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CDOs were based on what? In too many cases, the mortgages given to people who never should have qualified. The $2.4 trillion worth of such high risk mortgages mandated by HUD at Cuomo's demand. It's all historical fact.
why do you have a problem with 'facts" just because it identified a known fact of "wealthy white people"... Geez... You missed the whole point of the matter, because you became incensed when you see the words "white people".... "The Point was" - Status and Wealth, Family Name and University Title, and the Status of Sport Programming participation "above" Academic excellence. (gee whiz!!!) I provided a link and you ignored it completely... there are many other articles that address those known facts.
It's not Jim Crow anymore, where society was to never make note or reference to anything about 'white people'.
Come on.... !!!
CDOs were based on what? In too many cases, the mortgages given to people who never should have qualified. The $2.4 trillion worth of such high risk mortgages mandated by HUD at Cuomo's demand. It's all historical fact.
I did not have a dispute with your stated fact..... I addressed that it was not only people who did not have mortgages previously, I referenced people who had mortgages, but traded up beyond what they could afford if not for the game of variable rates. There were also people who had "multiple properties".. which under previous conditions, they never would have acquired.
We had too the game of " excessive and absurd assessed valuation", which was based on pure fiction of "sales frenzy".... and the systems willingness to do anything, to pack the CDO with Mortgages, for the sake of selling and using those CDO to back even more lending for the sake of "money spinning and money drain off"...
I did not have a dispute with your stated fact..... I addressed that it was not only people who did not have mortgages previously, I referenced people who had mortgages, but traded up beyond what they could afford if not for the game of variable rates.
The bottom line is that Cuomo's (HUD) mandate that Fannie and Freddie buy $2.4 trillion worth of mortgages made to people who would not otherwise qualify set off the entire credit collapse when they began defaulting at a higher than acceptable percentage. The Federal Reserve had to create a non-offsetted (e.g., by US Treasuries) extra $2 trillion worth of USD to buy the high-risk mortgages, thereby diluting the USD, and the Federal Reserve is just letting those MBS roll off the Federal Reserves H.4.1 as they mature, paid off or not.
Meanwhile, as I've already posted, and documented by the NY Times, tens of thousands of people who've defaulted on their mortgages for 5+ years are getting their homes for free.
There aren't a lot of millionaires, so I don't get the obsession with comparing to them. I would be more concerned with the average GPA of six figure earners. A lot of millionaires are business owners, which means you just need to be knowledgeable and a good entrepreneur.
It’s funny how around here, we get all this talk about IQ and who does or doesn’t deserve admission into this or that elite university. Turns out that the most successful people (if success is largely determined by money) were fairly pedestrian students. Not dumb, but not academic superstars by a long shot on average.
This 2017 article that first appeared on Business Insider, and it’s not long at all. It lists a few of the reasons why average students are more likely to end up at the top as opposed to the high academic achievers.
IMO,
The other side of the coin is A LOT more dangerous.
In contrast to a few hundred millionaires who were “pedestrian students”, there are MILLIONS of unskilled and/or blue collar labor, people who work at minimum wage, or suck on social welfare programs and struggling to make the ends meet BECAUSE their GPA was in that 2.9 range.
The chances of dropping out from school or not focusing on academic excellence, and becoming a millionaire are VERY, VERY, VERY, slim.
And the rate of failure is VERY, VERY, VERY high when one is a “pedestrian student”.
And the chances of having a successful life with a reasonably good income are a lot better, when you take the conventional way, which is, work hard, do good in school and become a well qualified professional in your field of academics interest.
Book smarts don't always translate to the real world. How many tech guys dropped out of college to start ventures. Not sure point you are trying to make.
In earlier times at Universities like Harvard....many "white people" came from wealthy families, they were members of the various "Jock" programs and that inferred status...along with Family Name and Family Money. They did not like the Jewish Students, because the Jewish were more focused on Academia... they were not prominent in the Sporting Programs that many white men, used as a spring board and notoriety...
Even today, it's often referred to as to what Sport graduates participated.... not so much what their GPA was or is. Even in people who went on to use the family name, university titles, sport program they participated and what organization of Fraternity they belonged to.... not so much about whether they were a good academic student.
We saw it even made into Movies, with their "letter'ed sweaters", their "football jackets' and their Polo outfits, or their Tennis attire, and other sport program... attire associated with the status of being involved in Sports programs.
Yea the Ivy league has always been traditional sport powerhouses. Why back in the day they'd have a ton of recruiting scandals centering around the enrollment of badminton players and people who can row a boat.
The size of the Harvards freshman Jewish student body
1900 7%
1909 10%
1915 15%
1922 21.5%
1925 27.6%
Are you able to make a post that doesn't sound like an 8 year old wrote it?
It’s funny how around here, we get all this talk about IQ and who does or doesn’t deserve admission into this or that elite university. Turns out that the most successful people (if success is largely determined by money) were fairly pedestrian students. Not dumb, but not academic superstars by a long shot on average.
This 2017 article that first appeared on Business Insider, and it’s not long at all. It lists a few of the reasons why average students are more likely to end up at the top as opposed to the high academic achievers.
btw You don't get to speak for those of us with high IQs, we speak for ourselves. <<< see what I did there.
Last edited by Loveshiscountry; 01-18-2019 at 10:07 AM..
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