Originally Posted by
wawaweewa
Originally Posted by
nnarum
Originally Posted by
RKO2004
Originally Posted by nnarum
A lot of TV "personalities" say things to get ratings. Obviously it's working.
If you watched and listened then you would know. Man you guys are so quick to say "pish posh" you don't even realize whats going on. And its been going on for years! People always doubt then when things come to past its no big deal. Keep sleepin. Its on you. You'll be the one to get that wake up call when its too late.
The reason the economy sucks is because there is too much debt. People that shouldn't have been given loans were given loans. It's not rocket science, and it doesn't help that our leaders in government have a spend first mentality pay later. I guess I should go back to making my tin foil hat...
Not quite.
The amount of subprime loans that were made that were defaulted on were in the vicinity of $400-600 billion.
However, the current problem today in the US is over $2 trillion in bad paper.
Do you see a disconnect there?
It's not as simple as " they were making bad loans to poorly qualified people". The problem we have today was created as a result of what the banks and investment houses did with those loans (securities, derivatives, ets.) not necessarily the loans themselves. If we only had to deal with the subprime loans than it wouldn't be that bad.
The media dn Feds yelling "subprime" at every opportunity is just more smoke and mirrors to obfuscate the real problem; derivatives created from all those loans.