CNN - House Call - Credit Crisis - 09.01.07

[KillerBeeKiller]

Here we are almost 4 years later and he was near perfect in what has actually happened.

[johnnyfreezze]

For the Bush Presidency the department of Consumer Affairs was a serious road block. So after 911 occurred, the Bush people ever so carefully shut it off right under our noses. And not one of us even noticed it was gone. All of America got blind-sighted by terrorism.Consumer Affairs protected all of us by shutting down businesses that ripped people off. The housing crisis is a direct result of the banks giving American consumers a bad deal.

[luxedge]

WASHINGTON (AP) -- The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.

Another Bush stroke of genius. This guy was the greatest lunatic ever to lead the US.

[finiworth]

I just went to the bank to close my acount, and they said that I could only withdraw $350 dollars a day or I would suffer some penalty fees. When I got mad, the bank manager came and said that it was a new policy to help with the bank's "liquidity" problems and it was only temperary. It will take me like a week to get all of my money now. I'm scared.

[MajNorberg]

Nanny State Alive and well!

[giantfruitsnail]

this was the most stupid & arrogant act, every made by the USA, and they did quite a lot. Few years ago they asked european banks to join and create a safty-control-organ in each country, to secure stabile tax-conditions and controled financing and trading - when it was finished, the USA had withdrown and said the wont join, because it would influence thir free-market economy badly. Now the came again and asked europe for help to save the USA...now its time to face a REAL crises, dumb a**es

[aviomaster]

FUCK life in USA ...

[Zhuangyao]

Vote for Hillary!!!

she will allow bernanke to print more money for medic care and wars.

[Stan1208]

Hillary will save us. She loves us. She cares for us. She watches over us like a hen watches over her chicks.

Heil Hillary!!

[sergey444]

hellary is a fake.

she reminds me of the Iranian president who has the FAKE smile, while saying things that don't make sense.

[gjhagedon]

you should be ron paul's vp

[lsj256go]

Peter Schiff supports Ron Paul and have recommended all his clients to vote and donate to Ron Paul. Look it up.

[mgilbo1]

This guy knows his shit. I've been watching a few of his videos today and he's spot on in his analysis. Great vid.

[Paetaor]

Get a copy of Crash Proof. He puts what has happened over the past two years in perspective really well. And it was released Feb of last year so to discount what he says now would be assinine.

[codematrix]

Time to buy Gold and Silver folks.

[marcinko203]

I don't think the government should be lending more money to companies who were irresponsible. Isn't irresponsible lending what got us into this mess in the first place?

[Mack6667]

Like a VIRUS, the economy is going to feel shitty for awhile but eventually the system cleans itself out. THAT'S WHAT HE IS SAYING about the economy.

(The more people bullshit themselves that they are not sick, the worse their sickness becomes. right??)

What I like is that he pointing out the present crisis is a continuance of the Dot Com crash... 10 years of unreal economic growth...people....

So this recession is going to be a tough economic virus....Stay Warm people ....

[dusteroo]

more like, 10 years of *artificial* economic growth

Kinda' gives new meaning to the American Dream; the one you gotta be asleep to believe.

[sergey444]

I think this will go deeper, it has now become more than just a housing crisis, now its the credit cards, the Iraq war deficit, the GAS PRICES especially, the arabians will keep raising gas prices, and they will destroy americas economy without having to blow anything up.

just like the great depression was officially triggered in the stock market crash, this DEPRESSION has been "triggered" by the real estate market. but it will get a lot worse than just housing

[sergey444]

I think this will go deeper, it has now become more than just a housing crisis, now its the credit cards, the Iraq war deficit, the GAS PRICES especially, the arabians will keep raising gas prices, and they will destroy americas economy without having to blow anything up.

just like the great depression was officially triggered in the stock market crash, this DEPRESSION has been "triggered" by the real estate market. but it will get a lot worse than just housing

[sergey444]

I think this will go deeper, it has now become more than just a housing crisis, now its the credit cards, the Iraq war deficit, the GAS PRICES especially, the arabians will keep raising gas prices, and they will destroy americas economy without having to blow anything up.

just like the great depression was officially triggered in the stock market crash, this DEPRESSION has been "triggered" by the real estate market. but it will get a lot worse than just housing

[jeffsst]

Yea don't forget the Iraq and Afghanistan cancer you guys have on your economy. run for cover and buy foreign currencies, gold, silver and durable food.(if you haven't already done it)

btw: the Arabs don't raise gas prices, Ben Bernanke does by turning your dollars into monopoly money

grtz

[nibelungensohn]

This guy tells the truth. Good stuff.

[mujeebyzai]

Monday Sep 16 at 8:36 am. According to Reuters, 'shares in British mortgage lender Northern Rock slumped for a second straight trading day on Monday and long queues of customers formed at branches to withdraw funds, heightening pressure for a sale of the business or its assets'.

[DangerousCombination]

Bank Runs will be more common, take your money out now, while you still can. This global credit crisis will hit every Bank. Government guarantees on banks could take 6 months to 2 years to retrieve your money. Australian banks don't guarantee deposits, only that depositors will have first claim to bank assets. Most countries have limits on guarantees, USA it's 100K per PERSON (even if you have multiple accounts across different banks).

[srm2k]

It's funny how these bubbles keep showing up. I think we've about run out of bubble material.

[chti78]

Don't worry: after housing you'll have a bubble on basic goods: everyone will try to secure their imports of food (milk, wheat, meat...), energy (oil, natural gas, coal, electricity) and raw material ( gold, iron, copper, aluminium, etc). This will lead to wars between China, the USA and Russia. Europe is going another way: reducing its needs.

[lennyfest]

Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now. Maybe a little more, or a little less, but either way doesn't sound too good does it? DONT BUY REAL ESTATE BE SMART

[econoview]

We are truly screwed! RON PAUL!!!

[ohio1998]

Dr Housing bubble is awesome!!! I've been reading since October of 2008! Peter S. is the man!!!!! Go Ron Paul!

[Sofunnylol]

This guy is my hero!

[texan176]

She is a total imbecile pretending to be a populist reporter defending the little man for his own stupidity. BTW, she probably lives in an area where they call the cops on you if you are the wrong color or are behind the wheel of a car that retails for under $50K so it is beyond being an imbecile when she defends the speculators.

[ddd1600]

@texan176 FAIL

[pootron]

thank you, Peter, for pointing out the Federal Reserve created this bubble with artificially low interest rates + the govt made tougher bankruptcy laws (written by banks) so these homedebtors volunteered for indentured servitude since their debts will not be easily forgiven. the Great Depression happened AFTER the creation of the Federal Reserve

* * *

Dr Ron Paul 2008!

[dwputnam]

You "profit" by not buying someone else's overpriced house.

[scott715]

"We're hearing from people who have lost their homes and are very unhappy..."

Yes, I'm sure they're unhappy, but are they homeless on the street?  Peter said they're not going to be homeless, and he's right. Those people will rent.

[LudmilaB]

so how do you profit then huh?

[tyronebiggums3]

Question made no sense. At the moment, it is difficult to impossible to profit from real estate. The prices are not consistent with earnings, you cannot rent them out for break-even, and they were driven up by lax lending standards. Go read Dr. Housing Bubble's blog. Lots of good information there.