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Thread: Home price drops exceed Great Depression: Zillow

  1. #131
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by MaggieD View Post
    This housing debacle got its start with Bill Clinton, like it or not.
    ha, this started way before bill clinton. he certainly made it worse, most notably by dropping glass-steaggall. but it was started way before him. he was just one more link in a very very long chain.
    Democracy is two wolves and sheep voting on what's for dinner. Liberty is a well armed sheep willing to contest the vote.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by BmanMcfly View Post
    Well, that was the scam...
    In 1991, the Glass–Steagall Act was repealed, originally, the crimes that the Glass-Stiegall act prevented were acts that the founding fathers would have considered an act of the same magnitude as treason... but the most important part is that this allows for 'derivatives investments'... where the 'value' derives from the value of something else.

    Since then big banks have formed, and they make mortgages they KNOW people can't pay back so that they get MASSIVE volume of loans, and creates an artificial bubble because most of these people should at best be renting. That's the setup... and this is the only area where there's individual fraud on top of corporate fraud.

    Here's where it gets fun... because each bank might be holding hundreds of thousands or millions of these mortgages, they create a 'pool' on which people can invest in these 'mortgage backed securities'. They convince the regulators that these are all AAA investments when the reality is that they are only as good, but they are a mix of good and bad. Overtime, the banks learn the good from the bad, and sell the good to their friends and the bad to anyone else... and split them off and since more people are invested the regulators effectively get bought off to continue rating these at AAA.

    So, when a person defaults on the mortgage, well, they are not defaulting on a 100 000 $ house... they are killing that investment holding that mortgage... and since these are leveraged at 100:1 (I'm told, correct me if wrong) that 1 house kills off a 10 million dollar share of the overall stock.

    So, your '5.2 trillion' COULD actually be the base on which exist this leveraged investments... MEANING... that 5.2 trillion is 0.5 QUADRILLION. This is all bank debts for creating this ponzi scheme...

    Here's the final nail :
    Bailout of these derivatives. Put that on tax payer heads, and it doesn't matter what the interest is, there's not that much that can be produced on earth through which you can pay that debt...
    Hopefully you know who had this repealed.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by DontDoIt View Post
    Hopefully you know who had this repealed.
    It was Clinton... and I was wrong, it was in 1999...

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by BmanMcfly View Post
    It was Clinton... and I was wrong, it was in 1999...
    With the help of Larry Summers, and a couple of Obama's other advisors who I can't think of off the top of my head.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by BmanMcfly View Post
    It was Clinton... and I was wrong, it was in 1999...
    let's examine the name of the bill up close [emphasis below added bby bubba]:
    ... In 1999, Bill Clinton signed the Gramm-Leach-Bliley Act, a bank deregulation bill that swept away a Depression-era law known as Glass-Steagall. The new law had such a chorus of bipartisan support that it passed the Senate 90-8. One of the few who raised a cry against it was Byron Dorgan. “I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past,” said Dorgan, a populist North Dakota Democratic senator, “and that that which is true in the 1930s is true in 2010.” ...
    90-8 ... anybody really think a veto would have been effective?
    http://www.nytimes.com/2008/09/28/ma...econsider.html

    btw: Sen. Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia)

    search for phil gramm's wife in this article ... dare you: The Subprime Mess and Phil Gramm: An Experiment in Deregulation | InjuryBoard Los Angeles
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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by justabubba View Post
    let's examine the name of the bill up close [emphasis below added bby bubba]:
    90-8 ... anybody really think a veto would have been effective?
    http://www.nytimes.com/2008/09/28/ma...econsider.html

    btw: Sen. Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia)

    search for phil gramm's wife in this article ... dare you: The Subprime Mess and Phil Gramm: An Experiment in Deregulation | InjuryBoard Los Angeles
    Also check the role of Rubin,Summers,Greenspan in stifling deregulation of deriviatives. Also note that Geithner was an undersecretary of Treasury working for Rubin.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by DontDoIt View Post
    With the help of Larry Summers, and a couple of Obama's other advisors who I can't think of off the top of my head.
    Quote Originally Posted by justabubba View Post
    let's examine the name of the bill up close [emphasis below added bby bubba]:
    90-8 ... anybody really think a veto would have been effective?
    http://www.nytimes.com/2008/09/28/ma...econsider.html

    btw: Sen. Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia)

    search for phil gramm's wife in this article ... dare you: The Subprime Mess and Phil Gramm: An Experiment in Deregulation | InjuryBoard Los Angeles
    Quote Originally Posted by washunut View Post
    Also check the role of Rubin,Summers,Greenspan in stifling deregulation of deriviatives. Also note that Geithner was an undersecretary of Treasury working for Rubin.
    Here's the catch :

    You are ALL CORRECT!!

    BIPARTISAN support, there were only 8 people that said no... This wasn't 'deregulation' this was anarchy... a wild wild west of white collar crime, ponzi schemes of unimaginable scope... I don't even blame people for calling this a 'conspiracy theory' for so long.

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    Re: Home price drops exceed Great Depression: Zillow

    Only ten percent in my city. Where do these prophets of doom come from, and who benefits from their lies?

    ricksfolly

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by ricksfolly View Post
    Only ten percent in my city. Where do these prophets of doom come from, and who benefits from their lies?

    ricksfolly
    Your city is down only 10% from the peak in 2006? Do you have a link for that or is that a guess?

    26% from the peak nationwide is about right.
    Last edited by Dirty Harry; 01-24-11 at 09:13 PM.

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    Re: Home price drops exceed Great Depression: Zillow

    Quote Originally Posted by Dirty Harry View Post
    The housing bubble could have never happened without Bush's push to get everyone to own their own home(ownership society) and Greenspans interest rate cuts. There was a recession in 2001, No bubble before that. It all happened after the '01 recession. New home construction almost doubled between '01 and '06. That is a fact. That was the bubble.

    I actually agree with you. Bush sealed the deal. You'll get no argument from me. However, Bill Clinton championed the Community Reinvestment Act, and that was more than just the camel's nose under the tent. Low interest rates (like we're seeing now in spades) caused this bubble -- Clinton and Bush encouraged (arm-twisted) banks into loosening their lending standards so that people who couldn't buy lunch could buy homes. Clinton + Bush.
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