tag:blogger.com,1999:blog-1513679299375736828.post3168077599230033656..comments2024-03-11T01:47:38.754-07:00Comments on The World According to AmericanGoy: The Bear Stearns story, Predatory Lending and Housing BubbleAmericanGoyhttp://www.blogger.com/profile/00865892490752172185noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1513679299375736828.post-67770947724072004942008-04-24T20:17:00.000-07:002008-04-24T20:17:00.000-07:00First of all, Bear Stearns is an investment bank. ...First of all, Bear Stearns is an investment bank. They do not lend money to homeowners. Secondly, Bear Stearns EMC unit which services subprime loans has raped their customers for years through forced placed insurance, hiding payments, making money on foreclosures through accelerating payments on mortgage notes. This is all well documented on the internet, and if the media or FTC, and this administration would stop coddling and looking the other way, these type of crimes commited by the Big investment banks wouldn't go on. It's not just Bear Stearns however, it is their brother JP Morgan Chase, Fairbanks Capital and host of other thugs in business suits. Lastly, most of the homeowners mortgages that these "servicers" serviced did not have a problem making their payments until these "servicers" acquired them and started paying the insurance late, adding fees,basically padding the accounts to collect illegal and falsified fees. The people that took out these ARM's should have been more diligent as consumers. However it doesn't mean that they should not have had a home loan in the first place. Alot of minority people were steered into these loans even though their incomes were high. This is where the term predatory lending applies. The banks that loan money to people felt that these consumers could be taken advantage of. Unfortunately there are people that cloak themselves in the robe of respectability but are willing participants if the price is right. These bankers and servicers will one day get theirs. Too bad Eliot Sptizer couldn't control himself, if he had not given a reason for those pulling the srings to silence him this would be out in the open by now.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1513679299375736828.post-73503866832863209252008-03-18T09:50:00.000-07:002008-03-18T09:50:00.000-07:00"Jeez dude, lighten up. No one held a gun to the m..."Jeez dude, lighten up. No one held a gun to the morons that got subprime loans. Think of it as evolution in action."<BR/><BR/>Hi anonymous<BR/><BR/>The problem is that it affects ME. It is MY TAX MONEY used to bail out the dishonest financial institutions.<BR/><BR/>It is MY STOCK MARKET which is wiped out, which includes my 401K savings and index funds.<BR/><BR/>It is MY ECONOMY that is affected, resulting in employers not hiring any more; rather, they are laying off people.<BR/><BR/>Lighten up?<BR/>Fuck no man!<BR/>I am mad as hell that the CEO (mostly) responsible for this is just paid 23 million and told to enjoy his retirement.AmericanGoyhttps://www.blogger.com/profile/00865892490752172185noreply@blogger.comtag:blogger.com,1999:blog-1513679299375736828.post-80164954603723645932008-03-18T09:44:00.000-07:002008-03-18T09:44:00.000-07:00Jim Rogers on the Bear Stearns bailoutBloomberg tr...Jim Rogers on the Bear Stearns bailout<BR/><BR/>Bloomberg tracked down Jim Rogers somewhere in Asia and he was none too pleased with the way the U.S. government has been throwing its money around.<BR/><BR/>Click to play in a new window<BR/><BR/>On why Bear Stearns was bailed out:<BR/><BR/><B>You know the reason they did it this way was because, if Bear Stearns had to declare bankruptcy, you'd realize that Bear Stearns paid out billions of dollars in bonuses in January - six weeks ago. If he let them go into bankruptcy, they all would have had to send back their bonuses.</B><BR/><BR/>This is what they're doing, they're doing it so they don't have to give back their bonuses. That's why they didn't put them into bankruptcy. Jamie Dimon has gotten a great deal because the Federal Reserve is paying for it.<B> The Federal Reserve is using taxpayer money to buy a bunch of Bear Stearns traders' Mazeratis.</B><BR/><BR/>On letting banks fail:<BR/><BR/>Investment banks have been going bankrupt since the beginning of time. What are you talking about? Let somebody go bankrupt - it's not the end of the world. <BR/><BR/>You remember what happened in the 70s when they tried this tactic - when Arther Burns kept printing money. Finally, interest rates had to go to over 20 percent and they had to bring in Paul Volcker who had to take draconian measures and put the country into a serious recession. How much more money do you think the Federal Reserve has?<BR/><BR/>On risks to the banking system:<BR/><BR/>In 1966, the entire Japanese financial community went bankrupt. Every broker in Japan was in bankruptcy. Japan came out of that and became one of the great powerhouses of the world.<BR/><BR/>In 1907, everbody on Wall Street was bankrupt. Everybody was bankrupt in 1907. America recovered from that and had a very nice future. Are you telling me that we're never going to have bankruptcies in the financial community again?<BR/><BR/>On Alan Greenspan's role in this mess:<BR/><BR/>The first two central banks in America failed. Between Greenspan and Bernanke - I've written this, it's in my book, long before this happened - they're setting up the failure of the central bank. The demise of the Federal Reserve.<BR/><BR/>The first two failed, this one is going to fail too - because of Greenspan and Bernanke. Greenspan laid the perfect foundation for Bernanke.<BR/><BR/><A HREF="http://themessthatgreenspanmade.blogspot.com/2008/03/jim-rogers-on-bear-stearns-bailout.html" REL="nofollow">themessthatgreenspanmade.blogspot</A><BR/><BR/><I>"How much more money do you think the Federal Reserve has? </I><BR/><BR/>Hell, i ain't no rocket scientist, but that's easy to answer.<BR/><BR/>They've got an unlimited supply of money. Well, at least that worthless Monopoly money that the printing presses have been shooting out 24/7, 365.<BR/><BR/>Yep, life is good when you're the King.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1513679299375736828.post-84905041530955529242008-03-18T05:30:00.000-07:002008-03-18T05:30:00.000-07:00You mean I can't spend, spend, SPEND my way out of...You mean I can't spend, spend, SPEND my way out of debt?<BR/><BR/>Gosh, that's what Uncle Sam's been trying to do for years and look where he's at!?!?<BR/><BR/>What ever happened to the magic money tree? You know, the one that grows in D.C. and magically sprouts 100 dollar bills. And no matter how many get picked off by Congress, more sprout up to replace the ones grabbed, what's wrong with that tree?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1513679299375736828.post-34971821491361140822008-03-17T23:15:00.000-07:002008-03-17T23:15:00.000-07:00Jeez dude, lighten up. No one held a gun to the m...Jeez dude, lighten up. No one held a gun to the morons that got subprime loans. Think of it as evolution in action.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1513679299375736828.post-24493488409474884632008-03-17T17:28:00.000-07:002008-03-17T17:28:00.000-07:00Great post, AG!!!!ThanksGreat post, AG!!!!<BR/><BR/>ThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1513679299375736828.post-64927460400368984122008-03-17T15:06:00.000-07:002008-03-17T15:06:00.000-07:00One more thing - don't want to spoil the flow of t...One more thing - don't want to spoil the flow of the article but just spotted this on yahoo news:<BR/><BR/>"Market turmoil will not stop Visa IPO: analysts" from Reuters:<BR/><BR/>http://www.reuters.com/article/businessNews/idUSN1759139120080317<BR/><BR/><BR/>Gee, a company that offers CREDIT is BEGGING PEOPLE FOR MONEY.<BR/><BR/>This of course has no relation to the Bear Stearns fiasco and the "respectable" financial institutions meltdown.<BR/><BR/>No, VISA simply decided that then need the money NOW for undisclosed reasons...AmericanGoyhttps://www.blogger.com/profile/00865892490752172185noreply@blogger.comtag:blogger.com,1999:blog-1513679299375736828.post-17416699551901117462008-03-17T14:52:00.000-07:002008-03-17T14:52:00.000-07:00Keep in mind - the working title of this article w...Keep in mind - the working title of this article was "The SHORT history of Bear Stearns", but as I wrote it, I finally relented and turned it into <BR/>"The SHORT history of Bear Stearns (oh fuck it - another long AG post)".AmericanGoyhttps://www.blogger.com/profile/00865892490752172185noreply@blogger.com