Jimmy Buffett discussion
https://www.buffettnews.com/forum/
Or even we the people? Buying stuff we don't need. Short term thinking.SMLCHNG wrote:Of course NO ONE in Congress or the Senate have any blame in what goes on in this country, right?rumdrinks wrote:As we like to say at work, "Stinkin Bush, it's all his fault."
Didn't the S&L scandal involve the Keating Five? Five Senators who improperly aided Charles Keating during an governmental investigation. John McCain was one of the five but he and John Glenn were found to only be minimally involved in interfering with a Federal investigation.flyboy55 wrote:The sub-prime lending fiasco (which is largely responsible for our current economic woes) has many parallels with the Savings and Loan disaster of the 1980s.docandjeanie wrote:We are in the same business, it is very hard to do our jobs right now, we didn't make those loans either. It is becoming tougher for people to get loans right now, programs disappearing, lending rules tightening, it's getting down right uglyScarletB wrote:I'm a mortgage lender with a big commercial bank. We made no stupid loans, we did no sub prime, we have money to lend and people are borrowing. The problem though is the bar is being raised higher and higher every day credit and down payment wise, to the point where lots of very responsible borrowers will be paying a lot more at closing due to "Adverse delivery" fees and the like by the big buyers of mortgages.
My state is pretty much last in foreclosures but we're being penalized because of the excesses in other places.
Relaxation of regulations governing the S&L industry through the early 80s led to the S&L industry collapse and subsequent publicly-funded taxpayer bailout (the largest in history). The mess contributed to the recession the country experienced at the time.
Some folks got extremely wealthy in the 1980s, and a lot of other folks got the 'bill' for it a few years later in the form of large budget deficits and taxes.
Interestingly, there was a Bush in the White House back then, too. And his son Neil Bush (our president's brother) ran the Silverado Savings & Loan. Ran it into the ground that is. He was investigated for fraud and financial mismanagement, and although he didn't go to prison, he was assessed a $50,000 fine for his part in the scandal at Silverado. That bailout alone cost taxpayers $1,000,000,000 dollars.
Some economists feel that the S&L debacle of the 1980s played a part in our current sub-prime banking crisis by creating a moral hazard, ie leading banking industry executives to take risks they shouldn't in the belief that whatever happens, a 'bailout' will save their a$$.
Some things never change . . .
Yes that was part of it. The S&L that Keating was involved with contributed to the mess.The Lost Manatee wrote:Didn't the S&L scandal involve the Keating Five? Five Senators who improperly aided Charles Keating during an governmental investigation. John McCain was one of the five but he and John Glenn were found to only be minimally involved in interfering with a Federal investigation.flyboy55 wrote:The sub-prime lending fiasco (which is largely responsible for our current economic woes) has many parallels with the Savings and Loan disaster of the 1980s.docandjeanie wrote:We are in the same business, it is very hard to do our jobs right now, we didn't make those loans either. It is becoming tougher for people to get loans right now, programs disappearing, lending rules tightening, it's getting down right uglyScarletB wrote:I'm a mortgage lender with a big commercial bank. We made no stupid loans, we did no sub prime, we have money to lend and people are borrowing. The problem though is the bar is being raised higher and higher every day credit and down payment wise, to the point where lots of very responsible borrowers will be paying a lot more at closing due to "Adverse delivery" fees and the like by the big buyers of mortgages.
My state is pretty much last in foreclosures but we're being penalized because of the excesses in other places.
Relaxation of regulations governing the S&L industry through the early 80s led to the S&L industry collapse and subsequent publicly-funded taxpayer bailout (the largest in history). The mess contributed to the recession the country experienced at the time.
Some folks got extremely wealthy in the 1980s, and a lot of other folks got the 'bill' for it a few years later in the form of large budget deficits and taxes.
Interestingly, there was a Bush in the White House back then, too. And his son Neil Bush (our president's brother) ran the Silverado Savings & Loan. Ran it into the ground that is. He was investigated for fraud and financial mismanagement, and although he didn't go to prison, he was assessed a $50,000 fine for his part in the scandal at Silverado. That bailout alone cost taxpayers $1,000,000,000 dollars.
Some economists feel that the S&L debacle of the 1980s played a part in our current sub-prime banking crisis by creating a moral hazard, ie leading banking industry executives to take risks they shouldn't in the belief that whatever happens, a 'bailout' will save their a$$.
Some things never change . . .
BINGO! Every time I have to go into a place like Christmas Tree Shop (my mom likes to go there sometimes) it drives me insane - people buying crap they don't need with money they don't have.moog wrote:Or even we the people? Buying stuff we don't need. Short term thinking.SMLCHNG wrote:Of course NO ONE in Congress or the Senate have any blame in what goes on in this country, right?rumdrinks wrote:As we like to say at work, "Stinkin Bush, it's all his fault."
Insightful as always......thanks so much for posting.Lightning Bolt wrote:People's OWN ignorance and stupidity make the problem worse, not the news.
The newscasts are only reflections of the realities.
If MORE people paid attention to news, business, and world issues
they would not be getting SURPRISED by the difficult circumstances we're now facing.
Blaming the newscasts is like blaming the rain.
If you didn't look around to see what's coming... then, sorry, but you're gonna get wet!!
