here is a list of banking laws over the years

Yes you can.

But vast majority of harm in this situation still does go to the little guy. The CEO bail out of the Company with a nice package even when they have screwed the pooch.

This could have been averted in the most part.
 
Topspin said:
the CEO and the little guy skate away while the investor class gets the shaft.
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the little guys skates away?

I would not call losing your home skating away.

Do you have idea how painful and ecomonically crushing this can be to a family?
 
Desh said:
the little guys skates away?

I would not call losing your home skating away.

Do you have idea how painful and ecomonically crushing this can be to a family?
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I do know that it is not a death knell and often the best lessons are learned through difficulties. Including "crushing" difficulty. Bailing people out of stupidity only teaches them that they can make mistakes that can cause them such crushing difficulties because others will face the consequences rather than them.

First, it is not as bad as you make it out to be to lose your home to foreclosure. It is uncomfortable and sucky, it wrecks your credit for a time, but it is not the end of the world and your credit can be repaired through good decisions within 2 to 3 years. Next time you would be more careful not to get taken. Instead, you are just ripe to be victimized again because heck, there can be no consequences for poor choices.

If I sat in a room to get a loan and somebody wrote on a form that I made 5 times what I made in order to get me qualified, I would leave. It is a bad idea to get a loan that I would have to make 5 times what I make in order to pay.
 
I call it skating when you put nothing down (for decades people put 10 to 20% down) and couldn't afford it anyway. Financially they lose nothing.
 
uscitizen said:
Yeah damo too bad we cannot make bush and congress suffer some to learn.
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But we can. There are several ways that you could do that. If you had enough votes you could Impeach and Convict. If you had enough votes you could do that with both Congress and the President. Congress can kick out members....

There are myriad ways one could make them suffer as well.
 
Superfreak said:
Of course you cannot help it.... because something could easily have been done. It was common sense. But many, myself included, ignored the naysayers back in 2004/05. I honestly do not recall seeing articles like the one you just posted which stated that 19 percent would not have qualified for the 30 yr etc....

I have seen many housing bubbles form and burst over the years, but not one that was nationwide like the one we are seeing at this point. Up until June of last year I didn't see the extent of this mess. I thought it would be isolated to over-inflated areas like CA, Las Vegas, Florida etc... obviously I was wrong on that.

I don't think I fully understood just HOW loose the credit standards had become.
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You admitted being wrong!!!!!!!


good for you

wish you could still muster it
 
Superfreak said:
In part, I would agree with that. But on the other hand they were stuck between the proverbial rock and hard place (kind of like they are now). Mainly this was due to their stupidity in how they went about "helping to make things better/equal".

Had they refused to lower interest rates from 2000-2003, then the markets would have been crushed even further.... causing a more severe economic downturn than what we had. However, we wouldn't have seen the housing bubble form as large as it did either.

In hindsight, lowering the rates was the right thing to do. KEEPING them low was where they made the error. They should have begun raising rates at a faster clip in 2003 and 2004 rather than that annoying 25bp at a time crap that took 2 years to get rates back up. Now we see Bernanke lowering 25bps then another 25bps.... if he continues this trend then he is making the same mistake in reverse.

We still have an outside chance of avoiding a recession. But the longer the Fed screws around, the lower the odds of that happening.
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they did that to keep Bush economic numbers up you fool
 
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