Bankruptcy filings increase...

Discussion in 'Economics' started by limitdown, Mar 5, 2008.

  1. mokwit

    mokwit

    Even with unlimited meth or crack available eventually the addict has to crash.
     
    #21     Mar 8, 2008
  2. JSSPMK

    JSSPMK

    In the EOD banks have only themselves to blame. They wanted to make more money & got burnt on most easily foreseeable of outcomes. As you said yourself, to some people credit is like crack to a junkie, banks know that, so why blame a junkie?
     
    #22     Mar 8, 2008
  3. I see your point.

    Take the dealers off The Street, eh?
     
    #23     Mar 8, 2008

  4. unfortunately the premise of a statement like this and others like these is/are:"

    • the lenders were completely honest and innocent and not
    • incentivized to push high commission, horrible term loans on
    • unsuspecting homeowners, not sophisticated enough to expect
    • that their bankers, mortgage bankers, mortgage brokers taking advantage of honest families of all educations and backgrounds
    • and using these against them, through bait and switch schemes
    • hidden fees, higher commission payments for steering loans into subprime pools
    • and a myriad of other behind the scenes dishonest, and fiscally irresponsible business conduct that helped significantly
    • produce this sub-prime mortgage crisis

    let's not forget those stated testimonials from Congressional hearings that are part of the public record, as well as recent televised hearings....

    let's not forget all those contributing factors that took on the tone of racial superiority of the lender over those whom were targeted, and received these higher fee loans

    let's take the conservative approach and just blame the homeowners and the indebted poor souls....

    yeah,
    that sounds better,

    let's just blame them for their stupidity....
     
    #24     Mar 8, 2008
  5. JSSPMK

    JSSPMK

    I can tell you this, in the UK it is relatively easy to deceive a financial institution. Why? Because the documents that they ask for can be easily made to order & banks don't check their authenticity. Why they don't check it beyond me. Secondly, it is a hell of a lot easier to build credit history than ever before (in UK at least). You get Capital One $400 credit card easy, spend & cover balance for 12 months. After that even the Queen will be willing to lend funds to you nowadays. If you implement ordering non-legit payroll docs then your line of credit grows exponentially as banks don't check anything pretty much, they just trust what they are given, hence the mess we are in at the moment, partially anyway.
     
    #25     Mar 8, 2008
  6. these are some profound statements that any / most Sociologist(s) would say betray some strong illusions on your part. illusions of superiority that is not really based on truth, fact or accomplishments.

    I hope that these don't get in the way of your sucessful trading efforts, in all sincerity, not that we know each other or trade on the same desk, but who really knows the person sitting next to them.

    Just temper them with the understanding that before, we as traders were able to endulge ourselves in this lucrative profession, we were recruited from among those very same peoples you so trashed with your description....

    these were the same peoples that benefited from better educations and colleges and professors and shaped us into our arrogance, privilidge and such...

    these are us. so then, would the same expectations apply to us, more educated ones?

    who's to say, but temperance and respect of others is key to one's own advancements and is what the American experience is based upon, not the stingy, stale, elitest european disdane for the less fortunate...
     
    #26     Mar 8, 2008
  7. Damn. I see what you mean. Similar to the US's great stated income loans. LOL

    The banks don't really care if the income is real or not, they just want to lend.
     
    #27     Mar 8, 2008
  8. mokwit

    mokwit

    Coz they are not keeping it on THEIR balance sheet but offloading it onto someone who buys it coz it has a AAA rating. Seems CFC made almost as much from fees as it would from keeping a sound loan on its balance sheet.
     
    #28     Mar 8, 2008
  9. Yep I agree with you.
     
    #29     Mar 8, 2008