<div class='quotetop'>QUOTE (rarely cober @ Feb 20 2009, 09:45 AM) <{POST_SNAPBACK}></div>
Gnad,

I saw that same report and all I saw was a bunch of rich white guys whining.....

Wasn&#39;t it the Financial system that invented ARM&#39;s, that went thru the roof and forced people to try to sell their homes because they were not able to meet the mortgage payments, and because there were SO MANY ARM&#39;s they couldn&#39;t sell their home and it was foreclosed on?

Now they are saying "Let them lose their homes, we&#39;ll buy them up"

Fuckers,

Chicago isn&#39;t bitching, it was just some guys who saw their chance to make a quick buck being pushed back for a year or two.

Not one to preach, but a lot of people made money selling debt to people, and now they are whining that people can&#39;t pay that debt.

Also we are finding out that all of the brilliant Wall Street Wizards are really just really good Conmen, who will never get the prison time they deserve.

If we become a socialist state, it&#39;s not the democrat&#39;s fault, it&#39;s Wall Street.[/b]
Thanks Rarely.

The ARMs I looked at had a 1% or so max annual rise and it was tied to something so that would never reach the max. So the rate would rise but based on something like the prime. I&#39;m not hearing that the ARMs rates reaching the 11% rate I had to pay (along with a lot of other people in 1985). Too many people simply overbought homes bases on optimal circumstances. Too much money was loaned to people who couldn&#39;t pay it back based on the premise that 1) the US govt would insure the loans and 2) real estate prices would continue to rise. In other words, there was "no" risk lending $600K for a house "valued" at $600K because if the guy could pay back the loan the house could be sold quickly for more than $700K.

Those people on TV are losing money NOW and in the past 3-6 months. They aren&#39;t going to buy a house, even a rental (and I know a lot of people who own a lot of rental property) while the dollar is tight and the house market is falling.

I have to agree there are conman on Wall Street though. Goldman Sachs, Stanford Group, Merrill, Madoff, etc Not only are there big conmen but the SEC and the CPAs/Auditors who are there to protect us fucked up big time. However, there are a lot of Wall Street guys who aren&#39;t crooks.

There are a lot of more crooks and conmen in Washington and we are paying them to watch our investments. I&#39;m putting together a thread about the biggest con in US history (thanks HTowner) and it pales in comparison even to the latest stimulus bill.

If you&#39;ve watch any of the financial shows on CNBC, MSNBC, FOX, etc they have very little to say positive about the stimulus bill. Don&#39;t look now but the DJIA is about to hit in the 6000s.

One of the biggest unspoken assets of American is the ability to make and enforce a contract. If you cannot buy something and then pay for it and the seller cannot collect his money from the buyer in the marketplace or in court, then we are simply and fundamentally fucked.