this from a guy who promised to leave ET if a prediction didnt turn out - if you kept YOUR agreements, you wouldnt even be here lenders had an obligation not to make a loan that had no chance of being paid back and if they go ahead and do it anyway, well, THATS NOT MY PROBLEM - I'm neither the one who made, or took the bum loan and i sure as hell wont be the one who bails it out
There are plenty of deadbeats in this - that's for sure. BUT - if YOU are the guy with the money in his hand (lender) and there is some guy wanting to loan that money from you - who has the POWER in that situation, You - or the grubber trying to get the $ out of your fist?? Would you loan the money in your fist - that you are currently holding - to some guy who lives in a cardboard box? If you answered "No" - you are smarter than all the morons who did. Give yourself a bonus and a golden parachute. Oh wait - you had to do the opposite to get those...
Pabst kept his agreement. I gave up a screen name I'd used for 5 years..... I'm not ADVOCATING the plan-doesn't help or hurt me-although my house is probably 600-800k off it's highs.....
The problem is that Californian's are not personally obligated on Purchase money loans for their residence. And most of the loans made since 2005 are still purchase money loans because few Californian's had time to refi those loans. Californian's have the option of paying or walking away. Therefore they are not deadbeats they are people who signed an option contract. The legislature understood that Ca real estate suffers from booms and busts and they put the risk of over priced property on the seller and the lenders. its been that way for decades. We do not respect Niederhoffer's business model of selling premium - until he blew up - and we should not respect the lenders, wall street and the investors. Wall street included free puts with every purchase money loan to CA and some other western states. They were giving out 100% stated income loans and paying 3-5 commission on top. The California consumer acted as they should an Wall Street knew it was going to take a bath. I heard Lehman gave out 5 billion in bonuses. In my opinion the excuctives on Wall Street should have their belongings confiscated. They allowed great institutions to be shelled out for short term bonuses. They were either criminal or criminally stupid.
Here's an analogy. You're a big bookie in Detroit. (Greek Town, lol) If the spread is San Diego -5 against Houston you match up those who bet on SD against the equal amount of Houston money. As a rule you "lay off" your bets in Vegas. Meaning any imbalance you call in to a bigger book at a casino. One of your local bettors calls you and puts a million down on Houston. It's you who âvouchedâ for him being good for the bet. You now lay the bet off on Wynn. San Diego covers. Your bettor disappears into the wilderness of the UP. Wynn wants their money. There is none. Wynn now takes a million dollar hit. No one would suggest Wynn be âbailed outâ. However two things. The ultimate âblameâ isn't Wynn. Instead it's a bit yours for âvouchingâ a rogue gambler but it's MAINLY the guy who bet a million he didn't have. While I wouldn't expect Wynn to be made whole by the Fed I also wouldn't bitch if Wynn no longer gave house credit i.e. no more automobile loans or low down payments on mortgages. Fool me once sort of thing....... So at the end of the day almost EVERY bettor-credit worthy or not-would be impacted by your dishonest guy.
Bush To Personally Bullshit Americans Tonight Yeah, you gotta hand it to him for consistency. btw, this is who b has reminded me of since day one. http://www.youtube.com/watch?v=vIL5EE_qxGA
BUSH TO ADDRESS NATION ON FINANCIAL CRISIS AT 9 P.M. EASTERN This is going to be good. Any ideas how to make a drinking game out of it? Perhaps every time he says 'crisis'?