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22(throwback to 2008)
@grey what cia nigger keeps this faggot in a job to lure dip shits away from their money like the pied fucking piper
What actually happened in 2008? (I was young)
From what I loosely gather (heard, not claim), it was something about mortgage loans lended to applicants who couldn't afford them or mortgage interest rates suddenly rising on already established homeowners (I'm not sure how that one would be, unless mortgages weren't at fixed rates).
I really don't know because "explanatory" (exculpatory) articles play hot potato and shrug, and I wasn't old enough at the time.
Anyone here know?
From what I loosely gather (heard, not claim), it was something about mortgage loans lended to applicants who couldn't afford them or mortgage interest rates suddenly rising on already established homeowners (I'm not sure how that one would be, unless mortgages weren't at fixed rates).
I really don't know because "explanatory" (exculpatory) articles play hot potato and shrug, and I wasn't old enough at the time.
Anyone here know?
@Ash_Kvetchum @grey I mean they mostly dance around it because the deal was infinity loans for negroes (the poor applicants, couldn't deny them because racism) then everything got bundled as 'subprime' loans. The bundles then got sold off or used as collateral for yuge loans and it just became a shell game with everyone pretending debt was money. Etc etc
>just became a shell game with everyone pretending debt was money
(Had to stare at my ceiling for a minute to take in the cardboard world.)
Thank you for the explanation. (Sincerely, thank you. I've wanted to know.)
(Had to stare at my ceiling for a minute to take in the cardboard world.)
Thank you for the explanation. (Sincerely, thank you. I've wanted to know.)
@Ash_Kvetchum Basically, oceans of subprime mortgages were given to niggers with no oversight. The Jews then took this debt and it was packaged into products called CDOs that were sliced up and billed as "safe" and then sold to their clients basically as bonds. They would also bet against the same products that they were selling using credit default swaps on these nigger mortgage loans. Once home prices crashed, all these collateralized debt products imploded causing a chain reaction. The Jews were bailed out by the government, because of course they were. The niggers continued being niggers.
tl;dr jews & niggers
tl;dr jews & niggers
@Ash_Kvetchum @grey Yes. I know because I (inadvertently) help cause the 2008 global financial meltdown. Quite a dumpster fire. All roads lead back to something Carter called the Community Reinvestment Act (CRA) and a company (that no longer exists) called Novastar Financial that I did IT consulting work for.
Jew money magic kaballah
Thank you for this explanation.
I see it.
God, there needs to be death.
I see it.
God, there needs to be death.
@Ash_Kvetchum @grey In the 90s Bill Clinton got elected president on the promise of everyone being able to afford a house. However, this required extending credit to people who couldn't actually qualify for mortgages. To solve this, Clinton told the banks that the government through Fannie Mae and Freddie Mac would guarantee those mortgages. To banks this was a great deal because you could expand your assets (mortgages) while being confident that you would get paid at the end by the US government whether the borrowers were actually solvent or not. The subprime mortgages that came out of this arrangement found their way into the derivatives market, specifically the Collateralized Debt Obligation where subprime debt got mixed into prime debt and nobody could accurately access how risky those investments were anymore. Time passes, and suddenly Fannie Mae and Freddie Mac need to be saved because they can't afford to guarantee the mortgages they helped put out because so many started to fail all at once. And because mortgage-back securities made their way through the financial markets it caused a system cascade were securities rapidly dropped in value and caused further meltdowns.
@grey @Ash_Kvetchum 2002 changes to the community reinvestment act allowed for lones with no income verification. backed by billions in gov funds in guarantees. people only talk about what happened after 2007... they never bring up the billions allocated in 2002.
@grey @Ash_Kvetchum https://youtu.be/ZL5fT5nkcgM how many time does he say, home ownership is no longer just for white people...
Thank you for the explanation (sincere)
It's good to have this in my pocket. Thank you
@Ash_Kvetchum @weaf @grey The movie 'Margin Call' (well worth a watch) touches on this in an oblique fashion. Weaf nailed it.
@ForbiddenDreamer @Ash_Kvetchum @grey >everyone pretending debt was money
>bank notes are just a promise to pay from the government
errrrm guys… have we been had!?
>bank notes are just a promise to pay from the government
errrrm guys… have we been had!?
@weaf @Ash_Kvetchum @grey Don't forget the part where the banks said,
Oh, the loans are guaranteed, eh? Then, we won't vet the borrowers' incomes vs the loan-amounts AT ALL!!
It would have been good if poor people could get loans to buy cheap houses in poor neighborhoods, instead of being rent-slaves. Folks like Larry Fink HATED that idea.
@TrevorGoodchild @Ash_Kvetchum @weaf @grey So imagine you marry this smoking hot tradwife only to learn she used to be a low rent escort, but you didn’t get a prenup and you’ve already bet half your estate on her and now she’s leaving you because she got bored (and she’s actually a mercenary whore).
There were laws in the 1980's about fighting racism in housing because the gi bill mostly gave white boomers free housing and college in the 1940's but the solution was everyone gets free houses and college. (without the black marxists pushing this trying to increase supply)
NIxion took us off the gold standard, and this idea of houses as investments had taken root. creative ways to reduce supply and "increase affordablity" at the same time were flying around.
30 years later, new buyers were needed; unsustainable fake luxury houses were in the mix.
You can debate for hours about the exact path the money took, but the reducing supply but "increase affordability" is the same grift as elsewhere. Paper isnt real while supply and demand is.
NIxion took us off the gold standard, and this idea of houses as investments had taken root. creative ways to reduce supply and "increase affordablity" at the same time were flying around.
30 years later, new buyers were needed; unsustainable fake luxury houses were in the mix.
You can debate for hours about the exact path the money took, but the reducing supply but "increase affordability" is the same grift as elsewhere. Paper isnt real while supply and demand is.