If you can read fast

[Whitlock]

A viedo on how we got into this mess

http://www.liveleak.com/view?i=f67_1222761495

[MountainDon]

Well, at least you can download it if you're a slow reader.


Yep, the democrats started it (sub prime mess), but the republicans had 6 years to do something about it.    there was a time they were pretty much in control.

It's all very depressing to me.

[glenn kangiser]

Whitlock, you are messing with my SOAD.

[Whitlock]

Hi Don,Got to get Glenn to show me how to post pictures so I can add some of the fun stuff that I build to the forums Hopefully he dosen't tell me how to do it in acranims. What is SOAD

[MountainDon]

SOAD...
I don't have a clue....  S=stupid?   D=democrats? 


I like that video   

[MountainDon]

I've gotten to dislike that word... affordable

[MountainDon]

Hi Don,Got to get Glenn to show me how to post pictures so I can add some of the fun stuff that I build to the forums [

Go here for info on posting images. I don't speak in acronyms.       ...most of the time

http://countryplans.com/smf/index.php?topic=3512.0

It and other tutorials are listed under Forum News

[glenn kangiser]

I'm listening to SOAD and Serj Tankian on Youtube - Had to stop to view the video.

What is happening now is why I have never been able to understand the stock market.  There is no other way for it to end and now they want us  and our children to work so they can continue to rip us off.  I'm simplistic...

[MountainDon]

If the market had not been messed with it probably would probably be in better shape now.... or I'm simplistic, too.


G'nite


I never could understand why someone would accept an ARM. Whenever we applied it was always a fixed term, 15 years, no problem.

[glenn kangiser]

That was a guaranteed accident waiting to happen.

[Squirl]

This was not started by the sub-prime mess.  The sub-prime lending was since the 70's.  It said carter did it and there was no problem for 30 years?  Mortgage backed securities were invented in the 80's with the savings and loan crisis under reagen.  Read the book Liar's Poker.  The problem started with the Gramm-Bliley-Leach Act.  After the Great Depression, congress passed a series of laws called the Glass-Stegall Act to seperate the various banking activities so "it could never happen again."  This seperated investment banks from depository institutions.  So  since the 70's when subprime mortgages started, traditional banks were not allowed to buy securities with depositor money, only investment banks.  But in 1999 a Republican Senator Phil "nation of whiners" Gramm, pushed through the Gramm-Bliley-Leach Act and it was signed by a Democratic President Clinton.  It was both parties that caused this.  Since 1999 it has built up steam and snowballed from 2003-2007.  The argument for the repeal was it allowed banks to offer other products to their customers such as insurance and investments.  But the down side is it also let banks put depositor money into risky securities for higher returns.  The banking industry succeeded for 66 years under the Glass-Stegal Act.  It was slow growth and low profit.  In under 8 years under the Gramm-Bliley-Leach Act, it is failing.

[MountainDon]

It was both parties that caused this. 

I agree on that; said that someplace here.

But I do believe if there was no push to give people unaffordable affordable housing loans much of this mess would have been avoided.

It was the democrats that changed the rules Glass Stegall implemented but the republicans could have fixed it any time since 2001.

Are we going to do anything about it now?

[glenn kangiser]

We need to get away from all the rules and regs made for the industry lobbyists and get owner builder exemptions like the measure "K" in Marin county to make things affordable.  $21000 for a permit is not affordable.  $2000 for a permit is not affordable if you are near broke...

...but then again....poor people don't deserve to have a house, nor do their kids.  The United States would be a better place without them....

First we should start a program to get rid of them.  Maybe sterilization and euthanization to keep them from being a burden on society by not having enough to provide shelter for their family. 

...that was sarcasm, but it is the way the laws are already written... if you can't afford a permit and support the corporation who has lobbied and paid to get you to use their products through codes, you don't deserve to have a house.