On Sep 4, 9:23*am, Kurt Ullman wrote:
In article , "ChairMan"
wrote:

Ed Pawlowski wrote:
thats why I blame more people than the banks. Realtors, appraisers,
title companies all knew that things were wacky.
they all knew what they were selling wasn't worth the price. I
refinanced and had an appraiser ask me what amount I needed to get it
done.
They didn't care, they all got their money on the front end, screw the
guy at the back end

* * *And the buyers have their share of the blame, too. Had a bunch of
friends talk to me about how they knew they couldn't pay it back, but
they KNEW that the price was going to keep going up and they would make
plenty of money before the balloon payment, etc. You have to have the
buyers.
--
America is at that awkward stage. It's too late
to work within the system, but too early to shoot
the *******s."-- Claire Wolfe

And to the list I would add one very big one, the Federal Reserve.
They have God knows how many people monitoring various
aspects of the economy. You would surely think that with housing
prices doublind and tripling in some places, they woud recognize
that their low interest rates were financing a bubble. Yet, the
did nothing.

Saw on the news the other day a family in Las Vegas that bought
a house for $750K in 2007. It's now worth $340/k and they
are still paying the mortgage. Why, I don't know. Bankruptcy
would seem a viable option in that case. Besides the FED,
the buyer would have to be pretty stupid. Around here, NJ
shore, there isn't much new land left. In LV, they have hundreds
of miles of desert to build houses forever. That house would be
worth $750K here, but no way in hell in LV. But everyone gets
caught up in greed and it just becomes a vicous cycle.

Yet, all the Democrats want to do is pretend it's somehow all
Bush's fault, which of course is just nonsense. But it's dangerous
nonsense, because instead of anayzing what really went wrong,
what really lead up to it, etc, if you just rail against everything
that
Bush and the Republicans and say it's all bad, then you're
going to get a very, very bad result. You can see that happening
right now in the economy.