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Thread: Banks' Self-Dealing Super-Charged Financial Crisis

  1. #1
    Havakasha is offline

    Banks' Self-Dealing Super-Charged Financial Crisis

    More info you will not hear on Fox.

    http://www.propublica.org/article/ba...nancial-crisis

  2. #2
    Havakasha is offline
    I was hoping john was going to respond to this as well. LOL.

  3. #3
    SiriuslyLong is offline
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    SiriuslyLong's Avatar
    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    Quote Originally Posted by Havakasha View Post
    More info you will not hear on Fox.

    http://www.propublica.org/article/ba...nancial-crisis
    3 words - AFTER, THE, FACT

    The damage was already done. Houses were sold to people who couldn't afford them. These securities would have been golden had people not foreclosed. So it gets back to why people foreclosed, and we've agreed to disagree on that.

    Interestingly, I realized only today another government housing incentive we all enjoy. We get to write off mortgage interest. Here's the article.

    http://money.cnn.com/2010/08/27/pf/t...anel/index.htm

    I would agree that these banks were scrambling; they didn't want to face the music. Well the music came, and people like you and I saved their asses. Let's hope we can get paid back with interest.

  4. #4
    Havakasha is offline
    And never forget what Mr. William Poole said. "While its TRUE that the PRIVATE
    MARKET BROUGHT ON THE FINANCIAL CRISIS by creating so many subprime
    mortgages..."

    And dont forget about those non govt mortgage lenders who were responsible for 50% of all bad subprime mortgages.

  5. #5
    SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    With all due respect to Mr. Poole, you and have had this debate before. I am certain you don't want to do it again do you? As I recall, I put up a decent arguement, not based on what someone says, but what had happened.

  6. #6
    Havakasha is offline
    Au contraire. I just used mr. Poole as an example of someone very knowledgeable about the economy who though he wants to end Fannie and
    Freddie is honest enought to acknowledge that part that private market played
    in the financial crisis. There are plenty of FACTS that agree with his position.
    Sorry Charlie.

  7. #7
    SiriuslyLong is offline
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    Ok, I will be honest enought to acknowledge that private mortgage companies played a part in the mortgage crisis as did banks and fools. But as I have clearly demonstarted, all of these parties were "supported" (I should use the word "victomized" lol) by policy to the tune of 77 years.

  8. #8
    Havakasha is offline
    Well at least i got a little bit of concession. Thats what we call progress.
    i will rest at this point content in the knowledge that John would have never admitted anything.

  9. #9
    SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    Well then, I get a "little bit" of a concession as well. After all, in your own words, "no one ever said the government wasn't involved".

  10. #10
    Havakasha is offline
    No concession since "no one ever said the govt wasnt involved"

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