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Are their any similarities between the savings and loan scandals of the 80's when George Bush Sr was Vice President and later President (I also think Neil Bush was involved) and the current mortgage mess? Is it just cyclical economics? Is there a common thread?
Are their any similarities between the savings and loan scandals of the 80's when George Bush Sr was Vice President and later President (I also think Neil Bush was involved) and the current mortgage mess? Is it just cyclical economics? Is there a common thread?
The current mortgage mess is so big that it cannot be bailed out unless we hyperinflate the dollar into oblivion.
Also, this mortgage crisis is a macroeconomic credit crunch that will spread to auto loans and CCs.
Are their any similarities between the savings and loan scandals of the 80's when George Bush Sr was Vice President and later President (I also think Neil Bush was involved) and the current mortgage mess? Is it just cyclical economics? Is there a common thread?
No. None.
This mess was created by unscrupulous real estate brokers, morgtage brokers and people who blatently lied on their loan applications. There was nothing the feds did to start this mess.
This mess was created by unscrupulous real estate brokers, morgtage brokers and people who blatently lied on their loan applications. There was nothing the feds did to start this mess.
This mess was created by unscrupulous real estate brokers, morgtage brokers and people who blatently lied on their loan applications. There was nothing the feds did to start this mess.
This one was all about greed and liars.
S&L was about greed and liars.
We bailed that one out, too.
There is certainly one unifying link -- each came about under a regime of ineffective and inadequate oversight and regulation insisted upon by misguided free marketeers.
There also seems to be a quirky coincidence in that each apparently inspires comments from fans of various whacko financial web-gurus wherein words they can't necessarily define are used to describe processes they don't necessarily understand. I don't know why this happens, but it does seem to be a rather popular pastime these days...
This mess was created by unscrupulous real estate brokers, morgtage brokers and people who blatently lied on their loan applications. There was nothing the feds did to start this mess.
This one was all about greed and liars.
as a real estate broker I can tell you we have nothing to do with this crisis. We are not in the mortgage business or underwrite loans. Unless one is a agent and a mortgage broker I could understand your complaint.
Mortgage brokers are worried about the spread or how much commission they can make off of a loan. Even if that means giving a loan to somebody who clearly isn't in the best financial or credit condition.
As long as the consumer knows then there isn't a issue but clearly that hasn't happened and if I were duped into a sub prime mortgage I would sue.
the motgage mess is more similar to the bust of the "dot.com" stock market a few years back.
In both,everyone knew the prices were overvalued and it couldn't last forever. Yet, there was money to be made cuz tomorrow both would be worth even more.
We finally reached the point where we realize both were over valued and they were not going to be worth more tomorrow.
Speculation is a market distortion that is just great for the investors in at the start or the middle. It is les than great for the latecomers. I do not believe any of these people should be 'bailed out" by anyone let alone the government. They took the risk expecting a profit. Profits are not guaranteed. Speculative losses are gaurenteed in the long run.[/font]
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