Posted in I just finished watching CNBC’s House of Cards documentary on the housing bubble.
History has a tendency to repeat itself, so watch and learn.
Watch CNBC House of Cards Online
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(12 votes, average: 3.25 out of 5)
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marketsense said:
on February 24th at 01:20 pmThis video should be required viewing for all high school students. The idea that the ‘Bailout’ will bail anything out is nothing short of magical thinking. You cant spend your way out of a financial black hole.
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simplicio said:
on February 25th at 09:49 amI keep hearing this meme going around from conservatives claiming that it was the government forcing banks to make bad loans to people who couldn’t afford them. The evidence from this video argues against that being the case and that banks were all too happy to give loans to people they knew couldn’t afford them since all along they just planned to dump them into a black box and sell them on Wall Street to shortsighted and willfully ignorant investors.
Does anyone have any evidence to the contrary?
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Stacie said:
on March 2nd at 06:48 pmSimplicio,
To answer your queston, the attached link shows some of the fed’s involvement.
http://www.talkingpointsmemo.com/talk/2008/09/mortgage-crisis-was-foreseen-b.phpAlso, Greenspan keeping the rates artificially low provided the groundwork for this bubble to occur in the first place (who do you blame? The kids for getting drunk or the adults (Fed Reserve) for providing the alcohol?)
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Alleen said:
on March 3rd at 05:59 pmI think the GOP implication was that it was the fault of poor minorities who aren’t entitled to home ownership that got too big for their britches and screwed up the housing market. I’ve heard Kudlow say essentially that. And that liberal “socialists” in the Congress (because it certainly couldn’t have been from Bush’s administration!) somehow encouraged this to happen because they’re such bleeding hearts for the poor minorities. Got it?
Well, as we all know, almost all Americans were living too high on the hog. But there were a lot of scammers out there preying on the ignorant consumers. My realtor tried to sell my last house to a couple with NO money just last year using some “charity” scam to provide the downpayment. I didn’t want to do it even though it would have sold my house. It would have put the buyer underwater at CLOSING! Crazy. It will take years for people to learn to live within their means.
And the scammers are still out there conning consumers into all sorts of “something for nothing” deals. -
Max said:
on March 9th at 08:18 amTo add to Alleen and Stacie – both on target:
We sold our home in a upscale suburb of Columbus, OH in 2005 and lost 10k in the process, but the goal was to get out since we moved out-of-state. Our buyers were over their heads and put 0% down.Foreclosures in Ohio started around 2004 due to: home equity loans, sub-prime mortgages, and loss of jobs. I blame unregulated banks, Alan Greenspan, slimey mortgage brokers and naive buyers.
Greenspan’s comments May ‘05: “There is no national bubble because homes purchases are too expensive and complicated to foster that kind of investment. Because the U.S. real estate market is composed of individual regions with different pricing trends, a collapse that damages the overall economy is unlikely.”.
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Nate said:
on March 17th at 02:51 pmStacie,
The kids or the adults? The executives at Wall St. financial firms are not supposed to be children. They’re supposed to be adults, too, and we should hold them accountable, as such.Second of all, The Fed is not the same as The Government. Do you understand that? The Fed is a public/private institution (in some ways similar to Freddie and Fannie). The Fed represents interstate banks, not the citizens of the United States. Its chairman is appointed by the president, but he/she only gets to choose from a list of candidates approved by the member banks. The Fed is not accountable to the taxpayers or Congress, as to how they spend their money. This is different from the Treasury. Don’t confuse them.
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NOX said:
on March 28th at 10:09 pmEveryone was doing what everyone else was doing. Investors following other investors, wall street bankers following other wall street bankers credit rating agencies following other credit rating agencies, loan officers following other loan officers and home buyers following other home buyers. So who do you blame?. Everyone. Now, let’s pay our taxes.
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Noah P.Goolsby said:
on October 6th at 11:58 amacount 3361 and 8577 is the hands of http://www.mydebtsolution.com
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