You know whats really fucked up? The same people who gained from writing people bad loans knowing they couldn’t pay made money before the bailout made money during bailout and they’re still making money doing the same fucking thing.
All the while the American workers wages have decreased for 30 years and the banks are profiting from it.
PRIME RATE has ALWAYS referred to the INTEREST rate a bank charges its most credit worthy customers. SUB-PRIME would be a rate below that…The term SUB-PRIME has NEVER been used to describe the CREDIT RATING of a borrower. “SUB-PRIME BORROWER” was coined to hide the FRAUDULENT MORTGAGES the banks sold. A securitized mortgage is a FRAUD.
This Steve Leisman douchebag was arguing against Peter Schiff passionately on a show back in 2004 when Pete was trying to explain the coming housing debacle 3-4 yrs ahead of time. It’s easy to try to explain things after they happened, Isn’t it Steve?
BANK OF AMERICA IS THE MOST CORRUPT BANK IN THE COUNTRY!. Bank of America harassed me, ruined my credit, charged me over $800 in fees over a 10 day period, tried to humiliate me, and never stopped calling my house- all because of $50 overdraft!!
In one day I was charged over $250 in overdraft fees because of a company that took advantage of my bank account- BofA charges more fees than any bank in the World!
can we sue the banks who mis interprated and misled the investors into believing that the AAA or BBB ratings were equivalent to convectional corporate/company ratings.
“Lack of Faith”
No…the fundamentals were bad for the home owners. One just had to check the 2007-2008 unemployment numbers. If I was CNBC I’d fire them not for doing a sub par Japanese high school presentation on SIVs/MBSs and derivatives but for the retarded conclusion on the matter
So basically, they placed bets on people defaulting on their mortgages.
Would it be too much of a stretch to suggest that some or most of these defaults were manipulated so that the people who placed these bets could make money?
After all, the people who took out these mortgages would start out with a low interest rate, and then all of a sudden it would skyrocket to the point where the y could no longer afford to pay.
Cool, now people don’t have to pay their mortgages, because, when they are sold, the securities investors are not parties to the mortgage contract, so they have no standing in a court of law. contract.
this is so much helpful for my upcoming final exam. thankssssss ^^ though there’re parts I can’t understand ) Oh my English hichic anyway, many thanks. more understandable than lots of other videos I’ve watched on Youtube
what we need to understand is they are trying to make the whole world their sweat shop, we will soon be going around the monopoly board with no properties and any money we get from chance or community chest will go right to them.
what no one talks about is how many bets were made on these mortgages that it would fail, Aig, country wide, fannie mae etc are still paying and will continue to pay these bets and most of them are not even recorded , they are all side bets and the hedge funds have been raking it in- no transparency -fuck private equity they created this crap and they knew the only one who could pay is the taxpayer – no wonder those fuckers are waiting on the sidelines having cashed in – free market my ass
thay must be prohibited. if you controll the market, i mean if you own the market you can always know who will win and so make a lot of money (take the money from the non-experienced)
they call them asset backed securities in the uk, like a debt is an asset, and secure
You know whats really fucked up? The same people who gained from writing people bad loans knowing they couldn’t pay made money before the bailout made money during bailout and they’re still making money doing the same fucking thing.
All the while the American workers wages have decreased for 30 years and the banks are profiting from it.
PRIME RATE has ALWAYS referred to the INTEREST rate a bank charges its most credit worthy customers. SUB-PRIME would be a rate below that…The term SUB-PRIME has NEVER been used to describe the CREDIT RATING of a borrower. “SUB-PRIME BORROWER” was coined to hide the FRAUDULENT MORTGAGES the banks sold. A securitized mortgage is a FRAUD.
goog livinglies
This Steve Leisman douchebag was arguing against Peter Schiff passionately on a show back in 2004 when Pete was trying to explain the coming housing debacle 3-4 yrs ahead of time. It’s easy to try to explain things after they happened, Isn’t it Steve?
BANK OF AMERICA IS THE MOST CORRUPT BANK IN THE COUNTRY!. Bank of America harassed me, ruined my credit, charged me over $800 in fees over a 10 day period, tried to humiliate me, and never stopped calling my house- all because of $50 overdraft!!
In one day I was charged over $250 in overdraft fees because of a company that took advantage of my bank account- BofA charges more fees than any bank in the World!
i smell bs – steve cant explain shit.
its really easy, they gave bad loans, and benefited by taking houses plus bailout.
can we sue the banks who mis interprated and misled the investors into believing that the AAA or BBB ratings were equivalent to convectional corporate/company ratings.
“Lack of Faith”
No…the fundamentals were bad for the home owners. One just had to check the 2007-2008 unemployment numbers. If I was CNBC I’d fire them not for doing a sub par Japanese high school presentation on SIVs/MBSs and derivatives but for the retarded conclusion on the matter
So basically, they placed bets on people defaulting on their mortgages.
Would it be too much of a stretch to suggest that some or most of these defaults were manipulated so that the people who placed these bets could make money?
After all, the people who took out these mortgages would start out with a low interest rate, and then all of a sudden it would skyrocket to the point where the y could no longer afford to pay.
It’s all a scam.
Cool, now people don’t have to pay their mortgages, because, when they are sold, the securities investors are not parties to the mortgage contract, so they have no standing in a court of law. contract.
indeed partylwc thats what made it so unbelievable. The pure lack of logic makes it so difficult to understand from a rational point of view.
The scam is; even with this labeled as triple A security its not triple A at all.
they are some crafty fat cats on wall street. fat and greedy.
this is so much helpful for my upcoming final exam. thankssssss ^^ though there’re parts I can’t understand
) Oh my English hichic anyway, many thanks. more understandable than lots of other videos I’ve watched on Youtube
what we need to understand is they are trying to make the whole world their sweat shop, we will soon be going around the monopoly board with no properties and any money we get from chance or community chest will go right to them.
LIESman is cnbc’s GOVT….any govt since it is all ZOG anyway,,,spokesroundmouth!
Apparently you were asleep last year when this housing mess came crashing down.
I quess I must be talking out my ass.
Go visit the OCC website. Dont rely on me. Go their and then talk some shit at least afterwards.
What about Lehman?
Lehman is an investment bank, if they fail, they fail.
JP Morgan on the other hand is a commerical bank. If this bank goes under or starts having problems with it derivatives mess. It’s going to be hell.
hey informationauth:
Can you say lehman brothers?
nothing like debt economy
the more you spend the further in debt you go.
That’s what federal reserve notes are debt.
And mortgages are using debt to create more debt, What a scam.
Every time there’s a recession we buy more debt with debt and go deeper and longer into debt. wow
If these subprime morgage intrest rates where fixed for life everybody would be happy.
Can anyone say ponzi sceme, that is exactly what this is everyone involved should be in same position as Madoff
what no one talks about is how many bets were made on these mortgages that it would fail, Aig, country wide, fannie mae etc are still paying and will continue to pay these bets and most of them are not even recorded , they are all side bets and the hedge funds have been raking it in- no transparency -fuck private equity they created this crap and they knew the only one who could pay is the taxpayer – no wonder those fuckers are waiting on the sidelines having cashed in – free market my ass
derivatives are nothing but bets!
thay must be prohibited. if you controll the market, i mean if you own the market you can always know who will win and so make a lot of money (take the money from the non-experienced)
He forgot to mention the total derivatives in question within the US.. some say 600 trillion, some say 1.5 QUADRILLION… thats 30 times the US GDP. lol