Explain this whole Wall Street protester thing!

mrdc

mrdc

Active Member
Agreed! After the bubble, you would hear all these sad stories about people being stuck with 3 or 4 homes because they could no longer flip them. Or the builders who were going bankrupt because they were sitting on 20+ houses. I know there market was house for the wrong reasons but these folks should have known that good things do come to in end. At work we were always wondering how much higher can home values possibly ago and now of course they are falling. I was in a financial position to buy and flip homes but I am risk averse so I stayed away. Now I do feel a lot of people who aren't investment savy were taken advantage of by the banks.
The only good thing for me that has come out of it is that I am in the process of buying a distressed property and PCB. (Panama City Beach)
 
spanko

spanko

Active Member
bang guy

bang guy

Moderator
Quote:
Originally Posted by spanko http:///t/388420/explain-this-whole-wall-street-protester-thing/80#post_3427222
Yup, and the $800 billion stimulus created and saved jobs. give me a break. You are gonna take the Fed analysis of a Fed program to be gospel?
Prior to and during the crisis I worked closely with the financials behind the mortgage component in the bank I work for. I can tell you that for large banks servicing these CRA mortgages their default rate was not high and was, in fact, lower that average. The type of loan I would blame are the NINJA loans where Freddie & Fannie began accumulating any loan no matter how risky because it was "government guaranteed". These are the loans I think you mean.
 
spanko

spanko

Active Member
Quote:
Originally Posted by Bang Guy http:///t/388420/explain-this-whole-wall-street-protester-thing/80#post_3427263
Prior to and during the crisis I worked closely with the financials behind the mortgage component in the bank I work for. I can tell you that for large banks servicing these CRA mortgages their default rate was not high and was, in fact, lower that average. The type of loan I would blame are the NINJA loans where Freddie & Fannie began accumulating any loan no matter how risky because it was "government guaranteed". These are the loans I think you mean.
Quote:
Originally Posted by spanko http:///t/388420/explain-this-whole-wall-street-protester-thing/60#post_3427173
...........
Also note that these subprime loan policies adopted by the mortgage lending institutions default percentages were not highest in these "low-income" areas but in the moderate to higher income areas...........
Exactly Bang!
 
stdreb27

stdreb27

Active Member
my point is that the fed's used the CRA laws to force banks to lend money. It doesn't mean that the banks used CRA loans to lend money. Remember I'm of the opinion that it is all a big mob style shakedown anyway... Getting sued by the fed for being racist is bad for business whether it is an accurate portrayal or not...
 
darthtang aw

darthtang aw

Active Member
there is one question that still hasn't been asked.
Have there been any bills proposed and/or passed that address the issues that caused the meltdown?
 
spanko

spanko

Active Member
Looks like no one on the Republican side wants to address it.
http://m.lvsun.com/news/2011/oct/17/no-one-republican-field-talking-about-housing-cris/
 
mantisman51

mantisman51

Active Member
Quote:
Originally Posted by Darthtang AW http:///t/388420/explain-this-whole-wall-street-protester-thing/80#post_3427426
there is one question that still hasn't been asked.
Have there been any bills proposed and/or passed that address the issues that caused the meltdown?
Well, banks have been required to hold more capital to buffer against losses-part of Dodd-Frank. So that's a tiny step. It would be as easy as banning the bundling and selling of mortgages as equities to prevent this from every happening again, but Reps don't want that kind of "new regulation"(joke) and the Dems are the water-carriers for the banks(they loved them taxpayer bailouts from the Messiah) who make too much $ on those deals, so it will happen again.
 
mantisman51

mantisman51

Active Member
Quote:
Originally Posted by spanko http:///t/388420/explain-this-whole-wall-street-protester-thing/80#post_3427432
Looks like no one on the Republican side wants to address it.
http://m.lvsun.com/news/2011/oct/17/no-one-republican-field-talking-about-housing-cris/
No one on the Dems side is wanting to talk about it either, except to say "evil banks". The cause was a perfect storm created by both parties. Reps removed much of the banking oversight and Dems were busy forcing unqualified loans and letting Sallie and Fannie basically socialize the real estate business. There's plenty of blame for both parties.
 
beth

beth

Administrator
Staff member
Which brings us back around to the original topic of the Occupy protests, and whether they will result in any pressure or not on our politicians to do more then turn a blind eye.
 
darthtang aw

darthtang aw

Active Member
and when the gold and silver market collapses...who is to blame for that? when the web bubble bursted for clinton...who was blamed for that. the financial metdown was a result of the over extended housing bubbles......
 
darthtang aw

darthtang aw

Active Member

Which brings us back around to the original topic of the Occupy protests, and whether they will result in any pressure or not on our politicians to do more then turn a blind eye.
not as long as they target wall street....
 
reefraff

reefraff

Active Member
There are too many undesirable elements infiltrating into these protests for a party to really embrace them so I don't think they are going to make much of an impact.
 
beth

beth

Administrator
Staff member
Whatever you may think of them, its a national and even international movement. Not much direction except that they know something very wrong has happened and no one who should have done something about it, did. Unless they get more focused and with purpose, it will likely fizzle out. Whatever, it speaks to a good deal of discontent in this country, that we haven't really seen in decades.
 
reefraff

reefraff

Active Member
Quote:
Originally Posted by Beth http:///t/388420/explain-this-whole-wall-street-protester-thing/80#post_3427547
Whatever you may think of them, its a national and even international movement. Not much direction except that they know something very wrong has happened and no one who should have done something about it, did. Unless they get more focused and with purpose, it will likely fizzle out. Whatever, it speaks to a good deal of discontent in this country, that we haven't really seen in decades.
Yeah but they need the Democrats to fully embrace them like the Republicans did the Tea Party and I don't see that happening unless they can purge some of the more extreme groups that and there with them.
Everything really comes down to jobs. If unemployment starts falling that movement will evaporate pretty quick. As much as I don't want to see 0bama re elected I really hope we get a reversal pretty quick. It probably means he gets re-elected but we need it. If we double dip I think it's going to be brutal.
 
spanko

spanko

Active Member
Quote:
Originally Posted by Beth http:///t/388420/explain-this-whole-wall-street-protester-thing/80#post_3427547
Whatever you may think of them, its a national and even international movement. Not much direction except that they know something very wrong has happened and no one who should have done something about it, did. Unless they get more focused and with purpose, it will likely fizzle out. Whatever, it speaks to a good deal of discontent in this country, that we haven't really seen in decades.
These are some of the things that bother me about the movement.
http://www.cpusa.org/solidarity-with-occupy-wall-street
http://socialistparty-usa.org/occupywallstreet.html
I worry about the gullibility of college students, their grandiose ideas to "change the world" into a place with unicorns, cotton candy and ice cream for all and those ideologues that wish to use them for their own gains.
So to your point getting more focused and with purpose may be with the influence of the above organizations. So I can only hope that it fizzles out.
I agree with the discontent. We saw it with the tea party and now with this. Let's hope the surge towards understanding the impact of government in our lives continues and we get to a better informed electorate who put people in place that can restore the liberties that the country was founded on.
So to that I say, pay attention to the message of Ron Paul. And watch the GOP candidates as they continue to move towards some of his ideas in the debates.
 
theclemsonkid

theclemsonkid

Member
It's cute that you all think there is anything you or any mob of people (on either side of the ideological aisle) can do to make a darn bit of difference in this crumbling country. Whether you like it or not, the 1% have now, and always will, run this country. That's the downfall of a capitalistic society. The politicians are the ones who make policy, and those same politicians are the ones who depend 100% on the money and contributions from the 1% to make sure they are elected in the first place.
The only way things are ever going to "change", is if the entire system and society collapses on itself from excess greed and is forced to start over, or even more peril, it gets to the point where people are literally going to take to the streets violently.
This is almost like a 21st century version of why we the United States left England in the first place. We were being unfairly taxed by the powerful English elite to ensure their wealth and stranglehold of the new colonies was not compromised.
I don't really see how that's much different from the current domestic elite breaking laws, sending their own country-men's job overseas, buying tax policy to ensure they make money no matter what (hello bailout), not to mention not caring even a little if the "consumer" they care so dearly about lives or dies; so long as they keep making their billions. At some point you have to put human life over greed.
And I think the saddest part of all is that so many on the right who ARE the 99% will live and die to defend the very companies and corporations that are making their lives continue in the downward spiral, all because they "believe in a free market" society. And the really sad part, is that people like Rush Limbaugh, Glen Beck, Bill O'Reilly these southern mega churches, FOX News and the like are all in the 1% who are screwing Americans to the wall, yet their drones of followers sheepishly repeat the talking points.
It's like the abused wife. You keep getting screwed but you keep going back because "he loves you". Wake up people...
 
mantisman51

mantisman51

Active Member
I agree with most of your post Clemson. I would also echo your comment that far too many conservatives are so convinced that any regulation of these massive corporations who have the financial ability to bring our country to its knees is a bad thing. The trusts and robber barons is why Teddy Roosevelt bucked his own party and biggest supporters to pass trust reform. We have the equivalent of robber barons today in the huge banks and corporations, like GE and BA. The problem is the current administration is pushing the wrong reform. They are wanting to determine who the winners and losers are by bad regulation and cronyism. There are a few common sense ways of fixing it, but neither party wants to address the real problems. They were close a couple years ago when they were talking about reform that would break the banking from investment divisions of the major companies-GE objected and the Obama administration quickly retreated. The Republicans keep screaming "socialism" every time serious reform is called for, but there has got to be a way to break the stranglehold these huge companies have on our economy and politicians. It will be painful to business and the economy, but if the these companies aren't broken up, the economy will never truly recover and the 1% will continue to suck the 99% dry.
 
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