Discussion in 'OT Bar' started by Optamix, Sep 29, 2008.
Why did my thread get closed?
Hopefully no stimulus/bailout happens at all.
The market is self correcting. It NEEDS to correct itself. The market (especially real estate) cannot survive the residual growth. We must make a correction - I hope the government allows the bank industry to correct itself.
The failure in real estate was due to greed. The home buyers from 98'-08' wanted to buy MORE house than they could truly afford. Everyone wanted "bigger, better, more". The need was created for hybrid/unconventional mortgages. The ARM, Interest Only and Neg. Am. mortgages were created out of necessity of greed. So the home buyers could buy more than they could truly afford.
The mortgage lenders, on the other hand, were equally as greedy. They created these mortgages even though they knew in the long run these borrowers could not afford them. The lenders created an ARM and when the ARM was "up" - the began increasing interest rates on these loans at an alarming rate. Instead of keeping ARMS at "realistic" interest rates - they shot them up over 10%. So the home owner must 1. pay the mortgage 2. default or 3. refinance.
The real estate market triggered all of the other markets downfall. It is due entirely to greed on both sides of the fence. This shit needs to happen. Sustained growth of home prices at 10+% is unrealistic and sets up the market for failure, just as it is now.
If you ask me (no one is) - let it fall. It needs to fall. We'll pick it back up and in the mean time - people will be forced to returning back to living within their true means. Our country has become overly materialistic and debt driven - it needs to change or else we need to be prepared to pay (like we are).
Ron Paul put it very well when it was his turn to talk about it.
I wish he was going to be president
Ron Paul is a fucking faggot.
Begin shitstorm #2
I will kill you in the face and fuck your wife.
Neither are likely.
My ears are proportional.
Your wife digs that, I hear.
I'm your friend.
Your GF digs that, I hear.
fuck bull / get horn
meh it was only 700billion.
Thats 5,200 per tax payer and only THIS year. They were talking 1.3 trillion over 3 years.
Let the market correct it self. Don't punish middle America to support big business and special interest.
Ron Paul 101
Go eat your rice and baked chicken
Once all the short term speculators dump stock to keep them from losing too much the long term guys will get some real bargains. I think Ill be grabbing a few of those bargains.
you sir are 100% correct
Got me good there didn't you?
And who the fuck bakes chicken.
God you're a faggot sometimes.
GTFO of our economy
Dude, I shit rainbows.
Thinking of buying some houses too just theres alot of redtape in the way to slow that down.