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Old 12-26-2008, 09:21 PM
 
Location: Sherman Oaks, CA
6,302 posts, read 15,776,414 times
Reputation: 8389

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Check this out; it's very well done!

Visual Guide to the Financial Crisis | FlowingData
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Old 12-27-2008, 01:47 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
24,544 posts, read 42,159,088 times
Reputation: 26813
Not bad for 'fluff', but they forgot a few (most) details...

"The Repeal of Glass Steagall"
"The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.)"

http://www.ibdeditorials.com/IBDArticles.aspx?id=308185654524278 (broken link)
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Old 12-27-2008, 04:38 AM
 
Location: WA
5,471 posts, read 21,897,194 times
Reputation: 6157
Plenty of quotes there... should have included this one:
Barney Frank: "I want to roll the dice a little bit more in this situation towards subsidized housing."
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Old 12-27-2008, 08:26 AM
 
Location: NY
1,416 posts, read 5,115,652 times
Reputation: 592
I especially chortled over this one: "If you own your own home free and clear, people will often refer to you as a fool. All that money sitting there and doing nothing."

How ironic that it was uttered by a representative of a mortgage broker.

I can't tell you how many times over the past 10 years (during all of which I owned my home free and clear) I heard some variation of that song from some smug twit who clearly regarded his house as his cash-cow ticket into the wonderful world of the stock market.

Whereas I've owned stocks for the past 20 years but have always, always regarded them with the same philosophy as any gambling; which is "Never invest/bet any money that you can't afford to lose."
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Old 12-27-2008, 08:50 AM
 
Location: occupied east coast
884 posts, read 2,018,894 times
Reputation: 1873
Quote:
Originally Posted by totallyfrazzled View Post
I especially chortled over this one: "If you own your own home free and clear, people will often refer to you as a fool. All that money sitting there and doing nothing."

How ironic that it was uttered by a representative of a mortgage broker.

I can't tell you how many times over the past 10 years (during all of which I owned my home free and clear) I heard some variation of that song from some smug twit who clearly regarded his house as his cash-cow ticket into the wonderful world of the stock market.

Whereas I've owned stocks for the past 20 years but have always, always regarded them with the same philosophy as any gambling; which is "Never invest/bet any money that you can't afford to lose."


I have EXACTLY the same story.

My family friend who is a Realtor, my accountant, and a mortgage broker friend all had told me how I was foolish to pay my mortgage off. I was advised that having an outstanding mortgage was good, it had tax benefits.

I was advised on how I could "enjoy" my money more, investing, cars, vacations, all I had to do was tap the reserve contained in my home.

Now, I am sitting pretty (relatively so), while the realtor is concerned that he is on the brink, and the mortgage broker is considering leaving the business.

I can look you in the eyes and tell you of people I know that have either lost their homes, are losing their homes, or who express REAL concerns and sleepless nights worrying.

Boy, I glad I didn't listen !!!!
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Old 12-27-2008, 08:56 AM
 
Location: NY
1,416 posts, read 5,115,652 times
Reputation: 592
Quote:
Originally Posted by banger View Post
Now, I am sitting pretty (relatively so), while the realtor is concerned that he is on the brink, and the mortgage broker is considering leaving the business.

I can look you in the eyes and tell you of people I know that have either lost their homes, are losing their homes, or who express REAL concerns and sleepless nights worrying.
Exactly. Even if some unexpected catastrophe struck and I had to immediately liquidate all the stocks I own at today's lousy prices, I would still be realizing a capital gain of almost 200K (that's capital GAIN... not just getting my original investment money back). And all without negatively affecting my home ownership scenario one single bit.

Whereas people like your realtor and mortgage broker, and all the smug twits who were so patronizing in past years about people who didn't use their homes like an ATM, might well not be able to get enough money from selling their investments to cover the outstanding loans on their house (which is worth even less today).
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Old 12-27-2008, 09:14 AM
 
Location: NE Florida
9,362 posts, read 23,166,500 times
Reputation: 9297
Very well done. Sad, but well done!

Here is one that explains the subprime problem- the Subprime Primer (so as not to offend- please note: some use of F word)

subprime works - Google Docs
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Old 12-27-2008, 05:10 PM
 
268 posts, read 740,675 times
Reputation: 185
Quote:
Originally Posted by totallyfrazzled View Post
I especially chortled over this one: "If you own your own home free and clear, people will often refer to you as a fool. All that money sitting there and doing nothing."
How ironic that it was uttered by a representative of a mortgage broker.

I can't tell you how many times over the past 10 years (during all of which I owned my home free and clear) I heard some variation of that song from some smug twit who clearly regarded his house as his cash-cow ticket into the wonderful world of the stock market.

Whereas I've owned stocks for the past 20 years but have always, always regarded them with the same philosophy as any gambling; which is "Never invest/bet any money that you can't afford to lose."
My money guy said that to me around 2006. Made me feel like I had to defend my decision to pay off my house and farm land. I now owe NOTHING to ANYONE other than the forced tithe to Uncle Sam and friends. It feels good. I too am still putting some money in the stock market but it's something I could afford lose. Just be diversified in many things and keep informed, that's what I do.
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Old 12-27-2008, 07:07 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,953,059 times
Reputation: 3698
Quote:
Originally Posted by SandyCo View Post
Check this out; it's very well done!

Visual Guide to the Financial Crisis | FlowingData
LOL, this was excellent! Love all those quotes from realtors on there.....
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Old 12-27-2008, 07:19 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,953,059 times
Reputation: 3698
Just one word describes the whole situation. Greed. All of them....realtors, builders, lenders, etc....there all the same....there was never a time where they didn't recommend to buy. Why? Because their paychecks depended on it. Bottom line.

And their STILL promoting ideas that are bad for the fundamentals of the economy (ie Homeowners credit, increasing loan limits, etc) these are TERRIBLE ideas right now. The market should correct itself w/o any artificial interference. And not ONE realtor will come on here and say these are bad ideas for the country because their brainwashed by the NAR or they are just thinking w/their checkbooks.....Look at Lereah, as soon as he came off theNAR payroll, he started talking more honestly about the housing market.......their all crooks.
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