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Black monday coming up?

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patrickl:

--- Quote from: Level42 on October 06, 2008, 05:21:09 pm ---I fear Chad is right.

The thought that keeps going through my mind is that what Al-Qaida tried to make happen on 9-11 failed, but now a number of unbelievably greedy people succeeded: a collapse of the Western world financial system.

--- End quote ---
9/11 had nothing to do with the stock crash or economic problems. That had set in months before that already. With dot com bubble burst.

shmokes:

--- Quote from: ChadTower on October 06, 2008, 07:50:26 pm ---Greedy people at all levels.  It takes two parties to create a bad loan.

--- End quote ---

It takes two parties for someone to be raped too. 

What you are saying is intuitively appealing, but it's utter ---That which is odiferous and causeth plants to grow---.  By and large the people taking out loans were dumb and deluded.  They convinced themselves of what they wanted to be true.  The guy on the other side of the table was not for one second deluded.  He knew exactly what was going on the whole time.  One of those two deserves more blame than the other.

shardian:
So your saying the person too stupid to take personal responsibility for their actions deserves a free pass? Sorry, but that is the ---That which is odiferous and causeth plants to grow---.

ChadTower:

--- Quote from: shardian on October 07, 2008, 06:26:06 am ---So your saying the person too stupid to take personal responsibility for their actions deserves a free pass? Sorry, but that is the ---That which is odiferous and causeth plants to grow---.

--- End quote ---


troof.

People who don't understand a contract should not enter it.  The truth around here is that the housing crash really hasn't hit MA all that badly compared to other places.  Why?  Because the people here getting screwed aren't getting screwed because they were naive.  They are getting screwed because they felt entitled to a McMansion they couldn't even come close to affording with a fixed 30 year.  There actually aren't all that many 1000sqft starter houses getting foreclosed on here.  It's all the $500,000 2600sqft houses that look just like the 15 others on that street.

Level42:

--- Quote from: patrickl on October 06, 2008, 07:54:39 pm ---
--- Quote from: Level42 on October 06, 2008, 05:21:09 pm ---I fear Chad is right.

The thought that keeps going through my mind is that what Al-Qaida tried to make happen on 9-11 failed, but now a number of unbelievably greedy people succeeded: a collapse of the Western world financial system.

--- End quote ---
9/11 had nothing to do with the stock crash or economic problems. That had set in months before that already. With dot com bubble burst.

--- End quote ---
I didn't say that, I said that they TRIED to reach that goal and did NOT succeed.

Screwing the guy on the other side of the table is one thing, but bank people should have known that it would back-fire on them. But those who did this are out for the quick-buck, not long-term profits.

This makes them the bad guys in this story. Yes, people who get mortgages 10 times their year-salary are insane. But being insane is not a crime, what the bank guys dis WAS a crime IMHO.

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