BF2S Forums Fraud, lies and your neighborhood banker

I start my day, every day with msn money.
I find it to be rather unbiased tbpfh.

Well with most States on the verge of Bankruptcy and cutting the state funding to most counties(I can only imagine that Newark, Camden, Trenton in this state won't be affected) property taxes are going to go up again.

Which is going to drive down home values, my property taxes went from 4k a year to 6500 in two years. Driving down the values of the homes in the area. So I see Lot's more millions foreclosing in NY, California, New Jersey and other states that don't get much federal money. A friend of mine keeps saying that all government agency's DON"T produce anything that creates money for them and just create a giant void. Even though they could actually be producing money through recycling and other services mulch garbage, etc... All they do is consume and pass the buck to the citizens living there.

With all our wars and high expensive in the past, is this the debt that we were going to push off to our children?

Basically the banks and the government are working hand in hand to sink the populace?

The purpose of why, I have no idea. Maybe to make us all serfs again to the power of government or the banking industry. Maybe since Military enrollment was so little before, they decided to crash the economy to get more soldiers?

Also Interesting thing about Washington Mutual was that the crash became because a rumor, that they didn't have enough money to cover the deposits. Right before the crash the shares were worth 18 then they dropped to 13 then overnight they dropped lower making it easy for Chase to buy them out.

So what if homeowners owe more on their homes than they are worth. 

Two scenarios:

1)  If you can afford the payments, well, you bought it high.  Just pay it off.

2)  You bought more than you can afford so you are going into foreclosure?  Tough shit.  F*ck off.  You couldn't afford the house in the first place.  You don't deserve a principal adjustment.

Breakings news vindicates me.

Goldman sachs accused of fraud by government. Heads are gonna roll, maybe.

Link to follow.

ATG wrote:

Breakings news vindicates me.

Goldman sachs accused of fraud by government. Heads are gonna roll, maybe.

Link to follow.

I've been watching the Goldman Sachs fallout on CNBC. Its about GD time.
Its really interesting to see the pull back in oil on the news of GS fraud... one commentor was right when he said there's lots of actual oil in storage and in facilities but the price is being driven by the flow of money in the trade... on news of GS fraud charge oil pulled back about $2... and the comment was that we could see it return to $71 a barrel.... God dam GS they are a bunch of crooks. I hope that these charges go a long way to poisoning the GS money on capital hill and cause certain congressmen to dive for political cover given the fact that they are bought men. This gives some hope to seeing actual financial reform being passe without GS loopholes.



On another point on CNBC... I see that Cramer and Erin Burnett were both disclosing their prior employment with GS while they were together on a panel. They were commenting and then using the air time to defend these crooks.... Has GS got people in every aspect from govt, to trading, to regulator aganecies, to the fed, to the treasury to media commentators... they are everywhere.... CNBC needs to clean their own house, they shouldn't be using air time to defend their friends... it deflects from what an actual journalist is supposed to be doing and its what helps Wallstreet become a talk shop in the first place, and trying to help GS stem the blood letting on the trading day is wrong..... What BS Cramer is, he was saying that "My super secret friend at GS told me that they didn't do it"....  :WTF:....


Cramer needs a button to "GO GO GO GO F*ck himself"

Turquoise wrote:

Dilbert_X wrote:

Incentivise people with bonuses and don't regulate them and it happens in any industry.

Indeed...

Flaming_Maniac wrote:

article wrote:

Sen. Carl Levin said regulators "saw the shoddy lending practices, saw the high-risk lending, saw the shoddy securitizations, understood the risk, but let the bank do it anyway."

So where exactly does the fault lie? The criminal inmates or the guards supposed to be watching them?

Turquoise wrote:

Flaming_Maniac wrote:

Turquoise wrote:

Dilbert_X wrote:

Incentivise people with bonuses and don't regulate them and it happens in any industry.

Indeed...

Flaming_Maniac wrote:

So where exactly does the fault lie? The criminal inmates or the guards supposed to be watching them?

Both...  The bankers knew they were taking unnecessary risks, and the regulators were complicit.

In other words, no one can claim innocence in this crisis....  not even the people who accepted ARMs.

But what you quoted. You (indirectly) said this is what happens with you incentivise people and don't regulate them...but they were regulated. So what exactly are we supposed to do?

Right, we should have the government hold a gun to everyone's head. Then no one will threaten anyone else's livelihood.

The federal reserve should be done away with. We should have an asset backed currency. Gs should lose their license and be banned from doing business. They have been creating one crisis after another and then betting on them. Shameless bastards.


I confess to being uncomfortable with my ARM. I never wanted to buy a house as I knew what was coming. But, my hen wanted to build a nest for our chicks and my downfall was when she asked, why don't we see if we qualify. I actually was shocked as we only put 12k down that I qualified for a 450k loan.


If I had any confidence that this market was going to rebound anytime soon and/or my earnings would return to 2007 levels I would stay. I stopped negotiating with my bank, and making payments in Feb. For me, it is a matter of mathmatics.

Meaning there aren't enough numbers here to pay even if I did get a princible reduction. Many getting mods are screwed anyway because they work in an industry ( whatever that is for them ) that has been kicked in the nuts, and the pay is not there. Oh well, that is the way it goes. Bad timing, bad plan or bad luck it still comes out ugly. For millions of Americans.


Personally, I know this was done on purpose and I'd like the guilty shot. But that is not a popular sentiment...yet.

Flaming_Maniac wrote:

"NEED REGULATION"

"Government is as crooked as the people they are regulating"

"MOAR REGULATION"

Regulation doesn't prevent another crisis, it's one more kid sticking his finger in the hole in the city wall until the whole thing explodes. It doesn't address the fundamental issue.

Okay, I'll bite.

What's the fundamental issue in your view. Why not stop screwing around and make a point if you got one?

Would it be some esoteric notion that absolute power must corrupt absolutely, or that mankinds inherent greed makes it a wash so why bother?

We need solutions not snide meaningless comments bub.

I didn't include the "answer" because I was responding to Turq, and Turq should be very familiar to my idea of a solution.

People don't need regulation. People need to understand and accept the risks of living with beings designed for self-fulfillment. It's not greed in the typical sense, it's the basic instinct to take what we want. That's not avarice unless you can't play by a very simple rule - take what you earn.

People wanting something from nothing is the problem. People whine bitch and moan about the financial sectors and how corrupt they are, but they refuse to see that the business is built on the average joe trying to manipulate the system, trying to make an unearned percentage off what they already earned by "investing" in people they don't know and products they don't understand. When it works they have no problem taking the money, when it fails pitchforks and torches for all.