American Banks and their part in my downfall (2 Viewers)

[David Eagar]

The recent event of US banks paying themselves enormous bonuses while recieving government handouts to stay in business, using the pretext of "we must top salaries to attract the best talent".

This 'so called' best talent is what got you into the enormous debt you are in: Why the hell would you want to keep them???

The fact that the rest of the world now suffers from your mistakes inevitably leads to the demise of the US empire.

And like all empires that have fellen before you, your demise will be gladly recieved.

Obama seems to be one the most able statesman on the world stage, although has not had time to proove his mettle - I hope he is up to the task and not just another politician promising us the world and delivering nothing.

Americans, no matter how big your flag, how loudly you proclaim you believe in God:

This time, you have to admit WE WERE WRONG!

 

[GaryPanic]

we put


further to this

there was a programme on the TV last night - about a guy who was given a morgage 15 times his salary ...
and the morgage broker was happy to do so - then sold on this toxic debt ....


it needs a few golden rules that should never be broken

here in the UK
the rule is
your morgage must not be more than 2.5 a single salary and 3.25 times a joint salary (or the way round)

if we stuck to this rule then property prices would increase with inflation/payrises
and we would not be in this mess

I am sure that there are rules in place in other countries along simliar lines - and i would of thought that the US morgage market would of followed this ...

Now we are in in the mire ...
Pensions screwed
unemployment ..

 

[David Eagar]

and the f...wit in the credit agency that rated this as AA - why his he/she not in Guantanemo????????????

 

[GaryPanic]

we can all join in on this one.

the people in the know knew this was going to happen in 2006
.tossers

 

[Rich]

The only thing we have to fear is fear itself and the remnants of Bush's policies

 

[redneckgeek2]

I'll admit....
WE WERE WRONG

To ever let our government stick it's nose into the banking/mortgage business all those years ago.

WE WERE WRONG

To not hold Barney Frank and Chris Dodd accountable for not doing their job in admitting that Fannie and Freddie were horrible ideas and were in big trouble.

WE ARE NOW MAKING "THE MOST WRONG" MOVE YET

In nationalising our banking system. Name one thing (besides war) that government has ever managed successfully.

The fun has just started folks. We're going the wrong way. We need to be tar-and-feathering elected officials, not worshipping them.

 

[David Eagar]

I'll admit....
WE WERE WRONG

To ever let our government stick it's nose into the banking/mortgage business all those years ago.

WE WERE WRONG

To not hold Barney Frank and Chris Dodd accountable for not doing their job in admitting that Fannie and Freddie were horrible ideas and were in big trouble.

WE ARE NOW MAKING "THE MOST WRONG" MOVE YET

In nationalising our banking system. Name one thing (besides war) that government has ever managed successfully.

The fun has just started folks. We're going the wrong way. We need to be tar-and-feathering elected officials, not worshipping them.

Ah yes, the typical American response, "It's all the governments fault"

One thing that Private Enterprise has screwed up is the entire worlds economy - MORE THAN ONCE - refer 1929!

Advice to Obama (and who bar me should he be getting his advice from?)

You promised changes to how Washington worked - Who in your cabinet is NEW???

Go to sports managers - they are judged by runs on the board - if you don't perform, you're out of the team.

 

[redneckgeek2]

We blame the government because that's where all the evidence points.

The american government began taking the wrong steps prior to 1929, and helped cause the stock market crash, then their policies afterwards caused/lengthened the great depression.

They are the answer to nothing. Like it or not, America was the economic powerhouse of the world for all these years because we've had the most free market. That started changing, and look what has happened. People inherently try to toss the yoke of socialism, except those that are unwilling to do for themselves. And yes, most poor in America are unwilling, not unable.

 

[statsman]

The problem is not business or government.

The problem is GREED!
The problem is the "I want everything NOW" mentality we have drummed into out spoiled brat offsrping who are now adults.
The problem is the "I'm not responsible for my own actions" attitude.
The problem was easy credit. At least this problem has been corrected.

 

[ASherbuck]

I'll admit....
WE WERE WRONG

To ever let our government stick it's nose into the banking/mortgage business all those years ago.

WE WERE WRONG

To not hold Barney Frank and Chris Dodd accountable for not doing their job in admitting that Fannie and Freddie were horrible ideas and were in big trouble.

WE ARE NOW MAKING "THE MOST WRONG" MOVE YET

In nationalising our banking system. Name one thing (besides war) that government has ever managed successfully.

The fun has just started folks. We're going the wrong way. We need to be tar-and-feathering elected officials, not worshipping them.

I think I get a pretty good bang for my buck. Yes, I'm saying I think the government actually spends my tax money pretty well. Especially now in tax season when I see how much I pay and then realize that with what I pay I could send my kids (If I had them) to public school, police response, fire response, military to protect me from war, a slew of social programs if I need them, money for college in the form of grants, scholarships, incentives and low fixed rate loans, etc. It becomes apparent that this is a deal with what the average person pays in taxes.

And for people in America who don't want any of those things, I am curious - when are you moving to a 3rd world country?

 

[David Eagar]

And for people in America who don't want any of those things, I am curious - when are you moving to a 3rd world country?

They don't have to - the third world is moving to them!! At the rate it's going, the US will join these illustrious ranks very shortly. In fact, Katrina may well have demonstrated how much progress they have made to this end

 

[pbaldy]

Ah yes, the typical American response, "It's all the governments fault"

It was the knowledge/confidence that the government would buy the mortgages that allowed banks and mortgage brokers to give loans out like candy, to people that had no business having one. Without that government involvement, banks would have exercised the type of due diligence they should have been applying all along. Prices would not have risen so dramatically, and thus not fallen so dramatically.

In other words, while there's plenty of blame to go around, from top to bottom, it was government's involvement that made it possible.

 

[David Eagar]

It was the knowledge/confidence that the government would buy the mortgages that allowed banks and mortgage brokers to give loans out like candy, to people that had no business having one. Without that government involvement, banks would have exercised the type of due diligence they should have been applying all along. Prices would not have risen so dramatically, and thus not fallen so dramatically.

In other words, while there's plenty of blame to go around, from top to bottom, it was government's involvement that made it possible.

To quote everybody's mother - "if the government told you to jump off a bridge, would you?"

 

[boblarson]

To quote everybody's mother - "if the government told you to jump off a bridge, would you?"

We got quite a lot of people for whom the answer would be "yes." Common sense is not all that common. When my wife and I were shopping for a house, we got approved for a $230,000 loan. We knew that was not in our budget so we stuck to only $130,000 which of course we can afford to pay for. Others were not so smart and were blinded by what they could get, not how they were going to pay for it.

 

[pbaldy]

To quote everybody's mother - "if the government told you to jump off a bridge, would you?"

I said blame went from top to bottom, but if the government hadn't built an expressway to the bridge, a platform to jump from and hidden the jagged rocks below, fewer people would have jumped.

I personally know people that were encouraged to buy houses and actually got cash out of the deal (ie, no down payment, cash back). The people that encouraged them were greedy crooks who got fees for making the loan. They did the "wink-and-a-nod" review of the people's finances. Frankly my friends were stupid to get into something they knew deep down they couldn't afford (they admit that now). The crooks keep their commission, my friends are losing their houses, and we taxpayers will be picking up the tab for all of it.

 

[Mike375]

I personally know people that were encouraged to buy houses and actually got cash out of the deal (ie, no down payment, cash back). The people that encouraged them were greedy crooks who got fees for making the loan. They did the "wink-and-a-nod" review of the people's finances. Frankly my friends were stupid to get into something they knew deep down they couldn't afford (they admit that now). The crooks keep their commission, my friends are losing their houses, and we taxpayers will be picking up the tab for all of it.

And the reality is that the blame goes back to the borrower.

No amount of Gov't legislation will prevent some people from becoming prey. In fact extra legislation makes it worse because the same people then drop all caution because "it must be all OK because the gov't etc."

It is like blaming lawyers. A lawyer without a client is nothing. A crook without a victim is nothing.

I have been in the insurance/financial services industy for almost my entire working life. In the last 5 years the gov'r regulations are unreal. Result. The crook now has a huge number of willing victims because it should be safe, warm and cosy. On the other hand, the genuine seller must first and last cover his arse.

Just before Christmas I signed up a medical specialist and part of it all was an extensive writtent presentation of recommendations etc. He then arranged for a lunch and basically said at the lunch...OK, we are now off the record what should I actually do...Of couse being a medico he knows the deal because of his own occupation. If there are two treatments, one orthodox and one not and the orthodix is not a good way to go, that is what the patient will get.

 

[David Eagar]

I personally know people that were encouraged to buy houses and actually got cash out of the deal (ie, no down payment, cash back). The people that encouraged them were greedy crooks who got fees for making the loan. They did the "wink-and-a-nod" review of the people's finances. Frankly my friends were stupid to get into something they knew deep down they couldn't afford (they admit that now). The crooks keep their commission, my friends are losing their houses, and we taxpayers will be picking up the tab for all of it.

This is now getting awfully close to the truth - and it's a very sad state of affairs when my posts get contaminated with facts:

Yes, at the bottom line, the people who said yes, knowing they could'nt deliver hold much resposibility, but the regulators that allowed the approach in the first place are equally, if not more to blame:

Except for the criminals in credit agencies that convinced evrybody else that this was an 'AA' rated, sure not to fail, you can't help but make money, housing prices will fall when hell freezes over deal.

Guess what, Diablo now wears a Santa suit

 

[Rich]

I blame the Americans

 

[Rabbie]

I blame the Americans

Now there's a surprise

 

[pono1]

Sure. OK. Why not!? We're unequivocally guilty of everything... but it's the bad guy who always get the girl... (join the dark side, Luke!)... OK, off to the salt mine...carry on here...