I think CRA is just one piece of the pie. There are many different things that brought this all together.

Uhhh you say no law made them loan people truly unqualified but your reffered to the exact law that FORCED BANKS to loan to lower income ie unqualified households or face fines...

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

blah blah... exactly my point from the start. "the other guys did this and i don't want to pay for it" ... you WILL pay for it. the entire nation is paying for it right now. Wall Street just paid for it to the tune of over 1 trillion dollars... jobs, loans, 401k's, personal investments... etc etc etc etc etc... you ARE paying for it. you haven't even began to pay for it yet.

cause and affect. chicken and the egg. Isn't the federal reserve also to blame for making interest rates so low that made private and institutional borrowing so easy?

You're 100% right, but a little harsh on the delivery..it's all in the presentation.

accountability and responsibility are not traits of this country. what people don't realize is that on a mass scale everyone is at fault (from the consumer level to the corporations) and everyone will pay. there is no running this time.

if you have been in that line of business, you will know that if you go down the line from a logistics standpoint EVERYONE is at fault.

I hear stories like your friend but when I went to get my mortgage,had good credit, buying my condo for less than it was worth. They gave me a upper fucking rectal and country wide turned me down. Now I dont know if its because I would only do a fixed rate loan but it wasnt no picnic to get.

$700b this round, then they'll ask for that or even more in December. It's the Bush Admin, come on.... These are the same people who convinced us to go to war under false pretenses and said that $50b should do it (quote me if im wrong). Then turned around and kept asking for more and more money? (again, quote me if im wrong).:2 cents:

what has to fucking change is the entire culture of the financial markets - it has become just a huge fucking casino with new games added all the time to make it all the more exciting - that wasn't the purpose of stock markets - they were to raise capital, to create companies, that employ people, innovate, to invest in, to create wealth that was actually backed by something tangible - people treat the financial markets now the same delusional ways gamblers treat their games and guess what - we just went BUST

regulation is needed - people are now shady by nature - maybe it wasn't as much so 75 years ago but it sure is now.

free market doesn't work when it's overrun with con artists and grifters unchecked - no matter how expensive your suits are , not matter if you went to Wharton or Harvard, no matter if you own your own corporate jet - a grifter is a grifter is a grifter

And blah, blah, blah, hell you are so much in favor for this, why don't you take my cut of the taxes I am suppose to acquire for this bullshit....how about that?

I have made allot of mistakes in my life that have cost me. I have had to pay a hard price for them, and I have learned to pick my ass up off the floor and regroup with out begging for handouts....so fuck these assholes!
I know that myself and everyone else will have to pay for it, this is why I am complaining and I am against bailing out a pile of thieving fucking incompetent assholes.
I am in favor for a bill to be passed....under one condition, every asshole involved in speculative loans approvals or any type speculative investment that sent families down the river to be brought before the court, tried and fucking sent down the river.

You don't think I know tons of money have been lost, well whose fault is it? Answer that? I am losing just like everyone else.
Beings you seem to have all the knowledge and knowhow, please elaborate on how bailing them out will not be a temporary thing and they won't come back whining about more poor investments? How the fuck do you know 100% that 700 billion will fix the problem or are you one of those that will keep throwing good money after bad for the good of the cause that this government speaks of?
Please enlighten us all.
And don?t give us any of your blah, blah, blah bullshit???Lets us all hear how this idea will fix the system completely!

The CRA is just a scapegoat as someone mentioned. Republicans sat down and said "oh shit, we've been in power for a long time and all this went down under our nose". Lets figure out a way to revise history and blame it on someone else.

The link our lord and savior provided was a good read.

The thing is this bailout won't fix the system. If something isn't done either through regulation by the government or within the financial industry itself we could very well see this happen again.

Here is the problem. If something isn't done many innocent people could lose their jobs and their 401K retirements and it could cause the economy to really be in deep shit. Many of these people have done nothing wrong. They work, live within their means and pay their bills, but they could lose everything because of what these assholes on wall street have done.

I have to agree with 100% though on the idea of dragging everyone who is responsible for this into court. That might not be realistic, but I think anyone who took out a sub-prime mortgage then defaulted on it should not be allowed another mortgage for at least 10 years and never another sub-prime, if they want one they have to get a fixed rate one. All the CEO's of these companies that are going to walk away with millions should get nothing. Let the sue and explain to the court how their actions warrant them being giving million in taxpayer dollars. Strict regulations need to be put in place to control this part of the industry. I know some argue that the free market works itself out, but clearly not in this case. The free market brought this on us and very well could again if left to its own accord. And this bailout needs to have strict oversight those doing the oversight need to be accountable and report back to the senate and president on a regular basis. As it is right now they are only going to meet once a month and that doesn't cut it.

This bailout isn't perfect, but it is needed. It is easy to say, "fuck 'em, let them fail!" when you don't realize exactly how bad doing that could be and how it could affect you and many millions of other people who did nothing wrong in the first place. Without it we could be in a million tons of deep shit.

I'm in the wrong biz.... dammit! :helpme

It is ludicrous to think, only the government can save us from the crappy outcomes of misguided government policies.

Even Paulson admits that he does not know if the $700 billion will do the trick. It's laughable that people in the government to this day still think they can legislate and manipulate the basic laws of economics.

So now the government is going just fire up the printing presses. They may temporarily keep economy alive, but the chances are high its going to just delay the day of reckoning and make it even worse.

Congress and the President cannot suspend the law of unintended consequences of their social engineering.

To everyone who thinks they fucked this up royally, wait till you see what they do with "global warming"!!

Hey, I got a novel idea: Let's use that money to educate those in need of learning how to save and invest their money. Teach them not to live beyond their means. Like someone pointed out here in the thread, some guy making 30k a year allowed to own a 300k house. No where else in the world is it easier to get credit than America, and that's the issue we are facing now. Defaults, job losses, foreclosures, all of it... Of course, our government doesn't help matters either, but the "band-aids" the government has are only temporary... :2 cents:

Sadly that will never happen. I saw the other day that about 75% of the strength of our economy is based on consumer spending. That means when people stop buying shit they don't need the economy goes in the shitter. When gas is high in price and food is high in price they want people to still buy TVs and vacations and cars and all kinds of stuff so they do it with credit.

i'm not in favor of it. i keep saying i'm not in favor of it. i think the entire economy should be allowed to crash and the weak should be thinned from the herd and all the idiots that are in homes they can't pay for should lose them.

i'm just tired of morons saying "those guys should pay for it" when people like you saying exactly that, don't seem to grasp the fact that YOU are paying for it and YOU WILL pay for it because it affects every facet of the economy.

what the fuck do you think is going to happen you silly twit? 10 CEO's are going to come up with $500,000,000,000.00 and inject it into the market/credit system? is that how "they" are going to pay for it? maybe they can just sell a second home or two?

What you have said, I pretty much agree with. I know we are in a jam, but it's time to lynch the motherfuckers that did this to all of us. I say take all their bonuses they got, boats, cars, summer homes....whatever they got as perks from the company's involved and sell off the assets....then put the fuckers on trial.

This is a frustrating time for all of us and tempers seem to fly. I am so pissed about this situation that I would like to get my hands around some of those assholes necks and choke them to death.
Hopefully we will be able to pull through this, but if we allow the bush bastard to touch any of this money....we might as well kiss all our asses good bye.

And as I have kept saying all along, I know I and everyone else is going to have to pay for this. I am not in favor of it either, but it has to be. Have you not been reading what I have been posting, you dork?
I have also been saying that the ones involved should be held accountable. I don't like having to pay for this shit, but in the end, I know I and everyone else will foot the bill for a group of crooked thieving assholes that will be allowed to walk away.

I don't give a fuck how CEO's or others involved pay for it.

Drama queen. :2 cents:

:321GFY:321GFY

The artificially low interest rates were a policy of the Federal Reserve btw... which led to excessive borrowing, malinvestments..





lol oversight by the same corrupt people who contributed to this debacle...? The same people that straight off the bat were kneeling in front of Paulson and Bernake ready to give them anything they wanted?

touche! :thumbsup

See, that's the problem. And it's happening here in Australia, too. You've got people earning $40k/year getting $400,000 home loans. They've been talking about doing 50 year home loans. It's absolutely insane. Yes, banks are being irresponsible by making these high risk loans. But at the end of the day, it's up to the individual whether or not they take out that loan.

You need to look at your own finances and decide for yourself what you can afford.

I think a lot of people bought these homes figuring they would make a bunch of money. the figured they would buy a 300K+ home and live in it for four years and let it get up to 375K+ or more (which as the housing market was going for a while was very possible) then they would sell it. The problem was a lot of people did the same thing and the market got flooded with houses so the values stagnated and they ended up stuck with a house they couldn't afford. The housing boom made a lot of regular people think they were real estate moguls.