Quote:
Originally Posted by stocktrader23
Who the hell is we? Idiots have been applying for loans they couldn't get forever, it was corruption that gave them those loans.
|
We is "everyone".
We all knew what was going on. Everyone - and the adult industry certainly - was enjoying the ride. People were making money hand over fist, taking money out on houses, and spending it on new cars, vacations, porn memberships - which translated into everyone made even more money.
I wasn't an idiot who didn't qualify for a loan; I qualified for ten times larger than what I bought. And when I cashed in on my old house I didn't complain. I didn't go to the bank and give money back saying that my old house wasn't worth twice what I paid for it four years prior. I laughed all the way to the bank. And I spent the money on buying my wife and I each new cars (again) and big parties and vacations.
My friend who cashed out - He sure did qualify for his loan. Him and his wife combined only made $70k a year, but his house was valued at twice what he owed on it. In other words, he bought his house for something like $170k, and five years later it's worth $300k. Bingo - He bought his toys, his motorcyle, jeep, truck, atvs, vacations. (He lost everything btw.)
Quote:
Originally Posted by stocktrader23
Look, If you decide to loan a crackhead $5000 it is you taking that risk. This on the other hand is like you loaning the crackhead $5000, selling the risk to those in charge of your grandmas retirement fund by lying to them about what they are buying then getting bailed out by the government after you wreck the economy.
|
No one cared. If the crack defaulted on the loan, the bank turned around and sold the house for 10% more. And everyone made money. On top of that, because the house re-sold for 10% more, the houses on the street went up in value - again.
Quote:
Originally Posted by stocktrader23
Nobody is arguing that these people shouldn't have had the loans, there were and are laws to protect them from being taken advantage of. The banks broke the law and evaporated 20% of our overall net worth, brought the economy to it's knees and are laughing in your face because they are making more money now than ever before in your lifetime and you want to blame homeowners? Jesus man, look around. They are doing the same with college loans and we are still not out of the housing crisis yet. NO GROUP BUT THE TOP 1% have gained in income through this mess, everyone else has lost. There are a damn lot of hardworking people in the middle class that you are saying deserve what they get. No, they do not and the corrupt corporations that did this should have to face the consequences the same as you or I would.
|
Everyone was making money hand over fist, not just the 1%.
Anyone who sold a home or took money out of their home based on the perceived value of their home is guilty. People sold their houses for a huge profit, and people took money out against their homes - and used that money to further fuel the economy by buying new cars, vacations, toys, computers, cell phone. Our own industry has profited by this too - Everyone had extra pocket money and thought nothing about buying a porn membership.
The 1% is the group hurting the most. Someone here on GFY posted a graph the other day with the amount of money the top 1% makes. It peaked in 2007 - and then started to decline. The more money you make, the more of a hit you take. Ten percent of $100k is $10k, but ten percent of a million bucks is $100k.
Bank Of America - guilty with the rest of us - just took an $8.8 BILLION dollar hit. That's for a single quarter, btw. (Yeah, I know they play their little accounting games but you these fucks are bleeding money.)
The 99% is guilty right along with the banks. We all made money.