"My wife and I bought a home that was worth $600,000 when we bought it. It's now worth $270,000 and we owe $350,000. We're thinking about just walking away and letting the bank have it - why shouldn't we?"
First of all, the house was worth WHATEVER YOU FUCKING PAID FOR IT ASSHOLE.
Second of all, you shouldn't just walk away because you AGREED TO MAKE THE PAYMENTS AND YOU'RE CAPABLE OF MAKING THE PAYMENTS.
Third of all, you shouldn't walk away because you're going to FUCK THE BANKS, THAT WE'RE ALL ALREADY BAILING OUT, WHICH MEANS YOU'RE GOING TO FUCK THE REST OF US.
Fourth of all, you shouldn't walk away because you're going to FUCK EVERYONE THAT LIVES IN YOUR NEIGHBORHOOD.
Fifth of all (do I have to keep adding the "of all?"), you should't walk away because you're going to FUCK YOUR CREDIT AND YOUR PERSONAL FINANCES AND YOU WON'T BE ABLE TO BUY A HOME AGAIN FOR 10 OR MORE YEARS.
I am not much for regulation, but I think it's niave to think that the banks don't have to be regulated alot more moving forward.
I understand that the banks deserve a LARGE portion fo the blame for this entire mess.
At the same time, in some perfect world scenerio people that walk away from a mortgage that they can afford would be held accountable in some way that doesn't punish those of us that didn't create this problem.
Actually here is something that will not make you feel better...
If someone loses a house to foreclosure but stays current on all their other bills...they will qualify for a prime, fannie mae loan within 2-3 years.
so basically there is absolutly no reason to stay in a house that you are underwater in because if you walk away, in 2 years when Great Depression 2 is in full swing you will be able to buy the house again for pennies on the dollar with fully recovered credit. lmfao.
I guess I have a different take on the matter.
BANKS WERE COMPLETE FUCKING IDIOTS FOR NOT REQUIRING THAT PEOPLE PUT 20% CASH DOWN TO BUY A HOUSE.
SO LET THE FUCKING BANKS EAT SHIT AND DIE WHEN THE DEADBEAT WALKS AWAY BECAUSE THEY HAVE NO SKIN IN THE GAME.
The banks created this mess so let them lay in it.
I am totally against the bank bailout and I think all those banks should go bankrupt, be liquidated, and then purchased by competent people who know how to conduct banking.
20% Down in the future will ensure this never happens again, because people will not walk away when their life savings (poor and most middle class people buying a house) is on the line. Even speculators and flippers who only bought the house betting on future appreciation will do everything in their power (Ie working an extra job or two) to keep the house if they have 20-60K of their hard earned money tied up in it, thus preventing the downward spiral of foreclosures, lower house values, which lead to more foreclosures, and lower house values etc.
secondly...the credit bureau's need to make foreclosure and short sales more detrimental to ones credit score. Being able to basically commit mortgage fraud, screw a bank and bond investors out of hundreds of thousands, walk away without recourse and then be able to do it all again 2.5 years later is bullshit. _________________ PETER SCHIFF EXPLAINS WHY OBAMA WILL FAIL:
http://www.youtube.com/watch?v=QOVDqZEQk8E
First, the vast majority of people that are foreclosed on aren't going to stay current on thier bills.
Second, my point wasn't about the bank bailout and whether or not it was/is necessary, but nice work picking a spot to bitch about it again. My point was that these idiots bought a house figuring it was going to make them rich, not to live in for 30 years, and now that they don't like thier investment they want to walk away and screw everyone else - including you genius.
Third, allowing banks the size of Citi and B of A to fail would have catastrophic consequenses and while I don't like picking up the tab for others people's mistakes, greed, and dishonesty, I prefer it to holing up in my basement with a shotgun and a year's supply of water.
Last edited by DHall2 on Wed Mar 04, 2009 12:41 pm; edited 1 time in total
Joined: 11 Jan 2006 Posts: 5647 Location: Royal Oak
Wed Mar 04, 2009 10:11 am
Post subject:
DHall2 wrote:
Third, allowing banks the size of Citi and B of A to fail would have catastrophic consequenses and while I don't like picking up the tab for others people mistakes, greed, and dishonesty, I prefer it to holing up in my basement with a shotgun and a year's supply of water.
Thank you.
I love that this idiot can spout shit out here and nobody normally cares to respond to him, but time to stuff needs to be said.
1) I'd to see where he got the 2-3 year thing for FM.
2) Let all banks fail? Yes, let's go live in anarcho-capitalism. Just don't try to use your credit card. Or buy any consumer products that require financing. We all know that UPB doesn't own a credit card, doesn't finance anything, and so on. So he's fine. Fuck the rest of everyone else though.
Let it all fail... _________________ It's a law, like water, or dinosaurs.
We all know that UPB doesn't own a credit card, doesn't finance anything, and so on. So he's fine. Fuck the rest of everyone else though.
No, UPB is not fine either, even if he lives on a cash-only basis. He still won't be able to buy anything since there will be nothing to buy. Manufacturing companies rely on credit even more than consumers.
Not to piss on UPB's riff, but it sounded like the homeowners in DH's story did put more than 20% down and still found themselves underwater and deciding whether to walk away. _________________ Formerly known as Barry O.
It was deregulation of the mortgage industry since the 90's (so both parties are to blame).
An emphasis was placed on the merits of home ownership under the Bush administration, so further deregulation occurred (interest only mortgages, 100% financing, etc).
From the immediate post war 40's through 2006 (nothing empirical just something I happen to have remembered) drops in housing values have been virtually non-existent (isolated instances in areas particularly hard hit by temporary hard economic times).
DHall, you can't blame the banks and the mortgage companies. It was the Fed responsible for feeding the frenzy. _________________ G-O-L-F is a four letter word.
We all know that UPB doesn't own a credit card, doesn't finance anything, and so on. So he's fine. Fuck the rest of everyone else though.
No, UPB is not fine either, even if he lives on a cash-only basis. He still won't be able to buy anything since there will be nothing to buy. Manufacturing companies rely on credit even more than consumers.
Not to piss on UPB's riff, but it sounded like the homeowners in DH's story did put more than 20% down and still found themselves underwater and deciding whether to walk away.
The guy in my story bought the house "with equity already in it."
In other words, he got such a good deal that he didn't need to put anything down, because the difference between the homes value and the purchase price was effectively his down payment. He didn't say whether or not he actually put additional money down because it was required by the lender.
I could have been more clear, obviously, but that was my point in the first part of my little rant. This idiot bought the house because it was going to make him rich, because he was getting $200,000 in "instant equity."
Maybe I'm being too harsh on the guy, but I have a special degree of dislike for somebody that buys a home to get rich and then decides to walk away when things go sour, because he's essentially decided to try to get rich the easy way and then decided to fuck everyone else when he finds out it's not so easy.
And, I'll point out, my special degree of dislike results from my previously mentioned position that you DO NOT MAKE MONEY BUYING AND LIVING IN A HOME. To fuck the rest of us because you didn't understand this just makes me think the guy is an idiot AND and asshole.
It was deregulation of the mortgage industry since the 90's (so both parties are to blame).
An emphasis was placed on the merits of home ownership under the Bush administration, so further deregulation occurred (interest only mortgages, 100% financing, etc).
From the immediate post war 40's through 2006 (nothing empirical just something I happen to have remembered) drops in housing values have been virtually non-existent (isolated instances in areas particularly hard hit by temporary hard economic times).
DHall, you can't blame the banks and the mortgage companies. It was the Fed responsible for feeding the frenzy.
Having worked for a bank and a mortgage company I can tell you that I most certainly CAN blame them. There are no sacred cows in this mess - everyone gets some of the blame with the exception of the people that were buying homes they could afford in the manner that people did 20 or 30 years ago.
The banks and the mortgage companies were BEGGING people to take loans. They were calling people that had just refinanced 6 months ago to tell them that rates had dropped and they could save MORE MONEY! Forget that you're restarting your ammortization schedule, your MONTHYLY PAYMENT IS GOING TO BE $60 LESS!!
I saw a family with 2 SUV payments, a boat payment, $30,000 in credit card debt, and a $300,000 mortgage get 95% financed for A SECOND HOME!
It doesn't take an MBA from Wharton to know that's not a scenerio that is going to end well. You're absolutely betting that home values will continue to go up forever and that neither of the incomes in the household will ever decrease or vanish all together.
Obviously, people that choose to live this way make thier own beds, but you can't tell me that a bank that's willing to lend these people money doesn't deserve some blame for excessive risk taking and shitty underwriting.
And I could provide you examples like this for months and months on end.
Each one of us in Metro Detoit was subjected to the other DHall (David) offering interest only loans and refinancing deals at least a dozen times every day.
It seems as if only the small banks and credit unions stayed out of this frenzy; and this was most likely because they could not afford to offer these kind of deals as opposed to foresight.
There is a reason I chose this username and a reason that I bitch about Dan Gilbert all the time.
They're both perfect examples of the greedy corporate assholes that the average Joe loves to hate and doesn't trust.
What they did when Gilbert was making his billions (and Hall a nice fortune himself I'm sure) was unethical and, from what I can gather, in some cases illegal.
They got rich on the backs of thier slave labor employees and at the expense of thier customers - and the Detroit media cheered them along as corporate titans to be respected all the while. Gilbert is still looked at as some potential savior for the City of Detroit.
It makes me sick to think of the people that they've fucked for the sake of money. Ironically, as the story goes, David Hall no longer works there because he decided to try to fuck Dan Gilbert. Of course, you can't get any verification of that story, because the employees are too scared to talk to anybody about it.
And, by the way, if history is any indication Jeff and I will be contacted by Quicken's legal team as a result of this post.
Joined: 31 Dec 2005 Posts: 1832 Location: Novi, MI
Wed Mar 04, 2009 1:12 pm
Post subject:
DHall2 wrote:
It makes me sick to think of the people that they've fucked for the sake of money. Ironically, as the story goes, David Hall no longer works there because he decided to try to fuck Dan Gilbert. Of course, you can't get any verification of that story, because the employees are too scared to talk to anybody about it.
This is true. From what I heard when Hall was fired,Dan Gilbert will also be filing a lawsuit against Hall for losses. I don't know if he ever did, but it was out there that he was going to.
There is a reason I chose this username and a reason that I bitch about Dan Gilbert all the time.
They're both perfect examples of the greedy corporate assholes that the average Joe loves to hate and doesn't trust.
What they did when Gilbert was making his billions (and Hall a nice fortune himself I'm sure) was unethical and, from what I can gather, in some cases illegal.
They got rich on the backs of thier slave labor employees and at the expense of thier customers - and the Detroit media cheered them along as corporate titans to be respected all the while. Gilbert is still looked at as some potential savior for the City of Detroit.
It makes me sick to think of the people that they've fucked for the sake of money. Ironically, as the story goes, David Hall no longer works there because he decided to try to fuck Dan Gilbert. Of course, you can't get any verification of that story, because the employees are too scared to talk to anybody about it.
And, by the way, if history is any indication Jeff and I will be contacted by Quicken's legal team as a result of this post.
I represented a former employee of Quicken and I based on what I saw during that matter, I concur with your assessment.
There was a class action overtime lawsuit against them as well. Anyone know how that turned out?
Ya know...back in 2000, when my wife and I bought our house, we were told by our parents to only get one at a fixed rate (6% at the time if memory serves me correct) and only buy a house that we could still afford to live in if one of use lost our job.
After a few refi's down to our current fixed rate of 5 1/2% and a few wage increases, we thought about selling and upgrading. We were somewhat miffed that all these other people were living in these $350,000 homes and we were still in our little shack. So we started looking and found one above our means but we figured, eff it, if the banks want to give us a 0% loan, we'll worry about the increase 4-5 years down the road and deal with it then.
But sensibilty kicked in and we remembered what our parents told us. So, because of smart parents, we still live in our original home and consider ourselves very lucky that we were brought up without a greedy, materialistic mentality that seemed to consume so many others during the housing boom.
Thank you mom and dad. _________________ "Something on the internet?"
Joined: 19 Nov 2005 Posts: 2823 Location: Being walked by Dontrelle Willis
Wed Mar 04, 2009 8:49 pm
Post subject:
Basic fundamentals.
What an interesting concept. _________________ Build a man a fire and he will be warm for a day. Set a man on fire and he will be warm for the rest of his life.
We all know that UPB doesn't own a credit card, doesn't finance anything, and so on. So he's fine. Fuck the rest of everyone else though.
No, UPB is not fine either, even if he lives on a cash-only basis. He still won't be able to buy anything since there will be nothing to buy. Manufacturing companies rely on credit even more than consumers.
Not to piss on UPB's riff, but it sounded like the homeowners in DH's story did put more than 20% down and still found themselves underwater and deciding whether to walk away.
The guy in my story bought the house "with equity already in it."
In other words, he got such a good deal that he didn't need to put anything down, because the difference between the homes value and the purchase price was effectively his down payment. He didn't say whether or not he actually put additional money down because it was required by the lender.
I could have been more clear, obviously, but that was my point in the first part of my little rant. This idiot bought the house because it was going to make him rich, because he was getting $200,000 in "instant equity."
Maybe I'm being too harsh on the guy, but I have a special degree of dislike for somebody that buys a home to get rich and then decides to walk away when things go sour, because he's essentially decided to try to get rich the easy way and then decided to fuck everyone else when he finds out it's not so easy.
And, I'll point out, my special degree of dislike results from my previously mentioned position that you DO NOT MAKE MONEY BUYING AND LIVING IN A HOME. To fuck the rest of us because you didn't understand this just makes me think the guy is an idiot AND and asshole.
That kind of proves my whole point then doesn't it???
Equity is a myth...period.
The people who bought Pets.com when it dropped from $60 dollars a share to $30 dollars a share thought they had $30 dollars worth of equity in the stock (meaning they assumed the stock was worth 60 dollars and they were getting a steal at 30 before it went back up)
Pets.com went to zero, because the fundamentals did not support the value... the company made no money.
The housing bubble created an illusion of wealth, it did not create actual wealth. The guy in the article thought he had equity in his home but discovered it was just an illusion of equity. Sheeeple were buying stocks in the first bubble, then homes in the next based on mania, and greed rather then the fundamentals of what the home can actually rent for per month based on local median income.
If the guy would have put down 20% of his own blood, sweat and tears instead of just imaginary "equity" he would not have walked away.
As far as the assumptions made about me personally by others in this thread let me clear a few things up.
I don't buy the line from Obama and his minions that letting people default on their mortgages will hurt me so I have to bail them out and pay their mortgage to save myself. LOL
sorry, I want my neighbor to lose their house if they can't pay it and have someone else buy it who is able to. That is how the housing market will recover, not keeping a loser in a house they can't afford and creating a moral hazard for people to misbehave in the future because they experienced no consequences for their stupidity.
I made a mistake by purchasing a house in Dec 2005 at the peak of the housing market. Do you see me crying about it or asking for a bailout? No...I accept personal responsibility, something that is lost this day in age and I will continue to pay my mortgage.
I am not anti-banking, I am just anti-bailing out insolvent banks. If Citibank and Bank of America collapse, better ran banks will take over their deposits and do a better job. Don't worry it has happened before.
I have five different credit cards, and I have 9 months worth of liquid income in a money market account saved up. Citi bank last month tried to jack me around and raise my interest rate from 11.9 to 18.9%. I wrote them a check for the full balance and paid the card off, and then replenished the emergency fund.
Because citi acted like assholes they get no interest now instead of the 11.9% they were enjoying.
People need to start taking responsibility for their actions and start living on less money then they make instead of living above their means and then crying for big daddy government to take care of them.
Because Iceland is really just one big family, it’s simply annoying to go around asking Icelanders if they’ve met Björk. Of course they’ve met Björk; who hasn’t met Björk? Who, for that matter, didn’t know Björk when she was two? “Yes, I know Björk,” a professor of finance at the University of Iceland says in reply to my question, in a weary tone. “She can’t sing, and I know her mother from childhood, and they were both crazy. That she is so well known outside of Iceland tells me more about the world than it does about Björk.”
I like that guy. _________________ Sanity is the delusion of the rational.
Joined: 11 Jan 2006 Posts: 5647 Location: Royal Oak
Fri Mar 06, 2009 10:22 am
Post subject:
UnelectablePsycho'sBitch wrote:
DHall2 wrote:
Fielding Yost wrote:
NRK wrote:
We all know that UPB doesn't own a credit card, doesn't finance anything, and so on. So he's fine. Fuck the rest of everyone else though.
No, UPB is not fine either, even if he lives on a cash-only basis. He still won't be able to buy anything since there will be nothing to buy. Manufacturing companies rely on credit even more than consumers.
Not to piss on UPB's riff, but it sounded like the homeowners in DH's story did put more than 20% down and still found themselves underwater and deciding whether to walk away.
The guy in my story bought the house "with equity already in it."
In other words, he got such a good deal that he didn't need to put anything down, because the difference between the homes value and the purchase price was effectively his down payment. He didn't say whether or not he actually put additional money down because it was required by the lender.
I could have been more clear, obviously, but that was my point in the first part of my little rant. This idiot bought the house because it was going to make him rich, because he was getting $200,000 in "instant equity."
Maybe I'm being too harsh on the guy, but I have a special degree of dislike for somebody that buys a home to get rich and then decides to walk away when things go sour, because he's essentially decided to try to get rich the easy way and then decided to fuck everyone else when he finds out it's not so easy.
And, I'll point out, my special degree of dislike results from my previously mentioned position that you DO NOT MAKE MONEY BUYING AND LIVING IN A HOME. To fuck the rest of us because you didn't understand this just makes me think the guy is an idiot AND and asshole.
That kind of proves my whole point then doesn't it???
Equity is a myth...period.
The people who bought Pets.com when it dropped from $60 dollars a share to $30 dollars a share thought they had $30 dollars worth of equity in the stock (meaning they assumed the stock was worth 60 dollars and they were getting a steal at 30 before it went back up)
Pets.com went to zero, because the fundamentals did not support the value... the company made no money.
The housing bubble created an illusion of wealth, it did not create actual wealth. The guy in the article thought he had equity in his home but discovered it was just an illusion of equity. Sheeeple were buying stocks in the first bubble, then homes in the next based on mania, and greed rather then the fundamentals of what the home can actually rent for per month based on local median income.
If the guy would have put down 20% of his own blood, sweat and tears instead of just imaginary "equity" he would not have walked away.
As far as the assumptions made about me personally by others in this thread let me clear a few things up.
I don't buy the line from Obama and his minions that letting people default on their mortgages will hurt me so I have to bail them out and pay their mortgage to save myself. LOL
sorry, I want my neighbor to lose their house if they can't pay it and have someone else buy it who is able to. That is how the housing market will recover, not keeping a loser in a house they can't afford and creating a moral hazard for people to misbehave in the future because they experienced no consequences for their stupidity.
I made a mistake by purchasing a house in Dec 2005 at the peak of the housing market. Do you see me crying about it or asking for a bailout? No...I accept personal responsibility, something that is lost this day in age and I will continue to pay my mortgage.
I am not anti-banking, I am just anti-bailing out insolvent banks. If Citibank and Bank of America collapse, better ran banks will take over their deposits and do a better job. Don't worry it has happened before.
I have five different credit cards, and I have 9 months worth of liquid income in a money market account saved up. Citi bank last month tried to jack me around and raise my interest rate from 11.9 to 18.9%. I wrote them a check for the full balance and paid the card off, and then replenished the emergency fund.
Because citi acted like assholes they get no interest now instead of the 11.9% they were enjoying.
People need to start taking responsibility for their actions and start living on less money then they make instead of living above their means and then crying for big daddy government to take care of them.
...I will see you on the soup lines.
Your whole "I'm better than you" routine is really arrogant. You're right - you are the only one who takes responsibility. You are the only one who owns a house and makes your mortgage payments on time.
Look, you say you'd be happy if they moved out and solvent people moved in. Great.... but your idiocy can't understand that people aren't moving into houses right now like they were. So yeah, maybe a while ago it would have been no problem, but now that house is going to sit foreclosed. Not good for you. Sorry.
Your lack of understanding of basic economics is amazing. _________________ It's a law, like water, or dinosaurs.
Ya know...back in 2000, when my wife and I bought our house, we were told by our parents to only get one at a fixed rate (6% at the time if memory serves me correct) and only buy a house that we could still afford to live in if one of use lost our job.
After a few refi's down to our current fixed rate of 5 1/2% and a few wage increases, we thought about selling and upgrading. We were somewhat miffed that all these other people were living in these $350,000 homes and we were still in our little shack. So we started looking and found one above our means but we figured, eff it, if the banks want to give us a 0% loan, we'll worry about the increase 4-5 years down the road and deal with it then.
But sensibilty kicked in and we remembered what our parents told us. So, because of smart parents, we still live in our original home and consider ourselves very lucky that we were brought up without a greedy, materialistic mentality that seemed to consume so many others during the housing boom.
Thank you mom and dad.
There are so many borrowers who aren't responsible and wouldn't make a rational decision about such things that justify government regulation.
Same lack of responsibility applies to lenders, as well, obviously.
And the post by [Unelectable Psycho]'s Bitch was way too long to read, but I did like his comparison of the current situation to what happened with Pets. com.
awww, poor baby doesn't agree with me so he resorts to personal attacks.
how adorable
I do not agree with idiots repeating shit they didn't fully understand as if it were their opinions.
I also don't agree with not capitalizing the first letter of the first word in a sentence.
Stop thinking.
I assure you I understand everything I wrote, I have been writing a blog since Oct 2007 that has predicted everything that has happened and will happen in regards to housing, economics and the stock market.
I have obviously been wrong on my political predictions, but hey, no one is perfect.
If there is a part of what I wrote you don't understand let me know and I will try and dumb it down for you. _________________ PETER SCHIFF EXPLAINS WHY OBAMA WILL FAIL:
http://www.youtube.com/watch?v=QOVDqZEQk8E
AGS, I can't tell if you are being sarcastic or not so I will try to explain assuming the former.
An asset is only worth what a person is willing to pay for it at that given moment. Any asset class you are dealing with have certain fundamentals that allow you to determine a fair market value. Stocks have a P/E ratio, Houses have rental value, Precious metals have a valuation relative to the strength of the currency they are being purchased with etc.
During the housing bubble people were paying an irrational price for houses not because the fundamentals warrented it. People did not want houses, they wanted money, they wanted an ATM machine that would let them pull cash out and support debt driven consumption all while continuing to appreciate in value.
As soon as the bubble popped and the houses started decreasing in value the ponzi scheme came to an end and people wanted out.
The equity people thought they had never existed. That equity was an illusion based on an overpriced asset bubble.
The bubble popped and with it the equity.
The point is you never really have any true equity in an asset. Because the price of the asset is always subject to swings based on the price others are willing to pay for it. _________________ PETER SCHIFF EXPLAINS WHY OBAMA WILL FAIL:
http://www.youtube.com/watch?v=QOVDqZEQk8E
You don't know the difference between a ponzi scheme and a bubble...but most idiots don't. _________________ To a 5'6" guy in AFFLICTION gear? Are you serious? No problem. Bring them to me. Tossing midgets is fun. There's a kid at the gym that I go to who rocks a UFC hat and all this other garbage. He probably weights a buck 40. It would be hilarious.
awww, poor baby doesn't agree with me so he resorts to personal attacks.
how adorable
I do not agree with idiots repeating shit they didn't fully understand as if it were their opinions.
I also don't agree with not capitalizing the first letter of the first word in a sentence.
Stop thinking.
I assure you I understand everything I wrote, I have been writing a blog since Oct 2007 that has predicted everything that has happened and will happen in regards to housing, economics and the stock market.
I have obviously been wrong on my political predictions, but hey, no one is perfect.
If there is a part of what I wrote you don't understand let me know and I will try and dumb it down for you.
The housing bubble was a ponzi scheme. You had people paying more and more money for the same house untill finally there was no greater fool left to buy it from the last person. Leaving the last person in the house stuck with the loss.
It's very reassuring to know that someone has his finger on the pulse of metro Detroit's supply of ammo for assault rifles. _________________ Formerly known as Barry O.
Joined: 11 Jan 2006 Posts: 5647 Location: Royal Oak
Mon Mar 09, 2009 1:14 pm
Post subject:
So let me get this straight. In 2007 you said the stock market was going to decline. No time frame. Nothing, just that you think it was going to drop.
And it did. At some point.
In November of 2008, when everyone knew the market was dropping, you predicted it would drop. Wow... you're amazing. The president elect didn't come out and say anything like "it's going to get-worse" or anything like that... What's next you predict Michigan State basketball wins the B10 regular season championship.
Congratulations. I bet when you read Nostradamus you see the "predictions" of the Twin Towers.
I suppose none of this is bad as trying to find ammo for your AK-47, or posting links to people in blackface ... _________________ It's a law, like water, or dinosaurs.
Joined: 11 Jan 2006 Posts: 5647 Location: Royal Oak
Mon Mar 09, 2009 1:18 pm
Post subject:
My DSR Predictions:
*Someone will have their password changed/get banned
*Someone will call Jeff Moss a fat slob
*The domain name will expire
*There will be an MSU/UM argument over something
*People will talk about movies
*NRK will post a thread with his DSR Predictions _________________ It's a law, like water, or dinosaurs.
Joined: 19 Nov 2005 Posts: 2823 Location: Being walked by Dontrelle Willis
Mon Mar 09, 2009 1:25 pm
Post subject:
NRK wrote:
My DSR Predictions:
*Someone will have their password changed/get banned
*Someone will call Jeff Moss a fat slob
*The domain name will expire
*There will be an MSU/UM argument over something
*People will talk about movies
*NRK will post a thread with his DSR Predictions
You missed the occasional racist blast. _________________ Build a man a fire and he will be warm for a day. Set a man on fire and he will be warm for the rest of his life.
And, by the way, I refuse to believe that the rambling idiot that posts on this website is the same guy that made those posts on that blog.
Unless you're shooting up right before you log on to the DSR there is no explanation for the difference in the writing ability between those two people. _________________ To a 5'6" guy in AFFLICTION gear? Are you serious? No problem. Bring them to me. Tossing midgets is fun. There's a kid at the gym that I go to who rocks a UFC hat and all this other garbage. He probably weights a buck 40. It would be hilarious.
I didn't describe anything...I posted a definition.
And there is a HUGE difference between people making a profit and people stealing you fucking idiot.
Bernie Madoff ran a ponzi scheme. He stole from people. He took money that belonged to one person and gave it to another so that he could get rich in the process.
That isn't AT ALL what you're talking about here.
And because you can make it sound somewhat similiar doesn't make it the same...except for in your apparently drug fueled world. _________________ To a 5'6" guy in AFFLICTION gear? Are you serious? No problem. Bring them to me. Tossing midgets is fun. There's a kid at the gym that I go to who rocks a UFC hat and all this other garbage. He probably weights a buck 40. It would be hilarious.
I didn't describe anything...I posted a definition.
And there is a HUGE difference between people making a profit and people stealing you fucking idiot.
Bernie Madoff ran a ponzi scheme. He stole from people. He took money that belonged to one person and gave it to another so that he could get rich in the process.
That isn't AT ALL what you're talking about here.
And because you can make it sound somewhat similiar doesn't make it the same...except for in your apparently drug fueled world.
If you type in google search : The Housing Bubble was a Ponzi Scheme : you get 140,000 results
I also don't appreciate you making false assumptions about my character, I am an educated healthcare professional, and have never failed a drug screen.
You really need to learn to have a debate without resorting to the lowest common denominator. _________________ PETER SCHIFF EXPLAINS WHY OBAMA WILL FAIL:
http://www.youtube.com/watch?v=QOVDqZEQk8E
The following is a post from another blogger on this subject:
You hear me say that the housing bubble is just a ponzi scheme - the biggest ponzi scheme of all time, the biggest financial bubble in human history.
Well, let's look at what a true ponzi scheme is, and then relate it to the housing bubble:
From Wikipedia:
A Ponzi scheme is a fraudulent investment operation that involves paying abnormally high returns ("profits") to investors out of the money paid in by subsequent investors, rather than from net revenues generated by any real business.
OK so far. "Abnormally high returns ("profits") - that sounds like our friend the bubble. Why work for a living when you can just buy a condo, and earn 20%, 50%, 100% in 2 years? Boy, those are some abnormal returns aren't they?
Especially when you consider the return is much higher than 20%, 50% or 100%. Say you buy a $500,000 condo in Miami, for 5% down or $25,000, and it goes up 50%, or $250,000, heck, even before you move in. So $25,000 to make $250,000, that's 10 times your money! Or a 1000% return! Now that would make Mr. Ponzi smile!
And who's paying those returns, those "profits"? Yup, you got it, the "subsequent investors" - the latecommers to the ponzi scheme, the new home buyers, the former renters, the folks getting in with no-down, no-doc, interest-only teaser-rate schemes.
But this is a "real business" isn't it? I mean, like shining shoes, or building widgets, right? Buying a house, that's work, man. I should get paid for my work and labor, right? OK, we all see now that this isn't a real business. There's no work involved. Just riches, or the promise of riches.
Wikipedia finishes with:
A Ponzi scheme must have abnormally high short-term returns in order to entice new investors. The high returns that a Ponzi scheme advertises (and pays) require an ever-increasing flow of money from investors in order to keep the scheme going.
For the housing bubble, the reason it's over now is that the new money in has dried up. The scheme blew up when the expectations of future rises blew up. Now the smart money is heading out, rushing out, and only the terribly stupid are still trying to get in.
So, class is out. I'd encourage you to read the whole wikipedia entry (and also their one for Housing Bubble), and do more research on historic ponzi schemes. This one will be written about for ages, and it's been a fascinating case study all along, but it's going to get real interesting now as it unravels. _________________ PETER SCHIFF EXPLAINS WHY OBAMA WILL FAIL:
http://www.youtube.com/watch?v=QOVDqZEQk8E
If equity doesn't exist, everything is a ponzi scheme. If nothing has value outside of the promises issued for purchase then all purchases are simply "investments," some you sell off and others you never get around to.
When you start making up definitions and denying realities, you can describe anything as anything. _________________ Sanity is the delusion of the rational.
Last edited by Fool on Tue Mar 10, 2009 10:19 am; edited 1 time in total
Joined: 11 Jan 2006 Posts: 5647 Location: Royal Oak
Tue Mar 10, 2009 9:47 am
Post subject:
Fool speaking the truth.
I hope that UPB doesn't have any stock either, cuz that would be contradictory. Damn fakeness.
Remember when people argued about financial stuff from 2 no-name blogs, wikipedia, and google results? That was awesome. I think the last time it happened it was Keggers and I on the German economy in the 1930s and 40s. Soooo yeah, you probably should stop. _________________ It's a law, like water, or dinosaurs.
Equity actually doesn't exist. Things aren't worth value. Value also doesn't exist. Common sense can also be thrown out of this wacko's world. _________________ Gerrard
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Just don't try to use your credit card. Or buy any consumer products that require financing. We all know that UPB doesn't own a credit card, doesn't finance anything, and so on. So he's fine. Fuck the rest of everyone else though.
