March 24, 2007
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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16 comments:
Sad, but, nostalgia at this point is even sadder. This is just the beginning. All this whining about sub prime calamity is not even the tip of the iceberg. It's just like, seeing a polar bear and knowing an iceberg is near.
If sub prime is causing this much damage then when when Southern California and it's millions of prime borrowers who overpaid 3x, 4x or more for a house starts to go under, well, we're finished. We're freaking doomed.
Just read Roubini's march 19th blog. WOW, he basically said the reason why the sub-prime industry, and the housing industry in general in the US is in such bad shape collectively, is because of the bush built, easy lending, NO REGULATION, VOODOO, supply side policies, of the 2000's. This is the cause for the upcoming massive bush built scheitt sandwich completely.
What most sheeple do not understand is that all this missing republican lead governmental regulation enabled ALL the lenders to loan to anyone with a pulse with no holes barred. This is why republicans in politics should be flushed down the toilet, like a bad turd. Their primary beliefs suck, and consequences with dire endings permeate. People need oversight and so do corporations. Their basic belief: of the corporations, by the corporations, and for the corporations, causes unmitigated greed and bubbles everytime. Just like in the twenties.
I gotta tell ya Keith, this team Bush and his bad batch of policies, and his upcoming depression in the USA is gonna make me stinking filthy rich. The key will be when to ante up on the puts and the levereged ultra short funds. Too soon, and you lose. Patience will be key. But make no mistake, team bush is so very very predictable.
Have you ever noticed the shortside always gets paid all at once? LOL
AWESOME! IN CONTENT SAD IN STORY.
borrow within my means? down payment? document my income?
what is this world coming to...
sad but very good, thanks
I particularly liked the bit near the start where the news program had the title along the bottom of 'texas homeowner' as she cried her eyes out.
The thing is, you can pay rent to a landlord or rent to a bank (if you have a mortgage of any sort). That's what interest on a loan is, rent on money. That's something really simple that so often gets forgotten. That teary eyed woman obviously found out the hard way.
The music was nice though.
http://www.youtube.com/watch?v=tkzb5cmmma8
When you get done flushing away the Republicans like the bad turds that they are. Do the same with the MSM.
Today the MSM is nothing but paid advertising for the powers that be, whether they are banks or politicians.
Amateurish
Anon, if the Feds had enacted regulations to keep people out of what marketed as the greatest wealth opportunity in years, the cries of racism and elitism would have been deafening. Individual borrowers made bad choices and are the only ones responsible for their ignorance. If you are truly against the "greedy" corporations, push for legislation that allows the borrowers to return their homes with minimal consequences to their personal credit. That should collapse the housing prices, further dry up liquity, allow people a fresh start as apartment renters (they have no downpayments to lose), and allow us all to benefit from lower housing costs.
You have to be scared for America.
We have a "Las Vegas" economy that goes from gambling on one thing to another with bubbles blowing/bursting along the way with a few winners and lots of losers...just like Vegas.
This is not a sustainable economic model. You can't continue to create situations where the majority of people who "jump in" lose everything while a few skate away with all the winnings. There are a finite number of fools, suckers, and desperate people.
Before the huge consolidation of money/power that has occurred over the last few decades, America was comprised of more localized pockets of wealth and social strata.
The local "rich guys" were the local bankers and local businessmen. They made 3 or 4 times what the "average joe" made and lived in a place/lifestyle that was considered "grand" compared to the average Joe. Their money was still part of the local economy/community. And since they were part of the community that still were stake holders in the overall welfare of the community.
What has happened is that capitalism has taken its inevitable course (survival of the biggest/baddest) and now the "local banker/businessman" is a CEO who makes 200x what the "average joe" makes, lives thousands of miles away, and is not connected to any local economy....nor could care less.
As wealth becomes ever more concentrated in the hands of fewer and fewer "elite", local economies suffer and people become more desperate to "make it"...but faced with an ever decreasing number of ways to do so.
Throw in globalization (rape of the 3rd world....i.e. "Free Trade") and the inevitable drop in standard of living of the "has been" countries (like us) as the world workforce "evens out" pay and you have ever increasing demand by the losers in this game (inhabitants of the "has been" countries where the jobs "used to be") to participate in ever more tenuous "get rich" schemes.
This is a downward spiral whose eventual outcome is a complete collapse of such a poisonous economic system.
The model is unsustainable....and the elite will in the end....just leave and fly away like locusts leaving behind a barren wasteland. Americans will be left to try to contain the chaos and pick up the pieces of what was once a great nation.
America has been raped.....
"Amateurish" - yet strangely poingnant. I give it a thumbs up. Keep recording those news clips of FBs, man - eery.
Hey anyone know the name and band that sings the background tune... pretty soulful
ANyone know the name of that soulful tune playing in the background? Nmae of the group?
Great tribute video.
The video would have been great if you added a picture of a family who's possessions were thrown out on the street, then superimposed that "AH-HA!" kid from the Simpsons. The kid would point his finger and say "AH-HA!"
What happened to John @ Forsaken???
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