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Stupid 20yr Housing Bubble

isn't there some way we can pin this on Obama?

Or government?

After all... government backed loans made home ownership possible for the vast majority of Americans. And then that same government failed to adequately police the loan industry (amidst an equally vast lobbying and insidious campaign by banks and mortgage originators).

Therefore... I say we just declare government useless. Let's declare winners and losers now. Everyone who made it to $500 million net worth by this point wins, and gets to be part of the new nobility, and do whatever they want. The rest of us are peasants who get to live in the tenements they own.

Thank you, vast effort from 1940-2012 to gut the unions, federal and state regulation of business, social spending, and the social safety net. All communism and therefore per se bad.

Now, if you'll excuse me, I have to go pay my 10% tithe to the Church, and see the doctor for some bloodletting. I've had this nagging pain in my back due to evil humours that I need cured.
 
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I love those 'Realtor' lobbyist ads running these days. The one where the wistful grandfather laments the possibility that little Johnny may not in fact be able to buy the same 3000 sq ft house that grampy owns now.

The *dream* of home ownership and the interest write-offs to make it all possible.

Only now is "kicking the can down the road" a moral imperative.
 
michchamp said:
isn't there some way we can pin this on Obama?

Or government?

After all... government backed loans made home ownership possible for the vast majority of Americans. And then that same government failed to adequately police the loan industry (amidst an equally vast lobbying and insidious campaign by banks and mortgage originators).

Therefore... I say we just declare government useless. Let's declare winners and losers now. Everyone who made it to $500 million net worth by this point wins, and gets to be part of the new nobility, and do whatever they want. The rest of us are peasants who get to live in the tenements they own.

Thank you, vast effort from 1940-2012 to gut the unions, federal and state regulation of business, social spending, and the social safety net. All communism and therefore per se bad.

Now, if you'll excuse me, I have to go pay my 10% tithe to the Church, and see the doctor for some bloodletting. I've had this nagging pain in my back due to evil humours that I need cured.
Click to expand...

Right. That's the problem. Our wealth eroded because we didn't have enough unions, regulation, and social spending. The bulk of us earn our money by helping each other consume goods; very few of us actually make anything...globalization drives us towards a mean much lower than what were used to...you're right: more unions, regulations, and social spending probably could have prevented it.
 
when you give money away without the person having an investment into the property.....you get this. Fannie & Freddie were 80% of the problem
 
tsmith7559 said:
when you give money away without the person having an investment into the property.....you get this. Fannie & Freddie were 80% of the problem
Click to expand...

If they were 80% of the problem, we would have had the problem decades sooner.
 
No Red, every significant economic problem facing the nation can be explained away in a two sentence summary.

Michael Lewis is a complete retard for taking 389 pages to explain how the lenders, homebuilders and realtors fleeced the middle class by inflating home values, offering money for free and then spending money on hack homebuilders who were incented to cut corners and build shitty McMansions throughout suburban America.

Indeed, it was 80% "Fannie & Freddie"
 
TheVictors said:
No Red, every significant economic problem facing the nation can be explained away in a two sentence summary.

Michael Lewis is a complete retard for taking 389 pages to explain how the lenders, homebuilders and realtors fleeced the middle class by inflating home values, offering money for free and then spending money on hack homebuilders who were incented to cut corners and build shitty McMansions throughout suburban America.

Indeed, it was 80% "Fannie & Freddie"
Click to expand...


just going off the testimony of Fannie's own people....
 
michchamp said:
Funny... Paul Krugman mentioned that very point in his last book...
Click to expand...

If I haven't established that I agree with Krugman on tons of things, let me state it with as much clarity as I can muster:

I agree with Krugman on tons of things.

That's the driving motivation with why I get frustrated with him. He's got positions I like, the brains to do them justice and teach us something, and the forum to be heard by lots of people. That's why I get frustrated when he wastes it all complaining about that last thing Sarah Palin said.
 
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Attorney: "Now remember Mr Fannie Mae employee, you are under oath! To what extent do you ascribe the role "Freddie and Fannie" played in this generational, once in a lifetime housing collapse?"

Employee: "Eighty percent. No doubt in my mind, it's eighty percent."

Attorney: "Do you care to clarify on that number or explain what you mean by pulling that eighty percent figure out of your ass?"

Employee: "Hey, don't get all pissy with me! I worked there and I say EIGHTY PERCENT! I don't know what you're asking anyways and really I don't know what I mean by saying Eight Percent, but if you're looking for an easy way to blame *someone* for this whole mess ... I say blame the group The Man. Besides, what do I give a fuck?! I made my money on the bubble and so did all the home builders I know."
 
TheVictors said:
Attorney: "Now remember Mr Fannie Mae employee, you are under oath! To what extent do you ascribe the role "Freddie and Fannie" played in this generational, once in a lifetime housing collapse?"

Employee: "Eighty percent. No doubt in my mind, it's eighty percent."

Attorney: "Do you care to clarify on that number or explain what you mean by pulling that eighty percent figure out of your ass?"

Employee: "Hey, don't get all pissy with me! I worked there and I say EIGHTY PERCENT! I don't know what you're asking anyways and really I don't know what I mean by saying Eight Percent, but if you're looking for an easy way to blame *someone* for this whole mess ... I say blame the group The Man. Besides, what do I give a fuck?! I made my money on the bubble and so did all the home builders I know."
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and why is gas $3.99 at M-15 & I-75 Mr Employee....dam I thought is was sinking 45 days ago???
 
Way to completely change the subject again, when exposed for being a total dumbfuck.

I've spent far too much time trying to educate you at this point. If you want to post in threads where adults are talking above your head, don't bitch when you can't keep up.
 
WARNING!! The below references are not VIDEOS!! You will have to be able to read to make use of them -- these are NOT YouTube Videos!


Oil pricing estimates are revised downward - http://www.foxbusiness.com/markets/2012/06/12/eia-cuts-oil-price-forecast-for-year-second-half/

OPEC production exceeding demand - http://www.foxbusiness.com/news/2012/06/12/opec-production-above-market-needs/

Friday confirms the trend I predicted weeks ago - http://www.foxnews.com/us/2012/06/08/oil-price-slips-on-weak-economy/

Frankly, I say more power to the Gas Station owners who can stick it to lazy fucks who are obsessed with the price of gas, yet too stupid to figure out how to pay less.
 
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