Quote from: Biggie Smiles on November 11, 2024, 10:46:14 AMI agree with you. Mostly. Up till the part where you place all of the blame on banks. That is where we differ slightly. Banks indeed are culpable and were in fact the henchmen which carried out will of their puppet masters. 

But they were PLACED in this situation in 1995 by democrat scum via the Community Reinvestment Act of 1995.

This act mandated that banks FIND A WAY to provision loans in low income communities which were estimated to be predominately people of color or face stiff penalties. black and brown People are poor because white people exist!  Typical democrat scum mantra.

The government never worked on any of the underlying issues which were causing homes to be unaffordable to these  people of color. they instead opted to blame the evil corporate empire and mandated their way out of the issue. But they never told banks HOW they were to lend 300,000.00 over a 360 month term at a 7.25% interest rate to a person making 24K a year and keep the principle, homeowners insurance, PMI, interest and Taxes under the 35% of take home pay threshold.

a 24K annual salary estimates at approximately 1590.00 month when you factor in a conservative state and federal taxation of roughly 19% based on the lower income bracket.

So banks had to devise a way to make a monthly mortgage payment not exceed 1590.00 a month. A number which represents a stark variance from prudent budgetary practices for the common American.

And even THIS number was unattainable given the purchase price, term and ancillary expenses which I listed above.

As any online mortgage calculator will tell you, given the factors I listed above (300,000 / 360 @ 7.25) with modest calculations for taxes, insurance, pmi etc etc you should arrive at a monthly payment of 2,739.

2739.00 exceeds the borrowers total monthly income by 1,149.00. so what does the bank do about that 1,1149.00 ? do they take the loss? Hell to the no. THey were never told to do that. They just tack it on to the tail end of the loan so that the poor borrowers principle goes UP every month instead of down. Commonly known as negative amortization. Thus the birth of the ""balloon mortgage" the term coined because the principle keeps growing and growing and growing until one day the whole thing just pops.

and did the democrats know this would happen? I'd expect they did if they had access to a simple calculator -- but they just didn't care. They didn't care because the common idiots marveled at their accomplishments -- Poor Americans buying their first home!!!! All the talking heads applauded as we on the right, with common fucking sense, shook our heads in horror as to what would inevitably befall the American people.

and in 2008 those chickens finally came home to roost

My wife and I pre-qualified to get a mortgage around 2005 or 2006 and while I cant remember the exact number, when they told us, my wife and I looked at each other like WTF? We knew immediately that if we got anywhere near that number, we'd go bankrupt.

Quote from: Lokmar on November 11, 2024, 10:56:06 AMMy wife and I pre-qualified to get a mortgage around 2005 or 2006 and while I cant remember the exact number, when they told us, my wife and I looked at each other like WTF? We knew immediately that if we got anywhere near that number, we'd go bankrupt.

I was in a resort this week and did one of those timeshare presentations.

Guy tried to sell me on a 29,000.00 loan over a 7 year term with ZERO down that would only cost me 300.00 a month with an interest rate of 6.9%.

I didn't even need a calculator to tell him he was out of his mind on the math.

but think of how many Americans are not as quick on the draw as I am and fall prey to these fucking vultures

Quote from: Biggie Smiles on November 11, 2024, 10:46:14 AMI agree with you. Mostly. Up till the part where you place all of the blame on banks. That is where we differ slightly. Banks indeed are culpable and were in fact the henchmen which carried out will of their puppet masters. 

But they were PLACED in this situation in 1995 by democrat scum via the Community Reinvestment Act of 1995.

This act mandated that banks FIND A WAY to provision loans in low income communities which were estimated to be predominately people of color or face stiff penalties.

It didn't mandate the toxic secondary derivatives market or require borrowers alone to be on the hook if the market imploded (because of the shady practices of the banksters and investment house crooks). Those were decisions made by Wall Street and the white house, respectively. Wall Street got a trillion (trillions?) as a reward for crashing the global economy just to ensure executive bonuses continued flowing to the criminals while the people who were the most vulnerable and negatively affected got a great big "Fuck You".

That's quintessential 'Murica... the wealthy are coddled with privatized profits but public responsibility for risks and a boot in the face for everyone else.

/shrug

Quote from: Garraty_47 on November 11, 2024, 11:16:20 AMIt didn't mandate the toxic secondary derivatives market or require borrowers alone to be on the hook if the market imploded (because of the shady practices of the banksters and investment house crooks). Those were decisions made by Wall Street and the white house, respectively. Wall Street got a trillion (trillions?) as a reward for crashing the global economy just to ensure executive bonuses continued flowing to the criminals while the people who were the most vulnerable and negatively affected got a great big "Fuck You".

That's quintessential 'Murica... the wealthy are coddled with privatized profits but public responsibility for risks and a boot in the face for everyone else.

/shrug

No, the government rules did that. They forced the banks to service deadbeats and high risk people, the banks still had to make money and spread the risks, KABLAMMO!

Not the best written article, and it spreads the blame equally between republicans and democRATs when RATs deserve the vast lions share of the blame, but it paints pretty accurate picture.

https://fee.org/articles/how-the-federal-government-created-the-subprime-mortgage-crisis/

Quote from: Lokmar on November 11, 2024, 12:48:17 PMNot the best written article, and it spreads the blame equally between republicans and democRATs when RATs deserve the vast lions share of the blame, but it paints pretty accurate picture.

https://fee.org/articles/how-the-federal-government-created-the-subprime-mortgage-crisis/

They're still acting like it was simply issuing mortgages, not a drop in the price of homes, that precipitated the bubble bursting. People who had already acquired mortgages didn't make the bubble burst thus dropping the price of a home. Without that condition the market would have chugged along as it had been although as is typical with bubbles of any kind it would have popped eventually.

But not because of people taking an opportunity, maybe their only opportunity, to grab a piece of the 'Murican dream for themselves. If anything they were entrapped by the same system that then threw them under the bus to protect the people who caused the crisis to begin with.

The 'Murican financial system is predatory by nature; that's baked in and exactly why it needs to be destroyed. A system that crashes every 10-20 years (invariably causing the most suffering among the most vulnerable populations) is a failed system and deserves to be shitcanned.

Quote from: Garraty_47 on November 11, 2024, 11:16:20 AMIt didn't mandate the toxic secondary derivatives market or require borrowers alone to be on the hook if the market imploded (because of the shady practices of the banksters and investment house crooks). Those were decisions made by Wall Street and the white house, respectively. Wall Street got a trillion (trillions?) as a reward for crashing the global economy just to ensure executive bonuses continued flowing to the criminals while the people who were the most vulnerable and negatively affected got a great big "Fuck You".

That's quintessential 'Murica... the wealthy are coddled with privatized profits but public responsibility for risks and a boot in the face for everyone else.

/shrug

I hear you and you are correct banks did not have to share the risk among downstream partners, but that is what you can expect the sophisticated risk management departments of fortune 500 companies to do

(which makes it even more hysterically ludicrious when Latisha the wookie james tries to sell the idea that Dutshe bank was some how swindled by Trump's people. Fucking kidding? For every 10 conniving cunts Trump has on the risk management, accounting and attorney payroll Dutshe bank has 100)

My point here is this. The democrats started this ball rolling knowing full well they had not placed sufficient guard rails in place to avoid catastrophe and banks did what you can rely upon profiteering conglomerates to do. Make as much money as possible with the least amount of risk possible. And while the banks are culpable they are not solely responsible for their actions as they were practically forced at gunpoint to do it.

Quote from: Garraty_47 on November 11, 2024, 01:16:48 PMThey're still acting like it was simply issuing mortgages, not a drop in the price of homes, that precipitated the bubble bursting. People who had already acquired mortgages didn't make the bubble burst thus dropping the price of a home. Without that condition the market would have chugged along as it had been although as is typical with bubbles of any kind it would have popped eventually.

But not because of people taking an opportunity, maybe their only opportunity, to grab a piece of the 'Murican dream for themselves. If anything they were entrapped by the same system that then threw them under the bus to protect the people who caused the crisis to begin with.

The 'Murican financial system is predatory by nature; that's baked in and exactly why it needs to be destroyed. A system that crashes every 10-20 years (invariably causing the most suffering among the most vulnerable populations) is a failed system and deserves to be shitcanned.

Do you know what made the housing market bust? The sudden and dramatic artificial inflation of homes which never had any business selling at the price points they were selling at. And why did this happen? Because the realtor side of this calamity realized that a sudden influx of potential new buys who would otherwise would never be there was sudden there -- therefore -- as we all know.. with an increase in demand will rise a sharp increase in price. this is simply the way of things.

And not to be outdone by mistakes of the past what does Kamala envision for America? A fucking repeat of exactly the same set of circumstances which led to the first crisis.

yey-- 25K to everyone who wants a home! 

and what happens when you have a potential 25K handout flood the housing market? Speculators are suddenly booking bigger and better vacations because christmas will be arriving early this year.

Fucking idiots... I swear.

The way to make homes more affordable for average Americans is not 25K handouts and forced lending practices but a return to the common sense system of economic interactions we enjoyed in the late 40's when a single earner could support a family of 4 and live comfortably on 100.00 bucks a week.

obviously we will never return to an apples to apples comparison with that era but you get the spirit of my point, I'm sure. 

25k ain't shit here in Cali

Quote from: Trump's Niece on November 11, 2024, 01:25:31 PM25k ain't shit here in Cali

25K doesn't even cover the borrowing costs on a 450,000.00 loan.

Factor in you'll be needing 90K as a down-payment these days you have a total fucking non-starter.

so their position is that someone who NEEDED 25K to buy their first home already had the 90K laying around and makes enough money to handle the monthly payments?

fucking morons

but never be the day were some animal like Oak or Lowestbutthead actually think things through.

Quote from: Dove on November 10, 2024, 07:39:57 PMYep. I'm SO glad you guys see it.

 I remember you first getting into these arguments and saying that us righties were just as bad lol

 SO glad you guys see this for what it is.

TRUMP isn't far right... he is just right and sensible. FAR RIGHT or hard right is just as crazy as hard left who are truly disgusting.

Our right wing party, I may never vote for them again over a thing called Robo debt which saw young men kill themselves when they were issued bills to pay back fraudulent debts to the government when they owed no such debt at all.

I cannot vote for either side. I want Trump...

I am a swing voter... it depends who is leading and we do not have leaders... we have woke wankers.

I loved Gough Whitlam (left)

And I loved John Howard (right)

Both those men did great things

Trump is not far right and that is why I like him..

And the modern left are certifiable nutcases and their breakdowns on Trumps win just prove it.

I think the fact TRUMP IS NOT a politician attracts me the most.

I haven't changed... I am trying to explain myself better. Can you understand me? 

Quote from: Lokmar on November 11, 2024, 10:38:00 AMHey josephine, your gold and silver dropped again today. PWN3D! 

Shoulda sold when I told you, dumb ass!

I bought most of mine when Gold was $2500 or less.....Lokmeer!

Havent made too many gold puchases since Gold shot past $2500/oz. Even if Gold were to fall to $2300 Id still break even eh?

Usually when I buy Gold these days I try to get it at or below spot.

Believe it or not, there are still some legitimate reputable places selling real gold below its market value.

While I got singed a bit on the current  Silver price I bought most of it at or below $30.

Again I try to find deals where I can instead of the established dealers who charge a bit too much.

Anyways I'm in it fer the long haul....Lokmeer!

Im gonna put my stash in storage soon, mothball it & dont touch it for the next 10 years or when the SHTF....Bud!

Actually Lokmeer I think its best to make investments NOW while the dollar or our currencies are still worth something eh?

The longer anyone keeps it in cash its gonna keep depreciating & be worth less n less by year.

TRANSLATED: Buy the Hard Assets now before Inflation eats away at your dollar and they become too Expensive

Anyways thats my strategy primarily cuz I was around during the 1970s and I witnessed how inflation ate away at our purchasing power & many things become more expensive

Regardless of who is in the White House I think we'll see a repeat of the 1970s with the latter part of the decade seeing a resurgence in inflation just like it did 50 years ago

Quote from: Garraty_47 on November 11, 2024, 09:19:34 AMIt [The GFC] wasn't caused by poor people. They were/are scapegoats for the financial industry criminals who knowingly packaged toxic securities and other derivatives because of sheer greed and an attitude of impunity.

Thats what I think too Garraty_47 Garraty

Im sure many people do.

But of course the msm packages it that way to make you think that the folks on Main Street were to blame. By doing so they are essentially 'poor bashing' in order to find a convenient scapegoat for their excesses.

In fact I dont think that the sub prime crisis was even the cause of the GFC. Its just another smokescreen   To hide the crimes of thr elites and wall street who were embezzling & then later neatly covered their tracks to hide their activity. Bernie Madoff only got nailed cuz he didnt hide his activities well enough. But he was just thecyip of the iceberg and many others were doing it

Bad fiscal policy of the Bush administration & looking the other way was the primary cause. $2 trillion in tax cuts and those wars must have left at least a $5 trillion shortfall which was badly needed to combat the GFC

Anyway it simply isnt logical that 95% or more of the folk on Main Street caused this crisis when they own and control just 1% if the wealth. It had to be the people at the top who control 99% of the weslth.


Quite obviously they got greedy suffrd their pockets which caused a liquidity criss that slmost brought the system down

Anyways Garraty_47 Garraty the elites have been lying to us since the beginning of the Industrial Revolution when they tarred & feathered the Luddites who were just trying to protect their livelihoods. The lied about WWI & II, Vietnam, 911, Iraq, the GFC & the Pandemic.

Is it a surprise nobody believes them anymore?

Yay! You did it!


I hope ya'll get what ya wshed for....

....and more!