Scary BEGGING for another meltdown! (Are you freakin' KIDDING me?)

#1
The big banks are rebooting the subprime mortgage scam that brought the global economy to it's knees just over a decade ago. It seems Trump is paving the way for another full scale meltdown. Interest rates are only now just starting to eek their way up to normal after the last meltdown which means the one being orchestrated now will be much, much worse. With the major nations of the world currently entangled in Trump's trade war and many nations, including the US, in record debt, there's not going to be any padding when the global economy falls again. To top things off, Trump has repealed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, essentially taking the leash off the rabid dogs of Wall Street.

Subprime Loans Are Back, Proving We Have Learned Nothing from 2008 | Brittany Hunter

STOP THE INSANITY!!!

I am anticipating this BS will blow up in 2 to 4 years, perhaps much sooner. If you have long term holdings in real estate or the stock market or are planning to I'd recommend re-evaluating your investment strategy in light of these facts.

For the love of God will you Americans PLEASE get rid of Trump and push to have common sense checks and balances put back in place before it's too late!
 
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Mirage

Administrator
Staff member
V.I.P.
#2
I’m convinced that not only are subprime loans to blame, but credit cards and big banking in general. Our society is far too reliant on being able to spend money we don’t yet have, and for many in debt, never will have.

I hear (this may no longer be accurate) that the average American is about $30,000 in credit card debt. That means many are way more and many are less.

Why are credit lines being given when people are only making minimum payments?

It’s clear the government isn’t going to do anything to stop people from going into crazy debt, it that doesn’t stop individuals from taking charge of their own lives.

I used to have far more credit card debt than I was comfortable with (and I didn’t even hit the average mentioned above) and I’m glad to say I no longer carry a balance on any credit cards. If I can’t afford it, I don’t buy it. And I try to invest as well instead of treating money as a “now” thing.
 
#3
It boggles the mind when I think about how eager banks, financial institutions, and governments seem to be to see everyone in massive debt. We just got done trying to manage trillions of dollars in bad debt and now everyone seems excited at the opportunity of generating trillions more. Are they intentionally trying to bring down the entire global economy? What's the rush? Why is the idea of a sustainable economy and manageable debt so abhorrent to so many? What's behind this race to bring about another global economic crisis? I just don't get it. Mind you, until very recently I never owned a credit card. I have one now for emergencies only. I never believed in spending money I don't have. You can't get something for nothing, eventually you have to pay the piper.


Buy now, pay never? Works until the markets crash and you and countless others lose their homes, their savings, and their job. Mind you this doesn't apply to the Wall street fat cats with their golden parachutes. Where did so much of the worlds money go 11 years ago? In their pockets. But they're still not rich enough. What I have to wonder is, if we actually succeed this time in completely toppling the global economy, what will all of those stolen dollars actually be worth?
 

Hilander

Free Spirit
Staff member
V.I.P.
#4
If banks lend money to people that can't pay it back then they should have to eat the loss not the taxpayers or depositors.
 
#6
Corporations are legally "people" and those corporations (including banks) become scapegoats for the crooks who run them. Some of the high ups from Lehman, for example, are still lending money under a different umbrella and nobody from that company saw any jail time. Thanks to Trump, they never will. The system is broken and when any strides are made to try to fix it (i.e. the Dodd-Frank act) they are quickly dismantled. If regular people would adopt common sense then there wouldn't be a market for this kind of BS to begin with. But too many are willing to buy into the idea that they can live well beyond their means with no future consequences. Sub-prime means "You can't afford this!". Does anyone remember the adage "If something seems too good to be true, it probably is"? It sure doesn't seem that way.

Incidentally, I recently found out there's a corporate variation of the sub-prime scam that offers unrealistic loans to businesses that wouldn't ordinarily qualify. The lenders then bundle these ticking time-bombs, just like sub-prime mortgages and trade them on the market until they implode all at once.
 
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MenInTights

not a plastic bag
#7
This is purely anecdotal but this year the neighborhood I live in went from homes being on the market less than 30 days to homes being on the market 6+ months. At the same time they are building thousands of homes within a 10 mile radius. Enough homes that if all filled would probably add 50% to the population.
I don't know about other places. I assume its different but if feels like we're very close to another housing collapse.
 
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