Mortgage crisis getting worse?

Discussion in 'The Lounge' started by Starkiller, Dec 15, 2008.

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  1. SEC 330 BIPOLAR

    SEC 330 BIPOLAR jive turkey

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    I seriously blame Barney the big purple dinosaur. The economy was booming up until his emergence. Once he became mainstream it's gone nowhere but downhill. We are just now realizing how devastating the Barney effect actually was.
     
    #11 SEC 330 BIPOLAR, Dec 16, 2008
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  4. Hoffa

    Hoffa Freak you you freakin' freak

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    Actually, Barney the Dino came along right before the economy started booming during the Clinton years. His tremendous sales contributed to the good times.
    Things started going downhill after the emergence of Diego, and the influx of cheap illegal Mexican labor, who sent their money back to Mexico instead of into the US economy.

    Blame Diego!

    [​IMG]
     
    #12 Hoffa, Dec 16, 2008
  7. Gunny

    Gunny Shoutbox Fuhrer

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    Just blame the Indianapolis Colts...ever since they won the Superbowl...
     
    #13 Gunny, Dec 16, 2008
  10. GoT

    GoT Strength and Honor

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    From my understanding those Ninja loans and other exotic loans were mostly speculative upper end properties. I mean anyone really crying cause someones 2m condo is now at 750k - not no but HECK NO! And if some banks have to write down condos that should have not been built then so be it. Nashville has a couple of those albatrosses going up now. Can't remember the names but I can't believe people will drop 500k+ too live in downtown Nashville.

    Point here is that the report stated the $$$ value of the loans and not the number of them. My take is that this crap will not hit the middle/lower-middle/lower classes the way the subprime crap did.
     
    #14 GoT, Dec 16, 2008
  13. ammotroop

    ammotroop Airforce MAN

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    GoT.....its going to hit..
     
    #15 ammotroop, Dec 16, 2008
  16. GoT

    GoT Strength and Honor

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    and...
     
    #16 GoT, Dec 16, 2008
  19. Starkiller

    Starkiller 9

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    It probably won't be as bad as the first crisis, but I'm sure it will have a significant impact.

    If nothing else, we'll be left with even more of a housing glut that will lower the value of everyone else's property. Plus there will be more losses by investors.
     
    #17 Starkiller, Dec 16, 2008
  22. avvie

    avvie It's another cold day in Hell Tip Jar Donor

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    Help me out here, I'm trying to grasp something about the first bailout...So, the Fed takes a huge pile of taxpayer money and gives it to banks who are expected to not hoard this money but instead to loan it right back to the American people that gave them the money to loan and who will now be paying interest on the money that was already theirs.

    This money is being taken from ALL taxpaying Americans and is being loaned to only the people who can meet the new improved stringent guidelines to borrow money...i.e. wealthy and with good credit.

    So, in order to prevent mass poverty, money is being taken from the recently poor people and being given to the recently poor banks so that they can give it to the not recently poor. This will fix everything and make everyone rich again.

    How was this thought to be a good idea?
     
    #18 avvie, Dec 18, 2008
  25. Childress79

    Childress79 Loungefly ®

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    Link -Times online
     
    #19 Childress79, Dec 18, 2008
  28. Starkiller

    Starkiller 9

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    It actually has helped a great deal, not that it hasn't had problems.

    Remember, before they passed the TARP major banks were literally going bankrupt because they had massive debt. Lehman Brothers went under. Bear Stearns all but did (the government backed a buyout to keep them from going bankrupt). IndyMac failed. Washington Mutual was seized and sold off to prevent a collapse. Wachovia was rescued on the brink because the government brokered a last minute deal to keep them from being seized. The financial system was collapsing. The government gave out loans to keep the banks from going under. Small banks are still going under, but the major banks are all considered stable now (though still hurting).

    We expected that this money would be used to give credit to people. Obviously that didn't work out as well as expected. But it did end the panic of major institutions failing.

    Also, remember, the government isn't giving money away. It's just a loan. And it isn't being taken from taxpayers, the government is just printing new money (not that there aren't downsides to that, too). And if a bank goes under, the government is also on the hook for the FDIC insured money, so loaning them money would be cheaper that covering all those insured deposits.
     
    #20 Starkiller, Dec 18, 2008
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