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/biz/ - Business & Finance

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11346157 No.11346157 [Reply] [Original]

>2008
>Few of my classmates lose their homes and become homeless
>Feel sad for them
>2017
>Learn what really caused the recession
>Don't feel bad for said classmates anymore
>Their parents were so stupid to get a mortgage for a house they couldnt afford

anyone else?

>> No.11346215

>>11346157
Economic clusterfucks of that size and caliber don't really care who you are or where you come from. Some people lost houses, some people committed suicide, and in 2008 it impacted Wall and Main just the same. Jesus christ, some dead people defaulted on those loans -- reporters found that a couple of NINJAs and NINAs were given to folks who weren't alive.
That begs the question: who filled out the loan forms? Most of the time it was family members, but in a few cases, it was the loan sharks.
You claim to have done some research, but if you're ready to put full responsibility on the consumer then you've got more reading to do my dude.

>> No.11346230

>>11346157
>Feel sad for them
>t. npc

>> No.11346245

>>11346215
>lol it was all the banks fault bro no one could've prevented or known about this since 2005

kys

>> No.11346276

>>11346215
>and in 2008 it impacted Wall and Main just the same

Wallstreet actually won and Banks, at least the owners, got away with the money they all earned from selling those overpriced CDOs that were doomed to fail. Many of those consumers thought they could get a house so easy because "lol houses will always in value xd" yet they were so naive and dumb to believe that a housing market crash wasn't near. Also, despite the fact that the NINJAs and NINAs were given to dead people, that still doesn't change the fact that many of those stupid poorfags thought they could get away with getting a house so easily because "lol houses will always rise in value xd" since at least 2002. I don't feel sympathy for those people at all anymore just like I don't feel sympathy for poorfags who get their shit repo'd.

>> No.11346423

>>11346245
>>11346276
Reading comprehension and nuance are tough, I know. I'm not saying 'it was the bank's fault, bro.' That's not how these things work.
Your claim that Wall won is similarly misguided: tell that to Stearns and Lehman. Tell that to the hordes of desk jockeys who wound up hosting restaurants. The articles from that time period were hilarious. There would have been more blood, too, but Bush's EESA, and later, when Obama sat down the heads of every major bank and told them that they would be buying an investment wing, managed to staunch the bleeding. There was a real risk of GM, GE, and every major hedge fund fund, period, going down.
To put it wholly on consumers is absurd. The fact that those loans went through meant that leverage rations were off the charts; it meant that internal policies went out the door, and in many cases were actively shirked; it meant that government regulation had failed. The stupid was endemic and pervasive through ever echelon of the system.
If you want to thumb your nose at the ones who were most hurt -- the "stupid poorfags," as you call them -- instead of the stupid managers with golden parachutes, stupid politicians who were lax on the job, stupid loan sharks who signed papers for the dead, or any of the multitude of stupid players who ALSO thought "lol this will last forever," then good for you I guess? Certain folks always need a whipping boy.

>> No.11346452

>>11346215
How can I get a loan with a fake ID and use the money to buy crypto? This seems like a really solid plan.

>> No.11346467

>>11346157
I learned from 2008 mistakes. I just bought a house @ 60% my takehome for mortgage. But to make things better I bought a ton of bitcoin and random stocks so ill be ok.

>> No.11346476

>>11346157
Hopefully you've prepared for the next crisis. It's just around the corner.

>> No.11346489

>>11346452
Lol, it's gotten harder. Loan conditions back then were absurd.
Read this: https://www.thecut.com/2018/05/how-anna-delvey-tricked-new-york.html
And take note of what got her caught. Other than that, get to work, young grifter. I believe in you.

>> No.11346501

>>11346489
loan conditions have not gotten harder. i got the underwriter to accept a pdf from blockchain.info counting ~$180k of btc assets

>> No.11346519

>>11346215
>>11346423
preach, because none of them learned a thing and debt is already through the fucking roof again.

>> No.11346577

>>11346501
Then continue to flummox them with the new as long as you can!

>> No.11346990

>>11346489
That wasa nice story anon thank you for sharing it.

I think all I need are a copy of someone's ID and social.

>> No.11347027
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11347027

>>11346423

>tell that to Stearns and Lehman.
>These two banks got rekt see?? everyone suffered

Spoken like a good goy
Try again

>Tell that to the hordes of desk jockeys who wound up hosting restaurants.

Literally who cares

>There would have been more blood, too, but Bush's EESA, and later, when Obama sat down the heads of every major bank and told them that they would be buying an investment wing, managed to staunch the bleeding.
>td;lr Governments bailed out big banks like a good goy
>Implying OBAMA did jack shit

>There was a real risk of GM, GE, and every major hedge fund fund, period, going down.
>Car companies and banks are on the same side
>Implying banks didn't know what they were doing

Fucking hell, your entire post screams BLUEPILLED AND CRINGE. I bet you support Israel too huh?

>hurr durr you bad reading comprehension
>Writes a long post only proving my point even more

I bet you don't even know what you just typed, you fucking retard. I bet you took the wikipedia summary of Inside Job as a counter argument. Good fucking job you dunce.

Anyways, despite how wrong you sound, your gibberish post only proves my point once more. You have all this clusterfuck going on and yet poorfags still have the nerve to take mortgages. Banks and wallstreet knew a recession was about to happen YEARS before. Never once have I blamed "poorfags" for the crash but you're a fucking idiot for saying so which is ironic because you're saying I have bad reading comprehension. I have nothing else to say because your post, along with this retard's >>11346519 is total proof that /biz/ lacks research in finance.

>> No.11347058

>>11346423
>Stearns and Lehman

Nigger please

What are about Goldman Sachs, Morgan Stanley, Lehman Brothers, Merrill Lynch, and Bear Stearns, Citigroup, JPMorgan Chase?

You only showed me one example of a bank getting rekt. 1 FUCKING EXAMPLE. ARE YOU KIDDING ME?? YOU PRETENTIOUS PSUEDO INTELLECTUAL FUCK

>> No.11347114

>>11346423
>Wallstreet actually won and Banks, at least the owners, got away with the money they all earned
>instead of the stupid managers with golden parachutes, stupid politicians who were lax on the job, stupid loan sharks who signed papers for the dead, or any of the multitude of stupid players who ALSO thought "lol this will last forever,
>Literally repeated what I said
>b-but you have bad reading comprehension

>> No.11347234

>>11347027
>>11347058
>>11347114

This is what happens when /pol/ comes to /biz/, ladies and gentlemen.

>> No.11348218

>>11347058
Daddy fed bailed them out. They would have failed without it. It would've brought the economy down with them. Go look what happened on 09/29/2008 when congress rejected the bailout. 500 point drop. That's why they approved it the second time around. Bank execs paid themselves bonuses. Employees got fucking fired and lost their houses.
Banks won because government intervention prevented the market from functioning properly. But banks won because if they didn't, we would all lose, hard, you thought GFC was bad? It was about ready to be a super depression.

>> No.11348234

>>11346467

B8