Bank Failures: I've had it with everyone blaming Wall Street for the economic crisis the country is in. ITS EVERYONES FAULT! The CDO and Mortgage Backed securities that have now bankrupted almost every major bank in the country were all based on an agreement between Wall Street and Main Street where Wall Street allowed Main Street to live LIKE WHAT THEY SAW ON MTV CRIBS for a fee and some interest. Wall Street agreed to loan Main Street money, even though they shouldn't have, so Main Street could live the ballin' life. You could make 40K a year, yet you have a 400K house, two flat screen TVs and a 'Scalade in the driveway. The new "American Dream." When my parents were my age you had to save for years, put on a suit and tie (or a dress) and go down to see the local banker with your good credit and downpayment before you could even CONSIDER buying a house. When did everyone become entitled to have everything as soon as they want it? Why is it that no one blames the people who cant pay back the loans that underly the securities that have bankrupted every major bank? Main Street borrowed money for things they NEVER could afford, but "its not their fault?" Its the mortgage broker, the banker, the CEO? Wall Street crooks held a gun to everyone's head and said "buy this house!", "buy this car", "buy this TV for 3K on your credit card @ 18.9% interest?" NO! Main Street made these decisions, and Main Street didnt live up to paying back their debts. Should Wall Street have lent this money without doing their homework? NO! But, at the end of the day, when all the loan papers were signed, Wall Street lived up to their end of the deal and funded the loans. Main Street took the loans eagerly with no ability to pay them back...but its not their fault! "If Wall Street is dumb enough to loan my broke, irresponsible ass money then I am going to take it." I know, I know no one understood adjustible, teaser rate, negative amortization loans! They just thought the banks were kind and generous enough to let them pay 1000/month for a 400,000 house WITHOUT ever actually having to prove they even had ANY income! What a sweet deal! I can buy a house without a job now! When did everyone's basic math get so bad that they cant understand that you cant pay for a 400,000 house @ 1000/month for 30 years??? Even 40 years??? Oh! Wait! People forgot they actually are supposed to PAY THESE LOANS BACK !! WHAT A NOVEL IDEA!!! If Wall Street used the same metrics to issue loans that they used for the 50 years before 2002, we wouldnt be in this mess...that is true. However, if everyone on Main Street held up their end of the bargain and paid back their loans, or had the intelligence and self control to borrow responsibly and within their means, we ALSO wouldn't be in this mess. The blame is TWO SIDED! WHY IS IT THAT WE IN THIS COUNTRY NEVER BLAME THE DRUG USER, JUST THE DRUG DEALER? Class Warfare: Why is it that every time I turn on the news I hear someone talking about the "average working class American" and how they are paying to bail out the rich? Where do the "average working class" who get paychecks think the money actually comes from? If you work construction and you go to the payroll clerk every Friday to collect your check, where does that money come from? Santa Claus, the Tooth Fairy? It comes from investors, banks or both. The same rich who are supposedly sticking it to the middle class. When someone invests in a company they are betting that their money will allow the company to go out and create a good or service that the company can then sell for more than the cost of creating that good or service. For putting up the investment that allows for the creation of that good or service the investor expects a return. Otherwise, what is the incentive for the investor to take his money out of a can in his yard and risk giving it to any company? Without returns no one is willing to take a risk, without taking a risk, no one is creating a job for ANYONE. IF Wall Street were not around, the "average working class American" would not have a job creating these goods and services because there wouldnt be any money to PAY THEM for creating these goods and services. Actually, this is not entirely true. The GOVERNMENT can play the roll of Wall Street and the companies by funding and producing the goods and services themselves. This is called Communism, and it has failed numerous times (which we seem to be forgetting right now.) Class Warefare (Cliff's Notes): If you work a working class job, say hammering nails to frame a house, this is honorable work, no one disagrees. You work outside, in the sun, getting dirty, getting splinters, sore muscles, CREATING SOMETHING REAL AS THEY LIKE TO SAY. The problem is, without Wall Street, without investors, no one can pay you to frame the house. If no one takes the risk (hoping for a positive return) to build the house, then their will be no demand for framers. Everyone seems to forget that they didnt build their own house, and they didnt buy their house "at cost." "GOOD OLE FASHIONED WORKING CLASS" JOBS DONT EXIST BECAUSE WE HAVE TO HAVE THESE GOODS AND SERVICES, THEY EXIST BECAUSE SOMEONE CAN MAKE A PROFIT CREATING THEM! WE NEED TO UNDERSTAND THAT THE DESIRE FOR PROFITS (GREED AS EVERYONE CALLS IT NOW) ACTUALLY CREATES JOBS. WE DONT BUILD CARS, DRILL OIL WELLS, OR MILL STEEL BEACAUSE ITS THE RIGHT THING TO DO OR FOR THE GREATER GOOD, WE DO IT FOR MONEY AND WALL STREET SIGNS THE CHECKS!
Don't blame me for I am thriving off this countries stupidity! I am getting good prices on almost everything and was the dumb ass for not participating in the last handful of years of blatent ignorance! Let alone I am happy as hell from shorting the dog shit out of BAC in the 40's. It was payback... look back to last year for my solid warning signs that were stated.
Not blaming you. You eat what you kill or suffer the losses...its all on you. Posting this on here was like telling Noah about the flood I guess, except for the few socialist trolls that hang around.
Wall Street Loaned MAIN STREET MONEY??? Hardly Most of the money that Wall Street has to manipulate is from Main Street Pension funds. They were fabulously paid to manage these funds for the benefit of their investors. They need to have the meaning of the word fiduciary tattooed on their foreheads backwards, since they obviously forgot the source of their wealth. Wall Street SCREWED Main Street with it's OWN money. Wall Street was aided by it's "Market Maker Exemption" from Margin Requirements and Naked Shorts. Also thank Phil Graham for personally leading the fight to gut Glass-Seigel.
The real problem is, and few will say it or admit it, they YOU are very likely an imbecile. I mean you, as in the average citizen. The whole point of govt is to harness you idiots in a way that is productive. For the most part this has worked over time. But like a herd of cattle , sometimes is gets out of hand. This is one of those times. Look in the mirror for the root cause of your problem. If you doubt what I say, here's some proof, though there's a good chance you're too dumb to appreciate it. 1) The absurd compensation schemes in business were allowed to fester in plain site for decades. By me, I'd have thrown them in jail a long time ago. 2) Extreme Debt Monkeys. Nothing good can come of it, especially for the lender. Thats why they did it. You are born deadbeats. I could go on but your time has run out.
GREAT POST bevo96. one of the best i've read here in a long time. i hope one day people will get it - because otherwise our children will experience this mess again...and so they will... p.s. is it yours write up or copy/paste from some media (which?). cheers
Be very careful bevo. You, I imagine live in a first world country and you elect a gov. to keep it that way. If you desire the law of the jungle, then be very very careful what you wish for. regards f9
dhpar, myself and others have been saying this exact same thing for YEARS. you need to read more carefully
go fuck youself stock777. all i say is that tha OP's post was good - no comments needed - especially if you want to masturbate.
"ELECT a gov." ?!?!? Oh, that's a good one. "ELECT a gov." ?!?!? Please stop. - I'm laughing so hard, my sides are aching. "ELECT a gov." ?!?!? That's rich. I'll have to remember that one! *What a joke.*