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jester3681

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Posts posted by jester3681

  1. Follow the money... who stood to profit? Banks.

    You can fault the gov and the individuals all you want, but that's not how I see it. If the banks didn't think they'd make money doing it, they wouldn't.

    Every loan that FHA or HUD subsidizes has a fee that goes back to that bureaucracy. Don't assume that the government acted out of the kindness of their hearts in all this.

    And little Jimmy Flips-a-burger gets to live the high life in his sweet new digs until he realizes he's not a Hollywood star and should really be living in the crawlspace above his parents garage. He's not innocent either.

    Blame the banks if you insist, and trust me, I'm not saying they're innocent by any means, but they are also not the boogeyman that orchestrated this mess either. Everyone got a little something they wanted.

    Banks (The Wealthy) got money, which they wanted.

    Jimmy Flips-a-burger (The Unwealthy) got to feel like "The Wealthy," which they wanted.

    Government (The Power-hungry) got control over the process, which they wanted.

    It all worked out fine until the Ponzi scheme collapsed.

  2. Over on Google+, there are a lot of photographers using Facebook and were relying on Facebook distribution to their clientele. They were all taken by surprise without warning. It didn't take long to figure out that content was missing. It's quite a topic of discussion over there on Google+.

    I find it hard to believe that both people who still use Google+ are photographers... :D

    • Upvote 1
  3. So... who's fault is that for approving them? I guess that's where I stand.

    I'm not saying the "homeowners" didn't make bad decisions, but considering the avg. level of intelligence in America is a HS diploma, they aren't exactly fiscal geniuses.

    Agreed. The issue is, at the height of the boom, financiers as well as government oversight entities were turning a blind eye to what was going on. HUD and FHA were given money by the banks to finance these loans that were no good on their face. When it started to collapse, everyone stood there pointing the finger at everyone else. Yes, homeowners were at fault - it was too good to be true, and they should have known it. Yes, banks were at fault - someone making $8/hr flipping burgers at Mac Donald's cannot afford a $175k house. And yes, the government was at fault, because ultimately it was their checks and balances that were modified to let this all transpire, all the while congressmen were smoking cigars and drinking scotch and smiling about how many of their constituents had the "American Dream!" (all rights reserved) of home ownership. Too bad it became a nightmare when they realized that payment was a shitload bigger than they thought and the lease on this apartment is for 30 years. And that $175k house is really only worth $115k and now everyone knows it. So now it's only worth $85k because there are ten more on your street for sale, and now it's only worth $50k since nine of those ten are foreclosed bank sales...

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