David Waring:Subprime US Banking Financial Crisis Explained

[proseros]

http://www.youtube.com/watch?v=M5kLJYFSf4g

And once you've watched all 3 three parts it will become clear that this 'crisis' is a shady scheme masterminded by banks, the Fed and the Mortgage lenders that was doomed from the start.

[bisexualinsocal]

http://www.youtube.com/watch?v=M5kLJYFSf4g

And once you've watched all 3 three parts it will become clear that this 'crisis' is a shady scheme masterminded by banks, the Fed and the Mortgage lenders that was doomed from the start.

I didn't watch it. I don't turn to Youtube to tell me what's going on with my money.

[BronzeBobby]

I try not to spend time on YouTube that I could devote to more reliable sources of information, so I am afraid I agree with bisexualinsocal.

While Phil Gramm took a huge hit for calling Americans whiners, I think he's right. You can't have your cake and eat it too. People wanted to increase homeownership rates in populations that had little money to put down -- let's be frank; we mean blacks, Latinos, and poor whites -- so Bush tried to help by lowering interest rates and giving banks the freedom to lend to aspiring buyers with bad credit. Banks can't just lend to high-risk buyers for free; they have to be able to make money off it lest they turn into a corpse like Fannie Mae and Freddie Mac. So they lent money to high-risk buyers, with terms that would allow for spiking interest rates and foreclosure in the case the buyers couldn't pay. The buyers couldn't pay. The banks have to jack up those mortgage payments from mortgage-holders, or they will go under.

This is life. Stop whining about this. And don't go electing Barack Obama because you think he will miraculously solve everything. He won't. He will waste $10 billion to keep people in homes they can't afford, and once the $10 billion is gone, they will have to move out and auction their homes anyway.

I am scaring myself, but lately I am starting to agree with Ann Coulter. Liberals don't make sense.