Stock Market = Crazy
12-14-2008, 04:37 AM
#21
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Some good thoughts, ks ...
If I have a piece of crap to sell, and one of the government educated dumb asses (da masses) comes begging to buy it, we have a trade!
Is that trade my fault?
If that is greed, than I am greedy.
If I try sell 12,000 pieces of crap, am I greeder?
If I have a piece of crap to sell, and one of the government educated dumb asses (da masses) comes begging to buy it, we have a trade!
Is that trade my fault?
If that is greed, than I am greedy.
If I try sell 12,000 pieces of crap, am I greeder?
12-14-2008, 06:16 AM
#23
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Originally Posted by kscarrol' post='744766' date='Dec 13 2008, 11:48 PM
I am not saying there was not fault on both sides, but stop generalizing all banks and mortgage brokers are totally at fault when it takes two to tango. Why didn't borrowers say I can't afford this $400,000 house on my $60,000/yr salary? Especially when the only way they can afford it is thru interest rate only mortgages, large ballon notes etc. In my mind that is just as greedy, wanting "more than is needed" to borrow from your posted definition of greed...
Were there plenty of dishonest mortgage brokers out there selling poorly educated folks these mortgages, sure. But there were plenty of folks out there who knew the bet they were making on low or falling interest rates. They made a bet and lost, no different than you buying a stock knowing the share price could fall. You can't come back after you lost and say I didn't know I could lose my money. The problem is trying to differentiate between those who were truly ignorant and those who knew what they were doing...
Edit: I am not a mortgage broker/banker though I did stay at a Holiday Inn Express last night...
Were there plenty of dishonest mortgage brokers out there selling poorly educated folks these mortgages, sure. But there were plenty of folks out there who knew the bet they were making on low or falling interest rates. They made a bet and lost, no different than you buying a stock knowing the share price could fall. You can't come back after you lost and say I didn't know I could lose my money. The problem is trying to differentiate between those who were truly ignorant and those who knew what they were doing...
Edit: I am not a mortgage broker/banker though I did stay at a Holiday Inn Express last night...
12-14-2008, 06:29 AM
#24
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Originally Posted by sixcard' post='744880' date='Dec 14 2008, 08:37 AM
Some good thoughts, ks ...
If I have a piece of crap to sell, and one of the government educated dumb asses (da masses) comes begging to buy it, we have a trade!
Is that trade my fault?
If that is greed, than I am greedy.
If I try sell 12,000 pieces of crap, am I greeder?
If I have a piece of crap to sell, and one of the government educated dumb asses (da masses) comes begging to buy it, we have a trade!
Is that trade my fault?
If that is greed, than I am greedy.
If I try sell 12,000 pieces of crap, am I greeder?
Economics 101: If you sell junk to the "government educated dumb asses " (to quote you) and make a profit, fine, but if the deal goes sour and you wind up losing your tail do not expect the taxpayer to bail you out. You have three options in a free market:
1.) go belly-up
2.) restructure through the bankruptcy courts
3.) borrow, come up with a better product, sell it and be liquid
FYI: If you are such a "champion" for these bailouts, then you should have no problem paying my share of the tax burden.
12-14-2008, 06:36 AM
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Originally Posted by garylewa' post='744912' date='Dec 14 2008, 10:16 AM
Why isn't Congress calling for any of the Wall Street exec's to resign in this fiasco (Chris Dodd is being pretty vocal on calling for the Big 3's heads), besides sweeping it under the rug?
The auto CEOs, weren't doing anything "wrong". They were giving the U.S. what we wanted at the time, big SUVs, and making a good profit at it. The SUV downturn has happened within the last year. It takes 3 years to design and tool up for the change in consumer wants. The CEOs shouldn't be penalized for simply not being fortune tellers.
Although, I do have to add, why did it take GM 20 years to make a car truely competitive with the Accord. The 2008 Malibu is finally on track (although I still wouldn't own one). None of the big 3 have yet to match on the compact/subcompact level. But a lot of that is because of the high union labor rates, and pension overheads, they just can't be price competitive, which is extremely important in that market.
12-14-2008, 07:05 AM
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Originally Posted by garylewa' post='744912' date='Dec 14 2008, 09:16 AM
From my Post #13 "It is NOT the taxpayer's responsibility to bail you (the lending institution and the buyer) out". I have already stated my position on your points clearly. My issue deals with the majority of citizens being saddled with debt that we have no business being saddled with. Bottom line; as in my other Posts, I and you have stated: "They made a bet and lost", they should be the ones paying the piper. Another question to answer: Why isn't Congress calling for any of the Wall Street exec's to resign in this fiasco (Chris Dodd is being pretty vocal on calling for the Big 3's heads), besides sweeping it under the rug?
And you are absolutely right on your final point as well!
12-14-2008, 07:11 AM
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Originally Posted by garylewa' post='744917' date='Dec 14 2008, 10:29 AM
Economics 101: If you sell junk to the "government educated dumb asses " (to quote you) and make a profit, fine, but if the deal goes sour and you wind up losing your tail do not expect the taxpayer to bail you out. You have three options in a free market:
1.) go belly-up
2.) restructure through the bankruptcy courts
3.) borrow, come up with a better product, sell it and be liquid
FYI: If you are such a "champion" for these bailouts, then you should have no problem paying my share of the tax burden.
1.) go belly-up
2.) restructure through the bankruptcy courts
3.) borrow, come up with a better product, sell it and be liquid
FYI: If you are such a "champion" for these bailouts, then you should have no problem paying my share of the tax burden.
I regret that you missed or ignored my point. I didn't say or intend to say anything about bailouts in that post.
12-14-2008, 08:59 AM
#29
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Originally Posted by sixcard' post='744939' date='Dec 14 2008, 11:11 AM
I regret that you missed or ignored my point. I didn't say or intend to say anything about bailouts in that post.
See the below pics for a more humorous angle on this:
