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John Moosie
climber
Beautiful California
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Oct 10, 2011 - 07:32pm PT
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It’s not just the sellers’ fault.
Of course. I don't know anyone who is saying blame isn't shared all around. Except Jeff who keeps trying to imply that liberals are doing this, when they aren't. But who really has the power? Like Wes says, if it is wall street buying from wall street, using the little guys investment money. And they tank it and then get bailed out. It is the little guy who gets screwed. The wealthiest folks certainly aren't hurting during this recession/depression. So who is?
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Mighty Hiker
climber
Vancouver, B.C.
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Oct 10, 2011 - 07:33pm PT
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The people of any country, in particular its central bank and government, are ultimately responsible for the stability of its fiscal system. They're the guarantors. Which is why in turn governments have not only the right but the responsibility to regulate the banking and fiscal systems, balancing all factors, with the goals of a stable currency, steady growth, minimizing unemployment, etc.
Which in turn means that in most financial bubbles, those benefiting did so by making bets with public money, knowing they'd never have to pay. And a root cause was probably failure to effectively regulate.
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John Moosie
climber
Beautiful California
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Oct 10, 2011 - 07:35pm PT
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And it is possible that they purposely tanked the system because they can make a lot of money during a recession.
Thanks Lovegasoline, for pointing out all the different entities fined for this fiasco.
Pay a fine and you are back in business. The system is gamed.
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ontheedgeandscaredtodeath
Trad climber
San Francisco, Ca
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Oct 10, 2011 - 07:43pm PT
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It doesn't matter how sophisticated or careful a buyer is where there is a failure to disclose and/or outright fraud.
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bluering
Trad climber
Santa Clara, CA
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Oct 10, 2011 - 07:54pm PT
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Amazing that these idiots receive so much comfort.
And the Tea Baggers are referred to as rascists.
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John Moosie
climber
Beautiful California
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Oct 10, 2011 - 08:04pm PT
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And the Tea Baggers are referred to as rascists.
there were many many racist signs among the tea baggers, whereas you want to label all the current demonstrators as terrible because one guy pisses/shits on a cop car.
So which is it Blue. If the tea baggers aren't racist because of many many racist signs, then why do you blanket label this group of protesters for the actions of one guy?
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Gene
climber
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Oct 10, 2011 - 08:04pm PT
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It doesn't matter how sophisticated or careful a buyer is where there is a failure to disclose and/or outright fraud.
Disagree. Should people buy a house only after driving by because the Realtor says it's a great deal? When you are going to plunk down several billion of other peoples' money, you have a duty to open the box of Corn Flakes to see what is inside. If you can't open the box, walk!
g
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ontheedgeandscaredtodeath
Trad climber
San Francisco, Ca
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Oct 10, 2011 - 08:11pm PT
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So if you inspected a house and later learned the seller had witheld key information or hidden a defective condition you would blame yourself?
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Norton
Social climber
the Wastelands
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Oct 10, 2011 - 08:19pm PT
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The Tea "Baggers" are NOT racist! Damn it! That is NOT what I WANT to believe!
And because I believe it, it MUST be the truth!
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Gene
climber
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Oct 10, 2011 - 08:20pm PT
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So if you inspected a house and later learned the seller had witheld key information or hidden a defective condition you would blame yourself?
First, I would hire an inspector (rating agency).
Second, I would buy an insurance policy covering home defects (CDS).
If I was buying a home that cost in the billions, I'd bring in a structural engineer, a forensic architect, a title lawyer, an accountant or two, an insurance consultant, a home resale pro, a termite guy, a roofing contractor, a radon expert, etc.
It's a matter of scale.
If after their collective and thorough due diligence I find out my house is floating in a swamp, I would not blame the seller.
EDIT: EDIT: I guess my issue is that I believe that markets are made with the assumption that the seller is acting in its own interest with the buyer also acting in its interest. Competition for capital. Knowledgeable participants acting for their own benefit. If a party does not have a full understanding of a deal, and then gets screwed, why are they in the deal in the first place? The magnitude of these deals to investment heavy weight suggests that little if any due diligence was done.
We are paying for that neglect.
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Norton
Social climber
the Wastelands
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Oct 10, 2011 - 08:22pm PT
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The Tea Party people is just good White People protesting excessive "spending".
They are ORDERLY, respect CIVIL RIGHTS, and do NOT have a violent MOB MENTALITY.
Dam it.
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HighTraverse
Trad climber
Bay Area
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Oct 10, 2011 - 08:42pm PT
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One good reason why the populace is getting pissed off.
Money in American politics
From POLITICO (sure they're liberal. They're smart.).
The billionaire industrialist brothers David and Charles Koch plan to steer more than $200 million — potentially much more — to conservative groups ahead of Election Day, POLITICO has learned. That puts their libertarian-leaning network in the same league as the most active of the groups in the more establishment-oriented network conceived last year by veteran GOP operatives Rove and Ed Gillespie, which plans to raise $240 million. $440 million. Only 4/5 enough money to pay back the gov't loan to Solyndra. I'll bet they can get the other $100 million from KochBros if Obama and the Dems look like winning the 2012 election.
And why the HE((( did we start fighting the next election 18 months before the voting?
This is MADNESS, yea there be method in it.
http://www.politico.com/news/stories/1011/65504.html
Norton: disturbing pics. Two direct threats to interfere with the election by force.
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HighTraverse
Trad climber
Bay Area
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Oct 10, 2011 - 08:55pm PT
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Elizabeth Warren is the right wing Capitalists' worst nightmare.
A very good lawyer, understands how the financial system is screwed up (and how it's not) and tough enough to do something about it.
WASHINGTON -- Consumer advocate Elizabeth Warren announced in an e-mail to her supporters that she has raised $3.15 million since entering the race to take on Sen. Scott Brown (R-Mass.).
Warren's haul was largely raked in through small-dollar donations. According to her campaign's e-mail, she received 96 percent of her contributions from donors giving less than $100. More than 11,000 citizens of Massachusetts donated to her campaign. The number of donors from out-of-state was not listed in the campaign e-mail. You and I have a voice as well. As long as we can write a check. Of course it takes 11,000 of us to match pocket change from KochBros or Bank Of America.
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climbski2
Mountain climber
Anchorage AK, Reno NV
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Oct 10, 2011 - 09:19pm PT
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There is hardly an uncorrupted candidate let alone elected official in Washington.
It is basically impossible to get elected, democrat or republican unless you pass the corporate test.
It is far past time to pass a constitutional amendment providing SEVERE penalties for anyone or anything that gives or receives donations of any large value towards running for office.
the rest of the issues are pointless until we get legalized bribery and vetting via cash out of politics.
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climbski2
Mountain climber
Anchorage AK, Reno NV
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Oct 10, 2011 - 09:37pm PT
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we are not nearly as divided as we are being PAID to be.
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Norton
Social climber
the Wastelands
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Oct 10, 2011 - 09:49pm PT
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DO NOT REPLY TO THE TROLL
A really good internet troll has one goal, to attract attention to themselves by playing the victim when challenged, by being personally insulting in a clever kind of vague manner, and constantly provoking anger and emotions so as to keep the other posters responding to the troll with every reply.
This good internet troll knows very little of the specifics behind what is being discussed, offers nothing of concrete value, changes the subject frequently in order to avoid being proven specifically wrong, never ever admits to being wrong, and is an expert at appearing to be personally wounded and hurt when their own actions cause others to reply in the same insulting manner as the troll.
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climbski2
Mountain climber
Anchorage AK, Reno NV
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Oct 10, 2011 - 09:50pm PT
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OOOPS too late
Becoming a masters degree teacher is irresponsible?
WOW
Thanks for dissing my mom.. who retired twice after 40+ years as a teacher.
Incase you hadn't noticed but teachers are being laid off by the 100k lately.
Which certainly wasn't predicted by anyone 4 years ago.
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climbski2
Mountain climber
Anchorage AK, Reno NV
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Oct 10, 2011 - 10:19pm PT
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you are so full of troll sh#t.
right now there isn't a single safe degree ..in case you hadn't noticed the economy is in a prolonged depression due to a repeat of the same sh#t that caused it 80 years ago.
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Norton
Social climber
the Wastelands
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Oct 10, 2011 - 10:27pm PT
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DO NOT REPLY TO THE TROLL
A really good internet troll has one goal, to attract attention to themselves by playing the victim when challenged, by being personally insulting in a clever kind of vague manner, and constantly provoking anger and emotions so as to keep the other posters responding to the troll with every reply.
This good internet troll knows very little of the specifics behind what is being discussed, offers nothing of concrete value, changes the subject frequently in order to avoid being proven specifically wrong, never ever admits to being wrong, and is an expert at appearing to personally wounded and hurt when their own actions cause others to reply in the same insulting manner as the troll.
Do not ever reply to the troll and do not ever use the troll's name.
Ignore ignore ignore
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HighTraverse
Trad climber
Bay Area
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Oct 10, 2011 - 10:29pm PT
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BINGO
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