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The subprime mortgage disaster
« on: August 24, 2007, 09:26:44 AM »

Loan sharks wreak havoc on Main Street and Wall Street

ONE OF THE MOST DRAMATIC STORIES from the New Testament is of the time that Jesus encountered money changers in the temple. Enraged by their usury and sacrilege, he went on a tear--overturning their tables, physically driving them out, and chastising them for converting the temple into a "den of robbers." The Bible doesn't say where these bloodsucking lenders went, but now we know: They have re-emerged in recent years to set up their tables right here in America, working a dark alley of homeowner financing called the "subprime mortgage market." The what? Don't be deterred by the finance industry's jargon (which is intended to numb your brain and keep regular folks from even trying to figure out what's going on). At its core, this is a classically simple story of banker greed and outright sleaze. And the astonishing part is that nearly all of the rank injustice perpetrated by today's money changers is considered legal and is practiced by supposedly reputable financial firms.


Subprime Lenders
Bob "I did not vote 4 bush" Vine says in an expanison of the quotes from King Henry VI that are among Shakespeare's most famous including 'The first thing we do, let's kill all the lawyers and second let's kill all the bankers. Sorry, Bill.
-- posted by bovine46 at 2:18pm, August 6, 2007

World Financial System Meltdown
The core meltdown of the world financial system, which has been in preparation for a long time, has now occurred, with the collapse of the subprime mortgage market in the United States. Beginning with two hedge funds belonging to Bear Stearns, a series of such funds have gone to ground due to speculative failures, and the turbulence has finally spilled over into the international markets and implicated financial institutions in Germany, France, Great Britain, and Australia. And that is only the beginning.
While most of the press internationally is in full cover-up mode, the near collapse of the German “industrial credit bank” IKB has shocked some in Germany into recognizing the situation.
More News: < > --EV Rider
-- posted by EV Rider at 8:33am, August 8, 2007

Sub prime mortgage business
I saw an article today in the New York Times about the Subprime Mortgage Loan business and what havoc its failure is working all over the world, but it did not say a word about what it is or how it operates, whereas this article in the Hightower Lowdown explains it all. Thanks for informing us, because the New York Times did not provide this high leval of description. Terry C.
-- posted by Terrence A Chestnutt at 3:05pm, August 10, 2007

What's ethics got to do with it?
I had an opportunity to buy more property than I could safely afford several years ago. Instead I bought in cheap and doubled up on my payments. I own that property free and clear today and though small, even with recent downturns my investment is worth more than I paid for it. Most importantly: I have not lost anything to some greedy landlord.
The alternative to regulation is education. Everyone should be aware of the boom and bust cycles of any economy. The people who got burned this time were in the least uneducated to economic realities. And themselves a little greedy for the good life and certainly impatient.
The fact that the Fed recently bailed out its richist Wall Street investors signals a need for oversight. And though it might seem a non sequitur; Taxing greed is probably the easiest cure for most of our nation's problems from immigration to real estate to banking, to energy. The thinking is and and has been proved (see any nation embracing both capitolism and socialism)is that the closer we all are to the economic middle the better off we all are.
-- posted by Sparrows Tees at 12:22pm, August 14, 2007

This is what I see when I visit:

"Sorry Frenchfry, you are banned from posting and sending personal messages on this forum.
This ban is not set to expire."

No emails, no warnings, no communication whatsoever...just that ban

May be what happened to the other libs as well.

I guess disabling the report to admin link only on the lib side was indicative of the slanted games they play.

Enjoy your spoon-fed Faux News type right-wing echo-chamber.

Edited to add:

This is the only way to answer some of the questions posed:

1) I did nothing to warrant the banishment, it's political.

2) It's the router that's blocked but considering all the nonsense right-wing games being played by those running the's just not worth it to bypass the banishment block.

3) The moron stalkers from MT contemplating a visit will be considered a threat and can expect to have a bad day if they act upon those idiotic thoughts.

Lady Arbella

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Re: The subprime mortgage disaster
« Reply #1 on: August 24, 2007, 10:23:36 AM »

I have quite a few thoughts on this topic, but don't have the time at the moment get into details. In a nutshell NO government bailout. Banks should be FORCED to restructure loans at THEIR cost.

The FDIC had regulations in place that were not followed. The FDIC was the one who placed a "cease and desist " on most of the sub-prime mortgage lenders for what they call "predatory lending" practices.

This mess doesn't just affect the borrower who is losing their home to foreclosure, it affects the entire neighborhood. When the house next doot to mine sells for next to nothing, that affects MY property value. This whole situation is just rotten all around.  >:(
If your dog doesn't like someone, you probably shouldn't either.
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