Martin Luther said:
The op explains the start of the crisis. starting out making payments by robbing perter to pay paul only lasts so long.
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Whose Mortgage Crisis?
- Thread starter Major B
- Start date
The op explains the start of the crisis. starting out making payments by robbing perter to pay paul only lasts so long.
Martin Luther
New Member
Revmitchell said:The op explains the start of the crisis. starting out making payments by robbing perter to pay paul only lasts so long.
Those defined by that criteria did not cause the mortgage crisis.
Martin Luther said:Those defined by that criteria did not cause the mortgage crisis.
Yes they did.
Martin Luther
New Member
Revmitchell said:Yes they did.
No, future growth would have made it possible to drive home prices higher. Those with ARM's would have refinanced before teaser rates ran out. All fiat currencies fail, ours has been over due to fail for years. The subprime mess was just the weakest link; Alt-A mortgages are now failing. This is 10 times bigger than the subprime mess. Next to follow will be credit cards and auto loans. In 2009 we will see home values loose 50%+ of their current values. The government will jump in and pay off the difference, this will put a floor on home values but won’t help Americans keep their homes. What this will do is allow banks already swelling with public money to buy homes for pennies. We will have no manufacturing and no money to start it. Hyper inflation will follow. Be hesitant to part with hard assets in an effort to maintain loan payments.
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Every economic system transfers assets from one class of people to another class of people. Behind the Iron Curtain some people were gaining power and assets and other people were losing. All every Revolution does is to change the winners and losers.
As P. T. Barnum said 100 or so years ago, "Sucker born every minute." Does anyone doubt, anyone contest my opinion of this latest generation of adults being the "sucker generation?" Two indications:
First, half of all families owe an average of $8,000 on credit cards. Anyone who buys toys on credit is a sucker.
Second, Anyone who buys a new car on credit is a sucker. Any person who iSN'T a business owner and leases a new car is a sucker.
Third, anyone who mortgages a house to buy toys and vacations is a sucker.
Any union member who doesn't always have a couple month's pay in the bank for a personal strike fund isn't thinking clearly. Same as everyone else should.
There is no doubt in my mind that the pols and rich people are ripping us off big time BUT at the same time most anyone who worked his way through the last 40 years and used good sense should come out of this mess OK. (as long as health is OK)
As P. T. Barnum said 100 or so years ago, "Sucker born every minute." Does anyone doubt, anyone contest my opinion of this latest generation of adults being the "sucker generation?" Two indications:
First, half of all families owe an average of $8,000 on credit cards. Anyone who buys toys on credit is a sucker.
Second, Anyone who buys a new car on credit is a sucker. Any person who iSN'T a business owner and leases a new car is a sucker.
Third, anyone who mortgages a house to buy toys and vacations is a sucker.
Any union member who doesn't always have a couple month's pay in the bank for a personal strike fund isn't thinking clearly. Same as everyone else should.
There is no doubt in my mind that the pols and rich people are ripping us off big time BUT at the same time most anyone who worked his way through the last 40 years and used good sense should come out of this mess OK. (as long as health is OK)