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| pbj:
https://www.federalreserve.gov/releases/chargeoff/delallsa.htm :cheers: |
| RandyT:
--- Quote from: pbj on April 26, 2021, 12:44:43 pm ---https://www.federalreserve.gov/releases/chargeoff/delallsa.htm --- End quote --- All I can see from that data is a spiking trend and slow recovery which took 10 years for things to be back down to 2007 levels. What are you seeing? |
| fallacy:
There is a movie called The Big Short that did a good job explaining how the 2008 crash happened. Quote “Somewhere along the line these B’s and double BBs’ went from a little risky to DOG SHI!. I’m talking about rock bottom fico scores. No income verification. Adjustable rates ... Dog SHI! The default mortgage rates are already up from 1%to 4% and if they rise to 8%, and they will a lot of these triple BBB will fail. When that happens Crash!" |
| bobbyb13:
There was some greediness on the buying side of that round of housing drama but, like normal, the greed was mainly on the banking sector end- and a large portion of what pbj alluded to. A lot of the investment was tenuous at best- the leverage blew it all up. It's how all ponzi schemes eventually end up. My last job on the mainland was working at a private mortgage lender. It was alarming to learn what goes on in that industry. I had to get out when I saw what it actually was- paycheck be damned. The guy who owned the place could buy very detailed info for anyone in the database of the credit reporting agencies, based on any criteria he wanted. "Give me a list of all the people in the USA who have a credit score between 'a-b' a debt load between 'c- d' an income between 'e-f' and own their own home." There were fresh reams of paper every week with personal information that many would assume was confidential, all so that somebody could structure a refi or purchase to maximize what the bank would make, with little to no regard for what the homeowner may suffer. When most of that turned out to be known bad investments for the last bagholder it was packaged up so that it could be sent somewhere that taxholders could make up for the losses. Sadly President Barry and Eric "The Place-Holder" let nearly all banks and individuals involved off the hook with not prosecuting the many people involved and letting us pay for it by giving the banks who stood to collapse from these well known shenanigans the money to keep them alive- by the graces of our tax dollars. And that's after we had first lost out because many financial advisors also had our retirements invested in that "vomit" and all that capital vaporized. And then most people who lost their homes lost them in fraudulent foreclosures via illegal documents pumped out by a computer in a far removed bank. It's all simply unconscienable behavior- and it will continue until it is properly punished. What's really bad is that real productivity has not recovered since the last blow-up and soon we may have another. Housing is a fart in a stiff breeze compared to how insolvent Social Security and the health care system as a whole (via Medicare and pricing collusion throughout) happens to be. There already aren't enough people in the workforce to pay current entitlements even 10 years out as it is. Invest in arable land so you can grow something to eat when a loaf of bread is a hundred useless american fiat bucks! |
| fablog:
The 2008 crash was the consequence of the 2000 crash. The US government didn't want to take the loss and let die what needed to die, so they create a stimulus to buy house for everyone. The buble burst in 2008 So I'm agree it's the responsibility of the government. But today, a government who let die a part of the economy won't be reelected, so I think the responsibility is shared with the citizens. The system is crazy and corrupted. The questiin isn't if it will end badly, the question is: when. As long as there is trust in the money, the game will continue. China understood that and have a huge gold stock. If the dollar crash (it won't be the first money to crash) for a lack of trust, China will propose a sound money. It could be this year as it could be in 10 years, who knows! Envoyé de mon LEX722 en utilisant Tapatalk |
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