Subprime Mess 101

[Mr Roxy]

Posted: 9/27/08 at 12:27pm

Here is an interesting little fact. Money lenders have no access to a verification system to check Social Security numbers before approving loans.

What happened is quite simple. The banks gave out loans to anyone living & breathing . They did not answer normal questions for many reasons. This meltdown is not surprising. If these were the approved loans, I would hate to see the rejected ones.

As much as Obama wants to spend the entire debate blaming GWB for this instead of saying what he would do differently, the bottom line is GWB (an admittedly rotten president) did not force these banks to lend money. Greed took over after that . Greed is part of American society @ every level such as LIRR retirees scamming the disability system. This forces everyone to pay more for a ride.

Britain has a similar & possibly bigger problem brewing. Is this GWB fault as well? Obama was very competent last night & was obviously well rehearsed . He was asked what programs he would have to delay & he started to say some & than ran off a laundry list of things he will do.

Despite what Gordon Gekko said, Greed is not good but it is a human trait so it will always be there.

Updated On: 9/27/08 at 12:27 PM

[artscallion]

Posted: 9/27/08 at 12:39pm

"Despite what Gordon Gekko said, Greed is not good but it is a human trait so it will always be there."

So true. Now if only there were some way to...I don't know...protect people from that greed, like...I don't know...some sort of...what would it be...regulation-like thing...I don't know...beats me. Anyway, do you vote, Roxy?

[Mr Roxy]

Posted: 9/27/08 at 12:41pm

I intend to this time.

One of my co workers, who is african american, goes on & on about how momentous an event Obama running is & yet will not vote.

Oh well. I will do so this time .

[FindingNamo]

Posted: 9/27/08 at 12:42pm

Roxy, you don't even know what you're arguing about anymore, if you ever did.

There are not threads or posts where people are saying this is all W's fault. It IS however the fault of the wild deregulation philosophy ushered in by The Saint With Alzheimer's, Screen Actors Guild President Ronald Reagan and a philosophy touted by the neo-cons who pull the strings of puppet W.

It is the exact same philosophy that let W and McCain repeat "the fundamentals of our economy are strong" line over and over and over again right up until last week when suddenly, as if turning on a dime, "out economy is in danger!!!!!".

Most of us are well beyond the 101 levels of this course you so helpfully decided to offer, but methinks it's mostly you in need of the education.

Updated On: 9/27/08 at 12:42 PM

[DAME]

Posted: 9/27/08 at 12:43pm

"There are not threads or posts where people are saying this is all W's fault. It IS however the fault of the wild deregulation philosophy ushered in by The Saint With Alzheimer's, Screen Actors Guild President Ronald Reagan and a philosophy touted by the neo-cons who pull the strings of puppet W.

It is the exact same philosophy that let W and McCain repeat "the fundamentals of our economy are strong" line over and over and over again right up until last week when suddenly, as if turning on a dime, "out economy is in danger!!!!!".

Most of us who are well beyond the 101 levels of this course you so helpfully decided to offer, but methinks it's mostly you in need of the education."


What he said!!!

[Bickle]

Posted: 9/27/08 at 3:34pm

[iflitifloat]

Posted: 9/27/08 at 4:51pm

This episode of This American Life aired back in May and did a stellar job of explaining the whole complicated subprime mortgage business in an understandable and interesting way. I highly recommend listening.





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