[JM95]

This market is propped up by the Man from Mecca.
Just keep the lumpen proletariat happy with their unemployment benefits, access to cheap liquor, $8k buyer credits, and no fear of getting kicked out of their house by the bank when they don't pay. Just make the rich pay for it by spreading their wealth around through taxes. A great formula for Japan-style malaise and flat markets.

[geos]

Originally Posted by JM95

This market is propped up by the Man from Mecca.
Just keep the lumpen proletariat happy with their unemployment benefits, access to cheap liquor, $8k buyer credits, and no fear of getting kicked out of their house by the bank when they don't pay. Just make the rich pay for it by spreading their wealth around through taxes. A great formula for Japan-style malaise and flat markets.

Spoken like a true right wing extremist, F#X News corporate propagandist. We can't live without billion dollar bailouts for billionaires that are destroying this country with their financial Ponzi schemes and shipping jobs overseas and multi billion dollar bombers but god forbid we take care of our citizens like all other civilized countries on this planet. IT'S UNAMERICAN! IT'S SOCIALSIM! IT'S COMMUNISM! Let children starve in the streets but god forbid a general miss a meal.

[pommysmommy]

[quote=geos;10616347]Spoken like a true right wing extremist, F#X News corporate propagandist. We can't live without billion dollar bailouts for billionaires that are destroying this country with their financial Ponzi schemes and shipping jobs overseas and multi billion dollar bombers but god forbid we take care of our citizens like all other civilized countries on this planet. IT'S UNAMERICAN! IT'S SOCIALSIM! IT'S COMMUNISM! Let children starve in the streets but god forbid a general miss a meal.
/quote]

You are taking internet forums way too seriously. Don't subject yourself to such angst by having such an emotional response to strangers on the internet. Life is too short. Get out and dialogue with real people. I doubt you would have such a strong reaction to a person with whom you disagreed if you were face to face with that person.

[RCCCB]

Originally Posted by geos

Spoken like a true right wing extremist, F#X News corporate propagandist. We can't live without billion dollar bailouts for billionaires that are destroying this country with their financial Ponzi schemes and shipping jobs overseas and multi billion dollar bombers but god forbid we take care of our citizens like all other civilized countries on this planet. IT'S UNAMERICAN! IT'S SOCIALSIM! IT'S COMMUNISM! Let children starve in the streets but god forbid a general miss a meal.

Government manipulation in the loan side of the housing market is what caused this.

The dummies in government forced financial institutions to make loans to people who were not qualified.

This started with Carter, Clinton turned it into affirmative action housing and Frank and the Democrats have made it worse and worse.
To this very day the Democrats want to do the same scheme again to hope they can gain re election rather than lose great numbers in the 2010 election.

Your point about Administrators trying to sell the bad debt as viable assets is true in some cases.
Wasn't illegal, and like the stock market was the power of perception over reality.

When the government forced you to make bad loans and you can figure a way to legally sell them, good luck.
Don't be pissed off at business people, be mad at the dolts who interfered through the government with the rules of the financial market in irrational ways.

You can't give low interest short term no look loans to people who can't make payments on the loan.

Bush came on warning the Congress about all this. When 9-11 hit he made that priority one, but an investigation of what where Bush stood in all this showed he had concerns and was warning the banking committee to fix this early on.
Frank said things were great months before it all melted, for some reason he is still in charge there.
INSANE...

Republicans are not exactly great either these days, the Democrats are far left, but Republicans are very much Democrat-lite.
Both parties need to get fiscally responsible.

The market should be flat in real estate for years IMO.
If a Depression comes (a good possibility), then everything including RE are going to get way worse IMO.

[olecapt]

This is totally irrelevant to this thread.

And you risk screwing up a long and interesting thread.

Take the national politics elsewhere.

Else you will deprive Tony and I of our sandbox.

[RCCCB]

Originally Posted by olecapt

This is totally irrelevant to this thread.

And you risk screwing up a long and interesting thread.

Take the national politics elsewhere.

Else you will deprive Tony and I of our sandbox.

You are 100% wrong in this case IMO.

What manipulates the market and business does do something to the outcome. So Obama, past Democrats or Republicans and what they forced financial markets to do. Also what Barney Frank wants to go back again and do is probably the most pertinent thing regarding the outcome in Real Estate on a Real Estate thread.
Think about it, if you go to another area (THE TAX CODE), how that is written and how that changes affects how all business operates in the country. The same way what is written and directed as law by government over financial institutions on loans most certainly has varied outcomes on the banks and real estate markets.

FROM THE MARKET...

[olecapt]

Originally Posted by RCCCB

You are 100% wrong in this case IMO.

What manipulates the market and business does do something to the outcome. So Obama, past Democrats or Republicans and what they forced financial markets to do. Also what Barney Frank wants to go back again and do is probably the most pertinent thing regarding the outcome in Real Estate on a Real Estate thread.
Think about it, if you go to another area (THE TAX CODE), how that is written and how that changes affects how all business operates in the country. The same way what is written and directed as law by government over financial institutions on loans most certainly has varied outcomes on the banks and real estate markets.

FROM THE MARKET...

Look we can have a long and heated discussion about all the idiots who think minor manuevers in the funding of low economic areas was what did it rather than the wholesale manipulation of the system by the capiltalist.

But this is not the right place. You simply screw up a local thread with all the idiocy that goes on in the great economy in the sky debate.

Think whatever you want. But leave the LV thread to that which happens in LV

[tony soprano]

Originally Posted by RCCCB

You are 100% wrong in this case IMO.

What manipulates the market and business does do something to the outcome. So Obama, past Democrats or Republicans and what they forced financial markets to do. Also what Barney Frank wants to go back again and do is probably the most pertinent thing regarding the outcome in Real Estate on a Real Estate thread.
Think about it, if you go to another area (THE TAX CODE), how that is written and how that changes affects how all business operates in the country. The same way what is written and directed as law by government over financial institutions on loans most certainly has varied outcomes on the banks and real estate markets.

FROM THE MARKET...

RCCCB, there are a number of bipartisan studies that dispel the myth that policy driven, low-income lending (i.e., CRA mandated) played a significant part in the subprime meltdown. A smallish contributor perhaps, a driver no. CRA lending was a very small percentage of the total subprime market. As well, CRA loans generally outperformed non-CRA subprime loans.

The CRA and Subprime Lending: Discerning the Difference - Banking and Community Perspectives, Issue 2, 2008 - FRB Dallas

You don't know me from Adam so you'll have to take my word that I'm a huge advocate of free-market capitalism. That said, the housing debacle is much more a byproduct of greed and hubris than any policy mandated lending requirements.

[RCCCB]

Originally Posted by olecapt

Look we can have a long and heated discussion about all the idiots who think minor manuevers in the funding of low economic areas was what did it rather than the wholesale manipulation of the system by the capiltalist.

But this is not the right place. You simply screw up a local thread with all the idiocy that goes on in the great economy in the sky debate.

Think whatever you want. But leave the LV thread to that which happens in LV

You mean the issues that are responsible for this are not worth discussing instead of a long guessing debate of why the banks aren't foreclosing and moving inventory out due to a sinister plot or ineptness?

I kind of think it all can be discussed and what causes the mess is kind of relative IMO.

[RCCCB]

Originally Posted by tony soprano

RCCCB, there are a number of bipartisan studies that dispel the myth that policy driven, low-income lending (i.e., CRA mandated) played a significant part in the subprime meltdown. A smallish contributor perhaps, a driver no. CRA lending was a very small percentage of the total subprime market. As well, CRA loans generally outperformed non-CRA subprime loans.

The CRA and Subprime Lending: Discerning the Difference - Banking and Community Perspectives, Issue 2, 2008 - FRB Dallas

You don't know me from Adam so you'll have to take my word that I'm a huge advocate of free-market capitalism. That said, the housing debacle is much more a byproduct of greed and hubris than any policy mandated lending requirements.

Bottom line was they made loans they had to by law to people who couldn't really afford them. They really couldn't qualify for anything past teaser rates or adjusted interest rates.

Best answer I ever heard to all this was that it should be a law that when you apply for the loan, you may be given a teaser rate for whatever length of time, but you must qualify for the full adjusted rate.

Many people should be renting and NOT owning homes.
People kind of forget not too many generations ago most people rented, the homes were often the size of today's two car garages and many times two families shared that space and rent.
We have entitlement expectations with beer wallets.

My view is this was government caused by rules and regulations they forced upon financial markets regarding putting unqualified people in homes with risky loans.