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Old 10-01-2008, 08:38 PM   #1
z
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Default Subprime mortgage meltdown ass'plained - for dummies

probably wtlw...
but decided it should be seen again

Pretty much what got us into this mess we're in today e.g. $700billion bailout

cn: stick figure cartoon ass'plaination (which is 100% true and funny as hell)

edit: *some nws words in doodles*

v *click pic* v

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Last edited by z; 10-01-2008 at 09:00 PM.
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Old 10-01-2008, 08:50 PM   #2
Shavenyak
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They kind of left out Fannie and Freddie and their infinite line of credit backed by the taxpayers.
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Old 10-01-2008, 09:00 PM   #3
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OMGZORZ
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Old 10-01-2008, 09:20 PM   #4
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OMGZORZ
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Old 10-01-2008, 09:24 PM   #5
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You forgot the First Bank of Bankland, Inc., RSG Investment Bank of Wall Street, Office of the Czar of Accounting and the Norwegian Village Pension Fund.
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Old 10-01-2008, 09:35 PM   #6
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or The United States of Goldman Sachs
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Old 10-01-2008, 09:36 PM   #7
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Was posted months ago...

But, every bit as funny, and relevant today
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Old 10-01-2008, 10:21 PM   #8
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OMGZORZ
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Old 10-01-2008, 11:50 PM   #9
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f you, f you, the end.... yup that's about right.
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Old 10-02-2008, 12:05 AM   #10
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you know, American society and culture is partly to blame for this mess to begin with. they love to pressure people into doing stupid things, like getting married, having kids, AND buying houses.

my parents still to this day equate things like marriage and buying a home to success. it's neanderthal and ludicrous IMO.

now, there was a great credit expansion, and credit available where it previously hadn't been. but the pressures placed by society opened the flood gates for people to buy homes who previously could not. had these pressures not been present, these people would most likely have NOT bought houses, and simply stayed in their cheaper rentals.
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Old 10-02-2008, 12:06 AM   #11
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We shall call it: The Collapse of the Credit Society
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Old 10-02-2008, 12:26 AM   #12
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Keep digging. Loans to less-than-qualified buyers is merely a symptom. Here's a great little article that explains what the cause was:

http://www.lewrockwell.com/paul/paul421.html
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Old 10-02-2008, 12:33 AM   #13
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Quote:
Originally Posted by Joe250 View Post
Keep digging. Loans to less-than-qualified buyers is merely a symptom. Here's a great little article that explains what the cause was:

http://www.lewrockwell.com/paul/paul421.html
Agreed.
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Old 10-02-2008, 12:39 AM   #14
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Quote:
Originally Posted by Joe250 View Post
Keep digging. Loans to less-than-qualified buyers is merely a symptom. Here's a great little article that explains what the cause was:

http://www.lewrockwell.com/paul/paul421.html
Quote:
Originally Posted by Mr. Bungle View Post
Agreed.
X11ty
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Old 10-02-2008, 12:48 AM   #15
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I've seen it go like this for co-workers, fellow neighbors, and even close friends...

Buyer: "Hey bank guy things are going great! I'm making $XXXk year, and things are only getting better! The company I work for can't stop giving me bonuses and raises for no reason other then I sit on my ass all day and talk a good game, and my pretentious wife has to compete with all of her stuck up snobby friends, and my kids have to have the latest gizmos like i pods and cell phones so they won't hate me and end up on drugs.."

Banker: "Dude, hi five! [hi five ensues] Hey I got your back! What's your credit like and what kind of down payment?"

Buyer: "Well my credit score sucks and I don't really have a down payment, but things are about to turn around for me you see..."

Banker: "uh...yeah. Dude no problem because we got these special plans just for great qualifiers like you,...just sign here...."

Buyer: "Awesome, that's great, now I can't wait to max out my credit cards on a new big screen flat panel, Blu Ray, surround sound, those cool front load washing machines.."

Banker: "yeah sure why not...(whatever your mortgage loan is about to be handed off to the investment pool full of other over-extending douchbags)"

Signifgant Other to Buyer: "Hey darling, now that we have this huge awesome house that's better and bigger then all our friends, why don't we go out and buy a bunch of furniture and house hold goods on those killer no interest & no payments for XX months credit specials!"

Buyer: "Since I don't know how to say no to you, or our spoiled brat kids, sure!"

[2-3 years later..]

Signifigant Other: "Honey, we can't afford to pay for ****!"

Buyer: "uh ..krap."
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Old 10-02-2008, 08:28 AM   #16
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......sorry
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Old 10-02-2008, 08:30 AM   #17
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Don't forget affirmative action in the 80's as a cause as well.
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Old 10-02-2008, 08:32 AM   #18
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Quote:
Originally Posted by chris74 View Post
Don't forget affirmative action in the 80's as a cause as well.

......sorry

Don't be sorry. The government absolutely forced some if not most of these lending facilities to hand out loans to unqualified people plain and simple. It's not a racial slander it's a fact.
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Old 10-02-2008, 08:36 AM   #19
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no i was sorry about double posting before done typing laptop is touchy
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Old 10-02-2008, 08:49 AM   #20
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While it is true that many people that got into them made very poor decisions, not everyone did. Some people (myself included) used them wisely to sock away 10's of thousands of dollars in other investments while the payments were low.

Unlike many though, I was fully aware of the risks associated with this type of loan. I made sure that the terms were such that even if my wife lost her income and the interest went to 19.99% (the max) that I could still afford my payments.

I could see the writing on the wall and got out before it bust. Sold a bit early, in fact on guy bought my house and sold it 10 months later for an additional $60K, while it sucks, it wasn't a risk I was willing to take. The other I refinanced.
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Old 10-02-2008, 09:41 AM   #21
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Quote:
Originally Posted by chris74 View Post
Don't forget affirmative action in the 80's as a cause as well.
Quote:
Originally Posted by BacDoc View Post
Don't be sorry. The government absolutely forced some if not most of these lending facilities to hand out loans to unqualified people plain and simple. It's not a racial slander it's a fact.
equal housing lender...

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Old 10-02-2008, 09:45 AM   #22
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Quote:
Originally Posted by Yoo Shin View Post
I've seen it go like this for co-workers, fellow neighbors, and even close friends...

Buyer: "Hey bank guy things are going great! I'm making $XXXk year, and things are only getting better! The company I work for can't stop giving me bonuses and raises for no reason other then I sit on my ass all day and talk a good game, and my pretentious wife has to compete with all of her stuck up snobby friends, and my kids have to have the latest gizmos like i pods and cell phones so they won't hate me and end up on drugs.."

Banker: "Dude, hi five! [hi five ensues] Hey I got your back! What's your credit like and what kind of down payment?"

Buyer: "Well my credit score sucks and I don't really have a down payment, but things are about to turn around for me you see..."

Banker: "uh...yeah. Dude no problem because we got these special plans just for great qualifiers like you,...just sign here...."

Buyer: "Awesome, that's great, now I can't wait to max out my credit cards on a new big screen flat panel, Blu Ray, surround sound, those cool front load washing machines.."

Banker: "yeah sure why not...(whatever your mortgage loan is about to be handed off to the investment pool full of other over-extending douchbags)"

Signifgant Other to Buyer: "Hey darling, now that we have this huge awesome house that's better and bigger then all our friends, why don't we go out and buy a bunch of furniture and house hold goods on those killer no interest & no payments for XX months credit specials!"

Buyer: "Since I don't know how to say no to you, or our spoiled brat kids, sure!"

[2-3 years later..]

Signifigant Other: "Honey, we can't afford to pay for ****!"

Buyer: "uh ..krap."
Will read again.
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