Falling dollar.. Good or bad?

W

wez

New member
Of course when he was in charge of th Fed, he did get us through the S&L bubble and the .com bubble, without the widespread economic problems we are having with this mortgage bubble.
I don't know if it was coincidence, but I don't think he ever dropped interest rates and continued to print unbacked currency like Bernake is doing, and we didn't have the inflation that goes with those practices.
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The jackass used the mortgage bubble to "get us through" the others... He printed so much freaking money..

Just a few years ago when the collapse was obvious he was on TV recommending adjustable mortgages.. He caused all those bubbles.. As well as the mortgage bubble. Seems like an arsonist fireman to me.

 
ImWithStupid

ImWithStupid

New member
I may be wrong, but didn't this mortgage problem start under his watch?
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Yea, but I think that was more from pressure from Congress to allow more loans to those who were less qualified. Kind of a, look at us, we got you out of renting and into owning homes, pandering.

The Fed chief isn't elected and Greenspan was trusted throught many administrations, from Reagan to W, so he must have done something right.

 
Old Salt

Old Salt

New member
Yea, but I think that was more from pressure from Congress to allow more loans to those who were less qualified. Kind of a, look at us, we got you out of renting and into owning homes, pandering.
The Fed chief isn't elected and Greenspan was trusted throught many administrations, from Reagan to W, so he must have done something right.
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Of course he did some things right. Accidents do happen. I don't remember him ever bowing to congressional pressure. That's one of the things about his position - its autonomy.
 
W

wez

New member
He's a commie... This is the end result of trickle down Reaganomics.

Trickle down is right.. sh t always flows downstream.

He bowed to Wall Street time and time again.. Kept interest rates ridiculously low for years and his policies created every boom/bust cycle in the last 20 years so his buddies could prosper.

Debt is not wealth.. it is the opposite.

Broke is better than debt.

 
W

wez

New member
Why are taxpayers responsible for the well being of ***** and Freddy executives, employees, and shareholders in a free market? The new "housing bill", is bad for everyone but them..
 
snafu

snafu

New member
Why are taxpayers responsible for the well being of ***** and Freddy executives, employees, and shareholders in a free market? The new "housing bill", is bad for everyone but them..
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Because they hold half of the mortgages in the country. They are insolvent. ****** but a fact.

 
W

wez

New member
Because they hold half of the mortgages in the country. They are insolvent. ****** but a fact.
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They are also the reason the real estate market is in the shape it is. A free market lets the dead, die. Fact is, a house needs to be affordable for the wages a person makes. There's something seriously wrong when teachers, nurses, and police officers can't afford a modest home.

 
W

wez

New member
And as tuition soars... "private" lenders are getting out of the student loan biz too...

Congress cut subsidies to private lenders, making these loans less profitable. Now, with the credit markets still tight, many private lenders have retreated from the student loan market altogether.
Many of the lenders that students may have used last year are no longer in the business,” he said. “And your lender may be leaving and give you no notice.
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Appears no one likes to do biz without subsidies.. Strange.

Credit squeeze hits college students, families - Personal finance - MSNBC.com

 
W

wez

New member
Why isn't Washington aiding savers? - Personal finance - MSNBC.com

Good question...

WASHINGTON - Two giant mortgage companies get into hot water over risky investments. The government steps in to throw them a lifeline should they need it.
Hundreds of thousands of Americans buy homes more expensive than they can afford. Congress approves a rescue package.

Troubles erupt at a Wall Street investment firm that made bad bets on mortgage investments. The Federal Reserve steps in and provides financial backing for the company's takeover.
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Meanwhile, tens of millions of people pay their mortgages on time, don't max out their credit cards and put money into retirement funds. They may even save a little extra on the side.
In return, they get rates on their savings that don't even keep up with inflation. They also are witnessing the horror of their nest eggs shrinking as the value of their homes plummets and the stock market tumbles.

Washington policymakers seem more focused on rescuing those who behave badly by putting at risk taxpayers who've played by the rules and shunned the get-rich-quick schemes of Wall Street croupiers.
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W

wez

New member
Just saw on CNBC that a house in Detroilet is for sale for 1$.. Just want the tax bill paid.. Bet the neighbors are estatic they spent their entire lives paying for theirs.. Viva La "Free Market"! American style..
 
ImWithStupid

ImWithStupid

New member
Just saw on CNBC that a house in Detroilet is for sale for 1$.. Just want the tax bill paid.. Bet the neighbors are estatic they spent their entire lives paying for theirs.. Viva La "Free Market"! American style..
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I'm guessing it's an area of town that you wouldn't want to live in. Christ, it's Detroit. It's in a city noboby would want to live in. :D

 
W

wez

New member
I'm guessing it's an area of town that you wouldn't want to live in. Christ, it's Detroit. It's in a city noboby would want to live in. :D
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They showed a pic of the front and it looked like any neighborhood USA to me.. But like you said, the whole city is neighborhood nobody wants to live in. :D

 
eddo

eddo

New member
And as tuition soars... "private" lenders are getting out of the student loan biz too...
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I'm not sure that isn't a good thing. College degrees are a dime a dozen now a days, and thus don't mean as much as they used to, to the business world. It used to mean something to work your way though college.

 
Old Salt

Old Salt

New member
They showed a pic of the front and it looked like any neighborhood USA to me.. But like you said, the whole city is neighborhood nobody wants to live in. :D
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Saw the same article on Fox or CNN (can't remember which - getting old :( ). The outside didn't look that awful bad, but the inside was pretty much gutted.
 
W

wez

New member
Saw the same article on Fox or CNN (can't remember which - getting old :( ). The outside didn't look that awful bad, but the inside was pretty much gutted.
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I didn't see any inside pics.. people prolly split with anything and everything of value.. most likely the copper pipes and wiring too..

 
W

wez

New member
I have a buddy who works at USBank who was telling me about these awhile back..I said "what'? The bankers and people involved called them "liar loans" long before this "unforseen mess".. poor innocent victims. Only made possible by our dear friends, ***** May and Freddie Mac..

'Liar loans' threaten to prolong mortgage mess - Mortgage Mess - MSNBC.com

In the mortgage industry, they are called "liar loans" — mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for "no income, no job, and (no) assets."
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The loans were also immensely profitable for the mortgage industry because they carried higher fees and higher interest rates. A broker who signed up a borrower for a liar loan could reap as much as $15,000 in fees for a $300,000 loan. Traditional lending is far less lucrative, netting brokers around $2,000 to $4,000 in fees for a fixed-rate loan.
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Pretty tired of these people crying and claiming "honest mistakes" and holding their hand out.. It's called fraud, and it's against the law.

What da ya know.. more "mistakes"..

http://www.msnbc.msn.com/id/26254107/

 
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