I agree with this guy (SHOCK FROM NBC!)

[Parkbandit]

http://www.cnbc.com/id/15840232?video=1039849853

[Fallen]

Hah. It was cool to see how many people agreed with the guy in the background.

[Stanley Burrell]

http://www.cnbc.com/id/15840232?video=1039849853

He's right. Overdrawing on mortgages and losing our moneys was totally due to this administration. This deficit Obama's created with that huge surplus he came into office with can only be reversed through one applicable mean:

ParkBandit posts more political threads. For America, people.

[Parkbandit]

He's right. Overdrawing on mortgages and losing our moneys was totally due to this administration. This deficit Obama's created with that huge surplus he came into office with can only be reversed through one applicable mean:

ParkBandit posts more political threads. For America, people.


That's what you got from this video clip dumbfuck? Please go ahead and quote it directly how this mess was totally due to this administration. Oh wait.. like most intellectually bankrupt people, you just made that up. Fantastic input as always.

What's mommy making for dinner tonight? I hope it's something that curbs the munchies for you man.

[Stanley Burrell]

That's what you got from this video clip dumbfuck? Please go ahead and quote it directly how this mess was totally due to this administration. Oh wait.. like most intellectually bankrupt people, you just made that up. Fantastic input as always.

What's mommy making for dinner tonight? I hope it's something that curbs the munchies for you man.

Actually, what I gathered from it is that you like a news source that agrees with you and since you have one foot in the grave, your impeded mobility makes it necessary for you to continue posting links to news sites as a way to lick your own ass since you lack the physical prowess and flexibility to do so on your own volition.

My mom's in Florida right now. She'll be in the Miramar area in case you need to have a one-sided political debate and post digital news links at her in order to drastically tell her what a horrible son I am and that she needs to make me dinner.



Bitch better make me a sammich though.

[Keller]

Oh wait.. like most intellectually bankrupt people, you just made that up. Fantastic input as always.

Intellectually bankrupt people make things up?


The FBI decided to arrest [Blago] now to prevent him from having a say in whoever takes that Senate seat.

That explains a lot.

[TheRunt]

I do agree with most if not all what he is saying,but its like fox putting on the poor black guy ranting and raving. "Rich white guy going off on the poor masses" vs "Poor black man going off on the people keeping him down" while both may have their points how they present them leaves a bit to be desired. And the nbc commentators "Can you get the mob to stand behind you again?" Is like fox asking the gangbanger can you get your posse to stand behind you again"

[Stanley Burrell]

Intellectually bankrupt people make things up?

From what I've managed to ascertain (using my severe case of intellectual bankruptcy) is that anyone who disagrees to any degree with ParkBandit is mentally broke and makes things up.

It's true, because he typed it. And told me I had the munchies.

[nub]

He's right. Overdrawing on mortgages and losing our moneys was totally due to this administration. This deficit Obama's created with that huge surplus he came into office with can only be reversed through one applicable mean:.

I think we were watching a different video, he didn't blame Obama, he said not to bail the people who are being irresponsible.

Also, I agreed with this guy as well.

[Stanley Burrell]

I think we were watching a different video, he didn't blame Obama, he said not to bail the people who are being irresponsible.

Also, I agreed with this guy as well.

Basically, some guy in this link who is not big on computers, technology or computer tech said something to the effect of "The new administration is big on computers and technology."

At this point, I quickly consorted the last bean counting neurons in my dusty grey matter as they packed up their tiny suitcases; ready to retreat into my myelencephalon, not having to bare the painful responsibility of cognition ever again.

Having filed for intellectual bankruptcy, I noticed something strange about this thread: A political post made by ParkBandit with a media link.

I decided that I'd challenge accusations about this administration (made in the link that ParkBandit is right about) within the very short time that I watched it.

The reason I only used a few seconds of video play to form my original post is because, and I quote:


Ahem.

Mi-mi-mi-mi-miiii...


I DON'T GIVE A SHEEEEIIIIIIIIOOOOOOOOOOOOORRRRRRRRTTTTTTD.


I also agree with this guy.

[Back]

I think we were watching a different video, he didn't blame Obama, he said not to bail the people who are being irresponsible.

Also, I agreed with this guy as well.

I can agree with this on both sides.

Let me give you a scenario...

A guy saves a few grand and wants to buy a house. He’s no market expert... just a guy who works hard and has saved some scrap. He has heard that the housing market is booming and now is the time to buy. In fact he knows there is a first time home buyer tax credit if he does it by this year. Not being an expert on the market he explores it so see what he can get with his savings. Lo and behold he is offered a mortgage on his 10% down with an APR so the payments aren’t so high and gets a decent home and is happy.

Meanwhile... the lenders know they are protected if the sucker takes the bait.

[nub]

I can agree with this on both sides.

Let me give you a scenario...

A guy saves a few grand and wants to buy a house. He’s no market expert... just a guy who works hard and has saved some scrap. He has heard that the housing market is booming and now is the time to buy. In fact he knows there is a first time home buyer tax credit if he does it by this year. Not being an expert on the market he explores it so see what he can get with his savings. Lo and behold he is offered a mortgage on his 10% down with an APR so the payments aren’t so high and gets a decent home and is happy.

Meanwhile... the lenders know they are protected if the sucker takes the bait.


The people who put at least 10% down aren't in trouble, it's these people who got 100% financing.

Also it's an ARM not an APR, APR is the effective rate you are paying, everyone pays the APR.

Also, a lot of people in trouble are also these super rich lawyers and doctors that see all these people making money in real estate and buy up all these properties, or think they are developers and go belly up. These people are also looking for a helping hand and hope we can help their gambling problem.

(i.e. they gambled their money on homes)

[Back]

The people who put at least 10% down aren't in trouble, it's these people who got 100% financing.

Who got 100% financing? How is that possible?

Then again the same scenario applies. Someone wants to buy a house. The lender says “here, pay me back later” knowing full well they will be protected either way.


Also it's an ARM not an APR, APR is the effective rate you are paying, everyone pays the APR.

Yep yep. My bad on the acronym.


Also, a lot of people in trouble are also these super rich lawyers and doctors that see all these people making money in real estate and buy up all these properties, or think they are developers and go belly up. These people are also looking for a helping hand and hope we can help their gambling problem.

(i.e. they gambled their money on homes)

True as well. Very, very true.

[Parkbandit]

I can agree with this on both sides.

Let me give you a scenario...

A guy saves a few grand and wants to buy a house. He’s no market expert... just a guy who works hard and has saved some scrap. He has heard that the housing market is booming and now is the time to buy. In fact he knows there is a first time home buyer tax credit if he does it by this year. Not being an expert on the market he explores it so see what he can get with his savings. Lo and behold he is offered a mortgage on his 10% down with an APR so the payments aren’t so high and gets a decent home and is happy.

Meanwhile... the lenders know they are protected if the sucker takes the bait.


How is that guy in trouble in your scenario? If he is still working or didn't sign a balloon ARM, he's still paying the same amount for his mortgage as he did when he signed it. Sure, the value of his house is probably lower than when he signed his mortgage.. and in some cases, he owes more on his mortgage than the house is currently worth.. but as long as he's still making his payments and not trying to sell his home, he's in no trouble.

The people that Obama's mortgage handout helps are generally the people who got into a house they either couldn't afford or signed a mortgage that anyone with a brain would know wouldn't work once the adjustable portion came due.

In more cases than not, Obama is rewarding stupidity and people who should fucking fail.

I have friends who have always lived beyond their means.. bought the nice cars, bought a house next to mine. About 8 years ago, they moved away to live near her parents in Virginia. Bought a house up there they had no business buying (500K) on her salary of maybe 75K. They just moved back to Florida to rent a house, because they short sold their half a million dollar home in Virginia and took a bath on it. Their credit is fucked.. and they still haven't learned their lesson.

[Back]

How is that guy in trouble in your scenario? If he is still working or didn't sign a balloon ARM, he's still paying the same amount for his mortgage as he did when he signed it. Sure, the value of his house is probably lower than when he signed his mortgage.. and in some cases, he owes more on his mortgage than the house is currently worth.. but as long as he's still making his payments and not trying to sell his home, he's in no trouble.

The people that Obama's mortgage handout helps are generally the people who got into a house they either couldn't afford or signed a mortgage that anyone with a brain would know wouldn't work once the adjustable portion came due.

In more cases than not, Obama is rewarding stupidity and people who should fucking fail.

I have friends who have always lived beyond their means.. bought the nice cars, bought a house next to mine. About 8 years ago, they moved away to live near her parents in Virginia. Bought a house up there they had no business buying (500K) on her salary of maybe 75K. They just moved back to Florida to rent a house, because they short sold their half a million dollar home in Virginia and took a bath on it. Their credit is fucked.. and they still haven't learned their lesson.

I just painted an “Average Joe” scenario. Markets, credit scores, interest rates, tax incentives... who on the ground really knows how all that stuff works? Your credit score used to be a secret from you until recently. But even knowing what your score is how do you really determine your worth?

You don’t. Its the lenders that do that. Its unbalanced for lenders to be protected in that situation when “Average Joe” is not.

[Parkbandit]

I just painted an “Average Joe” scenario. Markets, credit scores, interest rates, tax incentives... who on the ground really knows how all that stuff works? Your credit score used to be a secret from you until recently. But even knowing what your score is how do you really determine your worth?

You don’t. Its the lenders that do that. Its unbalanced for lenders to be protected in that situation when “Average Joe” is not.


Again.. what problem does the guy in your scenario actually have? He's paying the same amount for his mortgage when he got the house and unless he either lost his job or is trying to sell his house, he's no better or worse than he was when he first bought the home. Granted, his home is worth less.. but that's generally a "paper" loss since he's still living in it.

You are right.. you painted a picture of an average Joe.. a guy who has done the right thing by living within his means and paying his bills on time.. and yet has to bail out the people who haven't been.

[Mtenda]

"a pretty good statistical cross section of America"

I think that guy needs to take a statistics course.

But seriously. Yer right PB it definitely sucks for those who were responsible lenders. But the fact is, as a country, we need a "stimulus" right now. I don't know if this package was the right one to get things back on track but hopefully.

As to why we need one. Well there is a lot of blame to go around and it's not just to those irresponsible lenders. Everyone is to blame even if it is in some small and not so obvious way. We voted for and invested in the people that got us here. That's not a dig on any one party or business. All of the options were bad. I just don't see where there is a fair way to sort this thing out.

[Parkbandit]

"a pretty good statistical cross section of America"

I think that guy needs to take a statistics course.

But seriously. Yer right PB it definitely sucks for those who were responsible lenders. But the fact is, as a country, we need a "stimulus" right now. I don't know if this package was the right one to get things back on track but hopefully.

As to why we need one. Well there is a lot of blame to go around and it's not just to those irresponsible lenders. Everyone is to blame even if it is in some small and not so obvious way. We voted for and invested in the people that got us here. That's not a dig on any one party or business. All of the options were bad. I just don't see where there is a fair way to sort this thing out.

Elections have consequences.. I agree.

Hey.. how's the DOW been doing since Obama has gotten into office anyway? It's the time for Hope and Change.. I would think that would lend itself perfectly into consumer confidence.

Oops?

[Mtenda]

Elections have consequences.. I agree.

Hey.. how's the DOW been doing since Obama has gotten into office anyway? It's the time for Hope and Change.. I would think that would lend itself perfectly into consumer confidence.

Oops?

Oops what? Obama has been in office for a month and people who are ranting like the guy in this video are only going on theory and a core fear that if we do anything socialist in nature we are heading towards complete socialism or even communism. How much different would the market be right now if McCain were in office? It is highly likely that we would have eventually had a bailout if he were. The old spend more to stimulate the economy idea is a temporary fix that just won't work right now. The stock market is broken anyway and has been scamming American citizens under the premise that their portfolios would grow for a long time now. Meanwhile the only people who ever stood to make money over the long term during the end of Clinton and all of Dubya were people with controlling interests and inside information who new exactly when this thing would come toppling down. I predicted the market would plummet during Bush's second term and I was wrong about that but there was no doubt it would at some point. Obama is the "lucky" one. If you want to argue that Obama being in office has some negative effect on consumer spending right this very moment then I actually agree with you. But there are bumps in the road when you go through change and obviously he will have to earn the confidence of many people who are still buying into this whole pessimistic conservative propaganda thing about socialism and where we are headed. At any rate I don't think rants like the one in this video are going to help us get anywhere.

[nub]

The old spend more to stimulate the economy idea is a temporary fix that just won't work right now............................................... ....At any rate I don't think rants like the one in this video are going to help us get anywhere.

Well that is exactly what obama just did he spent $700 billion.

And yes, if there are enough rants like that one, then maybe we can have a revolution!

[Back]

Again.. what problem does the guy in your scenario actually have? He's paying the same amount for his mortgage when he got the house and unless he either lost his job or is trying to sell his house, he's no better or worse than he was when he first bought the home. Granted, his home is worth less.. but that's generally a "paper" loss since he's still living in it.

You are right.. you painted a picture of an average Joe.. a guy who has done the right thing by living within his means and paying his bills on time.. and yet has to bail out the people who haven't been.

Well I didn’t really clarify my two main points about who is culpable, the borrowers or the lenders.

Yes there are borrowers who are at fault for taking on more than they could manage. But there are lenders who are at fault as well.

The lenders know the market. They set the rules. They are also protected if someone defaults. When they give out money to someone they know can’t handle it then they are at fault. And I believe the lenders know far better about what they are doing than a borrower ever will.

During the buildup of the housing bubble lenders were handing out money left and right. Average Joe says “Wow, they actually gave me this money so it must be ok.”

There should have been far more prudence on the lenders side.

Another thought: If a borrower defrauds a lender into thinking they can pay back so much money then yes the borrower is gaming and is wrong. But how many actual cases of defrauding is going on?

[Parkbandit]

Well I didn’t really clarify my two main points about who is culpable, the borrowers or the lenders.

Yes there are borrowers who are at fault for taking on more than they could manage. But there are lenders who are at fault as well.

The lenders know the market. They set the rules. They are also protected if someone defaults. When they give out money to someone they know can’t handle it then they are at fault. And I believe the lenders know far better about what they are doing than a borrower ever will.

During the buildup of the housing bubble lenders were handing out money left and right. Average Joe says “Wow, they actually gave me this money so it must be ok.”

There should have been far more prudence on the lenders side.

Another thought: If a borrower defrauds a lender into thinking they can pay back so much money then yes the borrower is gaming and is wrong. But how many actual cases of defrauding is going on?

Average Joe is an idiot for taking it. It's just like all the Average Joe's that use check cashing services and end up paying out the ass in interest.

Be responsible for yourself and your actions. If it sounds too good to be true, it normally is.

[Back]

Average Joe is an idiot for taking it. It's just like all the Average Joe's that use check cashing services and end up paying out the ass in interest.

Be responsible for yourself and your actions. If it sounds too good to be true, it normally is.

This is what I am saying. Lenders know the intricacies of the markets because after all they set the rules on who they will lend to, who they should and should not lend to, and that they will be (or were in this case) protected. Average Joe does not know any of these things in the same kind of detail but gets offered a loan he cannot afford from the lenders.

I don’t think the culpability of the crisis lays squarely on Average Joe’s shoulders since Average Joe just accepts any loan he is offered by the lenders who make the rules, know they are protected, and hand out loans to people they know cannot afford.

[Kranar]

Lenders know the intricacies of the markets because after all they set the rules on who they will lend to, who they should and should not lend to, and that they will be (or were in this case) protected.


Make no mistake... if lenders knew the intricacies of the market then they wouldn't be crying to the government for a bailout every 10-15 years.

Reality is that lenders play an incredibly risky game, with a very low probability of failure. Yes that sounds like a contradiction but it isn't, in fact most of the riskiest behaviour is precisely of this nature...

Lenders play a game where the odds of them losing money are so incredibly small that they can go entire decades gradually making money here money there, but when the dice finally doesn't roll their way, they not only lose all the money they made over those years, they risk losing much much more and demanding that government steps in and bails them out.

Of course, by this time banking executives have cashed in on decades worth of bonuses playing this game that they're so incredibly filthy rich they probably don't much care one way or another what happens.

The average Joe MUST, absolutely MUST, put an end to depending and empowering big financial institutions to engage in this risky behavior, and that means taking more responsibility about how they manage their money. Yes, this would mean a less efficient financial system, but a more robust financial system.