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Thread: A crash course in subprime mortgages.

  1. #1
    MediaSlayer's Avatar slowly going deaf
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    here is a link, that will explain the current u.s. economic situation regarding the bad loans.

    subprime

    i think it belongs here, rather than "funny stuff" because it's politically relevant, and the information is open to discussion.
    Last edited by MediaSlayer; 09-25-2008 at 06:29 AM. Reason: forgot to put "u.s."


    sending fiery missiles in manker's japan's general direction.

  2. The Drawing Room   -   #2
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    This was made well before the crash, pointing out the insanity


    [youtube]UC31Oudc5Bg[/youtube]
    Last edited by devilsadvocate; 09-25-2008 at 01:48 PM. Reason: I'm sure I put a comment in

  3. The Drawing Room   -   #3
    clocker's Avatar Shovel Ready
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    Thanks, I found it quite informative.

    Dress it up however you like- "tranche", really?- but shit is shit and fuck you is fuck you and no amount of politesse can cover it up.
    Like any Ponzi scheme, everyone was happy passing on these crap investments and taking their cut in the process, until we get to last guy in line.
    He can't find a buyer and is so leveraged that he can't absorb the loss and suddenly being the macho Gordon Gekko highflyer ain't so much fun anymore.
    Playing in a high-risk game is lots of fun as long as it's other people's money and the risk is only theoretical but when the hot potato lands in your lap- and stays there- they whine like babies.
    "I am the one who knocks."- Heisenberg

  4. The Drawing Room   -   #4
    j2k4's Avatar en(un)lightened
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    Quote Originally Posted by clocker View Post
    Thanks, I found it quite informative.

    Dress it up however you like- "tranche", really?- but shit is shit and fuck you is fuck you and no amount of politesse can cover it up.
    Like any Ponzi scheme, everyone was happy passing on these crap investments and taking their cut in the process, until we get to last guy in line.
    He can't find a buyer and is so leveraged that he can't absorb the loss and suddenly being the macho Gordon Gekko highflyer ain't so much fun anymore.
    Playing in a high-risk game is lots of fun as long as it's other people's money and the risk is only theoretical but when the hot potato lands in your lap- and stays there- they whine like babies.
    Be nice if we could cut the tether of "public money", eh?

    Never mind partisanship - this is a problem born of government and the political process; they ought to begin the clean-up process with a few public hangings, and I mean that sincerely.
    “Think about how stupid the average person is, and then realize that half of 'em are stupider than that.” -George Carlin

  5. The Drawing Room   -   #5
    clocker's Avatar Shovel Ready
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    Quote Originally Posted by j2k4 View Post
    this is a problem born of government and the political process
    Complicit maybe, but originators?
    Surely the financial industry must bear responsibility for most of this problem.

    I mean really, predicating an entire investment strategy on the premise that "housing will NEVER go down in value" ranks right up there with my personal strategy of basing retirement on a lottery win.

    Neither concept has worked out too well.
    "I am the one who knocks."- Heisenberg

  6. The Drawing Room   -   #6
    Biggles's Avatar Looking for loopholes
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    Mrs T had a similar consumer led boom in the 1980s which came unstuck as house prices fell and negative equity caused sleepless nights. It is remarkable how history repeats itself (no one listening tends to make her do that).

    The Long Johns bit above was, as ever, very good and surprisingly prophetic.
    Cogito cogito ergo cogito sum


  7. The Drawing Room   -   #7
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    Quote Originally Posted by Biggles View Post
    Mrs T had a similar consumer led boom in the 1980s which came unstuck as house prices fell and negative equity caused sleepless nights. It is remarkable how history repeats itself (no one listening tends to make her do that).
    I feel that the people responsible for the mess were well aware of history and the probable result of their actions but didn't care as long as they were making money and thought they could pass the fallout onto someone else.

    Quote Originally Posted by Biggles View Post
    The Long Johns bit above was, as ever, very good and surprisingly prophetic.
    First saw them on a show a while back, I thought it was called bird and fortune. I can only get skits online now and they are hard to find. There was a fantastic one about how CEO pay works, the need to reward good results and also to compensate for failure, but I cant find it. I think the brilliance is that they don't have to do anything but say how things are to be funny.
    Last edited by devilsadvocate; 09-27-2008 at 10:27 PM.

  8. The Drawing Room   -   #8
    Biggles's Avatar Looking for loopholes
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    Quote Originally Posted by devilsadvocate View Post
    I feel that the people responsible for the mess were well aware of history and the probable result of their actions but didn't care as long as they were making money and thought they could pass the fallout onto someone else.

    Quote Originally Posted by Biggles View Post
    The Long Johns bit above was, as ever, very good and surprisingly prophetic.
    First saw them on a show a while back, I thought it was called bird and fortune. I can only get skits online now and they are hard to find. There was a fantastic one about how CEO pay works, the need to reward good results and also to compensate for failure, but I cant find it. I think the brilliance is that they don't have to do anything but say how things are to be funny.
    John Bird and John Fortune known as the Long Johns appear on Bremner, Bird and Fortune.

    One of my favourites from early 2003

    [youtube]http://uk.youtube.com/watch?v=OkkEEPcQrkk[/youtube]
    Cogito cogito ergo cogito sum


  9. The Drawing Room   -   #9
    j2k4's Avatar en(un)lightened
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    Quote Originally Posted by clocker View Post
    Quote Originally Posted by j2k4 View Post
    this is a problem born of government and the political process
    Complicit maybe, but originators?
    Surely the financial industry must bear responsibility for most of this problem.

    I mean really, predicating an entire investment strategy on the premise that "housing will NEVER go down in value" ranks right up there with my personal strategy of basing retirement on a lottery win.

    Neither concept has worked out too well.
    Absolutely true, but I think Freddie and Fannie belong in the same basket with the rest; they all played fast and loose with the government safety net, which existed to some extent or another in every case.

    Now, the feds have usurped private interest in Freddie and Fannie, using the fantastical excuse they can do a better job, and the others are demanding a piggyback, lest the feds be accused of monopolizing real-estate lending.

    I daresay the feds fomented this cluster-fuck with their "complicity".

    Full faith-and-credit, my ass.

    Neat for them, but we get the shitty end of the stick, as usual.

    You think the IRS hassles people?

    Just wait.
    “Think about how stupid the average person is, and then realize that half of 'em are stupider than that.” -George Carlin

  10. The Drawing Room   -   #10
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    Quote Originally Posted by j2k4 View Post
    You think the IRS hassles people?

    Just wait.
    What does your crystal ball reveal?
    "I am the one who knocks."- Heisenberg

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