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  1. #1
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    Default Buffet blasts the bankers

    Seems like Warren Buffet gets it and puts a load of blame where it is actually deserved.

    http://money.cnn.com/2010/02/27/news...dex.htm?hpt=T2


  2. #2
    Forum Member scfire86's Avatar
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    No doubt. I agree completely with Buffet.

    Anyone who still believes this crisis was caused by loans to first time home buyers is a fool.
    Politics is like driving. To go forward select "D", to go backward select "R."

  3. #3
    MembersZone Subscriber Dickey's Avatar
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    yup, me too.
    Jason Knecht
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  4. #4
    Forum Member DaSharkie's Avatar
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    Quote Originally Posted by scfire86 View Post
    Anyone who still believes this crisis was caused by loans to first time home buyers is a fool.
    Not to first time homebuyers, but to first time, second time, thrid time, or whatever time homebuyers who were not qualified, bought the most house they could get approved for (not that they could afford), banks making interest-only mortgages, people taking out interest-only mortgages, people paying more than 1/3 to 1/2 of their monthly take home pay for a house. Banks making conscious decisions about this is what CONTRIBUTED to our current financial meltdown.

    And all along the way, morons in both parties fought reform of the banking system. What Mr. Obama is proposing in this article along with what Mr. Buffett says was in place, but changed by laws and allowed companies like AIG, Citi Bank, Bank of America, Merrill Lynch, et. al. to become huge lending, financial, and trading conglomerates.

    Let the companies fail next time. Bail out the banking aspect of them, as that is what the FDIC is required to do, and let them suffer the wrath of their consequences. I point out that very few Credit Unions made the same stupid mistakes that these large or small banks made with their financial decisions, and make much wiser financial moves. The NCUA has not had to bail out more than a handful of Credit Unions vs. what FDIC has had to do because banks not making decent and logical financial decisions.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

  5. #5
    Forum Member scfire86's Avatar
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    Quote Originally Posted by DaSharkie View Post
    Not to first time homebuyers, but to first time, second time, thrid time, or whatever time homebuyers who were not qualified, bought the most house they could get approved for (not that they could afford), banks making interest-only mortgages, people taking out interest-only mortgages, people paying more than 1/3 to 1/2 of their monthly take home pay for a house. Banks making conscious decisions about this is what CONTRIBUTED to our current financial meltdown.
    Good so far...

    Quote Originally Posted by DaSharkie View Post
    And all along the way, morons in both parties fought reform of the banking system. What Mr. Obama is proposing in this article along with what Mr. Buffett says was in place, but changed by laws and allowed companies like AIG, Citi Bank, Bank of America, Merrill Lynch, et. al. to become huge lending, financial, and trading conglomerates.
    Might be because those same groups spent close to $2B lobbying congress in the last decade. The majority of it going to conservatives.

    Quote Originally Posted by DaSharkie View Post
    Let the companies fail next time. Bail out the banking aspect of them, as that is what the FDIC is required to do, and let them suffer the wrath of their consequences. I point out that very few Credit Unions made the same stupid mistakes that these large or small banks made with their financial decisions, and make much wiser financial moves. The NCUA has not had to bail out more than a handful of Credit Unions vs. what FDIC has had to do because banks not making decent and logical financial decisions.
    Easy to say until you're the one losing their home or looking for a job that might not ever come.
    Politics is like driving. To go forward select "D", to go backward select "R."

  6. #6
    Forum Member DaSharkie's Avatar
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    Quote Originally Posted by scfire86 View Post
    Easy to say until you're the one losing their home or looking for a job that might not ever come.
    Easy to say when the bailouts add to our debts and defictis and were not needed given that in less than a year after receiving billions in bailouts those same banks are making huge profits again and paying out the same bonuses they were 2 years ago.

    Tough decisions need to meade given the poor financial future facing this country. Our debt burden is huge, our deficit spending is getting worse, we have fewer buyers for our debts. Simply put, affordability in the long term is something that needs to be considered, not just the immediate future. Given the foolishness of the past few decades, the debt we have, the faltering future we have, our unfunded liabilities........we have to look beyond the trees into the forest because of what we will have to face in the next 20-30 years. REgardless of the party in "control."

    Even your Messiah, Barrack Obama has said "too big to fail" was a mistake. There is no such thing. These companies acted wrecklessly and endangered themselves, many acting in the gray area of legalities making stupid and incomprehensible financial decisions. The banks did the same thing. They thought short-term instead of long-term. And good ol' Uncle Sam bailed them out of their stupidity, just like he always does. Why should we bail out a company for their failure to act responsibly?

    You are right, I have not lost my job - but neither has more than 80% of the work force of this nation. I have not lost my house, because I do not own - because it was not a good financial decision for me. I acted in the most prudent manner for my family and did not/do not live beyond my means. For the past decade people ignored that premise.......live within your means and prepare for the future. I know a lot of folks who did not act properly for themselves or their family. Yes the market tanked, but buying a house for $600,000 when it really was only worth $400,000 is a stupid financial move - especially when you can't afford it and do not save for bad economic times.

    I am fortunate in that I have been able to accomplish this due to the relatively secure occupation that I have, and the salaries we make. Even so, I am keenly aware that that security is a heartbeat away from being a distant memory. Don't ever think that I am not. But I repeat myself, as we have had this discussion before.
    Last edited by DaSharkie; 03-01-2010 at 08:34 AM.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

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