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February 15, 2009 at 6:58 PM #347439February 15, 2009 at 10:22 PM #346897
jpinpb
ParticipantOK. Just finished watching the show. Quick synopsis:
Greenspan started lowering rates after 9-11. We were on the verge of recession.
They succeeded at procrastinating it, basically. We should have really had the recession in 2001 after the dotcom bust and 9/11
Government intervened to “save” us. Bush spoke and pushed us and told us to shop. I remember that. Basically, “Don’t let 9/11 paralyze us. That’s what the terrorists want. Go shop.”
Everyone was pushing loans, banks, lenders, realtors, mortgage brokers, media and President. I guess we sure showed those terrorists! “We don’t need you to fuck up our economy by taking down The World Trade Centers. We’ll just fuck ourselves.” Man. I’m certain OBL is having a laugh. We never got the guy. We started a war in Iraq costing a whole lot of money (some diverted to Haliburton) and sacrificing (killing) our soldiers – sorry, I digress – and then the whole real estate scam to ultimately take the country down all by ourselves.
Reserve cut rates again and again and again.
Boy, the hindsight at the foolishness of people who think the prices would keep going up to infinity and beyond.
Anyone w/a pulse was a perfect mortgage candidate.
I almost half expect to find some loan out there that was made to a dead person, but no one’s uncovered one yet.
The one guy said he signed loan papers and didn’t know what he was doing, but he made 900 a week, signed papers saying he made 4xs as much.
Spending went out of control, retail sales shot up w/the HELOCs, refinancing of equity gone wild and stock market rallying at the news.
It was disturbing to watch. Pizza delivery guys becoming loan officers making 20k a month.
I was just sickened to see the multiple refis people were doing. Honestly, how stupid can people be? I mean, sooner or later, you have to pay the damn loan. If they were trying to generate sympathy, it didn’t work for me. I just kept thinking they were ignorant fools. Gross to see the dollar signs in everyone’s eyes. I think this real estate cycle covers all 7 sins.
The owner of Quick Loan funding from Lebanon, Daniel Sadek, had a 3rd grade education, making 5 million a month! Even had an Enzo which got wrecked in a movie he funded/made (flippant use of capital). So that’s where all our money went! What does that tell you. 3rd grader from Lebanon was smarter than Wall Street and worked the system. Fucking brilliant.
The loans kept getting more and more creative with ultimately the pay option loans. “Financial engineering” w/CDOs. The new American export. Yes. Love it. China can just have our manufacturing. All our jobs can be outsourced. We’ll fuck the world (Europe and Asia) w/mortgages and CDO’s. Man. What the hell are we going to do now? All our jobs are gone, including the fake ones we made up w/smoke and mirrors.
I was also half expecting a commercial for loans/refinancing. But seriously, I was expecting a Kerry Steigerwalt ad for help on loan mods.
And now the government is still trying to put off paying this bill.
4 billion a month worth of CDOs! Yeah. We’re no where close to bottom. There’s not enough bailouts to rescue this mess.
The one guy said full docs would stop it. But no one wanted to do full docs b/c they would go out of business. Greed.
But now we’ve got full docs. The brakes are on.
Flipping houses is a sport.
Greenspan underestimates, says there’s some froth. Could’ve clamped down, but didn’t do it. Said they could have suppressed it, but caused 10% unemployment. Ok. Just push it back a few years.
People were living off equity. People paid off credit cards w/it and the next year run it up and do it again.
And now they’re crying about losing their house. Someone get me a medic. My heart is bleeding!
I shouldn’t have watched this show. Just pisses me off.
Kyle Bass says What goes up, must come down. (I kept saying that. Can’t have an erection forever. Basically the whole real estate scam was Viagra.) He investigates it. Wall St. says that it will never stop. He was certain a catastrophe would happen.
House prices going higher than the median income. Incomes had to double or houses go down 35%.
Those rating CDOs were saying their models were 6 to 8% home price increases in perpetuity.
Made of garbage is worth garbage. Bass was sure CDOs would not be worth it. Invested a billion dollars buying insurance against CDOs.
He even visited Bear Stearns. They said they would not worry about their risk (Why should they. The government will come to the rescue).Bass hedgefund makes 600% in 18 months. Loans made to people that should never been made in the first place. Darwinian flush. Loans get back to where people can afford them.
Wish I knew this Bass guy. I would’ve given some money towards this venture. Gosh. If all the Piggs got together on this, we’d be golden right now.
Everything is just one somewhat calculated gamble after another. Ownit 9 1/2 million worth of loans in 2005. Things start going bad in 2006. Subprime took him down.
No Wall St money coming in, lenders folded. 40k people in industry lost jobs. Guess they’re back to delivering pizza.
The one lady losing her house said she’s held accountable, whose holding accountable those who did the loans. First of all, she’s not accountable. They won’t have to continue paying on the house, just have to go rent until they can afford to buy a house. They’re off the hook. I don’t understand the logic. It’s not like the bank is putting a lien on their bank account or employment.
Shows all the banking collapse, Citibank, Merrill Lynch, etc, etc.
The people they interviewed that knew said they didn’t feel guilty. They were enablers in the food chain and the borrowers did not have a gun to their head.
I say all those people making a shitload of money who are now w/out a job should have predicted this catastrophe and stashed their moola.
Greenspan retires and the age of euphoria is over.
One of the last commercials after the show was Ab Rocket. LOL.
February 15, 2009 at 10:22 PM #347218ParticipantOK. Just finished watching the show. Quick synopsis:
Greenspan started lowering rates after 9-11. We were on the verge of recession.
They succeeded at procrastinating it, basically. We should have really had the recession in 2001 after the dotcom bust and 9/11
Government intervened to “save” us. Bush spoke and pushed us and told us to shop. I remember that. Basically, “Don’t let 9/11 paralyze us. That’s what the terrorists want. Go shop.”
Everyone was pushing loans, banks, lenders, realtors, mortgage brokers, media and President. I guess we sure showed those terrorists! “We don’t need you to fuck up our economy by taking down The World Trade Centers. We’ll just fuck ourselves.” Man. I’m certain OBL is having a laugh. We never got the guy. We started a war in Iraq costing a whole lot of money (some diverted to Haliburton) and sacrificing (killing) our soldiers – sorry, I digress – and then the whole real estate scam to ultimately take the country down all by ourselves.
Reserve cut rates again and again and again.
Boy, the hindsight at the foolishness of people who think the prices would keep going up to infinity and beyond.
Anyone w/a pulse was a perfect mortgage candidate.
I almost half expect to find some loan out there that was made to a dead person, but no one’s uncovered one yet.
The one guy said he signed loan papers and didn’t know what he was doing, but he made 900 a week, signed papers saying he made 4xs as much.
Spending went out of control, retail sales shot up w/the HELOCs, refinancing of equity gone wild and stock market rallying at the news.
It was disturbing to watch. Pizza delivery guys becoming loan officers making 20k a month.
I was just sickened to see the multiple refis people were doing. Honestly, how stupid can people be? I mean, sooner or later, you have to pay the damn loan. If they were trying to generate sympathy, it didn’t work for me. I just kept thinking they were ignorant fools. Gross to see the dollar signs in everyone’s eyes. I think this real estate cycle covers all 7 sins.
The owner of Quick Loan funding from Lebanon, Daniel Sadek, had a 3rd grade education, making 5 million a month! Even had an Enzo which got wrecked in a movie he funded/made (flippant use of capital). So that’s where all our money went! What does that tell you. 3rd grader from Lebanon was smarter than Wall Street and worked the system. Fucking brilliant.
The loans kept getting more and more creative with ultimately the pay option loans. “Financial engineering” w/CDOs. The new American export. Yes. Love it. China can just have our manufacturing. All our jobs can be outsourced. We’ll fuck the world (Europe and Asia) w/mortgages and CDO’s. Man. What the hell are we going to do now? All our jobs are gone, including the fake ones we made up w/smoke and mirrors.
I was also half expecting a commercial for loans/refinancing. But seriously, I was expecting a Kerry Steigerwalt ad for help on loan mods.
And now the government is still trying to put off paying this bill.
4 billion a month worth of CDOs! Yeah. We’re no where close to bottom. There’s not enough bailouts to rescue this mess.
The one guy said full docs would stop it. But no one wanted to do full docs b/c they would go out of business. Greed.
But now we’ve got full docs. The brakes are on.
Flipping houses is a sport.
Greenspan underestimates, says there’s some froth. Could’ve clamped down, but didn’t do it. Said they could have suppressed it, but caused 10% unemployment. Ok. Just push it back a few years.
People were living off equity. People paid off credit cards w/it and the next year run it up and do it again.
And now they’re crying about losing their house. Someone get me a medic. My heart is bleeding!
I shouldn’t have watched this show. Just pisses me off.
Kyle Bass says What goes up, must come down. (I kept saying that. Can’t have an erection forever. Basically the whole real estate scam was Viagra.) He investigates it. Wall St. says that it will never stop. He was certain a catastrophe would happen.
House prices going higher than the median income. Incomes had to double or houses go down 35%.
Those rating CDOs were saying their models were 6 to 8% home price increases in perpetuity.
Made of garbage is worth garbage. Bass was sure CDOs would not be worth it. Invested a billion dollars buying insurance against CDOs.
He even visited Bear Stearns. They said they would not worry about their risk (Why should they. The government will come to the rescue).Bass hedgefund makes 600% in 18 months. Loans made to people that should never been made in the first place. Darwinian flush. Loans get back to where people can afford them.
Wish I knew this Bass guy. I would’ve given some money towards this venture. Gosh. If all the Piggs got together on this, we’d be golden right now.
Everything is just one somewhat calculated gamble after another. Ownit 9 1/2 million worth of loans in 2005. Things start going bad in 2006. Subprime took him down.
No Wall St money coming in, lenders folded. 40k people in industry lost jobs. Guess they’re back to delivering pizza.
The one lady losing her house said she’s held accountable, whose holding accountable those who did the loans. First of all, she’s not accountable. They won’t have to continue paying on the house, just have to go rent until they can afford to buy a house. They’re off the hook. I don’t understand the logic. It’s not like the bank is putting a lien on their bank account or employment.
Shows all the banking collapse, Citibank, Merrill Lynch, etc, etc.
The people they interviewed that knew said they didn’t feel guilty. They were enablers in the food chain and the borrowers did not have a gun to their head.
I say all those people making a shitload of money who are now w/out a job should have predicted this catastrophe and stashed their moola.
Greenspan retires and the age of euphoria is over.
One of the last commercials after the show was Ab Rocket. LOL.
February 15, 2009 at 10:22 PM #347331ParticipantOK. Just finished watching the show. Quick synopsis:
Greenspan started lowering rates after 9-11. We were on the verge of recession.
They succeeded at procrastinating it, basically. We should have really had the recession in 2001 after the dotcom bust and 9/11
Government intervened to “save” us. Bush spoke and pushed us and told us to shop. I remember that. Basically, “Don’t let 9/11 paralyze us. That’s what the terrorists want. Go shop.”
Everyone was pushing loans, banks, lenders, realtors, mortgage brokers, media and President. I guess we sure showed those terrorists! “We don’t need you to fuck up our economy by taking down The World Trade Centers. We’ll just fuck ourselves.” Man. I’m certain OBL is having a laugh. We never got the guy. We started a war in Iraq costing a whole lot of money (some diverted to Haliburton) and sacrificing (killing) our soldiers – sorry, I digress – and then the whole real estate scam to ultimately take the country down all by ourselves.
Reserve cut rates again and again and again.
Boy, the hindsight at the foolishness of people who think the prices would keep going up to infinity and beyond.
Anyone w/a pulse was a perfect mortgage candidate.
I almost half expect to find some loan out there that was made to a dead person, but no one’s uncovered one yet.
The one guy said he signed loan papers and didn’t know what he was doing, but he made 900 a week, signed papers saying he made 4xs as much.
Spending went out of control, retail sales shot up w/the HELOCs, refinancing of equity gone wild and stock market rallying at the news.
It was disturbing to watch. Pizza delivery guys becoming loan officers making 20k a month.
I was just sickened to see the multiple refis people were doing. Honestly, how stupid can people be? I mean, sooner or later, you have to pay the damn loan. If they were trying to generate sympathy, it didn’t work for me. I just kept thinking they were ignorant fools. Gross to see the dollar signs in everyone’s eyes. I think this real estate cycle covers all 7 sins.
The owner of Quick Loan funding from Lebanon, Daniel Sadek, had a 3rd grade education, making 5 million a month! Even had an Enzo which got wrecked in a movie he funded/made (flippant use of capital). So that’s where all our money went! What does that tell you. 3rd grader from Lebanon was smarter than Wall Street and worked the system. Fucking brilliant.
The loans kept getting more and more creative with ultimately the pay option loans. “Financial engineering” w/CDOs. The new American export. Yes. Love it. China can just have our manufacturing. All our jobs can be outsourced. We’ll fuck the world (Europe and Asia) w/mortgages and CDO’s. Man. What the hell are we going to do now? All our jobs are gone, including the fake ones we made up w/smoke and mirrors.
I was also half expecting a commercial for loans/refinancing. But seriously, I was expecting a Kerry Steigerwalt ad for help on loan mods.
And now the government is still trying to put off paying this bill.
4 billion a month worth of CDOs! Yeah. We’re no where close to bottom. There’s not enough bailouts to rescue this mess.
The one guy said full docs would stop it. But no one wanted to do full docs b/c they would go out of business. Greed.
But now we’ve got full docs. The brakes are on.
Flipping houses is a sport.
Greenspan underestimates, says there’s some froth. Could’ve clamped down, but didn’t do it. Said they could have suppressed it, but caused 10% unemployment. Ok. Just push it back a few years.
People were living off equity. People paid off credit cards w/it and the next year run it up and do it again.
And now they’re crying about losing their house. Someone get me a medic. My heart is bleeding!
I shouldn’t have watched this show. Just pisses me off.
Kyle Bass says What goes up, must come down. (I kept saying that. Can’t have an erection forever. Basically the whole real estate scam was Viagra.) He investigates it. Wall St. says that it will never stop. He was certain a catastrophe would happen.
House prices going higher than the median income. Incomes had to double or houses go down 35%.
Those rating CDOs were saying their models were 6 to 8% home price increases in perpetuity.
Made of garbage is worth garbage. Bass was sure CDOs would not be worth it. Invested a billion dollars buying insurance against CDOs.
He even visited Bear Stearns. They said they would not worry about their risk (Why should they. The government will come to the rescue).Bass hedgefund makes 600% in 18 months. Loans made to people that should never been made in the first place. Darwinian flush. Loans get back to where people can afford them.
Wish I knew this Bass guy. I would’ve given some money towards this venture. Gosh. If all the Piggs got together on this, we’d be golden right now.
Everything is just one somewhat calculated gamble after another. Ownit 9 1/2 million worth of loans in 2005. Things start going bad in 2006. Subprime took him down.
No Wall St money coming in, lenders folded. 40k people in industry lost jobs. Guess they’re back to delivering pizza.
The one lady losing her house said she’s held accountable, whose holding accountable those who did the loans. First of all, she’s not accountable. They won’t have to continue paying on the house, just have to go rent until they can afford to buy a house. They’re off the hook. I don’t understand the logic. It’s not like the bank is putting a lien on their bank account or employment.
Shows all the banking collapse, Citibank, Merrill Lynch, etc, etc.
The people they interviewed that knew said they didn’t feel guilty. They were enablers in the food chain and the borrowers did not have a gun to their head.
I say all those people making a shitload of money who are now w/out a job should have predicted this catastrophe and stashed their moola.
Greenspan retires and the age of euphoria is over.
One of the last commercials after the show was Ab Rocket. LOL.
February 15, 2009 at 10:22 PM #347366ParticipantOK. Just finished watching the show. Quick synopsis:
Greenspan started lowering rates after 9-11. We were on the verge of recession.
They succeeded at procrastinating it, basically. We should have really had the recession in 2001 after the dotcom bust and 9/11
Government intervened to “save” us. Bush spoke and pushed us and told us to shop. I remember that. Basically, “Don’t let 9/11 paralyze us. That’s what the terrorists want. Go shop.”
Everyone was pushing loans, banks, lenders, realtors, mortgage brokers, media and President. I guess we sure showed those terrorists! “We don’t need you to fuck up our economy by taking down The World Trade Centers. We’ll just fuck ourselves.” Man. I’m certain OBL is having a laugh. We never got the guy. We started a war in Iraq costing a whole lot of money (some diverted to Haliburton) and sacrificing (killing) our soldiers – sorry, I digress – and then the whole real estate scam to ultimately take the country down all by ourselves.
Reserve cut rates again and again and again.
Boy, the hindsight at the foolishness of people who think the prices would keep going up to infinity and beyond.
Anyone w/a pulse was a perfect mortgage candidate.
I almost half expect to find some loan out there that was made to a dead person, but no one’s uncovered one yet.
The one guy said he signed loan papers and didn’t know what he was doing, but he made 900 a week, signed papers saying he made 4xs as much.
Spending went out of control, retail sales shot up w/the HELOCs, refinancing of equity gone wild and stock market rallying at the news.
It was disturbing to watch. Pizza delivery guys becoming loan officers making 20k a month.
I was just sickened to see the multiple refis people were doing. Honestly, how stupid can people be? I mean, sooner or later, you have to pay the damn loan. If they were trying to generate sympathy, it didn’t work for me. I just kept thinking they were ignorant fools. Gross to see the dollar signs in everyone’s eyes. I think this real estate cycle covers all 7 sins.
The owner of Quick Loan funding from Lebanon, Daniel Sadek, had a 3rd grade education, making 5 million a month! Even had an Enzo which got wrecked in a movie he funded/made (flippant use of capital). So that’s where all our money went! What does that tell you. 3rd grader from Lebanon was smarter than Wall Street and worked the system. Fucking brilliant.
The loans kept getting more and more creative with ultimately the pay option loans. “Financial engineering” w/CDOs. The new American export. Yes. Love it. China can just have our manufacturing. All our jobs can be outsourced. We’ll fuck the world (Europe and Asia) w/mortgages and CDO’s. Man. What the hell are we going to do now? All our jobs are gone, including the fake ones we made up w/smoke and mirrors.
I was also half expecting a commercial for loans/refinancing. But seriously, I was expecting a Kerry Steigerwalt ad for help on loan mods.
And now the government is still trying to put off paying this bill.
4 billion a month worth of CDOs! Yeah. We’re no where close to bottom. There’s not enough bailouts to rescue this mess.
The one guy said full docs would stop it. But no one wanted to do full docs b/c they would go out of business. Greed.
But now we’ve got full docs. The brakes are on.
Flipping houses is a sport.
Greenspan underestimates, says there’s some froth. Could’ve clamped down, but didn’t do it. Said they could have suppressed it, but caused 10% unemployment. Ok. Just push it back a few years.
People were living off equity. People paid off credit cards w/it and the next year run it up and do it again.
And now they’re crying about losing their house. Someone get me a medic. My heart is bleeding!
I shouldn’t have watched this show. Just pisses me off.
Kyle Bass says What goes up, must come down. (I kept saying that. Can’t have an erection forever. Basically the whole real estate scam was Viagra.) He investigates it. Wall St. says that it will never stop. He was certain a catastrophe would happen.
House prices going higher than the median income. Incomes had to double or houses go down 35%.
Those rating CDOs were saying their models were 6 to 8% home price increases in perpetuity.
Made of garbage is worth garbage. Bass was sure CDOs would not be worth it. Invested a billion dollars buying insurance against CDOs.
He even visited Bear Stearns. They said they would not worry about their risk (Why should they. The government will come to the rescue).Bass hedgefund makes 600% in 18 months. Loans made to people that should never been made in the first place. Darwinian flush. Loans get back to where people can afford them.
Wish I knew this Bass guy. I would’ve given some money towards this venture. Gosh. If all the Piggs got together on this, we’d be golden right now.
Everything is just one somewhat calculated gamble after another. Ownit 9 1/2 million worth of loans in 2005. Things start going bad in 2006. Subprime took him down.
No Wall St money coming in, lenders folded. 40k people in industry lost jobs. Guess they’re back to delivering pizza.
The one lady losing her house said she’s held accountable, whose holding accountable those who did the loans. First of all, she’s not accountable. They won’t have to continue paying on the house, just have to go rent until they can afford to buy a house. They’re off the hook. I don’t understand the logic. It’s not like the bank is putting a lien on their bank account or employment.
Shows all the banking collapse, Citibank, Merrill Lynch, etc, etc.
The people they interviewed that knew said they didn’t feel guilty. They were enablers in the food chain and the borrowers did not have a gun to their head.
I say all those people making a shitload of money who are now w/out a job should have predicted this catastrophe and stashed their moola.
Greenspan retires and the age of euphoria is over.
One of the last commercials after the show was Ab Rocket. LOL.
February 15, 2009 at 10:22 PM #347464ParticipantOK. Just finished watching the show. Quick synopsis:
Greenspan started lowering rates after 9-11. We were on the verge of recession.
They succeeded at procrastinating it, basically. We should have really had the recession in 2001 after the dotcom bust and 9/11
Government intervened to “save” us. Bush spoke and pushed us and told us to shop. I remember that. Basically, “Don’t let 9/11 paralyze us. That’s what the terrorists want. Go shop.”
Everyone was pushing loans, banks, lenders, realtors, mortgage brokers, media and President. I guess we sure showed those terrorists! “We don’t need you to fuck up our economy by taking down The World Trade Centers. We’ll just fuck ourselves.” Man. I’m certain OBL is having a laugh. We never got the guy. We started a war in Iraq costing a whole lot of money (some diverted to Haliburton) and sacrificing (killing) our soldiers – sorry, I digress – and then the whole real estate scam to ultimately take the country down all by ourselves.
Reserve cut rates again and again and again.
Boy, the hindsight at the foolishness of people who think the prices would keep going up to infinity and beyond.
Anyone w/a pulse was a perfect mortgage candidate.
I almost half expect to find some loan out there that was made to a dead person, but no one’s uncovered one yet.
The one guy said he signed loan papers and didn’t know what he was doing, but he made 900 a week, signed papers saying he made 4xs as much.
Spending went out of control, retail sales shot up w/the HELOCs, refinancing of equity gone wild and stock market rallying at the news.
It was disturbing to watch. Pizza delivery guys becoming loan officers making 20k a month.
I was just sickened to see the multiple refis people were doing. Honestly, how stupid can people be? I mean, sooner or later, you have to pay the damn loan. If they were trying to generate sympathy, it didn’t work for me. I just kept thinking they were ignorant fools. Gross to see the dollar signs in everyone’s eyes. I think this real estate cycle covers all 7 sins.
The owner of Quick Loan funding from Lebanon, Daniel Sadek, had a 3rd grade education, making 5 million a month! Even had an Enzo which got wrecked in a movie he funded/made (flippant use of capital). So that’s where all our money went! What does that tell you. 3rd grader from Lebanon was smarter than Wall Street and worked the system. Fucking brilliant.
The loans kept getting more and more creative with ultimately the pay option loans. “Financial engineering” w/CDOs. The new American export. Yes. Love it. China can just have our manufacturing. All our jobs can be outsourced. We’ll fuck the world (Europe and Asia) w/mortgages and CDO’s. Man. What the hell are we going to do now? All our jobs are gone, including the fake ones we made up w/smoke and mirrors.
I was also half expecting a commercial for loans/refinancing. But seriously, I was expecting a Kerry Steigerwalt ad for help on loan mods.
And now the government is still trying to put off paying this bill.
4 billion a month worth of CDOs! Yeah. We’re no where close to bottom. There’s not enough bailouts to rescue this mess.
The one guy said full docs would stop it. But no one wanted to do full docs b/c they would go out of business. Greed.
But now we’ve got full docs. The brakes are on.
Flipping houses is a sport.
Greenspan underestimates, says there’s some froth. Could’ve clamped down, but didn’t do it. Said they could have suppressed it, but caused 10% unemployment. Ok. Just push it back a few years.
People were living off equity. People paid off credit cards w/it and the next year run it up and do it again.
And now they’re crying about losing their house. Someone get me a medic. My heart is bleeding!
I shouldn’t have watched this show. Just pisses me off.
Kyle Bass says What goes up, must come down. (I kept saying that. Can’t have an erection forever. Basically the whole real estate scam was Viagra.) He investigates it. Wall St. says that it will never stop. He was certain a catastrophe would happen.
House prices going higher than the median income. Incomes had to double or houses go down 35%.
Those rating CDOs were saying their models were 6 to 8% home price increases in perpetuity.
Made of garbage is worth garbage. Bass was sure CDOs would not be worth it. Invested a billion dollars buying insurance against CDOs.
He even visited Bear Stearns. They said they would not worry about their risk (Why should they. The government will come to the rescue).Bass hedgefund makes 600% in 18 months. Loans made to people that should never been made in the first place. Darwinian flush. Loans get back to where people can afford them.
Wish I knew this Bass guy. I would’ve given some money towards this venture. Gosh. If all the Piggs got together on this, we’d be golden right now.
Everything is just one somewhat calculated gamble after another. Ownit 9 1/2 million worth of loans in 2005. Things start going bad in 2006. Subprime took him down.
No Wall St money coming in, lenders folded. 40k people in industry lost jobs. Guess they’re back to delivering pizza.
The one lady losing her house said she’s held accountable, whose holding accountable those who did the loans. First of all, she’s not accountable. They won’t have to continue paying on the house, just have to go rent until they can afford to buy a house. They’re off the hook. I don’t understand the logic. It’s not like the bank is putting a lien on their bank account or employment.
Shows all the banking collapse, Citibank, Merrill Lynch, etc, etc.
The people they interviewed that knew said they didn’t feel guilty. They were enablers in the food chain and the borrowers did not have a gun to their head.
I say all those people making a shitload of money who are now w/out a job should have predicted this catastrophe and stashed their moola.
Greenspan retires and the age of euphoria is over.
One of the last commercials after the show was Ab Rocket. LOL.
February 15, 2009 at 11:15 PM #34701234f3f3f
ParticipantNothing new in this, and as Navydoc says, it skimped over a few things. Good questions were asked and the fun was in seeing how interviewees squirmed on their seats. Two poignant moments; one when a Bears Stearns employee responsible for structuring CDOs was asked if he felt responsible or guilty …a long and very pregnant pause ensued. The other when Greenspan finished off with, “It doesn’t work”. It’s not totally clear whether he was referring to the free market, or aspects of the crisis, but his wily summing-up put it down to the human condition, (for which one is therefore to assume there are no apologies). I felt his placating timbre –notwithstanding the imperfections of the system etc, and it should be viewed within the framework of its success in eliminating poverty to many people, is not much consolation to many. Lucky for him, we’re brought up that it’s wrong to hit an old dog.
February 15, 2009 at 11:15 PM #347332ParticipantNothing new in this, and as Navydoc says, it skimped over a few things. Good questions were asked and the fun was in seeing how interviewees squirmed on their seats. Two poignant moments; one when a Bears Stearns employee responsible for structuring CDOs was asked if he felt responsible or guilty …a long and very pregnant pause ensued. The other when Greenspan finished off with, “It doesn’t work”. It’s not totally clear whether he was referring to the free market, or aspects of the crisis, but his wily summing-up put it down to the human condition, (for which one is therefore to assume there are no apologies). I felt his placating timbre –notwithstanding the imperfections of the system etc, and it should be viewed within the framework of its success in eliminating poverty to many people, is not much consolation to many. Lucky for him, we’re brought up that it’s wrong to hit an old dog.
February 15, 2009 at 11:15 PM #347447ParticipantNothing new in this, and as Navydoc says, it skimped over a few things. Good questions were asked and the fun was in seeing how interviewees squirmed on their seats. Two poignant moments; one when a Bears Stearns employee responsible for structuring CDOs was asked if he felt responsible or guilty …a long and very pregnant pause ensued. The other when Greenspan finished off with, “It doesn’t work”. It’s not totally clear whether he was referring to the free market, or aspects of the crisis, but his wily summing-up put it down to the human condition, (for which one is therefore to assume there are no apologies). I felt his placating timbre –notwithstanding the imperfections of the system etc, and it should be viewed within the framework of its success in eliminating poverty to many people, is not much consolation to many. Lucky for him, we’re brought up that it’s wrong to hit an old dog.
February 15, 2009 at 11:15 PM #347481ParticipantNothing new in this, and as Navydoc says, it skimped over a few things. Good questions were asked and the fun was in seeing how interviewees squirmed on their seats. Two poignant moments; one when a Bears Stearns employee responsible for structuring CDOs was asked if he felt responsible or guilty …a long and very pregnant pause ensued. The other when Greenspan finished off with, “It doesn’t work”. It’s not totally clear whether he was referring to the free market, or aspects of the crisis, but his wily summing-up put it down to the human condition, (for which one is therefore to assume there are no apologies). I felt his placating timbre –notwithstanding the imperfections of the system etc, and it should be viewed within the framework of its success in eliminating poverty to many people, is not much consolation to many. Lucky for him, we’re brought up that it’s wrong to hit an old dog.
February 15, 2009 at 11:15 PM #347579ParticipantNothing new in this, and as Navydoc says, it skimped over a few things. Good questions were asked and the fun was in seeing how interviewees squirmed on their seats. Two poignant moments; one when a Bears Stearns employee responsible for structuring CDOs was asked if he felt responsible or guilty …a long and very pregnant pause ensued. The other when Greenspan finished off with, “It doesn’t work”. It’s not totally clear whether he was referring to the free market, or aspects of the crisis, but his wily summing-up put it down to the human condition, (for which one is therefore to assume there are no apologies). I felt his placating timbre –notwithstanding the imperfections of the system etc, and it should be viewed within the framework of its success in eliminating poverty to many people, is not much consolation to many. Lucky for him, we’re brought up that it’s wrong to hit an old dog.
February 15, 2009 at 11:24 PM #347017Participant[quote=Casca]LOL, I loved the dumb bitch Mayor of Narvik, who borrowed money against the town’s hydro plant to buy CDO’s, and now they’re broke. The fool’s bandaged finger wobbles back to the fire.[/quote]
Maybe, but not half as dumb as the skipper of a much larger ship a bit further down stream.
February 15, 2009 at 11:24 PM #347337Participant[quote=Casca]LOL, I loved the dumb bitch Mayor of Narvik, who borrowed money against the town’s hydro plant to buy CDO’s, and now they’re broke. The fool’s bandaged finger wobbles back to the fire.[/quote]
Maybe, but not half as dumb as the skipper of a much larger ship a bit further down stream.
February 15, 2009 at 11:24 PM #347453Participant[quote=Casca]LOL, I loved the dumb bitch Mayor of Narvik, who borrowed money against the town’s hydro plant to buy CDO’s, and now they’re broke. The fool’s bandaged finger wobbles back to the fire.[/quote]
Maybe, but not half as dumb as the skipper of a much larger ship a bit further down stream.
February 15, 2009 at 11:24 PM #347486Participant[quote=Casca]LOL, I loved the dumb bitch Mayor of Narvik, who borrowed money against the town’s hydro plant to buy CDO’s, and now they’re broke. The fool’s bandaged finger wobbles back to the fire.[/quote]
Maybe, but not half as dumb as the skipper of a much larger ship a bit further down stream.
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