The "whisper in my baby grand daughter's ear--I am sorry!

[oreo]

Don't any of you folkjs find it rather odd that the vast majority of those stupid people who overbought their homes did so in only 35 counties in the USA?

Doesn't that give you some kind of clue that your theory is somewhat flawed?

No?

Okay, carry on then.

Sooner or later, I cannot help but think that that metric is going to start tell you something about your pet theory that this whole thing was JUST caused by stupid consumers.

I'm a patient man. I can wait for you guys to catch up.

I would love to see a link on that comment: I live in a very moderate to conservative state--& this type of gimme the money--so I can buy a home that I cannot afford--is rapant through-out my state. Country Wide mortgage, as far as I know, is in about every state in the union.

In fact my state, 2 years ago, imposed that all mortgage brokers need to be licensed to operate in this state.

 

[oreo]

Bush/Cheney didn't spend a trillion on pork and call it stimulus, obama did that.

The retards also didn't propose spending another half trillion till october of this year with 9,000 earmarks, or doubling and tripling everybody's energy bills in the midst of a deep recession, obama has done those things.

Bush/Cheney spent 3 trillion on a war based on lies and let the murderer of 3000 Americans on American soil untouched for over seven years. And trashed our economic system to the point that we are entering the Second Great Republican Depression.

You know we can't move forward by continually looking out the rear view mirror. To add to that, it's kind of hard to compare the cost of 9/11, 2 ensuing wars against terrorism, Katrina--to now bailing out your next door neighbor because they bought too much home.

 

[oreo]

Agreed. People without children or grandchildren and with no real-world experience show their true colors in threads such as this.

I have a child and real world experience. and the OP is idiocy....

again, did he apolgize for voting for Bush? I hate what that idiot and his apologists did to this country.

I'll wait.

You need to educate yourself a little. Ground ZERO in all this economic mess is Freddie/Fannie. Government backed mortgage loans. IOW the American taxpayer backed risky loans.

Now if you DARE: Go to the New York Times:
Date--September 30, 1999
Titled: Fannie reduces credit requirements to aid mortgage lending.

Read it--& study the warnings:

I am not blaming one party for this. In fact, it was democrats who iniated this everyone deserves homeownership policy--regardless of income, credit rating, & down payment for a mortgage loan.

It was both democrats & republicans who ignored the warnings--as they were so proud to have a strong housing industry, especially when the tech sector was collapsing.

If this teaches us anything--it shows that any time the federal government works it's sticky fingers into the private sector--in this case banking--they will ALWAYS screw it up. Take a look at social security & medicare--that will be the next major bail-out. Our federal government is extremely enept. Politicians use our tax-payer dollars to buy votes. Open your eyes & you'll see it.

 

[jillian]

*yawn*

ground zero in all of this was deregulation and greed.

 

[Sinatra]

*yawn*

ground zero in all of this was deregulation and greed.

Jillian manages to impress the masses with her insightful contributions once again...

Deregulation and greed!!! Aaacchh...Gurgleeeeee...Achhhhhichtchu...

 

[editec]

Don't any of you folkjs find it rather odd that the vast majority of those stupid people who overbought their homes did so in only 35 counties in the USA?

Doesn't that give you some kind of clue that your theory is somewhat flawed?

No?

Okay, carry on then.

Sooner or later, I cannot help but think that that metric is going to start tell you something about your pet theory that this whole thing was JUST caused by stupid consumers.

I'm a patient man. I can wait for you guys to catch up.

I would love to see a link on that comment: I live in a very moderate to conservative state--& this type of gimme the money--so I can buy a home that I cannot afford--is rapant through-out my state. Country Wide mortgage, as far as I know, is in about every state in the union.

In fact my state, 2 years ago, imposed that all mortgage brokers need to be licensed to operate in this state.

okay...your reponse was fair enough and I obviously didn't make my point well enough that you understood it.

Look, here is the map showing us where the forclosures are happening.

My point, which is appaent when you look at the above map wasn't that some bad mortgage company was the problem, my point was that inappropriate exuberance regarding the escalating values of homes was the problem.

People, many of them, really did expect NOT to get into trouble.

They though, based on the last decade or so of escalating homes prices, that if they could but get into that house, inflation in home prices would make them eligible to refinance because the rising prices of homes would mean that their homes valuation in a year or two would mean they'd be eligible for conventional fixed rate mortgages.

While I do not doubt that some people were merely playing the system, I DO DOUBT that any of them played to LOSE, know what I mean?

The valuation of real estate is now putting people who have 30 year fixed rate mortgages "under water" you do realize that don't you?

People who paid for homes putting 20% down with 30 year fixed rates, recently in those areas you see above that are in the darker red areas are NOW going down, too.

I share you ire about those who put nothing down, but I am more angry with the banks who lent them the money that the people themselves.

The bankers prsumably understood what they were doing, in a way that one cannot really expect non-bankers to get.

All of us who own homes are taking it on the neck now, amigo.

Depending on where you live, this crises is costing us ALL a lot of potential capital gains as the prices of our homes is dragged down with this mess.

 

[Old Rocks]

Bush/Cheney didn't spend a trillion on pork and call it stimulus, obama did that.

The retards also didn't propose spending another half trillion till october of this year with 9,000 earmarks, or doubling and tripling everybody's energy bills in the midst of a deep recession, obama has done those things.

Bush/Cheney spent 3 trillion on a war based on lies and let the murderer of 3000 Americans on American soil untouched for over seven years. And trashed our economic system to the point that we are entering the Second Great Republican Depression.

You know we can't move forward by continually looking out the rear view mirror. To add to that, it's kind of hard to compare the cost of 9/11, 2 ensuing wars against terrorism, Katrina--to now bailing out your next door neighbor because they bought too much home.

I see. The 600,000 plus every month for the last four months that have lost their jobs all overbought on their houses?

I was just comparing one cost, that of Iraq, what it has already cost, and what the costs will add up after all of our soldiers are taken care of. But you might add the cost of the no bid Haliburton contracts that resulted from Katrina in that bill. Did they ever do the work that they were paid for? It did they just do as they have done in Iraq, collect the money and run.

What is happening today is the attempt to ameliorate the economic effects of deregulation of the rules put into place after the last Great Republican Depression. You are attempting to blame the working poor and middle class for the excess of the wealthy. At present, only a small portion of those going into foreclosure are people that overbought. Most of them made what would have been a wise investment, had not the economy tanked. Same as we saw in the First Great Republican Depression.