Financial institutions whipped by Obama!

[mawilson 2,133]

Treasury department was just an example on replacing cash that is burnt, doubt if Wall Street is burning money that they claim is lost forever. Still insist that money is in someone else's pocket. But doesn't make any difference if it is cold hard cash that with direct deposits, bill pay, checking accounts, credit cards, I haven't actually seen in a long time or a computer transfer of funds.

Nick,

If your house was worth $500,000 two years ago and now is worth $300,000, who "stole" the $200,000?

Whose "pocket" is it in?

There is more than one way to skin a cat. Guess who is buying all of these foreclosed homes?

Who said anything about foreclosed homes? Let's assume the home is fully paid for.

You have no intention of selling it.

Whose 'fault' is it that your net worth is now $300,000+ and not $500,000+?

[Heracles 417]

Who said anything about foreclosed homes? Let's assume the home is fully paid for.

You have no intention of selling it.

Whose 'fault' is it that your net worth is now $300,000+ and not $500,000+?

The people who caused an artificial inflation in prices to begin with. As well as those who played with the market to their advantage, causing this artificial inflation that ultimately led to a collapse. It was a combination of people that had their hands in the pockets of people who lost big time, all while they walked away with mega $$$$. From the Realtor to the large CEO providing such loans, everyone should be regulated. I'd rather the government regulate the market than have a handful of people controlling the country's future. They also need to look at decentralizing financial power from NYC to a handful of spots around the country. Simple engineering concept, no single point of failure should be able to take down an entire structure. This mentality should also apply to finance. How many times now has NYC brought this entire country to its knees?

I could see this mess brewing from a mile away and is why I did not invest a single dollar in property here. I could see that the demand was artificial and not driven by some sort of sound economic growth or based on supply and demand, that is, due to a shortage. People were flipping homes like they were going out of fashion. It's not as if the US had a huge influx of professionals either, causing some sort of shortage. The growth was simply a case of realtors pushing homes and brokers pushing loans people simply could not afford.

Edited June 18, 2009 by Constellation

[NickD 202]

Treasury department was just an example on replacing cash that is burnt, doubt if Wall Street is burning money that they claim is lost forever. Still insist that money is in someone else's pocket. But doesn't make any difference if it is cold hard cash that with direct deposits, bill pay, checking accounts, credit cards, I haven't actually seen in a long time or a computer transfer of funds.

Nick,

If your house was worth $500,000 two years ago and now is worth $300,000, who "stole" the $200,000?

Whose "pocket" is it in?

More like two years ago, a home was worth $300,000 but an idiot paid $500,000 with an idiot bank loaning that amount without even a credit or the ability to pay that loan check.

Who got that half million bucks? The seller, contractor, realtor of that house and the banker that sold the mortgage. Who got stuck with the bill? We did.

[Heracles 417]

More like two years ago, a home was worth $300,000 but an idiot paid $500,000 with an idiot bank loaning that amount without even a credit or the ability to pay that loan check.

Who got that half million bucks? The seller, contractor, realtor of that house and the banker that sold the mortgage. Who got stuck with the bill? We did.

The banks can get away with murder. How many loans can people acquire in other first world countries without K1>AOS equivalent worth of paperwork? nope not here. The onus is on us. The banks can just slip in a nice little clause stating that everything you say is true and correct bla bla bla and wipe their hands clean. Whereas under a UK or Australian court these contracts would be thrown out and nullified by the court. Furthermore, the bank would be fined for not carrying out any reasonable care to verify an individual's ability to pay.

There are people who have actually gone to prison for misstating their income on credit card applications, while the banks did not even get a slap on the wrist. Yes, even though US credit card applications are as most ambiguous I have ever seen. They are protect by various Federal banking statues, while the average Joe are jailed as they should have know better.

Regulation must happen from the top down. When it comes to credit, the industry should be regulated and have to meet certain standards. It is not acceptable that they can wash their hands while the consumer is left with the hot potato.

[spookyturtle 9,465]

So many things you American's do not seem to care about

i'm glad he's going that route.

Huh?

what, i can't be happy about something obama's doing?

No.

well hmpfff.

People might start thinking that you're a liberal at heart. Remember, the real Obama haters hate everything he does. Not matter what, it's no good and he's no good.

so you're conservative now?

A conservative, modetate liberal, just off the middle of left right center

[Ban Hammer 12,940]

so you're conservative now?

A conservative, modetate liberal, just off the middle of left right center

hang on, i'm still looking for that on my political map