Hippiekinkster
Posts: 5512
Joined: 11/20/2007 From: Liechtenstein Status: offline
|
quote:
ORIGINAL: cyberdude611 Government policy opened the flood gates. And people went nuts with it. I knew people back in 2003 and 2004 who were buying 3 or 4 hourses with as little as $40k a year income. And I would ask what the hell are you doing? Because I knew they couldnt afford that. And they said they were flipping the houses and making a profit. Well, people doing this got stuck when the bubble burst. Their profits quickly evaporated and they had to declare bankruptcy and the mortages went into foreclosure. So you see how this tripped the effect. And there were scams out there. One of the big crazes was "condo-tels" were hotels were selling their units off to investors for huge amounts of money with promises of renovations and profit returns from leaseback programs. Then the company goes bankrupt and the investor is stuck with mortgages they can never get rid of. I know investors who lost hundreds of thousands of dollars in these kind of schemes. So you even had the wealthy ripping off the wealthy. 2003 and 2004. The peak of No-doc and Lo-doc loans. Lesse, who was Prez then? Oh yeah, the Bush Kid. Which party had the majority in Congress? Oh, yeah, the Repubs. Therefore, ergo, and ipso facto, The commie lib Dems are to blame for everything from this new Great Depression to Mercury going retrograde. Oh, but that can't be right. The NEW theory, distilled to its essence, is Black Folk, and Mexican Illegals, tricked otherwise rational bankers into abandoning the concept of relative risk, and decided that any loan was a good loan. I think they used Greenspan Voodoo Dolls. They all collectively, because of majik and voodoo, made all these bad loans, and now they aren't to blame. It's the young black famil;y making 40K a year, and who wanted desperately to get out of that goddamn apartment, who forced all these sensible conservative fiscally responsible old white Banker dudes to take off their suits and ties and do the Limbo on the beach in haiti. I long for the day when people with brown skin aren't scapegoated for all the fuckups all these East Coast Ivy-League legacy racist fucks commit.
_____________________________
"We are convinced that freedom w/o Socialism is privilege and injustice, and that Socialism w/o freedom is slavery and brutality." Bakunin “Nothing we do, however virtuous, can be accomplished alone; therefore we are saved by love.” Reinhold Ne
|