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Not exactly. The banks didn't start REALLY playing fast and loose with the lending criteria until they created the financial devices that allowed them to take the fees and sell the risk off in bits and pieces to others. Like your 401k. Mortgage notes, which had previously been very sound investments, were no better than junk bonds at that point.
Watch the movie The Big Short. But take your shoes off first, so you aren't tempted to hurl one at your television.
Thanks I just ordered The Big Short.
About 5 years before the crash we rented a place but wanted to buy. I could not understand how people were able to afford to buy a home, the housing market was sky high. One day I went to the bank and found out. I qualified for a mortgage with very little down but then she said you could afford more if you "want a bigger house" you qualify for the mortgage where you pay the interest only portion of the mortgage for the first 5 years. That told me right there that there was funny business going on. The amount they would allow me to borrow and the terms didn't make sense (easy money). I opted to hold off. I didn't have financial expertise and even understood something wasn't right.
Things started to get really tense later in the night when people started screaming ‘f**k white people,’ ‘white people suck’,†Pool said. He continued,†A reporter was grabbed by some locals and threatened and told to leave.â€
Pool’s concern peaked when he saw a white man who had been shot in the neck and was then extracted from the crowd by police.
So whites will naturally flee then the blacks will complain of white flight.
It's the same mentality of going after business owners then wondering why businesses aren't hiring.
So whites will naturally flee then the blacks will complain of white flight.
It's the same mentality of going after business owners then wondering why businesses aren't hiring.
It's not whites that keep a neigborhood " good" or economically thriving . It's people working , being productive .
There are decent black majority neighborhoods in the U.S.A , there should be more of them.
There is one in L.A where blacks are now worried about whites moving in ..
But telling these same people that they are going to be forced to bail out the markets was the right thing to do?
No I don't think it was good that tax payers bailed out Wall Street and bankers .. People that did shady stuff should of been in jail .
Big banks got assets for pennies on the dollar .
Good example is Chase buying Washington mutual .
On the other hand a huge amount of households don't pay federal income taxes . Forbes estimates over 40%. I don't think these Milwaukee riots are tax payers . Unless you are talking about paying tax when they buy beer or cigs
Y'all need to stop this "you black people had a black president!" Nonsense. That's exactly why he was put in office so whites can use him as a "look at Obama!". He's a token, just like the woman you put in your office so you aren't deemed sexist. Obama is not black. He is a half-breed. He came from a white woman's lower area. Whites have had white presidents before him, so why are there still poor white people? This is y'all logic.
When we get an actual black president who had a black mother/father talk to me. It'll never happen but yea I'll wait.
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