Thje Credit Crisis Explained...

Philbert · Mar 6, 2009

This is good...even the Liberal Left and the O-Zombies should be able to get the explanation...

Whatever, it's all tied into the whole Clinton-Frank-Dodd "lend to anyone so all the po peeps can have a house" plan.

Thanks, guys!
In the space of 2 months I've gone from $1200-$1400 a week income to $500-$600 a week...after expenses I have to eat from cans! And I **** cold beans for breakfast...!!!

Things are just starting to get nasty...it's gonna be a long cold summer.

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E-Ann-Hilden · Mar 6, 2009

Everyone is in a tough spot these days, but it hard to put the blame on Clinton/Frank/Dodd. Everyone made money on selling the American Dream of homeownship. Do you think the only Dem's that work in the mortgage industry, Real Estate sales, Wall Street, Title Companies, home improvement, house builders, stone and lumber industry, Home Depot etc. Only made a ton of money selling this? EVERYONE DID!

I hear how the Republicans tried to bring this to light. I read allot and rarely heard anything about it. If it was presented as a bill, every lobbyist from the home sales industry would have fought it to death.

Everyone got ***** with home sales and homeowners that bought into it thinking that their house would go up 10-20% a year. That is a pipe dream.

Wall Street packaged that up with the blessing of Moodys AAA rating and sold it all around the world.

No look where the good time have got us into!

I have taken pay cuts and my commissions have dropped off the radar. I will be eating beans as well. But I in no way blame purely the Dem's. Homeowner's are just as much to blame, maybe not you, but too many are!

om3ga · Mar 7, 2009

Does this help?

A year ago, few people had heard of the term credit crunch, but the phrase has now entered dictionaries.

Defined as "a severe shortage of money or credit", the start of the phenomenon has been pinpointed as 9 August 2007 when bad news from French bank BNP Paribas triggered sharp rise in the cost of credit, and made the financial world realise how serious the situation was.

The roots of the credit crunch, however, started earlier

Details:
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D-rock · Mar 7, 2009

Clinton does have some of the blame in this despite what he might say, but it wasn't like all those banks were ****** into those loans like some people are claiming now. The banks and credit institutions loved it back then. As long as the cash was flowing in they didn't mind at all. It wouldn't be right to now complain that stuff ****** their hands, because it probably didn't.

Philbert · Mar 7, 2009

E-Ann-Hilden said:
but it('s) hard to put the blame on Clinton/Frank/Dodd.

No it's not...

Red Spyder · Mar 7, 2009

What about the Community Reinvestment Act? It either ******, encouraged, or just allowed banks to get involved into subprime mortgages. That may be the origin and the root of the problem.

E-Ann-Hilden · Mar 7, 2009

Philbert said:
No it's not...

So Homeowner's that knowingly took a mortgage that they could not afford in the long term and thought they could flip the property at a big mark up quickly are not too blame? This mark up is far beyond what historically the housing market has ever yielded. Smells like greed to me!

OR are we responsible homeowners like you and me bearing the brunt of above? We bought a house we could reasonable afford within our means. Now we are experiencing severe pay cuts or have lost our jobs.

Please place blame to the idiots the took mortgages on houses they could not afford, not you or me or some political party.

E-Ann-Hilden · Mar 7, 2009

Red Spyder said:
What about the Community Reinvestment Act? It either ******, encouraged, or just allowed banks to get involved into subprime mortgages. That may be the origin and the root of the problem.

It could be the source of promoting buying into the American Dream of home ownership, which fell like a house of cards due to inflating values that everyone bought in too....

My house has loss over $25000 in value and I sure many could point to far more losses...

warman2442 · Mar 7, 2009

Philbert said:
No it's not...

yes it is lol

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