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Old 01-05-2014, 10:32 AM
 
2,079 posts, read 3,199,680 times
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-live below your means

-the economic boom prior to 2008 was just a house of cards.
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Old 01-05-2014, 10:56 AM
 
41,111 posts, read 25,645,826 times
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Quote:
Originally Posted by StAcKhOuSe View Post
-live below your means

-the economic boom prior to 2008 was just a house of cards.
People believed that the value of their homes would always go higher. Banks sent letters telling them they had equity in their homes, yes you can go on that dream vacation just sign the dotted line to borrow against the equity.

Just like those same people believe the BS coming out today they believed the bs back then and cry and scream as they went down.
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Old 01-05-2014, 10:57 AM
 
41,111 posts, read 25,645,826 times
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Quote:
Originally Posted by StAcKhOuSe View Post
-live below your means

-the economic boom prior to 2008 was just a house of cards.
Yes, always live "well" below your means.

The money may be good today but tomorrow it could easily end.

If you have money, someone else is trying to get it from you.

I used to laugh when co-workers would complain, "they don't care". No kidding, government doesn't care, banks don't care. It is up to you to care because no one else does.
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Old 01-05-2014, 11:03 AM
 
Location: Jamestown, NY
7,840 posts, read 9,164,361 times
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Quote:
Originally Posted by petch751 View Post
If I would have believed government during the housing boom I would have believed all was well. Many did believe the government and got wiped out. Yea, I think I will remain cautious. I'm not sure what your issue is. If you want to trust government that is your choice. Me, I don't see a problem with not trusting government.
What, exactly, was the government saying that caused millions of people to buy houses, sometimes more than one, that they couldn't afford? It was mortgage lenders, real estate developers/speculators/agents, and John Q Public who decided that using homes as ATMs was a great idea. Florida, coastal SC, Las Vegas, Phoenix, parts of California, etc became boom towns where people flocked because of all the "opportunities". People stampeded to buy condos in Florida or South Carolina as investments and for retirement homes. Other people took out home equity loans to finance a new Lexus or safaris to Africa.

"The government" didn't force people to move to those areas or buy houses there or squander their equity, either. That government policies, namely, the deregulation of banking, encouraged the credit abuse, can be laid at the feet of the federal government, but that only came out after the housing bubbles burst, so you can't say there was anything for bubble participants to "believe" about "what the government was saying" about anything.

I love it how when the economy does well, certain segments give all the credit to "private interests" but when the economy craps out, they put all the blame on the government. Well, the government didn't build or sell or buy all those homes in bubble markets, and it sure didn't force anybody to participate in them, either.
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Old 01-05-2014, 01:04 PM
 
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Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

Read more: Obama pushed banks to give subprime loans to Chicago blacks | The Daily Caller
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Old 01-05-2014, 01:06 PM
 
41,111 posts, read 25,645,826 times
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Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

On the flip side, President George W. Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

To this day Barack Obama blames Bush for the 2008 economic meltdown.
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Old 01-05-2014, 01:07 PM
 
Location: 3rd Rock fts
762 posts, read 1,096,951 times
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Default The Emperor(s) have no clothes

Circa 2000-2008: I learned that the US citizenry' had a chance to be house & retirement wealthy. All they had to do was hold some equity in their homes & not get starry-eyed with their SS/401k plans. Instead, they colluded/got hoodwinked via easy credit & careless funneling of profits to the financial apparatus.

Circa 2008-2014: I learned that these colluding/downtrodden sore losers expect the USGovt/virtual taxpayers to rescue them from their amateurish way of playing the game. Also, this sloppy financial behavior has educated the watching world of how the USA operates/earned their dubious prestige.

My preliminary prescription for USA economic healing: A USGovt/taxpayer website that categorizes welfare recipients—from multi-nationals to the middle/under class. This tiered 'balance sheet' uncloaking should show who/what's really hurting this country's economic future.
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Old 01-05-2014, 01:38 PM
 
28,109 posts, read 63,506,475 times
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Quote:
Originally Posted by petch751 View Post
Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

Read more: Obama pushed banks to give subprime loans to Chicago blacks | The Daily Caller
The difference was night and day here in Oakland CA where I live.

The floodgates were opened and local banks were required to do community outreach to low income as part of the settlement.

The gist of the program was entire segments of the population were being passed over of having the opportunity to live the American Dream of homeownership because they lacked the financial resources or otherwise did not meet underwriting requirements...

As my 100 year old neighbor has often said... prepare for the 7 good years followed by 7 bad ones... so far it has served her well.
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Old 01-05-2014, 02:17 PM
 
41,111 posts, read 25,645,826 times
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Quote:
Originally Posted by Ultrarunner View Post
The difference was night and day here in Oakland CA where I live.

The floodgates were opened and local banks were required to do community outreach to low income as part of the settlement.

The gist of the program was entire segments of the population were being passed over of having the opportunity to live the American Dream of homeownership because they lacked the financial resources or otherwise did not meet underwriting requirements...

As my 100 year old neighbor has often said... prepare for the 7 good years followed by 7 bad ones... so far it has served her well.
Yep sell the dream even though it was not realistic. Everyone! "deserves" a house not because they could pay for it but because they exist. The same ole liberal bs they sold back then as they are selling now.

Your neighbor was wise. yep, back then my dog could be an asset, bring those standards down guaranteeing failure then watch them blame everyone else, watch them bounce off wall when the inevitable happens. Anyone who didn't buy into it was wise.
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Old 01-05-2014, 03:23 PM
 
20,622 posts, read 19,277,825 times
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Quote:
Originally Posted by petch751 View Post
Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

Read more: Obama pushed banks to give subprime loans to Chicago blacks | The Daily Caller
Shakes head....
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