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We now know that the Sub prime mortgages did not cause the housing bubble to collapse though it did have a hand in it. What really caused it was the massive buying and selling of bad paper the the sub prime mortgage industry produce.
Also, for those who want to blame Franks and Fanny Mae, this doesn't cover how the banks are still cheating people through rapid foreclousures, to whit they don't even have the papers to claim property over the loan/property!
Much of the problem goes back to Barney Frank. There was the Community Reinvestment Act that essentially required banks to loan money to high risk losers. There are some people who need to be renters. In Canada, where you need 20% down, there are essentially no foreclosures. Even if you leave the home, you're still on the hook for the balance. We shouldn't have let all these people walk away from their homes. They're losers.
@mathman43 Franks had nothing to do with the bundling of the loans and the accounting tricks to hide toxic assets and pass them off as healthy assets. Also, considering the clout the banking industry has in Congress, especially under the GOP, if this was really a problem for them, they would have lobbied to end this. But they were making money, so nobody complained.
So when are you citizens gonna rise up and murder your leaders, and your wealthy over lords? No you aren't, well then I guess your founding fathers were wrong... America is a land of debt slaves and home of cowards. Keep taking it in the ass middle class america, the whole world knows you love it. Or... you could utterly stop voting and participating in the system that is designed to rape you. How? Decentralized renewable energy (solar/geothermal), hydroponic food, and sweet civil disobedience.
Cenk it was the goverment that PUSHED banks to make those loans, and promised that Freddie Fannie would back those loans! Dont blame the banks, blame the liberals!
@calimar28 Blame liberals because banks didn't verify the loans could be paid back? Um why didn't the Republicans put a stop to the practice when they controlled both Houses? That is your argument isn't it? Its the Democrats fault because the Republicans were in control?
@Zontor2 Because the republican controlled house ALLOWED Dodd and Frank to push Freddie/Fannie to back loans to high credit risks, because the republicans didnt care much. So yes, they too are copable. But it was led by the liberals.
@calimar28 "But it was led by the liberals." And the Republicans did nothing about it. You say Dodd and Frank pushed Freddie/Fannie but how did this occur? What legislation was rescinded that allowed this speculation? Who pushed to rescind the legislation?
I had a neighbor who worked at a real estate financial boiler room. We used to guess when the whole thing would crash. Three months before it happened, the place folded, paid the employees off, and skipped.
...and America is still trying to define the problem.
@BorgKing001 For several years this last decade many many mortgage companies made a lot of money convincing people that they could afford something...that they ultimately could not...after those banks got done selling that bad debt as a profit.
And yet trolls like you continue to spew this bullshit, blaming the victims.
@djangst Their not victims, i'm not saying the lenders are innocent, but when you make 40k a year, you can't afford a 200k house. The choice is ultimately the borrowers and they just had to have that big house. You act like corporations and banks are these greedy monsters and everyone else are these poor innocent little victims but everyone is greedy! Borrowers are as much at fault as lenders you dumbass.
It doesn't have his name attached to it, he usually just appears on the regular afternoon segment called "MSNBC Live" at 02:00pm central time. He sometimes also fills in for other hosts like Dylan Ratigan.
if banks made bad loans, y not capitolize on it & do something datl actually bring in income? fuck a overly priced house, if they loaned me 20k, start sumn up & live under a bridge if need be. one things is for certain is that they'l get it back
Don't get a mortgage that's more than 3 times your yearly income, even better don't get one that's more than double... The home prices will eventually adjust where they SHOULD be if everyone follows this advice.
@407buddy that sounds great and I agree. I think many people are frustrated with under or no employment which leads to more problems. People need a scapegoat for their problems whether its rational or not. And people drinking beer saying fuck it and remaining apathetic to politics and government is what allows them to continue to screw the people over.
RE: kingsdun; You have it my Brother! May I add... open boarder votes for big gov. handouts, This is the one policy both ends of your elephdonk and media will submit to with critics racist. Your back is almost broken....PLEASE! Educate your alian brother with open arms, then the truth and hand work will give you your contry Back!
@mlking213 The problem here is that it is too late. The bankers ripped off EVERYBODY. Not just the mortgagees (some of whom were ripped off even though they did not know their mortgages were being securitised) AND the end investors who bought what they were told were AAA rated investments.
wrong...most people didn't get fixed rate mortgages that's the problem.Call it fraud or whatever but he takes blame away from people buying expensive.
@mlking213 The banks sold the loans as far better than they were. They jacked up the interest rates and fees, and at the end of it, they had worked out that they could make more money by insuring bad loans, so they DELIBERATELY made loans as shitty as possible. Yes, some of the mortgagees were massively foolish. But there were a lot that were simply victims of the Long Game.
Yes, Bank X has no incentive to keep the loan...but what this conversation missed is the incentives of Bank Y. What Incentives does Bank Y have in buying the packages? The guest alluded to it, but the real problem is the monopolistic rating agency system we have in this country. Moody's was rating shitty securities as AAA!! That was the issue. And if Bank Y is given a truthful rating, they have no incentive to buy a bad package. Period.
@Buergs323 Moodys was rating them as AAA because they were all mortgages. Banks had a history of making good decisions on mortgages, and therefore Moodys trusted them.
There's plenty of evidence to support the assertion the Moody's was in cahoots with the mortgage companies and banks and was taking kickbacks from the raters while securities brokers were knowingly selling fraudulent mortgages as securities which were leveraged up to 1000-1 in some cases so they could make as much money as possible.
it all comes down to simple selfishness and greed on the part of wall street fat cats mortgage brokers securities brokers and the banks.
How come Stenky never mentions that the Democrats created the entire sub-prime and derivative situation and FORCED banks to make the loans? Selective outrage. He is SO deceptive.
President Sarah Palin will expose Cenk's liberal DEM bias along with his PUSSY! The DEMS caused this whole mess and President Palin is the only person who has the solutions to completely fix it.
Very true. No mention of Barny Frank, Dodd, Fannie/ Freddie, and the new pressures Clinton placed on banks through the use of the Community Reinvestment Act.
They are pointing out the correct symptoms, but it seems they are missing the root causes for the collapse....which is frustrating to watch.
@Buergs323 fannie and freddie were on a sound footing until Washington Mutual started making bad loans supported by Consolidated Debt Obligations. Once this happened, the Fannie/Freddie business model became unviable, because WaMu were able to make such loans much more easily, because they had no incentive tomake good ones, because they got paid regardless.
@BriansVideoHobby I think it's likely that the banks paid them to do it, actually. Or maybe one bank with a 'bright idea', bribed the politicians to make it law, and then waited in the wings for all the other banks to destroy themselves.
@eicebleu Banks ignored the CRA for decades. Bill Clinton forced them to make sub-prime loans and STILL they resisted. It wasn't until Clinton ordered Fannie Mae and Freddie Mac buy up the worthless loans that the banks started making sub-prime loans.
@BriansVideoHobby Banks worked out that they could turn these bad loans into "mortgage backed securities". THAT is why they started making bad loans. Not because they were forced to, but because they found out how to make easy money.
@dangerouslytalented You have it backwards. They were being intimidated and threatened but they refused. Clinton deregulated derivatives and forced FM/FM to buy up the toxic loans to convince them to make the bad loans. It wasn’t until they had an out that they conceded.
@BriansVideoHobby then why were Iceland buying up these loans? And other nations? These people were not being forced into it. They worked out a way of making a mssive amount of money by ripping everybody off. And the repeal of Glass Steagall was what did it.
@dangerouslytalented People were buying the derivatives because they had a history of being a good investment. This was because there were so many new home buyers property values continued to climb so defaults were low. It wasn't until the supply of sub-prime buyers played out that Clinton's underlying shell game was exposed. Unfortunately, most people still don't understand what happened. The repeal of Glass Steagall had NOTHING to do with the collapse. The attachment of a CRA with teeth DID.
@BriansVideoHobby Glass Steagall stopped retail banks doing certain kinds of business, like investing in certain kinds of dirivitives and insuring things. This freed up money for them to invest in and insure subprime bonds.
@BriansVideoHobby The banks like washington mutual were not forced. Only organisations like Fanny Mae and Freddie Mac were forced to. And for the first 20 years they WERE making good loans, until banks like WaMu came along and worked out how to make serious money by securitising subprime loans and selling them off as AAA
@dangerouslytalented Well, yes, they weren't forced. As long as they never wanted to open another branch, diversify, buy another bank, sell their bank, or merge with another company, they didn't actually HAVE to make sub-prime loans. Of course, if they wanted to stay competitive and profitable, they DID have to.
@BriansVideoHobby Subprime loans were not the problem per se. All they had to do to make profitable and SAFE subprime loans was do what Fannie and Freddie were doing until the 90s. Fannie and Freddie did their PAPERWORK. They went out and looked into everything, and made sure they only made good loans to these poor people. The rate of return was not as good as elsewhere, but it was there.However, there was FAR MORE money in just selling them off, ripping off those who bought those investments.
I'm surprised Matt Taibi isn't getting some serious heat from the corporations. He continually pokes them in the eye. I'm guessing it is because most folks aren't listening.
I would introduce legislation to all of them...under this terms:
1. Any Person in who is proven to be guilty of fraud should face Dead Penalty. I am pretty sure our funding father would not have any problems with it. What you think uh?
All of this fraud leads back to the federal reserve, I'm amazed law enforcement or masses of angry citizens haven't surrounded that place and burnt it to the fucking ground.
I am not an economist but even I was suspecting since this shit started that it was a big top-level fraud going on... greed's rot's gone to the core of our society... that's fucked up...
@UnhappyDreamer When you see so many banks offering loans to people without paperwork, you kind of smell something fishy. Loans to people without paperwork is something that back alley pawn shops and loan sharks do. And they dont end well.
@Pleblian Well, the foreclosure fraud is happening under Obama. I'm not sure what he could do. Maybe get the Justice Dept to start looking into it. Still, any attempt he made to save peoples' houses would be decried as Marxist by Tea Partiers and their mainstream media supporters.
@mrzack888 zionist puppet? Thanks for introducing pointless misdirection to the argument. I was hoping someone would blame Israel for mortgage fraud. Because, you know, the whole mortgage fraud thing is soooooo connected to Israel.
@eirefrance Zionism controls America. why do you think America is constantly selling weapons to them? why do u think middle east hate America? Obama won't do shit for your civil liberties. enjoy your cancer at the airport scanners sucker.
@eirefrance Cherkoff is an AsskuhNazi Jew. The Neocons are Jews. Goldman and sachs are Jews. Federal Reserve run by Jews bankers. Hollywood controlled by Jews.
@trexx32 Uhm, are you smoking crack? This whole thing started with deregulation through the Republicans and Clinton a dozen years ago. Lehman Bros and the other banks started going down in 2008 even before the election.
So to sum it up: Massive financial fraud, incompetent oil drilling, lack of safety protocols in coal mines, an unjust war, torture and the sanctioned lie of climate change denialism, leads me to believe that the USA is a criminal enterprise.
Once again our host blames the home owners, Never adressing the first fraud where the bank changed terms after the signing or used the adjustable rate and balloon payaments to fore the homowener into a place where they can pay. Some of these ARMs moved from 4.3% to 15.99% in one month. Becasue the bank could pick a random intrest rate. This happened to our next door neighbor his is now paying 15.99% on the loan and will lose the home, while 30 rates are less that 3% this is really sad.
@edwardsgiftsintl No, he said that was part of the problem. But the main problem was the banks, defrauding them. And now they want to keep most of the money they defrauded. America are being played for suckers. Investors worldwide are being played for suckers. You know why Greece, Iceland, and now Ireland are bankrupt? They all invested in THESE FUCKING INVESTMENT BONDS.
It's a big friggin fraud circus in the states. Have you no regulations there?!? I'm definately rethinking my US investments. As US citizens, you need to do something about this. Don't just sit back and comment - write your government rep. Get out into the streets! They are throwing families out of their homes! Families that have paid their mortgages and done nothing wrong.
I also blame those citizens who wanted to invest in real-estate, buying homes to sell them later for a higher price! Those ignorant citizens fed fuel to the fire & got screwed in the process, the govt. knowingly BAILED OUT the BIG BANKS with their TAX DOLLARS, & they defaulted in their so called "investment".
Folks you buy a home because you want to live in it, not to sell it 3 months later for a hyped up price! If citizens thought rationally about decisions, we could have stopped this!
@North2016 They were feeding the bubble. Everybody wanted to get rich, or richer. Supply side economics does not encourage work and creating jobs. It encourages "ïnvestment""
The BANKS willingly gave these fraudulent loans & approved people for a substantial hyped up market. BANKS would wait months to foreclose on a home so they could get the insurance pay-off on Adjustable -rate mortgages. The Federal Reserve fluctuated interest rates over 10 times, so that homeowners could default on their mortgages!
The banks are in bed with congressional whores, so if you think the govt. is going to help you from FRAUDclosure, think again!
Cenk is telling a bare faced lie at :35 when he says people are being kicked out of their homes that are not behind and have paid their mortgage on time . This is why i have a hard time believing anything on TYT
@hanksnow82 I watched a Canadian news show (Probably Fifth Estate) that reported what Cenk was saying. They said that American companies come up to Canada and give seminars about what a great deal it is to buy a foreclosed homes in Florida. The journalists have found that many of the documents have been rubber stamped and now some of the original owners are starting to fight back - BIG MESS.
@RedH0Tmama I have owned property in Florida ( Ocala and Daytona ) but sold it just before the crash . There are good deals available in some parts of the state and i may buy something down there again in the spring .
@hanksnow82 you have to be careful when buying foreclosed property that have been subject to CDOs. There are nightmare situations out there, they have been sliced and diced up so much that nobody knows who owns what and how much it is.
@dangerouslytalented You are 100 % correct and some states are worst then others . In Florida the title insurance has to go back 25 yrs on regular property and 50 yrs on waterfront . Use a good title insurance company and lawyer on any deal down there or your lible to get screwed .
@hanksnow82 No, they are being kicked out of their homes. A lot of the time the paperwork is so complicated that they don't know which loan is being paid off and who owns what, and who has to be paid off, because the bonds were being sold from person to person so quickly that the paperwork is not done.It is like mixing together like 20 jigsaw puzzles and losing some of the pieces.
@dangerouslytalented There has not been a single case of a person who was not behind on their mortgage being kicked out of their homes but i am not arguing that a lot of mistakes have been made . I always got private mortgage money when i had a mortgage and i even knew where the guy lived that i owed .
@hanksnow82@hanksnow82 WRONG! I will have my home auctioned in March. I was 100% current on my payments. I have not been kicked out yet, but I have essentially no hope. The Sheriff admits they will not vouch for the validity of the title, and the bank can't or won't show us a title or a contract, but that won't stop the auction.
@amommamust If you are telling the truth (which i don't believe) you are a retard . Someone is going to auction your property and take it away falsely and your screwing around posting music video's ? Your lying about the situation or at least not relating all the facts now screw off and quit wasting my time you nit wit .
@hanksnow82 You are just a rude idiot. I just called another attorney, I thought maybe with the news, things are changed... No. I cannot hire an attorney. We never even get to price, they will not fight the bank. They will try to get me a modification, they will not go beyond that. You find the attorney in Idaho who will take my case for a REASONABLE fee, and I will hire him or her. After you realize there is none, you can apologize for being such an ass to me.
Heh, it's like playing hot potatoe with a bomb... only you have no idea how long the fuse is, and you are selling it on for profit each time, so you want to aquire and sell as many bombs as possible.
So it all comes down to the fact that the world economy was destroyed because Americans didn't pay their loan debt. It's our fault. We are overweight sedentary entitled little piglets and we got what was coming to us.
@tylertyler82 Actually it was because the banks deliberately sold mortgages to those who could not pay so they could make a short term killing and dump the problem on someone else. Only in america could the victims be blamed.
@nilbud " Only in America could the victims be blamed ". Who was holding a gun to their heads when they signed for a house they couldn't afford ? Without enough income to pay the mortgage. Who's idea was Affordable Housing ?
@chaumont20 It's deeper than that. They hate affordable anything.
Reagan appointed Donald Regan, former CEO of Merill Lynch to chair deregulation. Conservatives sold out to banks in an orgy of free-market hype. growing inequality forces people to borrow, manufacturing wrecked.
Spivs, ponzi schemes, scams ARE conservatives. a parasitic burden. The tax-payer has to prop them up or they might lose their yachts.
@chaumont20 I've seen people be given negatively amortizing pay-option ARMs who had no clue what negatively amortizing was, and now that they've lost their jobs, the initial appraisal was more than what the house was actually worth, they're in an even worse situation - you're putting the blame on them? How about someone who lost their job, got another job at half the pay is now at 3/4ths the original income, and can now afford the regular payment again but not the arrears? Are you kidding me?
@nilbud so then it is also the fault of the borrower who could not repay the loan. yes the "victim" in this case the borrowers who could not pay the loans back and knew it wrecked our economy. it's closed minded to just blame the banks here. americans are also responsible for destroying america. we reap what we sow- an undereducated lazy entitled group of people.
@genie0390 Uhm - how is Clinton DEregulating on the one hand and MANDATING on the other? Your own sentences make no sense, and you KNOW there was no actual MANDATE in forcing homeowners into pay-option negatively amortizing ARMs. I mean seriously, are you kidding me? The government forced the unwilling banks to make money hand over fist by forcing pay-option negatively amortizing ARMs and then cut up these horrible loans into securities so they could get AAA ratings and sold like that? lmao
@genie0390 No you ignorant fucktard you are the liar. Your pathetic understanding of the situation is so riddled with falsehoods and lies you piece of shit how dare you accuse me of lying.
Bankers were forced to stop ghettoizing blacks by refusing them loans based on their skin color and location. Nothing else you fucking dullard.
The overselling and commoditization of guaranteed to fail mortgages was entirely the banks own doing, you fucking racist moron.
@unassumption actually no... somehow police have in many cases decided they will not remove people squatting their homes from foreclosure. I don't know *why* but apparently this is how it's going down.
@Elmaln at some point if you measure house-price in ounces of gold or ounces of silver, then some people will have spent much less, 10% or 1%, and the dollar values will go up for the metals and down for the houses and the trade will indeed be lower cost. You just can't wait to buy into metals at the end, you have to do it sooner than later. Saving up while paying rent is required: sadly, many people deny it can be done. It CAN be done.
@DisturbedHavok actually that outcome is only possible, not guaranteed. Those at the bottom without gold or silver but who have skills can indeed trade them for gold and silver. At some point those holding gold and silver will trade them, as they are real money, for goods and services. Perhaps it is presumptuous that those "at the bottom" will have skills at best, not goods. People can scrounge up if they know it's a good opportunity.
@ytgv3fc7 Do you honestly believe that the vast majority of wealth holders in this country will give a fair share of their wealth up if they don't have to? I know Ayn Rand believed that all capitalists and wealth holders were "good", but it's total bullshit because we all know many of them are not. They will horde their gold, silver, etc. like there's no tomorrow.
@whoo689 your absolutely right, the system is designed so 2 sides can yell at each other while both of them screw over the people. Its a "glorified wrestling match" as Governer Ventura would say.
@PhoenixFirewolf saving and conserving, holding off on big expenditures, makes it possible. I once had lots of debt, even used a credit car to pay another credit card. Now I have no debt and I have gold (1 oz) bars. Not rich but NOT a debt slave. It can be done. For all of our freedom it must be done. Have no silver yet but I think I will grab some soon.
@towerdawg1976 houses have become inflated because of the credit and loan system. So now you can flip the same house for thousands more when nothings changed. Its a ponzi scheme.
@SPQRomantic save your money as gold and silver and you very soon will have that dream true or as close to true as possible. Saving dollars means nothing with the money-printing but silver coins and gold coins and silver bars (um, gold bars too but look, you must *know* those are expensive).... metals is where it's at right now. Has been for 10 years and a very sudden switch is going to happen in about a year, 1.5 yrs, so what you can buy using gold/silver will be MASSIVE.
@crackerz99 don't hold your breath. The system is too strong and people are lazy and apathetic. As long as theirs a controversy about dancing with the stars the revolution will have to wait.
@DisturbedHavok maybe, but remember it would basically eliminate hyperinflation and keep monetary policy honest. And with a gold standard, except more bartering of goods and services and recycling and repairing of products to last longer. It would be much better than it is now.
@njabulani The people who have the gold and silver will hold onto more of it and offer very little of it to people who work for them (unless we have a minimum wage still which I know libertarians and "free market" conservatives are against). Then you're stuck with a choice of working for that little bit to pay for your way in life as best you can or don't and suffer hardcore.
@shinriley and also don't forget, if you do go with gold or silver it can not be certificates as much evidence is showing the paper is backed by no metals 99% of the time and only those holding metal in hand will have real money, not empty paper promises, in a time of need for real money. Including a time of very high price ratios in which gold, silver, platinum, will in small amounts buy you lots of things you can use.
@shinriley you got that right but don't forget, real money isn't paper. You wouldn't take a wooden nickel, would you take a paper dollar? Any money you can save and don't plan to spend in a year should be in gold, silver or something else tangible, not an empty paper promise being inflated away by a central-bank laundering your currency to steal your purchasing power.
@Elmaln if people only bought what they could afford straight up, then housing prices would dramatically fall. One of the reasons the market crashed so hard is because houses were severely overinflated because of the banks and fraudulent loaning. Houses are worth more on paper than in reality.
@adolthitler corruption, fraud, includes all profiteering and IS an integral part of all capitalism. There's no such thing as capitalism without profit-taking and no such thing as a free lunch (profit without loss) in reality. Loss = theft and theft = fraud and theft/fraud/killing are all corruption and all products of capitalism.
A system of trade INTENTIONALLY denying profit is not capitalism, is it? But only that can be honest. Capitalism can only benefit using fraud.
@adolthitler corruption is the end-result, capitalism is the machine that produces the corruption and teaches people this is the best system of economics ever invented (brainwashing).
@ytgv3fc7 Thats why we have govt regulation, and laws. Capitalism is not benefitted by fraud, and profits are not made only by fraud. A farmer grows crops, he makes a profit. A manufacturer makes things to be sold at a profit. A service provider provides a service for a profit. Fraud is not a part of capitalism, just as its not a part of socialism or communism. Its a crime in all the systems and it exists in all the systems.
@xadam2dudex corporatism is capitalism. There's no such thing as capitalism - it can not exist in theory or in practice - without corporations forming. It is a mathematical certainty, like having atoms and knowing the next result to expect is molecules will also exist.
The banks are not the problem. The ignorant people buying and flipping houses are the problem. Fuck this democrat bullshit. Seriously this argument is retarded. Go fuck yourself.
It's great to see these corrupt businesses exposed.
insurancegame 1 month ago
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earnbynet00007 2 months ago
You Can Stop Foreclosure Today CALL US TODAY 877-291-4645
Mortgage loan Variations Quick matches individuals lurking behind with the house loan together with service providers who is able to support these people preserve the house by means of changing the recent mortgage loan. There are several foreclosed prevention presents on the market, however we have been the best within the area and also all of us deliver very high payment with the speediest form.
pttugasuk 6 months ago
I like Cenk as an anchor. He's got great personality compared to all of those bland and boring anchors
Bones98 7 months ago
We now know that the Sub prime mortgages did not cause the housing bubble to collapse though it did have a hand in it. What really caused it was the massive buying and selling of bad paper the the sub prime mortgage industry produce.
Gofightsystem 8 months ago
6 people who viewed the vid are bankster CEOs
capncrunch93able 1 year ago 9
I wonder what happend to the rest of the TYT crew now that Cenk is on MSNBC, on a regular time slot ??
TheHeartOfTheLion 1 year ago
@TheHeartOfTheLion he still does the radio/youtube show
gt40f 1 year ago
Also, for those who want to blame Franks and Fanny Mae, this doesn't cover how the banks are still cheating people through rapid foreclousures, to whit they don't even have the papers to claim property over the loan/property!
Ralfast 1 year ago
Much of the problem goes back to Barney Frank. There was the Community Reinvestment Act that essentially required banks to loan money to high risk losers. There are some people who need to be renters. In Canada, where you need 20% down, there are essentially no foreclosures. Even if you leave the home, you're still on the hook for the balance. We shouldn't have let all these people walk away from their homes. They're losers.
mathman43 1 year ago
@mathman43 Franks had nothing to do with the bundling of the loans and the accounting tricks to hide toxic assets and pass them off as healthy assets. Also, considering the clout the banking industry has in Congress, especially under the GOP, if this was really a problem for them, they would have lobbied to end this. But they were making money, so nobody complained.
Ralfast 1 year ago
u all have 2 read "The Protocols of the Elders of Zion"
madeinlukas 1 year ago
Watch Secret of Oz
Yankhadenough 1 year ago
So when are you citizens gonna rise up and murder your leaders, and your wealthy over lords? No you aren't, well then I guess your founding fathers were wrong... America is a land of debt slaves and home of cowards. Keep taking it in the ass middle class america, the whole world knows you love it. Or... you could utterly stop voting and participating in the system that is designed to rape you. How? Decentralized renewable energy (solar/geothermal), hydroponic food, and sweet civil disobedience.
elbowbiter1 1 year ago
6 Bank Ceos watched this while wiping there Asses with the U.S. Government Housing Regulation Laws......!
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ingaingaghg 1 year ago
Cenk it was the goverment that PUSHED banks to make those loans, and promised that Freddie Fannie would back those loans! Dont blame the banks, blame the liberals!
calimar28 1 year ago
@calimar28 Blame liberals because banks didn't verify the loans could be paid back? Um why didn't the Republicans put a stop to the practice when they controlled both Houses? That is your argument isn't it? Its the Democrats fault because the Republicans were in control?
Zontor2 1 year ago
@Zontor2 Because the republican controlled house ALLOWED Dodd and Frank to push Freddie/Fannie to back loans to high credit risks, because the republicans didnt care much. So yes, they too are copable. But it was led by the liberals.
calimar28 1 year ago
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@calimar28 "But it was led by the liberals." And the Republicans did nothing about it. You say Dodd and Frank pushed Freddie/Fannie but how did this occur? What legislation was rescinded that allowed this speculation? Who pushed to rescind the legislation?
Zontor2 1 year ago
Matt does great reporting and isn't afraid to tell it like it is!
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chathuthushari 1 year ago
Let's get real. These banksters got rewarded HANDSOMELY, with the taxpayers' money.
They are laughing it out loud, all the way to the bank!
The code words are "too big to fail"
teleutube 1 year ago
I had a neighbor who worked at a real estate financial boiler room. We used to guess when the whole thing would crash. Three months before it happened, the place folded, paid the employees off, and skipped.
...and America is still trying to define the problem.
PRIVATEAYEIEYE 1 year ago
Cenk mentions that the Government is aware that this is going on.Say it Cenk Pelosi, Reid, Obama Know and they don't care!
olgadel1 1 year ago
Break up the banks.
Richardgwm 1 year ago
5 Corporate Whores disliked this video.
djangst 1 year ago
1. PULL YOUR MONEY OUT OF THE BIG BANKS.
2. STOP PAYING YOUR MORTGAGE.
3. FIGHT THE FORECLOSURE.
4. 100,000 PEOPLE DO THAT, PROBLEM SOLVES ITSELF REALLY QUICKLY.
warpigsinfin 1 year ago
@warpigsinfin dude, i'm RIGHT here.
joementum5 1 year ago
I'm just glad that Cenk is waking up to it.
I just hope its not too late.
We must resist.
noyouaintgettingit 1 year ago 2
I think we're long overdue for a revolution.
Alex Jones is right about this.
We must resist.
noyouaintgettingit 1 year ago
Of course none of this would have happened if people didn't buy houses they couldn't afford.
BorgKing001 1 year ago
@BorgKing001 For several years this last decade many many mortgage companies made a lot of money convincing people that they could afford something...that they ultimately could not...after those banks got done selling that bad debt as a profit.
And yet trolls like you continue to spew this bullshit, blaming the victims.
djangst 1 year ago
@djangst Their not victims, i'm not saying the lenders are innocent, but when you make 40k a year, you can't afford a 200k house. The choice is ultimately the borrowers and they just had to have that big house. You act like corporations and banks are these greedy monsters and everyone else are these poor innocent little victims but everyone is greedy! Borrowers are as much at fault as lenders you dumbass.
BorgKing001 1 year ago
The banks also made big money by betting on the loans failing after they got rid of them.
tybrady64 1 year ago
is that the same mat that wore the hairpiece and debated against you on the rattigon show a while ago, before u started hosting?
FF7Master 1 year ago
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MeganLoomj 1 year ago
Matt's got major lisp action going on here
hofifut 1 year ago
hey guys, i tried looking for cenk's program on MSNBC, but couldnt find it. what's the programme called?
Ristar85 1 year ago
@Ristar85
It doesn't have his name attached to it, he usually just appears on the regular afternoon segment called "MSNBC Live" at 02:00pm central time. He sometimes also fills in for other hosts like Dylan Ratigan.
Rundstedt1 1 year ago
Bankers are basically above the law.
frankcoffee 1 year ago
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Nine Eleven was an inside job.
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WTC7WasPulled 1 year ago
@Northern5tar Personally, I prefer change in behavior over justice.
LicoriceLain 1 year ago
Which Taibi article are they discussing here?
jimbrown257 1 year ago
if banks made bad loans, y not capitolize on it & do something datl actually bring in income? fuck a overly priced house, if they loaned me 20k, start sumn up & live under a bridge if need be. one things is for certain is that they'l get it back
Mudrabbit308 1 year ago
chase bank stole my home ask questions if you like
1RoaringMonk 1 year ago
@1RoaringMonk Okay, how'd they do it? And, more importantly, are you taking legal action to get it back?
eirefrance 1 year ago
Payup Sucker! You signed the contract.
ad2181 1 year ago
Don't get a mortgage that's more than 3 times your yearly income, even better don't get one that's more than double... The home prices will eventually adjust where they SHOULD be if everyone follows this advice.
eicebleu 1 year ago
@407buddy that sounds great and I agree. I think many people are frustrated with under or no employment which leads to more problems. People need a scapegoat for their problems whether its rational or not. And people drinking beer saying fuck it and remaining apathetic to politics and government is what allows them to continue to screw the people over.
njabulani 1 year ago
RE: kingsdun; You have it my Brother! May I add... open boarder votes for big gov. handouts, This is the one policy both ends of your elephdonk and media will submit to with critics racist. Your back is almost broken....PLEASE! Educate your alian brother with open arms, then the truth and hand work will give you your contry Back!
myfbody 1 year ago
Q. How many bankers does it take to shingle a roof?
A. Three - if you slice them real thin : )
menthol5 1 year ago
This is very simple to do....DON'T SIGN UP FOR SUB-PRIME LOANS!
mlking213 1 year ago
@mlking213 The problem here is that it is too late. The bankers ripped off EVERYBODY. Not just the mortgagees (some of whom were ripped off even though they did not know their mortgages were being securitised) AND the end investors who bought what they were told were AAA rated investments.
dangerouslytalented 1 year ago
@dangerouslytalented
wrong...most people didn't get fixed rate mortgages that's the problem.Call it fraud or whatever but he takes blame away from people buying expensive.
mlking213 1 year ago
@mlking213 The banks sold the loans as far better than they were. They jacked up the interest rates and fees, and at the end of it, they had worked out that they could make more money by insuring bad loans, so they DELIBERATELY made loans as shitty as possible. Yes, some of the mortgagees were massively foolish. But there were a lot that were simply victims of the Long Game.
dangerouslytalented 1 year ago
Do unto others...then split.
geoff2204 1 year ago
Radix malorum est cupiditas.
geoff2204 1 year ago
Yes, Bank X has no incentive to keep the loan...but what this conversation missed is the incentives of Bank Y. What Incentives does Bank Y have in buying the packages? The guest alluded to it, but the real problem is the monopolistic rating agency system we have in this country. Moody's was rating shitty securities as AAA!! That was the issue. And if Bank Y is given a truthful rating, they have no incentive to buy a bad package. Period.
Buergs323 1 year ago
@Buergs323 Moodys was rating them as AAA because they were all mortgages. Banks had a history of making good decisions on mortgages, and therefore Moodys trusted them.
dangerouslytalented 1 year ago
@dangerouslytalented
There's plenty of evidence to support the assertion the Moody's was in cahoots with the mortgage companies and banks and was taking kickbacks from the raters while securities brokers were knowingly selling fraudulent mortgages as securities which were leveraged up to 1000-1 in some cases so they could make as much money as possible.
it all comes down to simple selfishness and greed on the part of wall street fat cats mortgage brokers securities brokers and the banks.
Metalmeltdown1000 1 year ago
How come Stenky never mentions that the Democrats created the entire sub-prime and derivative situation and FORCED banks to make the loans? Selective outrage. He is SO deceptive.
BriansVideoHobby 1 year ago
@BriansVideoHobby
President Sarah Palin will expose Cenk's liberal DEM bias along with his PUSSY! The DEMS caused this whole mess and President Palin is the only person who has the solutions to completely fix it.
ecwaufisxtreme 1 year ago
@BriansVideoHobby. Stenky? You're 46 years old and calling someone "Stenky"? Are you sure 46 is your age and not your i.q.?
cne08 1 year ago
@BriansVideoHobby
Very true. No mention of Barny Frank, Dodd, Fannie/ Freddie, and the new pressures Clinton placed on banks through the use of the Community Reinvestment Act.
They are pointing out the correct symptoms, but it seems they are missing the root causes for the collapse....which is frustrating to watch.
Buergs323 1 year ago
@Buergs323 fannie and freddie were on a sound footing until Washington Mutual started making bad loans supported by Consolidated Debt Obligations. Once this happened, the Fannie/Freddie business model became unviable, because WaMu were able to make such loans much more easily, because they had no incentive tomake good ones, because they got paid regardless.
dangerouslytalented 1 year ago
@BriansVideoHobby I think it's likely that the banks paid them to do it, actually. Or maybe one bank with a 'bright idea', bribed the politicians to make it law, and then waited in the wings for all the other banks to destroy themselves.
eicebleu 1 year ago
@eicebleu Banks ignored the CRA for decades. Bill Clinton forced them to make sub-prime loans and STILL they resisted. It wasn't until Clinton ordered Fannie Mae and Freddie Mac buy up the worthless loans that the banks started making sub-prime loans.
BriansVideoHobby 1 year ago
@BriansVideoHobby Banks worked out that they could turn these bad loans into "mortgage backed securities". THAT is why they started making bad loans. Not because they were forced to, but because they found out how to make easy money.
dangerouslytalented 1 year ago
@dangerouslytalented You have it backwards. They were being intimidated and threatened but they refused. Clinton deregulated derivatives and forced FM/FM to buy up the toxic loans to convince them to make the bad loans. It wasn’t until they had an out that they conceded.
BriansVideoHobby 1 year ago
@BriansVideoHobby then why were Iceland buying up these loans? And other nations? These people were not being forced into it. They worked out a way of making a mssive amount of money by ripping everybody off. And the repeal of Glass Steagall was what did it.
dangerouslytalented 1 year ago
@dangerouslytalented People were buying the derivatives because they had a history of being a good investment. This was because there were so many new home buyers property values continued to climb so defaults were low. It wasn't until the supply of sub-prime buyers played out that Clinton's underlying shell game was exposed. Unfortunately, most people still don't understand what happened. The repeal of Glass Steagall had NOTHING to do with the collapse. The attachment of a CRA with teeth DID.
BriansVideoHobby 1 year ago
@BriansVideoHobby Glass Steagall stopped retail banks doing certain kinds of business, like investing in certain kinds of dirivitives and insuring things. This freed up money for them to invest in and insure subprime bonds.
dangerouslytalented 1 year ago
@BriansVideoHobby The banks like washington mutual were not forced. Only organisations like Fanny Mae and Freddie Mac were forced to. And for the first 20 years they WERE making good loans, until banks like WaMu came along and worked out how to make serious money by securitising subprime loans and selling them off as AAA
dangerouslytalented 1 year ago
@dangerouslytalented Well, yes, they weren't forced. As long as they never wanted to open another branch, diversify, buy another bank, sell their bank, or merge with another company, they didn't actually HAVE to make sub-prime loans. Of course, if they wanted to stay competitive and profitable, they DID have to.
BriansVideoHobby 1 year ago
@BriansVideoHobby Subprime loans were not the problem per se. All they had to do to make profitable and SAFE subprime loans was do what Fannie and Freddie were doing until the 90s. Fannie and Freddie did their PAPERWORK. They went out and looked into everything, and made sure they only made good loans to these poor people. The rate of return was not as good as elsewhere, but it was there.However, there was FAR MORE money in just selling them off, ripping off those who bought those investments.
dangerouslytalented 1 year ago
I'm surprised Matt Taibi isn't getting some serious heat from the corporations. He continually pokes them in the eye. I'm guessing it is because most folks aren't listening.
petehjr1 1 year ago
@petehjr1 thats one reason
njabulani 1 year ago
nobody in charge gives a shit wich is why this is happening
ThePilotman818 1 year ago 2
americans suck monkeyballs, if you yanks dont pick up your guns and kill the rich bankers pretty soon i am gonna run off with ya women !
Caboose3013 1 year ago
EXECUTIVE ORDER 11110 JFK SPEACH ON SECRET SOCIETIES
firefox8192 1 year ago
Money property system is ROOT of ALL problems, it creates/exploits scarcity, never creates enough jobs, allows people on top to control everyone/thing
1. people need food, water, energy, etc.
2. sharing all resources and knowledge allows maximum cooperative efficiency
3. creating an abundance of all our needs makes money, gov, crime obsolete
4. automating the production distribution, frees up humanity to no longer be wage slaves to governments or corporations
v=YxPPnCW6sMo
v=Cf1gZxmIDKw
dontblockmedk 1 year ago 2
watch the TSA strip search a 10 year old boy
youtube.com/watch?v=skkCpnCm7iM
happilea 1 year ago
Cenk is so AWEsome on TV.
TYT needs a TV version also
thisscreensucks 1 year ago
I would introduce legislation to all of them...under this terms:
1. Any Person in who is proven to be guilty of fraud should face Dead Penalty. I am pretty sure our funding father would not have any problems with it. What you think uh?
Gioxtream 1 year ago
All of this fraud leads back to the federal reserve, I'm amazed law enforcement or masses of angry citizens haven't surrounded that place and burnt it to the fucking ground.
TheUSMetalhead 1 year ago
I am not an economist but even I was suspecting since this shit started that it was a big top-level fraud going on... greed's rot's gone to the core of our society... that's fucked up...
UnhappyDreamer 1 year ago
@UnhappyDreamer When you see so many banks offering loans to people without paperwork, you kind of smell something fishy. Loans to people without paperwork is something that back alley pawn shops and loan sharks do. And they dont end well.
dangerouslytalented 1 year ago
If Uriah Heap was alive today, he'd not only get off scott free, he'd get a multi-billion dollar bonus for his good work.
FabulousLakeTahoe 1 year ago
and all under Obamas watch
trexx32 1 year ago
@trexx32 Most of this happened under Bushs watch
Pleblian 1 year ago
@Pleblian Well, the foreclosure fraud is happening under Obama. I'm not sure what he could do. Maybe get the Justice Dept to start looking into it. Still, any attempt he made to save peoples' houses would be decried as Marxist by Tea Partiers and their mainstream media supporters.
eirefrance 1 year ago 20
@eirefrance obama wont do shit. he's a zionist puppet.
mrzack888 1 year ago
@mrzack888 zionist puppet? Thanks for introducing pointless misdirection to the argument. I was hoping someone would blame Israel for mortgage fraud. Because, you know, the whole mortgage fraud thing is soooooo connected to Israel.
eirefrance 1 year ago
@eirefrance Zionism controls America. why do you think America is constantly selling weapons to them? why do u think middle east hate America? Obama won't do shit for your civil liberties. enjoy your cancer at the airport scanners sucker.
mrzack888 1 year ago
@mrzack888 Yes.... airport scanners, foreclosure fraud and zionism. That evil triangle of Jewish conspiracies.
eirefrance 1 year ago
@eirefrance Cherkoff is an AsskuhNazi Jew. The Neocons are Jews. Goldman and sachs are Jews. Federal Reserve run by Jews bankers. Hollywood controlled by Jews.
mrzack888 1 year ago
@trexx32 Uhm, are you smoking crack? This whole thing started with deregulation through the Republicans and Clinton a dozen years ago. Lehman Bros and the other banks started going down in 2008 even before the election.
technicschic 1 year ago 2
@trexx32 It fell before Obama was elected.
dangerouslytalented 1 year ago
scam of the century!
majestik143 1 year ago
So to sum it up: Massive financial fraud, incompetent oil drilling, lack of safety protocols in coal mines, an unjust war, torture and the sanctioned lie of climate change denialism, leads me to believe that the USA is a criminal enterprise.
kingsdun 1 year ago 9
aliens are here! search ufo disclosure!
tylowylo12321 1 year ago
Once again our host blames the home owners, Never adressing the first fraud where the bank changed terms after the signing or used the adjustable rate and balloon payaments to fore the homowener into a place where they can pay. Some of these ARMs moved from 4.3% to 15.99% in one month. Becasue the bank could pick a random intrest rate. This happened to our next door neighbor his is now paying 15.99% on the loan and will lose the home, while 30 rates are less that 3% this is really sad.
edwardsgiftsintl 1 year ago
@edwardsgiftsintl No, he said that was part of the problem. But the main problem was the banks, defrauding them. And now they want to keep most of the money they defrauded. America are being played for suckers. Investors worldwide are being played for suckers. You know why Greece, Iceland, and now Ireland are bankrupt? They all invested in THESE FUCKING INVESTMENT BONDS.
dangerouslytalented 1 year ago
Why am I not surprised !
1BustedMyth 1 year ago
It's a big friggin fraud circus in the states. Have you no regulations there?!? I'm definately rethinking my US investments. As US citizens, you need to do something about this. Don't just sit back and comment - write your government rep. Get out into the streets! They are throwing families out of their homes! Families that have paid their mortgages and done nothing wrong.
RedH0Tmama 1 year ago
I m speechless...
hassiba2233 1 year ago
I also blame those citizens who wanted to invest in real-estate, buying homes to sell them later for a higher price! Those ignorant citizens fed fuel to the fire & got screwed in the process, the govt. knowingly BAILED OUT the BIG BANKS with their TAX DOLLARS, & they defaulted in their so called "investment".
Folks you buy a home because you want to live in it, not to sell it 3 months later for a hyped up price! If citizens thought rationally about decisions, we could have stopped this!
North2016 1 year ago 3
@North2016 They were feeding the bubble. Everybody wanted to get rich, or richer. Supply side economics does not encourage work and creating jobs. It encourages "ïnvestment""
dangerouslytalented 1 year ago
The BANKS willingly gave these fraudulent loans & approved people for a substantial hyped up market. BANKS would wait months to foreclose on a home so they could get the insurance pay-off on Adjustable -rate mortgages. The Federal Reserve fluctuated interest rates over 10 times, so that homeowners could default on their mortgages!
The banks are in bed with congressional whores, so if you think the govt. is going to help you from FRAUDclosure, think again!
North2016 1 year ago
Cenk is telling a bare faced lie at :35 when he says people are being kicked out of their homes that are not behind and have paid their mortgage on time . This is why i have a hard time believing anything on TYT
hanksnow82 1 year ago
@hanksnow82 I watched a Canadian news show (Probably Fifth Estate) that reported what Cenk was saying. They said that American companies come up to Canada and give seminars about what a great deal it is to buy a foreclosed homes in Florida. The journalists have found that many of the documents have been rubber stamped and now some of the original owners are starting to fight back - BIG MESS.
RedH0Tmama 1 year ago
@RedH0Tmama I have owned property in Florida ( Ocala and Daytona ) but sold it just before the crash . There are good deals available in some parts of the state and i may buy something down there again in the spring .
hanksnow82 1 year ago
@hanksnow82 you have to be careful when buying foreclosed property that have been subject to CDOs. There are nightmare situations out there, they have been sliced and diced up so much that nobody knows who owns what and how much it is.
dangerouslytalented 1 year ago
@dangerouslytalented You are 100 % correct and some states are worst then others . In Florida the title insurance has to go back 25 yrs on regular property and 50 yrs on waterfront . Use a good title insurance company and lawyer on any deal down there or your lible to get screwed .
hanksnow82 1 year ago
@hanksnow82 No, they are being kicked out of their homes. A lot of the time the paperwork is so complicated that they don't know which loan is being paid off and who owns what, and who has to be paid off, because the bonds were being sold from person to person so quickly that the paperwork is not done.It is like mixing together like 20 jigsaw puzzles and losing some of the pieces.
dangerouslytalented 1 year ago
@dangerouslytalented There has not been a single case of a person who was not behind on their mortgage being kicked out of their homes but i am not arguing that a lot of mistakes have been made . I always got private mortgage money when i had a mortgage and i even knew where the guy lived that i owed .
hanksnow82 1 year ago
@hanksnow82 @hanksnow82 WRONG! I will have my home auctioned in March. I was 100% current on my payments. I have not been kicked out yet, but I have essentially no hope. The Sheriff admits they will not vouch for the validity of the title, and the bank can't or won't show us a title or a contract, but that won't stop the auction.
amommamust 1 year ago
@amommamust If you are telling the truth (which i don't believe) you are a retard . Someone is going to auction your property and take it away falsely and your screwing around posting music video's ? Your lying about the situation or at least not relating all the facts now screw off and quit wasting my time you nit wit .
hanksnow82 1 year ago
@hanksnow82 You are just a rude idiot. I just called another attorney, I thought maybe with the news, things are changed... No. I cannot hire an attorney. We never even get to price, they will not fight the bank. They will try to get me a modification, they will not go beyond that. You find the attorney in Idaho who will take my case for a REASONABLE fee, and I will hire him or her. After you realize there is none, you can apologize for being such an ass to me.
amommamust 1 year ago
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@amommamust You are a LIAR if you expect anyone to believe you are not behind on your mortguage but you are being forclosed on . end of story
hanksnow82 1 year ago
great the clip ends with: "we have to fix it." how? There are billions of points where you could change something.
P1ranh4 1 year ago
Heh, it's like playing hot potatoe with a bomb... only you have no idea how long the fuse is, and you are selling it on for profit each time, so you want to aquire and sell as many bombs as possible.
MakoSharkX 1 year ago
So it all comes down to the fact that the world economy was destroyed because Americans didn't pay their loan debt. It's our fault. We are overweight sedentary entitled little piglets and we got what was coming to us.
tylertyler82 1 year ago
@tylertyler82 Actually it was because the banks deliberately sold mortgages to those who could not pay so they could make a short term killing and dump the problem on someone else. Only in america could the victims be blamed.
nilbud 1 year ago
@nilbud " Only in America could the victims be blamed ". Who was holding a gun to their heads when they signed for a house they couldn't afford ? Without enough income to pay the mortgage. Who's idea was Affordable Housing ?
chaumont20 1 year ago
@chaumont20 It's deeper than that. They hate affordable anything.
Reagan appointed Donald Regan, former CEO of Merill Lynch to chair deregulation. Conservatives sold out to banks in an orgy of free-market hype. growing inequality forces people to borrow, manufacturing wrecked.
Spivs, ponzi schemes, scams ARE conservatives. a parasitic burden. The tax-payer has to prop them up or they might lose their yachts.
BS wrapped in sound tough rants.
Uncaring greed is literally their ideology.
marsCubed 1 year ago
@chaumont20 I've seen people be given negatively amortizing pay-option ARMs who had no clue what negatively amortizing was, and now that they've lost their jobs, the initial appraisal was more than what the house was actually worth, they're in an even worse situation - you're putting the blame on them? How about someone who lost their job, got another job at half the pay is now at 3/4ths the original income, and can now afford the regular payment again but not the arrears? Are you kidding me?
technicschic 1 year ago
@chaumont20 You dumb fuck.
nilbud 1 year ago
@nilbud so then it is also the fault of the borrower who could not repay the loan. yes the "victim" in this case the borrowers who could not pay the loans back and knew it wrecked our economy. it's closed minded to just blame the banks here. americans are also responsible for destroying america. we reap what we sow- an undereducated lazy entitled group of people.
tylertyler82 1 year ago
@nilbud
stop your lies
Bankers were forced to stop redlining and make loans to many people who had no ability to maintain the mortgages.
gd liberals never ever will accept blame for their retarded ideology
one exception has been Clinton who admitted to making a huge mistake in deregulating the banks and his mandating Fannie Mae to coerce bankers
I respect Clinton for admitting failures! Why don't you follow his example and wise the fuck up!!!
genie0390 1 year ago
@genie0390 Uhm - how is Clinton DEregulating on the one hand and MANDATING on the other? Your own sentences make no sense, and you KNOW there was no actual MANDATE in forcing homeowners into pay-option negatively amortizing ARMs. I mean seriously, are you kidding me? The government forced the unwilling banks to make money hand over fist by forcing pay-option negatively amortizing ARMs and then cut up these horrible loans into securities so they could get AAA ratings and sold like that? lmao
technicschic 1 year ago
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@technicschic
Clinton was a very handy sort of guy, he could chew gum and screw up the economy both at the same time.
your understanding of the financial disaster is really quite shallow
genie0390 1 year ago
@genie0390 Fuck off back to your Glen Beck and Alex Jones you uneducated piece of filth.
nilbud 1 year ago
@genie0390 No you ignorant fucktard you are the liar. Your pathetic understanding of the situation is so riddled with falsehoods and lies you piece of shit how dare you accuse me of lying.
Bankers were forced to stop ghettoizing blacks by refusing them loans based on their skin color and location. Nothing else you fucking dullard.
The overselling and commoditization of guaranteed to fail mortgages was entirely the banks own doing, you fucking racist moron.
nilbud 1 year ago
@nilbud
"Bankers were forced to stop ghettoizing blacks by refusing them loans based on their skin color ..."
Bullshit, lending is based on ability to pay back and service the debt. Bankers are not in the business of social engineering and writing bad loans
"The overselling and commoditization of guaranteed to fail mortgages was entirely the banks own doing.."
Yes it was, BUT the "guaranteed to fail mortgages" which caused the securities to fail was ENTIRELY created by stupid progressives
genie0390 1 year ago
@unassumption actually no... somehow police have in many cases decided they will not remove people squatting their homes from foreclosure. I don't know *why* but apparently this is how it's going down.
ytgv3fc7 1 year ago
@Elmaln at some point if you measure house-price in ounces of gold or ounces of silver, then some people will have spent much less, 10% or 1%, and the dollar values will go up for the metals and down for the houses and the trade will indeed be lower cost. You just can't wait to buy into metals at the end, you have to do it sooner than later. Saving up while paying rent is required: sadly, many people deny it can be done. It CAN be done.
ytgv3fc7 1 year ago
@dudeeful1 nice word
njabulani 1 year ago
@DisturbedHavok actually that outcome is only possible, not guaranteed. Those at the bottom without gold or silver but who have skills can indeed trade them for gold and silver. At some point those holding gold and silver will trade them, as they are real money, for goods and services. Perhaps it is presumptuous that those "at the bottom" will have skills at best, not goods. People can scrounge up if they know it's a good opportunity.
ytgv3fc7 1 year ago
@ytgv3fc7 Do you honestly believe that the vast majority of wealth holders in this country will give a fair share of their wealth up if they don't have to? I know Ayn Rand believed that all capitalists and wealth holders were "good", but it's total bullshit because we all know many of them are not. They will horde their gold, silver, etc. like there's no tomorrow.
DisturbedHavok 1 year ago 3
@ecwaufisxtreme as soon as she learns how to read.
njabulani 1 year ago
@whoo689 your absolutely right, the system is designed so 2 sides can yell at each other while both of them screw over the people. Its a "glorified wrestling match" as Governer Ventura would say.
njabulani 1 year ago
@PhoenixFirewolf saving and conserving, holding off on big expenditures, makes it possible. I once had lots of debt, even used a credit car to pay another credit card. Now I have no debt and I have gold (1 oz) bars. Not rich but NOT a debt slave. It can be done. For all of our freedom it must be done. Have no silver yet but I think I will grab some soon.
ytgv3fc7 1 year ago
@towerdawg1976 houses have become inflated because of the credit and loan system. So now you can flip the same house for thousands more when nothings changed. Its a ponzi scheme.
njabulani 1 year ago
@SPQRomantic save your money as gold and silver and you very soon will have that dream true or as close to true as possible. Saving dollars means nothing with the money-printing but silver coins and gold coins and silver bars (um, gold bars too but look, you must *know* those are expensive).... metals is where it's at right now. Has been for 10 years and a very sudden switch is going to happen in about a year, 1.5 yrs, so what you can buy using gold/silver will be MASSIVE.
ytgv3fc7 1 year ago
@adolthitler not the same thing, but one leads to the other.
njabulani 1 year ago
@crackerz99 don't hold your breath. The system is too strong and people are lazy and apathetic. As long as theirs a controversy about dancing with the stars the revolution will have to wait.
njabulani 1 year ago
@crackerz99 to do what??
njabulani 1 year ago
@HomleandSecurity Thank you, can we have more sir??
njabulani 1 year ago
@njabulani No, you Canadian
HomleandSecurity 1 year ago
@TheAfroQween not all banks are bad. Keep a savings account in an FDIC insured bank and you'll be straight.
njabulani 1 year ago
@DisturbedHavok maybe, but remember it would basically eliminate hyperinflation and keep monetary policy honest. And with a gold standard, except more bartering of goods and services and recycling and repairing of products to last longer. It would be much better than it is now.
njabulani 1 year ago
@njabulani The people who have the gold and silver will hold onto more of it and offer very little of it to people who work for them (unless we have a minimum wage still which I know libertarians and "free market" conservatives are against). Then you're stuck with a choice of working for that little bit to pay for your way in life as best you can or don't and suffer hardcore.
DisturbedHavok 1 year ago
@shinriley and also don't forget, if you do go with gold or silver it can not be certificates as much evidence is showing the paper is backed by no metals 99% of the time and only those holding metal in hand will have real money, not empty paper promises, in a time of need for real money. Including a time of very high price ratios in which gold, silver, platinum, will in small amounts buy you lots of things you can use.
ytgv3fc7 1 year ago
@shinriley you got that right but don't forget, real money isn't paper. You wouldn't take a wooden nickel, would you take a paper dollar? Any money you can save and don't plan to spend in a year should be in gold, silver or something else tangible, not an empty paper promise being inflated away by a central-bank laundering your currency to steal your purchasing power.
ytgv3fc7 1 year ago
@adolthitler thats only if your successful selling drugs. Many have failed, only a few succeed.
njabulani 1 year ago
@Elmaln if people only bought what they could afford straight up, then housing prices would dramatically fall. One of the reasons the market crashed so hard is because houses were severely overinflated because of the banks and fraudulent loaning. Houses are worth more on paper than in reality.
njabulani 1 year ago
@adolthitler corruption, fraud, includes all profiteering and IS an integral part of all capitalism. There's no such thing as capitalism without profit-taking and no such thing as a free lunch (profit without loss) in reality. Loss = theft and theft = fraud and theft/fraud/killing are all corruption and all products of capitalism.
A system of trade INTENTIONALLY denying profit is not capitalism, is it? But only that can be honest. Capitalism can only benefit using fraud.
ytgv3fc7 1 year ago
@SimplyGimpy MSNBC should give him a show. At least on weekends instead of that prison shit.
njabulani 1 year ago
@adolthitler corruption is the end-result, capitalism is the machine that produces the corruption and teaches people this is the best system of economics ever invented (brainwashing).
ytgv3fc7 1 year ago
@ytgv3fc7 Thats why we have govt regulation, and laws. Capitalism is not benefitted by fraud, and profits are not made only by fraud. A farmer grows crops, he makes a profit. A manufacturer makes things to be sold at a profit. A service provider provides a service for a profit. Fraud is not a part of capitalism, just as its not a part of socialism or communism. Its a crime in all the systems and it exists in all the systems.
adolthitler 1 year ago
@xadam2dudex corporatism is capitalism. There's no such thing as capitalism - it can not exist in theory or in practice - without corporations forming. It is a mathematical certainty, like having atoms and knowing the next result to expect is molecules will also exist.
ytgv3fc7 1 year ago
@ytgv3fc7 wrongo
xadam2dudex 1 year ago
Capitalism is always a disaster waiting to happen ^__^
mewimi 1 year ago 5
The banks are not the problem. The ignorant people buying and flipping houses are the problem. Fuck this democrat bullshit. Seriously this argument is retarded. Go fuck yourself.
GodsatGaming 1 year ago