Rather Than Investigating Foreclosure Fraud, House Republicans Vow To Investigate Loans To Poor People

[웃 910]

Top 10 Richest Americans (in millions)

Rank Name Net Worth Company

1 Bill Gates 53,000 Microsoft

2 Warren Buffett 46,000 Berkshire Hathaway

3 Sheldon Adelson 20,500 casinos, hotels

4 Larry Ellison 19,500 Oracle

5 Paul Allen 16,000 Microsoft, investments

6 Jim Walton 15,700 Wal-Mart

7 Christy Walton & family 15,600 Wal-Mart

8 Rob Walton 15,600 Wal-Mart

9 Michael Dell 15,500 Dell

10 Alice Walton 15,500 Wal-Mart

Top 10 Richest Australian's In 2010

Rank Name Net Worth

(Billions)

1 Andrew Forrest 4.1

2 Frank Lowy 3.6

3 James Packer 3.5

4 Harry Triguboff 3

5 John Gandel 2.4

6 Kerr Neilson 2.2

6 Gina Rinehart 2

8 Anthony Pratt 1.95

9 Leslie Alan Wilson 1.55

10 Lindsay Fox 1.5

Edited October 20, 2010 by Lord Infamous

[Heracles 417]

....

That is great and all but what does it have to do with the cause of the crisis.

It's also been pointed out many times before that 20% of the US controls 75% of the wealth. While the 80% only controls 15%, with the majority of that tied into their home.

This switch from focusing on topics as a country [when convenient], then switching to individualism [when convenient], makes your arguments weak and shows you are grasping for straws. Should have learned that at uni, well a reputable uni.

Those of us with a clue know better, like having the richest or the biggest companies means nothing when the average household earns $44k. However, money still does not illustrate Q.O.L or S.O.L. And we know who ranks where on these indexes.

Edited October 20, 2010 by Heracles

[웃 910]

Billionaires by country

USA = 403

AUS = 11

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

Top 10 Countries for Millionaires (as % of population)

US = 7

AUS = not on list

1 Singapore

2 Hong Kong

3 Switzerland

4 Kuwait

5 Qatar

6 UAE

7 USA

8 Belgium

9 Israel

10 Taiwan

7) United States

Population: 310.2 million

Percentage of Millionaire Households: 4.1%

The 4.7 million U.S. millionaires in 2009 was up by 15.1% over 2008. But as a market percentage, the U.S. falls relatively low on the top 10 list. The country, which is home to two of the world's wealthiest people, Bill Gates and Warren Buffett, saw its economy bounce back in 2009 from the year before as the Dow Jones Industrial Average rose 40%. By the end of 2009, the economy grew at its fastest pace in more than six years, even though many businesses put the brakes on hiring.

See full article from DailyFinance: http://srph.it/9JOupM

----------------------------------

Number of Millionaires Year over Year increase 2009 to 2010

US = 1

AUS = Not on list

USA

2009 Population: 306.8 million*

2009 number of millionaire households: 4,715,000**

Percentage increase: 15.1 percent YOY**

Share of country's wealth held by millionaire households: 56 percent**

Even though the U.S. real estate market remained weak, the stock market rebound helped boost the number of millionaire households 15.1 percent in 2009. The U.S. had the most millionaires by far, leading second-in-line Japan by 3,485,000 households.

Millionaires represented a fraction of the U.S. population last year but held 56 percent of its wealth, according to Boston Consulting Group.

* Source on all slides: Population Reference Bureau

** Source on all slides: Boston Consulting Group. The year on year change in number of millionaire households was calculated using a constant exchange rate; BCG used yearend 2009 exchange rates to calculate the number of millionaire households in both 2008 and 2009.

http://finance.yahoo.com/family-home/article/109838/countries-with-the-most-millionaires?mod=career-work

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Number of millionaires

USA = 4,715,000 (approx from above story)

AUS = 180,000 (approx)

[웃 910]

Australian Rising Inequality

http://www.smh.com.a...5648060461.html

Edited October 20, 2010 by Lord Infamous

[Ban Hammer 13,355]

Well you're a defense contractor and probably have access to some defense federal loan.

The rest of us have to actually go to a private lender to acquire finance. I highly doubt anyone has a loan from the Department of x. The fact is with zero credit, zero documentation, I could have acquired a $400k mortgage. How many illegal aliens do you guys think did this themselves?

The governments mistake is not mandating and regulating this #######, as it is in other countries like AUS; where sub-prime represents less than 0.5% of borrowers. Heck, even to acquire a credit card there requires over one months worth of paychecks.

fail. you don't even know what a va loan is, do you? maybe you should read about it.

[ready4ONE 5,400]

so maybe you're suggesting with the above, investigating loans to the poor is a good place to start.

Investigate the lenders.

[Heracles 417]

fail. you don't even know what a va loan is, do you? maybe you should read about it.

What percentage of va loans were sub-prime? You think these guys collapsed the economy?

Nevertheless, not the norm type of loan.

[Heracles 417]

AUS = 180,000 (approx)

Interesting link you provided, you missed this though:

September 18, 2010

"While Europe and the US still struggle, Australia's economy has evolved into a rolled-gold millionaires factory, churning out 15 new millionaires a day during the past two years."

http://www.news.com.au/money/money-matters/australias-new-breed-of-millionaires/story-e6frfmd9-1225925679787

Edited October 20, 2010 by Heracles

[Ban Hammer 13,355]

What percentage of va loans were sub-prime? You think these guys collapsed the economy?

Nevertheless, not the norm type of loan.

straw man again, booyah?

[Gary and Alla 3,694]

Isn't that the same thing?

I wonder Steven...do you think THIS is why the Dems will lose?

[spookyturtle 9,466]

Interesting link you provided, you missed this though:

How many millionaires are there in the US? Or how about one of the first world countries?

[Heracles 417]

straw man again, booyah?

va loans hardly represent a fraction of loans, considering less than 2% of American are actually in the military. Can I apply for a va loan? No.. va loans are what built this country following WWII.

Once again, the majority of the loans that were sub-prime went through private lenders - like large banks. Once again, the loans alone were not the issue. It was the false representation that these loans were from safe and sound borrowers. People invested their money into these loans, assuming they are safe long-term investments. The people who misrepresented them and those who sold them, earned their billion dollar commissions, washed their hands and sold of the next batch and so on. The lenders didn't care because someone was there to buy off these loans.

Regulation and laws against these shenanigans would have minimized the impact. Repubs were getting rich so they didn't care. They were just worried that Fannie and Freddie were underwriting loans to the poor, which repubs hate.

Who from abroad is going to be stupid enough to invest their money in America again? So many country's have had their pension wiped because of trusting Americans. This is another reason why the dollar is gone to the toilet, no one wants it. They'd rather invest in Australia, Asia or Europe; where they know no crook will swindle their money like they did here.

Edited October 20, 2010 by Heracles

[Ban Hammer 13,355]

so why are you carrying on about va loans then?

[Heracles 417]

You know what is funny though, Aussies were burned the least through this. I guess the crooks here couldn't pull a fast one and fool ex convicts. They were smart enough to get the bucks out.

Too bad the average American did not have this insight and has now lost $17 trillion in personal wealth. Bravo unabated Capitalism and wall street. Another great ###### job from them. I'll trust Bin L. before I trust those #### or anyone who supports them and the flawed mentality - lack of regulation - that got the country there yet again.

Edited October 20, 2010 by Heracles

[spookyturtle 9,466]

You know what is funny though, Aussies were burned the least through this. I guess the crooks here couldn't pull a fast one and fool ex convicts. They were smart enough to get the bucks out.

Too bad the average American did not have this insight and has now lost $17 trillion in personal wealth. Bravo unabated Capitalism and wall street. Another great ###### job from them.

Stop baiting, it's against the TOS. This is not an anti US forum regardless of how much you try to make it so.