Name the new Great Depression

[75alum]

Originally Posted by dhoffsparty

The American People finally got caught being irresponsible with their money, over extending themselves, uneducated, easily scared/emotional/media driven, and not anticipating the glutinous abundance of the '90's self-inflicted depression?

Lock it...we have a winner!

[hexydes]

Originally Posted by Pablo Fanque

Don't get me wrong. I'm not saying things are great. But to suggest what the market is doing is worse than the great depression is foolishness. Like I said, 25% unemployment is hard to top. That ****ing depression went on for a decade plus.

Yeah, to the people saying this is like the great depression, it shows how poorly people are educated in our public school system today.

[TheBobcat]

Originally Posted by hexydes

Yeah, to the people saying this is like the great depression, it shows how poorly people are educated in our public school system today.

I think this depression was caused by Blu-Ray being chosen over HD-DVD.

[Patrick Bateman]

Originally Posted by hexydes

Yeah, to the people saying this is like the great depression, it shows how poorly people are educated in our public school system today.

There's still time. 1500 points tomorrow!

[janitor]

Originally Posted by goodbar

The economy is playing its tail off but the banks keep screwing it up!

nice!

[big bounce]

Bush's Boner

[DDRMSU]

Bye bye my piece of the American pie...

[PipersFly]

nfm

[CJC]

The Fundamentally Sound Economy Depression

[Cousin Kevin]

One of my favorite bands............ The Great Depression

[MSUtopia]

Originally Posted by hexydes

Yeah, to the people saying this is like the great depression, it shows how poorly people are educated in our public school system today.

Maybe you could inform us of exactly the date that the Great Depression was characterezed as such since you seem so historically astute. Was it the day after the crash? The week after? The month after? 1935? Those that compare this economic situation to the Great Depression may be premature but so are you in defining it otherwise. The fact is every depression in this country's history has had different causes and different characteristics. The entire scenario may be a sharp downward spike in the decline of this country. If McCain is elected I think it will be a sure sign that this is the case and this decline will take place faster than anyone could have imagined.

[Patrick Bateman]

Wells Hall anyone?

[Coach Ks bad back]

The "Syracuse" depression. Powerhouse to basketcase in one fell swoop!!

[McRich]

The Great Dubyapression.

[newduke]

"The Great Bush Breakdown"
"Bush's Big Bust"

[Irritable Bowel]

Looks like this thread is heading to wells.Why can't people on this site just have a little fun, seems they always must force feed their political believes into any thread which discusses the economy, mortgage crisis, etc.... I really do not give a crap about your opinion on politics.

[Cronos]

Originally Posted by GreenRamma

plus they voted for Bush.

Bushpression!

You ******ed Democrats can't even get your facts straight.

Breitbart.tv » 2004: Dems Fight Regulations on Fannie, Freddie During Illegal Bookkeeping Hearing here's a link to your a554ole democrats attacking a regulator for his assessment of Fannie Mae/Freddie Mac accounting.

Democrats hope everyone/s stupid and Republican's hope everyone's smart.

[david_vargas]

The "We Saw This Depression Coming 10 Years Ago But Were Afraid To Incite RaceWar Depression"

September 30, 1999

The New York Times

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.
Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings.
In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.
The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.

[newduke]

Originally Posted by Irritable Bowel

Looks like this thread is heading to wells.Why can't people on this site just have a little fun, seems they always must force feed their political believes into any thread which discusses the economy, mortgage crisis, etc.... I really do not give a crap about your opinion on politics.

I thought poking fun at Bush was good fun!

[david_vargas]

Originally Posted by newduke

I thought poking fun at Bush was good fun!

Yep. Almost as much fun as blaming hurricanes on University Michigan. Everyone knows it isn't true, but we laugh anyways.

[Roger Waymeth]

The Bernanke Tanke

[Cronos]

Originally Posted by newduke

I thought poking fun at Bush was good fun!

Actiually, laughing at you idiot democrats is even more fun. Did any of you actually go to class?

[DantonIzzo]

The Hyperbolic, Horrible Analogy-Driven Depression.

[newduke]

Originally Posted by david_vargas

The "We Saw This Depression Coming 10 Years Ago But Were Afraid To Incite RaceWar Depression"

Yep, those *** DEMS did it all!!! Republicans had nothing to do with the current crisis.

[david_vargas]

Originally Posted by newduke

Yep, those *** DEMS did it all!!! Republicans had nothing to do with the current crisis.

The politicians had a lot to do with this crisis. I hope a part of this new bill is stipulation that the government will stay out of the market and allow the free market to take its course. The free market didn't lead to this crisis. Government influence and the socialization of lending policies lead to this crisis.

I know the blame the other party game is fun to play, but politicians playing this game with so much on the line is wrong. The politicians hurt a lot of people today unnecessarily.