This Economy is Everyone's Fault!

slapshot · Feb 22, 2009

Quote from bevo96:

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!
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Amen, Brother - but watch out for the bleeding heart pussies that are going to attack this common sense of yours.

AK100 · Feb 22, 2009

The funny thing about MTV cribs and all those stupid music videos where they tell everyone how much money they've got and start throwing it around is that 80%+ of them will be back scratching with the chickens within 10 years.....

What's the say@

Easy come - easy go

Vinny1 · Feb 22, 2009

http://www.youtube.com/watch?v=66OwZjsi0D0

Great video that explains alot of the people in this country.

Debaser82 · Feb 22, 2009

In my country (Belgium) we have a positive savingsrate (+10%), no big real estate boom and a trade surplus and still all of our banks are bankrupt cause they loaded up on CDO's and other crap.

WTF is that about..

walter4 · Feb 22, 2009

Quote from bevo96:

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.
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One of the dumbest posts on ET. Thanks for the laugh.

DT-waw · Feb 22, 2009

Quote from Vinny1:

http://www.youtube.com/watch?v=66OwZjsi0D0

Great video that explains alot of the people in this country.
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george carlin nails it!

here's another video about education:
http://www.youtube.com/watch?v=diXcHdLkVWU&feature=channel_page

bevo96 · Feb 22, 2009

"One of the dumbest posts on ET. Thanks for the laugh."

Why don't you enlighten me then W4? I'm willing to bet you can't write 10 coherent sentences. I figure your response will likely contain the words idiot, moron, and one or two sentences.

Lets have it!

jd7419 · Feb 22, 2009

Quote from slapshot:

Amen, Brother - but watch out for the bleeding heart pussies that are going to attack this common sense of yours.
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Bleeding heart pussies are expanding at an exponential rate on Elitetrader. I would say for every full time trader there are 50 bleeding hearts on this site.

slapshot · Feb 22, 2009

Quote from jd7419:

Bleeding heart pussies are expanding at an exponential rate on Elitetrader. I would say for every full time trader there are 50 bleeding hearts on this site.
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You are so right. It seem to me that the #1 requirement to be a trader is to understand supply and demand - which they don't.

Probably explains a lot of the losing traders as well. . .

stock777 · Feb 22, 2009

Quote from dhpar:

go fuck youself stock777.

all i say is that tha OP's post was good - no comments needed - especially if you want to masturbate.
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Have faith, those S(t)anford CD's will surely pay off at least 5 cents on the dollar for you.

He say, "one of the best i've read here in a long time."

He wrong.

Nothing wrong with the ops post, but I've been blaming the toothless idiots who bought shacks for 3X what they were worth for years.