I'm uneducated on the big differences, but it seems that "credit unions" tend to be the "up and up" banks nowadays.
What ever he's talking about, it not in line with what my intent is. The retort is meaningless, but a definite attack against me for an intent I didn't say.lol @ what ever you are doing.
You know, if you don't know what he's talking about, you could always just pass.
A question: haven't there ALWAYS been people like that though? I mean, why the catastrophe THIS time? Are there that many people who suddenly got stupider?
No, but the 80's changed consumerism in a big way. It became turbo-charged at that point and it seems to me at least, that the insane drive to acquire goods ratched up to an all time high and has largely stayed that way.
Damn you boomers!
Even so, there's a big 20 year gap there. And I think Cry's point about the bank betting against itself is a good one. Of course, banks would just call that "insurance" against themselves, but doesn't that create some moral hazard?
I mean, if you don't care one way or another if a loan actually pans out, what's your incentive for doing due diligence on customers asking for loans?
You have issued blanket statements in the past that have said that rich people deserve to be rich because they earned it. I'm attempting to ascertain what is acceptable to you in terms of "earning" that money.
Betting on the public ended up costing the banks about $1 trillion in bad loan writedowns. If they could have cut the public completely out of the situation they would have. Banks make decisions on finances, not alleged concerns over whether or not they might get blamed for something.
People and banks got stupider. Banks lowered lending standards. Consumers raised their tolerance for using debt to finance a standard of living.
You don't think CDS had much of anything to do with it?
When those stupid shows like "Flip that House!" started showing up with ABSOLUTE IDIOTS coming in and buying houses they couldn't afford as an investment and wanting to spend $30,000 on paint/cosmetic and make a $200,000 profit I KNEW the end was near...
Flipping a house by adding amenities and renovating = not so horrible.
Flipping a house solely by buying it and waiting for it to appreciate in value = stupid.
No doubt CDS caused a lot of problems for banks, but IMO that's more of a symptom than a cause. A CDS is basically just one bank agreeing to insure another bank's liability for a fee. If things hadn't gotten so insane between the lenders and the homebuyers, the CDS wouldn't have been a problem.
It's as if the Humphrey-Hawkins Act doesn't exist. Why, there's no political pressure ever placed on the Fed for the benefit of the public.
Not to mention the GSEs that subsidized home loan and student loan issuance, with the implicit backing of the federal treasury.
Poor American public, the evil bankers just foisted this calamity on them.
Ah, so because the government botched things or made bad policy, it makes the public more at fault?It's as if the Humphrey-Hawkins Act doesn't exist. Why, there's no political pressure ever placed on the Fed for the benefit of the public.
Not to mention the GSEs that subsidized home loan and student loan issuance, with the implicit backing of the federal treasury.
Poor American public, the evil bankers just foisted this calamity on them.
And poor American public, they were forced to get into debt by the evil banksters.
No, this is not to say that there wasn't plenty of lobbying by the financial services industry for policies to benefit itself, instances of outright fraud common in said industry, and unsound practices rife throughout the industry, but to pretend that somehow the American public did not demand easy access to cheap credit from said industry, expected its elected representatives to do what it could to facilitate that, is a glossing over of what actually occurred.
ROFL. Now it's the government's fault. Why, it could never be that the politicians were giving the people what they wanted. The people demand accountability, save for themselves.
"somehow the American public did not demand easy access to cheap credit from said industry"
demand?
It was pushed/marketed hard by the finance sector. Who reads a 10 page 6-pt cc application?
With household incomes stagnant for 30 years, it was easy to sucker consumers, eg "house prices always go up, your house is an ATM", into over-borrowing to maintain/increase their consumption.
But in the end, "easy" credit can only exist if the lenders make it exist. Nobody forced the lenders to over-lend, nobody forced lenders into Liar's Loans, stated-income mortgages.
That's like saying "I really wanted that car, it's my fault it's POS lemon I can't get rid of"
"somehow the American public did not demand easy access to cheap credit from said industry"
demand?
It was pushed/marketed hard by the finance sector. Who reads a 10 page 6-pt cc application?
With household incomes stagnant for 30 years, it was easy to sucker consumers, eg "house prices always go up, your house is an ATM", into over-borrowing to maintain/increase their consumption.
But in the end, "easy" credit can only exist if the lenders make it exist. Nobody forced the lenders to over-lend, nobody forced lenders into Liar's Loans, stated-income mortgages.
That's like saying "I really wanted that car, it's my fault it's POS lemon I can't get rid of"
No you're right, those people selling bad credit loans to other banks to turn a profit at the cost of someone losing their house... why, they're... they're angels! I can hear you swooning from here.
And your riff on the desires of the American people is probably even more generalized and naive of what actually happened.No, this is not to say that there wasn't plenty of lobbying by the financial services industry for policies to benefit itself, instances of outright fraud common in said industry, and unsound practices rife throughout the industry, but to pretend that somehow the American public did not demand easy access to cheap credit from said industry, expected its elected representatives to do what it could to facilitate that, is a glossing over of what actually occurred.
Yes, it absolutely is. The government de-regulated everything and allowed hundred-billion or trillion dollar companies to run amok, doing whatever they pleased for the most part. The general public shouldn't be held accountable when they are so obviously and nefariously ripped to shreds by moguls breaking any laws they desire to make more money as quickly as possible.
Nope, never claimed that they were.
As if no-doc mortgage loans didn't involve two parties who thought they were scamming someone else.
Right, anything counter to the evil banker theme must be ignored, especially as it relates to legislation which reflects the will of the people.And your riff on the desires of the American people is probably even more generalized and naive of what actually happened.
Of course. The people just wanted cheap, easy credit, and the government obliged them.Yes, it absolutely is. The government de-regulated everything and allowed hundred-billion or trillion dollar companies to run amok, doing whatever they pleased for the most part. The general public shouldn't be held accountable when they are so obviously and nefariously ripped to shreds by moguls breaking any laws they desire to make more money as quickly as possible.
Who decided you were going to buy that car?
When trillion dollar financial ins utions break the law rampantly with no oversight, it's the public's fault!
A general statement does not include all.
Please tell me you aren't that stupid to assume such things.
If you aren't that stupid, then you are purposely trying make others think I said things I didn't.
God, you are being real lame right now. off.
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