[Kosh]

Yes it was. You'll notice though that the majority of people in the US weren't directly involved? I personally didn't sell any poor people any houses.

The majority of the people still approved of it by electing politicians who supported the de regulation that allowed this to happen.

You've been watching too much Sean Hannity.

Wasn't just him, exhibit a

The bursting of the dot-com bubble and the U.S. recession in 2001 seemed to put an end to the New Economy mania, and these events were greeted by some Europeans with a sense of relief. For them, surely this also meant an end to harangues about “why can’t Europe be more like America and share in the productivity miracle being brought about by computers?” The respite was only temporary, it turns out. While Americans may be haranguing their European compatriots less these days, the competitiveness gap remains. Europe is still struggling economically, with the biggest continental economies — France, Germany, and Italy — continuing to stagnate. Meanwhile, the U.S. economy has bounced back and, what’s more, has seen consistently impressive productivity growth.

[pecenipicek]

sorry bout that lil outburst earlier but mobius irked my nerver at almost 1AM... sleepy pece + irritating things= flamebait...



bout the crisis itself, nothing much changed here... yet. getting a job here when you're 18-19, out of high school and without job experience has been a scarring experience for many people i've known in the past ten years, now couple it with the fact that my dear father is using the crisis as an excuse for being a jew + the fact that he is blackmailing me in getting any job, not the one i'd actually find somewhat enjoyable... (the jew thing meaning that he doesnt want to part with any money of his)


so yeah, america, prepare to do something we're all used to for a long time

[redsniper]

As has been said, most of the smart people in America, including myself, have seen this coming for a long time. You just can't spend money you don't have indefinitely. Eventually someone will call us out, and then we're screwed.

[Kosh]

As has been said, most of the smart people in America, including myself, have seen this coming for a long time. You just can't spend money you don't have indefinitely.

But the smart people in America are the minority, the vast majority of the plebes expected this to continue indefinitely.

[redsniper]

Right, and therein lies the problem.

[Androgeos Exeunt]

I thought that half of America comprised of intellectuals.

[Kosh]

I thought that half of America comprised of intellectuals.

You have got to be kidding me.........

[BloodEagle]

I thought that half of America comprised of intellectuals.

Surely you can't be serious.

[Mars]

*Sighs*

To be fair, I don't think any country in the world has a population in which 50% of them are intellectuals.

[Polpolion]

As has been said, most of the smart people in America, including myself, have seen this coming for a long time. You just can't spend money you don't have indefinitely.

But the smart people in America are the minority, the vast majority of the plebes expected this to continue indefinitely.

You act as if there is a clear cut "smart" and "stupid" people. I grew out of that phase like two years ago.

[Mr. Vega]

As has been said, most of the smart people in America, including myself, have seen this coming for a long time. You just can't spend money you don't have indefinitely.

But the smart people in America are the minority, the vast majority of the plebes expected this to continue indefinitely.

Ah, so we believe the propaganda that the rich and powerful are smart while the plebs are stupid. Uh-huh, no. It's been the shortsighted decisions of the powerful that have gotten us in this mess.

[Mars]

Might I mention that us shortsighted plebs are getting completely raped as well?

[Kosh]

They are getting raped mainly because they also participated in this mess. No one forced them to go so deeply into debt, no one forced them to get mortgages to buy houses they couldn't afford, no one forced them to have a negative savings rate....yet they did it anyway.

[Polpolion]

They are getting raped mainly because they also participated in this mess. No one forced them to go so deeply into debt, no one forced them to get mortgages to buy houses they couldn't afford, no one forced them to have a negative savings rate....yet they did it anyway.

You're right! It's so simple! It's all their fault! All they have to do is not be in debt!

[Kosh]

Going into debt for some things is ok, but most people go into debt to buy things they don't need. They could have gotten a reasonable mortgage to buy a house that was within their income range, but instead they bought a suburban mcmansion. Whose fault is that?

[Scuddie]

Nobody forced me to lower the value of my home.  Nobody forced me to accept the fact that I now have a ridiculously high interest rate.  Nobody forced me to be unable to refinance because of negative equity.

But I did it anyway.

[Polpolion]

Going into debt for some things is ok, but most people go into debt to buy things they don't need. They could have gotten a reasonable mortgage to buy a house that was within their income range, but instead they bought a suburban mcmansion. Whose fault is that?

What source are you supporting that statement with, again?

[Mars]

Kosh, it's still a minority of the total population that bought into houses they couldn't afford. Then rich hedge funds, banks, etc bought into them, and then normal people bought into these financial institutions because they were supposed to know what they were doing.

[Kosh]

Going into debt for some things is ok, but most people go into debt to buy things they don't need. They could have gotten a reasonable mortgage to buy a house that was within their income range, but instead they bought a suburban mcmansion. Whose fault is that?

What source are you supporting that statement with, again?

The whole subprime mortgage crisis?

Nobody forced me to lower the value of my home. 

The real estate appraisers and the potential buyers did. It's a buyers market now.

Nobody forced me to accept the fact that I now have a ridiculously high interest rate.

Actually the terms of your Adjustable Rate Mortgage do, IIRC. What does the word "Adjustable" mean?

Kosh, it's still a minority of the total population that bought into houses they couldn't afford.

The problem was not just them. Given the massive, record setting increase in foreclosures it was a sizable minority. But they were merely part of the problem, and I used them as an example.

[Androgeos Exeunt]

I thought that half of America comprised of intellectuals.

Surely you can't be serious.

...well, half of them voted for Obama...