and thought they’d be able to make a fortune doing it.
Whuh –
I’m not a member of team bull — I believe property values in Brooklyn will continue to drop well into 2009 and probably 2010 — and I still think it’s ridiculous to celebrate an economic meltdown the way What and others are doing.
“What, in the interest of storytelling I expanded the things that haunted my mother in her life. I certainly know when the Great Depression was- she feared a repeat of that all her life, as did my dad. A repeat of the Holocaust was her second great fear. It was mentioned in the context of how certain iconic events effect even the children who never went through them.”
BBBBBIIIIIZZZZZZ Wrong answer!
Please Don Pardo repeat the question for our contestant.
Bxgrl can you please set this story strait. The Great Depression happen in the US 1229-1933 and the “Holocaust” (There was many so I guess you mean the one that happen in Europe).
The What
Someday this fallacy is gonna end…
What, in the interest of storytelling I expanded the things that haunted my mother in her life. I certainly know when the Great Depression was- she feared a repeat of that all her life, as did my dad. A repeat of the Holocaust was her second great fear. It was mentioned in the context of how certain iconic events effect even the children who never went through them.
joe- when it comes to coats and the ability to look in the mirror- yeah, you’re right.You’re to blame:-) But that’s a little simplistic when it comes to extremely complicated subjects like finances and housebuying.
YOu go to a cardiologist because you have a heart problem- if you’re smart, you’ll educate yourself as much as possible and ask a lot of questions but ultimately you have to cede to the doctor’s years of specialized education, experience and reputation. And if something goes wrong, the doctor is the one who is responsible because he put himself in the position of saying, I know more than you about your heart.
Everyone should be a homeowner was one of Bush’s pet policies. It’s a mark of financial responsibility. It’s “wealth.” You really care for your family- whereas renters were looked at askance. (we saw it here on b’stoner- many times).
I’m not trying to make excuses for those who went overboard or didn’t do the research- but as mopar said, many of these people were targeted.
benson- I’ll forgive your love of Ronald Reagan if you can admit that trickledown economics was the world’s dumbest concept- and I think that’s been overwhelmingly proven. The Republican Party is not about making good policy, or pragmatism or caring for the taxpayers- its all about clinging to an ideology and caring for taxpayer money. Not only did the ideology crash and burn in the last election, but the irony of the GOP claiming to be the party of fiscal responsibility after the debacle of the last 8 years is really quite funny. The GOP has become a party of a lifestyle- ultra conservative, rigid and dogmatic. I will never understand the adoration of Ronald Reagan- his biggest crime (or heroic feat depending on your viewpoint) was to make the GOP a social/moral cultural brand, not a political or governing entity. (ok benson- I’m ready for ya! 🙂