So this is how it happened... - Blu-ray Forum

phlydude · 10-27-2008, 07:00 PM

http://www.mattinson.org/Presentation1.pps

Nice little presentation that my accountant brother sent to me.

If you want to know why our economy is in the sh*^ter, take a look!

mikejet · 10-27-2008, 07:07 PM

That was brilliant. A little heavy with the vulgarites but brilliant.

My_Two_Cents · 10-27-2008, 08:24 PM

LOL. That was great. I won't pretend to know whether or not this is true, but it sounds good.

mikejet · 10-27-2008, 08:33 PM

Quote:

Originally Posted by Ricshoe

LOL. That was great. I won't pretend to know whether or not this is true, but it sounds good.

It is 100% true. Rather than insure the mortgages that were being issued, since no one would insure such a loan, they traded them on the open market, Since the business was so good many companies invested in it. They were really loose with who got approved.

quexos · 10-27-2008, 09:24 PM

I cannot see this presentation because I did not install Powerpoint. Too bad cause you got me curious about this.

Footloose301 · 10-28-2008, 12:25 AM

Funny.

Footloose301 · 10-28-2008, 12:26 AM

Quote:

Originally Posted by quexos

I cannot see this presentation because I did not install Powerpoint. Too bad cause you got me curious about this.

Download OpenOffice for Windows or NeoOffice for Mac.

FREEE

phlydude · 10-28-2008, 02:05 PM

sorry - powerpoint is how I got it and I don't have any other means of converting it...if someone wants to take it and make a flash presentation, then go for it

JimShaw · 10-28-2008, 03:18 PM

Quote:

Originally Posted by Footloose301

Download OpenOffice for Windows or NeoOffice for Mac.

FREEE

At first I could not get the link to work.

I then downloaded the free software, went back to the link and it worked, perfectly.

Great presentation!

joeorc · 10-29-2008, 12:08 AM

the wall street "side betting " was the thing that i thought was IRONIC since the same thing happened in the 20's that caused the first Depression the first time.it was even outlawed
and then DE-regulation Once again History repeats itself.

Seablazer · 10-29-2008, 01:40 AM

As an accountant, it definitely gave me a good chuckle...

The whole sub-prime mess was a ticking bomb... But, when you have certain groups [Rainbow Push Coalition, ACORN] pushing for these types of loans, this is what you get... You can only blame the lenders/agents so much before you have to go to the people who over-extended themselves.

And to be honest, I have no sympathy for anyone who is foreclosed on... But I do have loads of sympathy for the good savers out there that are seeing their 401k's being burned because of this mess. I'm too young to have built a big 401, but my father who is 53 has lost $45,000 of his 401K (thankfully not his only source of retirement income) since January. His only fault? Saving and being smart..

york weir · 10-29-2008, 01:56 PM

Quote:

Originally Posted by Seablazer

As an accountant, it definitely gave me a good chuckle...

The whole sub-prime mess was a ticking bomb... But, when you have certain groups [Rainbow Push Coalition, ACORN] pushing for these types of loans, this is what you get... You can only blame the lenders/agents so much before you have to go to the people who over-extended themselves.

And to be honest, I have no sympathy for anyone who is foreclosed on... But I do have loads of sympathy for the good savers out there that are seeing their 401k's being burned because of this mess. I'm too young to have built a big 401, but my father who is 53 has lost $45,000 of his 401K (thankfully not his only source of retirement income) since January. His only fault? Saving and being smart..

It's a bit harsh to have no sympathy for someone foreclosed on. It doesn't take much to wipe out an emergency fund and exhaust a depleted 401k to pay your monthly bills while looking for a job in this terrible job market.

I actually blame the agents/lenders second, first blame lies on the people buying things they cannot afford.

Seablazer · 10-29-2008, 05:29 PM

Quote:

Originally Posted by york weir

It's a bit harsh to have no sympathy for someone foreclosed on. It doesn't take much to wipe out an emergency fund and exhaust a depleted 401k to pay your monthly bills while looking for a job in this terrible job market.

I actually blame the agents/lenders second, first blame lies on the people buying things they cannot afford.

I think I over-reached my sympathy statement.... You feel for people that were foreclosed on and had a death/injury/sickness. The lenders though, especially those pushing "no money down," "no income verification" are the real snakes, but at the same time, people should have known better.

JimShaw · 10-29-2008, 07:28 PM

Quote:

Originally Posted by Seablazer

I think I over-reached my sympathy statement.... You feel for people that were foreclosed on and had a death/injury/sickness. The lenders though, especially those pushing "no money down," "no income verification" are the real snakes, but at the same time, people should have known better.

How about the politicians who in the late 1990's started pushing institutions to start lowering their loan-approval requirement so the minority and the poor could also receive the "American Dream".

The politians started it, Freddy Mac and Fanny May lowered the standards (with $$$ to politicians to help lower it more), the greedy lenders saw an opportunity to sell more with Freddy and Fanny guaranteeing the loans, mortgage brokers started approving every body (even if that body was almost dead)

No. 1 culprit is the politicans that are not looking out for you.

The should all be fired and all new politicians brought in. New/uniformed politicians can't do any worse than the seasoned/experienced ones.

mikejet · 10-29-2008, 07:33 PM

Quote:

Originally Posted by JimShaw

How about the politicians who in the late 1990's started pushing institutions to start lowering their loan-approval requirement so the minority and the poor could also receive the "American Dream".

The politians started it, Freddy Mac and Fanny May lowered the standards (with $$$ to politicians to help lower it more), the greedy lenders saw an opportunity to sell more with Freddy and Fanny guaranteeing the loans, mortgage brokers started approving every body (even if that body was almost dead)

No. 1 culprit is the politicans that are not looking out for you.

The should all be fired and all new politicians brought in. New/uniformed politicians can't do any worse than the seasoned/experienced ones.

You know, I wouldn't place too much blame on a FHA loan issued by them. How many of their loans were 0 down? How many were ARM? It was my understanding that they only did FHA loans. Those loans are good. You need to put at least 3% down and include the property tax so you don't get hit with it like the ARM loans do to people.

Isn't it mostly the private banks that issued those ARM's to flippers and people who wouldn't make good on them?

Ferris · 10-29-2008, 08:07 PM

The bottom line is that people (investors, speculators, and first-time-homebuyers alike) all saw what they wanted to. Their excitement (for earning quick cash, owning their own home) clouded their judgement. The lenders can have some of the blame, yes. But a fair amout of the responsibility should lie with the people who signed (as an affirmation of their understanding) these contracts and loan terms. There is no one group to blame here. This was a giant collective failure, in my opinion.

10-27-2008, 07:00 PM	#1
phlydude Power Member Member since:Mar 2007 Location:Winter Garden, FL USA Playstation ID: phlydude Blu-ray collection:132 Trading Score:1	So this is how it happened... http://www.mattinson.org/Presentation1.pps Nice little presentation that my accountant brother sent to me. If you want to know why our economy is in the sh^ter, take a look! Last edited by phlydude; 10-27-2008 at 07:03 PM.*

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10-27-2008, 07:07 PM	#2
mikejet Banned Member since:Sep 2008 Location:Los Angeles, CA Blu-ray reviews:5 Trading Score:29	That was brilliant. A little heavy with the vulgarites but brilliant.

10-27-2008, 08:24 PM	#3
My_Two_Cents Blu-ray Knight Top contributor Member since:Dec 2007 Location:Wherever I may roam.... Home Theater Gallery:40 4K collection:35 Blu-ray collection:507 DVD collection:19 Blu-ray reviews: 1 Trading Score:4	LOL. That was great. I won't pretend to know whether or not this is true, but it sounds good.

10-27-2008, 09:24 PM	#5
quexos Banned Member since:May 2007 Location:Brussels, Belgium	I cannot see this presentation because I did not install Powerpoint. Too bad cause you got me curious about this.

10-28-2008, 12:25 AM	#6
Footloose301 Special Member Member since:May 2007 Location:Fort Myers, FL Home Theater Gallery:38 4K collection:2 Blu-ray collection:2 Blu-ray reviews: 1	Funny.

10-28-2008, 02:05 PM	#8
phlydude Power Member Member since:Mar 2007 Location:Winter Garden, FL USA Playstation ID: phlydude Blu-ray collection:132 Trading Score:1	sorry - powerpoint is how I got it and I don't have any other means of converting it...if someone wants to take it and make a flash presentation, then go for it

10-29-2008, 12:08 AM	#10
joeorc Power Member Member since:Jan 2007 Location:GROVEPORT ,OHIO	the wall street "side betting " was the thing that i thought was IRONIC since the same thing happened in the 20's that caused the first Depression the first time.it was even outlawed and then DE-regulation Once again History repeats itself.

10-29-2008, 01:40 AM	#11
Seablazer Active Member Member since:Jan 2008 Location:Long Island, NY Blu-ray collection:117	As an accountant, it definitely gave me a good chuckle... The whole sub-prime mess was a ticking bomb... But, when you have certain groups [Rainbow Push Coalition, ACORN] pushing for these types of loans, this is what you get... You can only blame the lenders/agents so much before you have to go to the people who over-extended themselves. And to be honest, I have no sympathy for anyone who is foreclosed on... But I do have loads of sympathy for the good savers out there that are seeing their 401k's being burned because of this mess. I'm too young to have built a big 401, but my father who is 53 has lost $45,000 of his 401K (thankfully not his only source of retirement income) since January. His only fault? Saving and being smart..

10-29-2008, 08:07 PM	#16
Ferris Blu-ray Ninja Member since:Jan 2008 Location:Tampa Bay Area Blu-ray collection:79 Trading Score:1	The bottom line is that people (investors, speculators, and first-time-homebuyers alike) all saw what they wanted to. Their excitement (for earning quick cash, owning their own home) clouded their judgement. The lenders can have some of the blame, yes. But a fair amout of the responsibility should lie with the people who signed (as an affirmation of their understanding) these contracts and loan terms. There is no one group to blame here. This was a giant collective failure, in my opinion.

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