Greed and stupidity.
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From: Long Beach, CA
Wow selling applications in the parking lots? Now I have seen it all, not to mention some of the black friday brawls some of the LEO's in my family told me about, but damn, fighting over credit card apps?!
And as for housing... im still baffled about all that, seems america got greedy, everyone bought a second and third house and lived paycheck to paycheck doin it and now that the tides have turned, gluttony has taken its toll.
And as for housing... im still baffled about all that, seems america got greedy, everyone bought a second and third house and lived paycheck to paycheck doin it and now that the tides have turned, gluttony has taken its toll.
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The multiple home owners aren't really a main contributor to the current crisis. It's mostly a two part scenario-
a) Nearly/arguably illegal but certainly unethical tactics of giving mortgages to people who over the long term had 0 hope of fulfilling their obligations.
b) The then extremely reckless leverage by wall street's world wide on the assets backed by the part a) mortgages, amplifying the financial damage.
a) Nearly/arguably illegal but certainly unethical tactics of giving mortgages to people who over the long term had 0 hope of fulfilling their obligations.
b) The then extremely reckless leverage by wall street's world wide on the assets backed by the part a) mortgages, amplifying the financial damage.
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Joined: Dec 2003
Posts: 7,662
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From: Long Beach, CA
Originally Posted by sahtt,Nov 28 2007, 03:12 PM
The multiple home owners aren't really a main contributor to the current crisis. It's mostly a two part scenario-
a) Nearly/arguably illegal but certainly unethical tactics of giving mortgages to people who over the long term had 0 hope of fulfilling their obligations.
b) The then extremely reckless leverage by wall street's world wide on the assets backed by the part a) mortgages, amplifying the financial damage.
a) Nearly/arguably illegal but certainly unethical tactics of giving mortgages to people who over the long term had 0 hope of fulfilling their obligations.
b) The then extremely reckless leverage by wall street's world wide on the assets backed by the part a) mortgages, amplifying the financial damage.
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