IGotWorms 4,058 Posted April 2, 2016 Do me a focking favor and watch this movie. Boils down the '08 collapse pretty simply and how our financial system is run by complete focking frauds. Do me another favor and don't vote in the election if you can't spend two hours and five bucks on the movie. TIA Share this post Link to post Share on other sites
Chronic Husker 85 Posted April 2, 2016 Saw it in the theater. Agreed. Share this post Link to post Share on other sites
Hardcore troubadour 15,408 Posted April 2, 2016 Read book, watching as soon as I finish house of cards. The book was good Share this post Link to post Share on other sites
IGotWorms 4,058 Posted April 2, 2016 Read book, watching as soon as I finish house of cards. The book was good I'm sure it is better but the movie is very accessible and that is important Share this post Link to post Share on other sites
fandandy 3,313 Posted April 2, 2016 I'll check it out. Share this post Link to post Share on other sites
IGotWorms 4,058 Posted April 2, 2016 Margin Call is pretty good too but less accessible and more limited Share this post Link to post Share on other sites
Hardcore troubadour 15,408 Posted April 2, 2016 If I may expound on this subject, Frontline on PBS did a program called "The Warning". It goes into how in 1999 a woman named Brooksley Born, who was the chairperson of the commodity futures trading commission, addressed congress and told them that if the derivative markets weren't monitored and regulated there would be an economic disaster. Clinton and high ranking republicans( Sam Nunn) basically told her to be quiet, and shouted her down on the senate floor. She resigned in disgust and the rest is history. It's really good, you can probably watch it on PBS on demand or you tube. Share this post Link to post Share on other sites
Hardcore troubadour 15,408 Posted April 2, 2016 And oh yeah, fockin Allen Greenspan was all for not regulating the derivative markets either. But of course he later shrugged his shoulders and said "I'm sorry". Share this post Link to post Share on other sites
SUXBNME 1,499 Posted April 2, 2016 I thought this was a thread about Newbiejr Share this post Link to post Share on other sites
tanatastic 2,062 Posted April 2, 2016 Iv meant to catch this, it's got a great ensemble cast. Share this post Link to post Share on other sites
DankNuggs 305 Posted April 3, 2016 Oooooooooh ensembles 1 Share this post Link to post Share on other sites
Hardcore troubadour 15,408 Posted April 3, 2016 Oooooooooh ensembles I know. Goodfellas and The Godfather. Ensembles suck. Share this post Link to post Share on other sites
JTB 52 Posted April 3, 2016 Do me a focking favor and watch this movie. Boils down the '08 collapse pretty simply and how our financial system is run by complete focking frauds. Do me another favor and don't vote in the election if you can't spend two hours and five bucks on the movie. TIA I paid the 5 bucks. Who am I supposed to vote for now? Share this post Link to post Share on other sites
KSB2424 3,148 Posted April 3, 2016 I've heard it's really good. On the to do list. But most movies are "hollywooded up"aren't they? I don't think we should try to learn about History from the movies. Share this post Link to post Share on other sites
iam90sbaby 2,610 Posted April 3, 2016 Watched this the other week, very good movie. Share this post Link to post Share on other sites
SUXBNME 1,499 Posted April 3, 2016 Margin Call is pretty good too but less accessible and more limited Loved Margin Call Share this post Link to post Share on other sites
IGotWorms 4,058 Posted April 3, 2016 I paid the 5 bucks. Who am I supposed to vote for now? Whoever you want. Just good knowledge to have in your pocket as you decide between the candidates Share this post Link to post Share on other sites
IGotWorms 4,058 Posted April 3, 2016 (Also....Bernie Sanders ) Share this post Link to post Share on other sites
Drizzay 719 Posted April 3, 2016 Let's not forget all of the frauds that bought the houses. They are to blame as well. Share this post Link to post Share on other sites
Strike 5,535 Posted April 4, 2016 Let's not forget all of the frauds that bought the houses. They are to blame as well. I'm sorry. I still have trouble sleeping at night, worried that RLLD will turn me in. Share this post Link to post Share on other sites
tanatastic 2,062 Posted April 4, 2016 Oooooooooh ensemblesIt's a movie term for a cast where multiple actors share the starring role and get roughly equal screen time. Instead of the usual lead/costar formula. It's not just a fancy word people use to make themselves sound cultured. I'd say hth, but I already know it did. Share this post Link to post Share on other sites
DankNuggs 305 Posted April 4, 2016 It's a movie term for a cast where multiple actors share the starring role and get roughly equal screen time. Instead of the usual lead/costar formula. It's not just a fancy word people use to make themselves sound cultured. I'd say hth, but I already know it did. It just sounds so fancy Share this post Link to post Share on other sites
RLLD 4,230 Posted April 4, 2016 Let's not forget all of the frauds that bought the houses. They are to blame as well. Correct. MOST of the blame is the governments to own, it was their job to avert what transpired but they allowed the banking industry to buy them into the model that arose. The banks were only too happy to build a model that was intended to harm consumers, that is expected, people were only too happy to sell their POS real estate for triple its actual value and morons were only too happy to step in and pay ignorant amounts of money since the banks were handing it out. The entire system gave way to a kind of perverse greed, and eventually it nearly consumed itself. Share this post Link to post Share on other sites
IGotWorms 4,058 Posted April 4, 2016 Correct. MOST of the blame is the governments to own, it was their job to avert what transpired but they allowed the banking industry to buy them into the model that arose. The banks were only too happy to build a model that was intended to harm consumers, that is expected, people were only too happy to sell their POS real estate for triple its actual value and morons were only too happy to step in and pay ignorant amounts of money since the banks were handing it out. The entire system gave way to a kind of perverse greed, and eventually it nearly consumed itself. The blame goes like this: 1. Greedy-ass criminal bankers who should all be in prison 2. The government 3. The people, for not demanding the government they should have That's it. Share this post Link to post Share on other sites
Hardcore troubadour 15,408 Posted April 4, 2016 When having this discussion with people who, for some reason, feel the need to to defend wall Street and the banks, I also ask one simple question: Why did the ratings agency's give AAA ratings on instruments that were junk? Who benefited from that? That's what is at the heart of all this, and no government policy or stupid homebuyers had anything to do with those ratings. The whole thing doesn't crash like it did without those ratings. But selling something that is really junk as if it were AAA can make a whole lot of money for those that know it's really junk. And it did. Share this post Link to post Share on other sites
MDC 7,405 Posted April 4, 2016 When I sold my house last year my realtor told me how to price it based on comparables in the area and the buyer's bank had it appraised. Little did I know it was my responsibility to understand what my house was worth and to sell it for a fair price. Share this post Link to post Share on other sites
DankNuggs 305 Posted April 4, 2016 When I sold my house last year my realtor told me how to price it based on comparables in the area and the buyer's bank had it appraised. Little did I know it was my responsibility to understand what my house was worth and to sell it for a fair price. Curious as to RLLD's take on college tuition... Same story, government backed markets flooding the market with liquidity and people paying more and more for tuition. Share this post Link to post Share on other sites
RLLD 4,230 Posted April 4, 2016 The blame goes like this: 1. Greedy-ass criminal bankers who should all be in prison 2. The government 3. The people, for not demanding the government they should have That's it. Almost. It cannot be ignored that the government dropped the rates to zero and did not make appropriate adjustments, nor did they adequately impede legislation such as the Bankruptcy reform act. Once those rates dropped, demand changed as more people suddenly had access to money to buy a house, this artificial demand from low rates then created bidding wars and prices spiraled out of context with historical norms and salaries. Greenspan had plenty of opportunity to impact this, but refused to act. The banksters then kept the roller coaster riding with crafty loan vehicles and CDO's, the sellers had the mistaken impression that they could sell their asset for bloated and obscene amounts and that they were all good.....until their investments tanked of course, and then it was suddenly all so wrong....lol....and the idiot buyers kept the thing running as well, gladly accepting money on this ridiculous loan vehicles and throwing money at assets that were not worth even half what they paid. This ponzi scheme needed all four components to develop and crash, take away any one of them and it can never happen. The people who could have, who should have, stopped it all along the way never stepped up. Share this post Link to post Share on other sites
RLLD 4,230 Posted April 4, 2016 When I sold my house last year my realtor told me how to price it based on comparables in the area and the buyer's bank had it appraised. Little did I know it was my responsibility to understand what my house was worth and to sell it for a fair price. Just because that's what I did does not mean that every one should, or can. But then again, people like Gutter were crying like little girls when their investments tanked....and they too decided that they had no obligation to conduct business with an eye toward ethical and moral conduct either.....so it was just so rewarding to watch them cry when they became the victims of their own greed. Share this post Link to post Share on other sites
RLLD 4,230 Posted April 4, 2016 Curious as to RLLD's take on college tuition... Same story, government backed markets flooding the market with liquidity and people paying more and more for tuition. Absolutely. There is a misperception that every child should go to college, government interference in this area has made the cost of attending completely unreasonable. There was a time when a kid could work all summer and make enough to pay for college, then the government perverted the market and all the sudden you have a problem.....go figure.... Share this post Link to post Share on other sites
MDC 7,405 Posted April 4, 2016 Just because that it what I did does not mean that every one should, or can. But then again, people like Gutter were crying like little girls when their investments tanked....and they too decided that they had no obligation to conduct business with an eye toward ethical and moral conduct either.....so it was just so rewarding to watch them cry when they became the victims of their own greed. My point is that the vast majority of home sellers or buyers only know what a property is worth based on comparables and the opinion of realtors and the bank. So holding then at fault for selling a house during a period of market inflation is absurd. Share this post Link to post Share on other sites
RLLD 4,230 Posted April 4, 2016 My point is that the vast majority of home sellers or buyers only know what a property is worth based on comparables and the opinion of realtors and the bank. So holding then at fault for selling a house during a period of market inflation is absurd. But they are not without fault. Their fault is small to be sure, but whether they like it or not ( and most do not, keep in mind that in our culture its always someone elses fault) they do bear some small % of the burden. Speculators were the worst, but there are still those out there who gleefully sold their POS homes at completely indefensible amounts and yet were so very distraught when they saw their life savings crushed. The government should have protected us from the banks, the banks should have protected us from ourselves, we should have understood that it was cannibalism, but no one seemed to want to stop the gravy train. Share this post Link to post Share on other sites
Strike 5,535 Posted April 4, 2016 Just because that's what I did does not mean that every one should, or can. . Yeah, you were singing a different tune when you repeatedly accused me of committing FRAUD for selling my house at market value. Funny how you're backtracking now...... Share this post Link to post Share on other sites
RLLD 4,230 Posted April 4, 2016 Yeah, you were singing a different tune when you repeatedly accused me of committing FRAUD for selling my house at market value. Funny how you're backtracking now...... Not backtracking at all, you likely did, if you sold it as you so emphatically celebrated at an extravagant price then sure, you sold it for a fraudulent amount. Instead of isolating your celebration to raping the buyer, you should also celebrate raping investors as well, why stop the celebration at just one person when you contributed to the hurt upon so many? You understate the importance you had into the fraud. Share this post Link to post Share on other sites
Strike 5,535 Posted April 4, 2016 Not backtracking at all, you likely did, if you sold it as you so emphatically celebrated at an extravagant price then sure, you sold it for a fraudulent amount. Instead of isolating your celebration to raping the buyer, you should also celebrate raping investors as well, why stop the celebration at just one person when you contributed to the hurt upon so many? You understate the importance you had into the fraud. God you're still an idiot. Share this post Link to post Share on other sites
RLLD 4,230 Posted April 4, 2016 God you're still an idiot. Only to the morally bankrupt. you do your thing and I will do mine. I have no interest is actively harming a large swath of people to serve my own desires. But congrats, without people such as yourself the entire debacle could have never been possible, not many people can say they played an active role in harming millions of people. Share this post Link to post Share on other sites
Mungwater 597 Posted April 4, 2016 Strike didn't have shlt to do with the fraud, I just got my appraisal back from Harris county tax office, if someone knocked on my door and offered me a check for what the county says my house is worth, it's all yours. Homeowners have maybe, it's a stretch, 1% fault in these shenanigans. 1 Share this post Link to post Share on other sites
Hardcore troubadour 15,408 Posted April 4, 2016 Saying someone who sold their house for market value was a part of this fraud is just plain dumb, and if deflects from who was actually to blame. The ones to blame are the ones that created the artificial market, and made money on the way up, on the way down and then you and I paid again them while they stood amongst the rubble they created. Share this post Link to post Share on other sites
RLLD 4,230 Posted April 4, 2016 Strike didn't have shlt to do with the fraud, I just got my appraisal back from Harris county tax office, if someone knocked on my door and offered me a check for what the county says my house is worth, it's all yours. Homeowners have maybe, it's a stretch, 1% fault in these shenanigans. 1% is probably close, but even in that, most of that should be focused on speculators more so.... but to pretend one who sold for the ridiculous prices is absolved, I just don't buy it, access to profit is not a good enough reason to hurt people, JMHO Share this post Link to post Share on other sites
DankNuggs 305 Posted April 4, 2016 1% is probably close, but even in that, most of that should be focused on speculators more so.... but to pretend one who sold for the ridiculous prices is absolved, I just don't buy it, access to profit is not a good enough reason to hurt people, JMHO this is ridiculous Share this post Link to post Share on other sites