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Asolutely must listen (in a few days for free)User Forum Topic
Submitted by jpinpb on May 11, 2008 - 6:25pm
I'm not sure when this story will be available to listen to on the internet for free (probably in a few days) All the older episodes can be listened to for free. Check back. Worth it. I'm listening to This American Life and the story is great. http://www.thislife.org/Radio_Episode.as... "A special program about the housing crisis. We explain it all to you. What does the housing crisis have to do with the collapse of the investment bank Bear Stearns? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money." The Giant Pool of Money Anyone else hear it?
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NINA loans Fav quote: "Would you lend you the money? Naw no way! I know guys that break knee caps for a living and they wouldn't lend me thay money" hah haaa ha
"When did you start to realize things were going bad? Ahh when I started make around 25k a month instead of 70k a month ...which wasn't enough to cover my expenses"
A free download is available now. Quicker than I thought. Take a few minutes to listen.
The Buddha said it best:
There is no fire like passion
There is no shark like hatred
There is no snare like folly
There is no torrent like greed
This makes sense to me...once the Fed lowered the rate to where treasuries paid so little that is caused a huge amount of money seeking a higher and seemingly safe investment vehicle. Real estate would seem to be pretty safe. I still cant believe how easily the bond rating industry got off the hook??!! Isnt their sole job actually to rate the safety of such invstments? What value are they if they rate something as AAA and it becomes worthless two years later? Aren't they supposed to regulate the "reality" of Wall Street?
I loved the recruited bartender. So many things just wrong.
This was a neat little bit. Thanks for posting it. I'm posting to bump this to the top so more people can give it a listen.
I can't say there were major revelations in there for long-time Piggs, but they did a great job of bringing in actual people in the mortgage industry food chain. You can see how the different personalities of each individual played a part, and you get alot of detail on what each part entailed.
I think it serves as a great summary piece for those who don't watch the market as deeply as some of the housing geeks, I mean forum members, here.
Maybe Rich should put a link to this at the top with the Bubble Primer.
T.A.L. has some good stories. Probably old news to the long-time Piggs, but I enjoyed the show and it was quite revealing and telling. I had to post it for others. Thanks for digging it back out.
I listened at lunch time. It made my blood boil and pretty much confirmed what I said over a year ago. Those in REIC who participated in the last several years have basically made a living out of the hyperinflation (giant pool of money) that the FED facilitated since 2001. Bascially, they made a living by setting up the financial system for failure and devaluation of the dollar.
Like the clown who ordered bottles of cristal every weekend and was making 100K a month straight out of school, that was the value of your savings that he was literally pissing away.
You guys wonder why I have such a bad attitude towards realtors and mortgage brokers, that is why.
Burned it to CD and listened whilst driving from Vegas to San Diego (how appropriate).
I love the cast of characters they rounded up! The debtor who thought they were crazy to loan him the money, the kinda slow bartender recruited to package loans, the Fast Eddie type guy buying the Cristal "hey, who are the cool guys?!". I see Boiler Room II.
"Fast Eddie type guy buying the Cristal"
Yeah. I forgot about the $1,000 bottles of Cristal. Nice.
"I see Boiler Room II."
Oh, yeah. I see a movie down the road. Make a good documentary. Maybe Michael Moore. He can expose all involved.
This is such a well-done piece. Everyone should take the time to listen as it gives such a good explanation of What Went Wrong.
I think a movie version would be perfect.
What actor would play the bartender-turned-mortgage broker? Maybe Adam Sandler?
When I first listened I just felt sick at how deep the corruption went. Wow! What I really liked about this piece was how it was explained and how the "story" unfolded. It really made the who series of events easier to understand.
It would make a great movie - I was thinking Matt Damon for that part.
Adam Sandler is too funny. Need someone dumb for bartender or sinister cast of people. Steve Buscemi? Maybe Javier Bardem or Willem Dafoe.
What about Aaron Eckhart (I think he was the sleazy tobacco lobbyist from "Thank You For Smoking")
I think he'd be great!
OMG - Yes. That would be perfect.
BTW - Good movie.
Well...dayum! Let's just quit our day jobs and become casting agents :-)