I am so over the overuse of the word “subprime”.. this housing correction is a result of excess credit period. No documentation, 100% financing loans. Many of these loans were not subprime, yet thats all the bulls can talk about. How the subprime is a small part of housing overall and it will not spread. It is way more then subprime. There are many buyers who paid way too much for thier homes, and now can’t afford the payments. Sorry, but a 3yr adj. rate mortgage isn’t subprime, and many people who took those loans are paying the consequences. The sad thing is that rates have barely risen in the last few years.
Then there is the overuse of the word credit crunch.. if the dow is down, then all you hear about is credit crunch this, subprime problem that.. then when the dow is up, all you hear is the market is getting over the credit crunch, and subprime problems are contained.. man can we get some media with more substance?
They have no idea what they stand for, and they shift their commentary everyday as much as the dows dramatic up and down changes lately.
lets just call is what it is, a large correction, that isn’t over yet in response to super low rates, excess credit, NO lending standards in mortgages, and speculation on housing as well as wall street. This isn’t the crisis!! The crisis was the last 6 years.
And sorry president Bush, I do agree with the tax cuts, but they aren’t responsible for the booming economy from 01-06, the easy money was responsible for creating that illusion.
Also, if anything the media is partially responsible for this so called crisis, due to the reaffirming the sheeple that hosing was a no loose investment that is guaranteed to make you at least 30% per year for life. The constant emphasis on speculators making hundreds of thousands of dollars without lifting a finger, and then they created TV shows to illustrate this to the masses. Then they promoted refi-ing the heck out of your home to pay for things that weren’t necessarily a priority like RVs and lifted HD trucks.
This is just a continuation of Americans refusing to take the blame or responsibility for their actions, can we ever grow some balls and tell it like it is?
Yesterday on bloomberg.com
Stocks surge as subprime troubles fade.
Today of bloomberg.com
Us stocks tumble as subprime losses spread.
Also, if anything the media is partially responsible for this so called crisis, due to the reaffirming the sheeple that hosing was a no loose investment that is guaranteed to make you at least 30% per year for life. The constant emphasis on speculators making hundreds of thousands of dollars without lifting a finger, and then they created TV shows to illustrate this to the masses. Then they promoted refi-ing the heck out of your home to pay for things that weren’t necessarily a priority like RVs and lifted HD trucks.
This is just a continuation of Americans refusing to take the blame or responsibility for their actions, can we ever grow some balls and tell it like it is?
Yesterday on bloomberg.com
Stocks surge as subprime troubles fade.
Today of bloomberg.com
Us stocks tumble as subprime losses spread.
Also, if anything the media is partially responsible for this so called crisis, due to the reaffirming the sheeple that hosing was a no loose investment that is guaranteed to make you at least 30% per year for life. The constant emphasis on speculators making hundreds of thousands of dollars without lifting a finger, and then they created TV shows to illustrate this to the masses. Then they promoted refi-ing the heck out of your home to pay for things that weren’t necessarily a priority like RVs and lifted HD trucks.
This is just a continuation of Americans refusing to take the blame or responsibility for their actions, can we ever grow some balls and tell it like it is?
Yesterday on bloomberg.com
Stocks surge as subprime troubles fade.
Today of bloomberg.com
Us stocks tumble as subprime losses spread.
.
