DOGE

[Pat Hartman]

@Thales750 you agree with @NauticalGent movie picks, but disagree with @Pat Hartman assessment. They both seem to be discribing the same event.

Don't be critical. Thales can never agree with me. He just likes to call me stupid Makes him feel like a "man".

 

[Thales750]

And because every yuppie couple in the world felt like they just had to have the expensive suburban house instead of starting out at a level appropriate to their income.

There was blame a plenty, more than enough to go around.

The underlying root cause was lack of proper regulations in the Financial Sector, specifically in Derivatives.

 

[AccessBlaster]

The underlying root cause was lack of proper regulations in the Financial Sector, specifically in Derivatives.

And who pushed for that? Be specific.

 

[NauticalGent]

Makes him feel like a "man".

Ouch!

 

[Thales750]

Then don't be a hypocrite. Give it back

You mean the banks weren't making bad loans? My daughter was working for a company at the time who couldn't bundle them fast enough in an attempt to get them off the bank's and loan company's books and into the hand of other greedy people. There were always buyers. Didn't matter how bad the tranche's were.

The family won’t owe income tax on the growth in the assets’ value unless it sells them and makes a profit. Unless the Dems get their way and get to tax your assets every year.

The cool aid bin because you use half truths, or less, partial truths. You do that all the time. Then you misquote me and use another half truth or straight up misinformation.

 

[AccessBlaster]

The collapse was an early form of DEI, they just didn't call it that back in the day.

 

[Thales750]

And who pushed for that? Be specific.

I'm sorry, you are about 20 answers behind. By the way I do know exactly "who" they were. Alan Greenspan for one. I think he later agreed with Brooksley Born, she was an early sounder of the coming disaster. , that they had no idea that sophisticated investors needed regulating. She predicted it though, and so did the, at the time, head of the FDIC Sheila Bair she also raised flags that were ignored.

 

[Thales750]

The collapse was an early form of DEI, they just didn't call it that back in the day.

What color is the cool aid

 

[Isaac]

Actually, wasn't it inter-city folks who couldn't qualify and congress stepped in?

Both things were probably witnessed by various folks, I'm sure you're not wrong, but the people I rubbed shoulders with in that day were yuppie couples buying way beyond their means because they had to live in the latest horse ranch subdivision

 

[Isaac]

There was blame a plenty, more than enough to go around.

The underlying root cause was lack of proper regulations in the Financial Sector, specifically in Derivatives.

Not to be annoyingly picky, but - Okay, a cause, but root cause? The root cause was people making bad decisions. Downstream of that is bank actions. Even further downstream of that is regulation or lack thereof. (or is Upstream a better word?)
Ok , now I'm just being annoying.

But seriously, get a society where a larger majority believes in personal responsibility and choices with consequences without federal intervention, and you actually do solve the root cause. How we get ahold of that society, I haven't much idea, although I know what it DOESN'T look like - a lot of modern ideas about how to train people on their relations with government.

 

[Thales750]

Congress encouraged and incentivized subprime loans through policies aimed at expanding homeownership. These subprime contracts failed and cascaded throughout the industry causing a massive default. There were other factors, but that was a biggie.

Yup, but it was the packaging of those unregulated loans that was the root cause. And greed of course, up and down the whole spectrum.

 

[AccessBlaster]

Yup, but it was the packaging of those unregulated loans that was the root cause. And greed of course, up and down the whole spectrum.

Glad you agree

 

[Thales750]

Don't be critical. Thales can never agree with me. He just likes to call me stupid Makes him feel like a "man".

You use half truths in every post.

 

[Pat Hartman]

The underlying root cause was lack of proper regulations in the Financial Sector, specifically in Derivatives.

Correct. And what caused that? Collusion with Congress or incompetence at the SEC? One of my good friends at the time was a broker and she was all in and pushing derivatives hard. We had many "discussions" regarding the danger of derivatives. She thought I was stupid like Thales does.

 

[Thales750]

Not to be annoyingly picky, but - Okay, a cause, but root cause? The root cause was people making bad decisions. Downstream of that is bank actions. Even further downstream of that is regulation or lack thereof. (or is Upstream a better word?)
Ok , now I'm just being annoying.

But seriously, get a society where a larger majority believes in personal responsibility and choices with consequences without federal intervention, and you actually do solve the root cause. How we get ahold of that society, I haven't much idea, although I know what it DOESN'T look like - a lot of modern ideas about how to train people on their relations with government.

There would not have been opportunity without the ability. The ability was created by the lack of regulation. I think we are about to get a whole new perspective on the need for regulation.

 

[AccessBlaster]

What color is the cool aid

Grape is the best

 

[Thales750]

Correct. And what caused that? Collusion with Congress or incompetence at the SEC. One of my good friends at the time was a broker and she was all in and pushing derivatives hard. We had many "discussions" regarding the danger of derivatives. She thought I was stupid like Thales does.

What I disagreeing with you about is your assertion that we "bailed" them out and that we shouldn't have. That's the part that is pure Cool Aid, QAnan even.

 

[Isaac]

There would not have been opportunity without the ability. The ability was created by the lack of regulation. I think we are about to get a whole new perspective on the need for regulation.

Are you disputing the fact that if home borrowers wouldn't have made stupid decisions buying homes they couldn't afford, we wouldn't have had a problem? I push on this not to be argumentative, but to pull out an interesting point, the different perspectives people can have on cause and effect. Many problems are like this, too. They can be seen at the most basest root cause - someone made a bad decision of their own personally - or they can be seen as something 'down the line' - like, The government should have had a regulation to save them from making that stupid decision.

I just think we should get back to a society that emphasizes the former, not the least because 1) that's actually the truest and most right, but 2) it saves us from having to need a nanny government. You only need the babysitter to the extent the kids have not matured. And some of us are observing a society where the "kids" (citizens) are getting less and less mature.

 

[Thales750]

A few of us knew it could turn out to be the worst financial services crash in history. Had Trump or Musk been in charge, it probably would have been. Tightening of the government belt during a time of financial crises caused the Great Depression to be great (12 years of unemployment for 25%) instead of just another blip.

 

[AccessBlaster]

There would not have been opportunity without the ability. The ability was created by the lack of regulation. I think we are about to get a whole new perspective on the need for regulation.

Liberals were pushing for lack of regulation, their constituents were demanding access to a market they were unqualified to be in.