My Predicitons.........

[BanginJimmy]

but at the same time who do you think is more at fault? it is us? the big banks dont give a fuck, i mean shit if they did this wouldnt have happened in the first place. i said this already but i will say it again. our society is still way to fucking caught up in ourselves and its fucking our country up. we are so fucking independent from one another we only want to make it on our own and not think about other people or our peers. the big business is not to blame, im sorry but their not. granted i dont agree with their practices and what not, but i mean seriously can you blame them for capitalizing on opportunity? i shure as hell cant. if i was in their situation, i sure as hell would probably end up doing the same thing.

I agree with both of you. The banks were not using good business practices by balancing risk and reward. They are not at the heart of the fault though. That falls first on the people that bought houses they couldnt afford, then second on the govt for forcing banks to give loans to these people that shouldnt have qualified to start with.

[blacknightteg]

I agree with both of you. The banks were not using good business practices by balancing risk and reward. They are not at the heart of the fault though. That falls first on the people that bought houses they couldnt afford, then second on the govt for forcing banks to give loans to these people that shouldnt have qualified to start with.

exactly, this down fall was of our own doing. its not the governments, hell their doing their best to try and stop us for collapsing. granted i think that goes against the principles of the type of economy that we have. but their trying to do something right.

[BanginJimmy]

exactly, this down fall was of our own doing. its not the governments, hell their doing their best to try and stop us for collapsing. granted i think that goes against the principles of the type of economy that we have. but their trying to do something right.

Umm, the govt had a huge hand in causing the collapse. The day they got the CRA amendments of '93 passed they set the groundwork for subprime mortgages and high risk bundled loans.

[preferredduck]

I agree with both of you. The banks were not using good business practices by balancing risk and reward. They are not at the heart of the fault though. That falls first on the people that bought houses they couldnt afford, then second on the govt for forcing banks to give loans to these people that shouldnt have qualified to start with.

the banks made it easy to go overboard on your credit. i used to recieve dozens of offers a week saying, "Buy that new big TV"" etc etc. and no matter what you spent they sent a low interest check saying," ehy it's ok, use it for cash or whatever, even crack rock or meth". There were savings and loan scandals in the 80's i think under bush sr, and the card companies and mortgage companie has legislature written to "help them even more" and deregulate the mortgage business. i was a loan officer and had seen people less than a year out of bankruptcy buy a 300,000 house on a no doc loan, which provides no proof of income and employment verification. as you know the bankruptcy laws were changed in 05 so the companies could decide if you made to much money to go ch.7, instead you are put on a mandatory payment plan. as long as they were getting rich at the time it was ok, but now they are showing losses and i hear bank of america was suponead today about business deals after recieving tarp money.