And I'm Supposed To Feel Sorry For You Because...? - Mercedes-Benz Forum

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post #1 of 40 (permalink) Old 03-08-2008, 12:10 PM Thread Starter
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And I'm Supposed To Feel Sorry For You Because...?

Blame For Today's Mortgage/Finance Crisis? Look In Mirror!

burbia.com — Former CNN sr. producer/writer skewers so called "victims" of today's financial crisis--at least people who should've known better & greedily overspent. This piece (& 2 others) attack "victims" featured in recent NY Times. Author isn't letting off banks;she wants individuals held to account too. Pointed, unsympathetic (& amusing).

And I'm Supposed To Feel Sorry For You Because...? | Burbia.com

And I'm Supposed To Feel Sorry For You Because...? | Burbia.com

And I'm Supposed To Feel Sorry For You Because...? | Burbia.com

Don't believe everything you think
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post #2 of 40 (permalink) Old 03-08-2008, 12:45 PM
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The most sentient paragraph in an otherwise yammering blog is:

"The Doyles took advantage of the housing boom by refinancing their home nearly every year since they bought it in 1995 for $275,000. Didn't the 90's ROCK? OK, time for a recap. House cost 275K in ‘95. Don now owes nearly 800K."

And to answer her question regarding those three examples, NO, we should not be feeling sorry for that segment of the housing crunch. The era of conspicuous consumption consumed their ass and apparently their critical thinking skills.

Many of them religiously watching the CNBC talking heads always touting the booming economy and the growth markets and the endless yammer of rose colored optimism. Spend, spend, spend. If we just spend enough, we can spend our way through these hard times. We can spend our way out of debt, we can spend our way out of an impending recession.

But the talking heads never, ever discussed the negative ramifications of overleveraging [that might piss off their advertisers Chase and Morgan Stanley and Merrill Lynch and Bank of America and Countrywide].

That is not to take the blame away from the borrowers, but the lack of fiduciary responsibility of the banking industry to keep folks from over leveraging their assets and the lack of regulatory action by the SEC certainly bears a tremendous amount of the burden.

Also keep in mind that for every story of a free spending yuppy [to bring back an 80's term] there are just as many stories of folks who were targeted for their naiveté or helplessness in the system, not folks gaming the system.

I would be interested in hearing the clever blogging of our intrepid author as she digs into those stories. Maybe we should ask.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #3 of 40 (permalink) Old 03-08-2008, 01:04 PM Thread Starter
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Originally Posted by mcbear View Post
The most sentient paragraph in an otherwise yammering blog is:

"The Doyles took advantage of the housing boom by refinancing their home nearly every year since they bought it in 1995 for $275,000. Didn't the 90's ROCK? OK, time for a recap. House cost 275K in ‘95. Don now owes nearly 800K."

And to answer her question regarding those three examples, NO, we should not be feeling sorry for that segment of the housing crunch. The era of conspicuous consumption consumed their ass and apparently their critical thinking skills.

Many of them religiously watching the CNBC talking heads always touting the booming economy and the growth markets and the endless yammer of rose colored optimism. Spend, spend, spend. If we just spend enough, we can spend our way through these hard times. We can spend our way out of debt, we can spend our way out of an impending recession.

But the talking heads never, ever discussed the negative ramifications of overleveraging [that might piss off their advertisers Chase and Morgan Stanley and Merrill Lynch and Bank of America and Countrywide].

That is not to take the blame away from the borrowers, but the lack of fiduciary responsibility of the banking industry to keep folks from over leveraging their assets and the lack of regulatory action by the SEC certainly bears a tremendous amount of the burden.

Also keep in mind that for every story of a free spending yuppy [to bring back an 80's term] there are just as many stories of folks who were targeted for their naiveté or helplessness in the system, not folks gaming the system.

I would be interested in hearing the clever blogging of our intrepid author as she digs into those stories. Maybe we should ask.
You can bet all the bear-like libs at CNN will be on her like white on rice! I wouldn't be surprised if she doesn't get fired for not blaming Bush for everything...

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post #4 of 40 (permalink) Old 03-08-2008, 02:06 PM
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You can bet all the bear-like libs at CNN will be on her like white on rice! I wouldn't be surprised if she doesn't get fired for not blaming Bush for everything...
Actually I am having an AIM conversation with her right now. Very funny person. [see my comments cut and pasted on the bottom of her first blog, somewhat modified]. She has not worked at CNN for several years [I checked to see if we were there at the same time in 2000-2001, she was in ALT mostly and I was in NYC].

If you read much of the rest of her blogging you will see that she puts much of the her focus on the folks who charge and borrow their way into their part of the mess. It is a valid element of the argument. Part of her focus is on the type of person that has to compete [have the best kitchen, best lawn mower, best school for the little snowflakes] in everything they do and then bitch that they overextended.

It would be nice if that were the only part of the crisis. If so, many of that group could seriously use a hard lesson in personal economics and there is nothing like bankruptcy to effect that lesson. Unfortunately this crisis is much, much broader than that. Banks, Investors, Regulators, FED, Bush, Borrowers, Flippers and Developers are all going to have to share the blame on this one. And we ALL are going to share the pain of their failures.

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post #5 of 40 (permalink) Old 03-08-2008, 02:25 PM Thread Starter
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I should have known she's not at CNN now, or they would have fired her or made her re-write the pieces to blame President Bush!

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post #6 of 40 (permalink) Old 03-08-2008, 06:16 PM
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I can not feel sorry for GW.
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post #7 of 40 (permalink) Old 03-08-2008, 06:52 PM
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Jay could you please post up a positive story about this financial mess, without your positive rose tinted stories I am starting to get worried about the US economy. Please Jay give me a good story...................
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post #8 of 40 (permalink) Old 03-08-2008, 07:58 PM
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Originally Posted by mcbear View Post
The most sentient paragraph in an otherwise yammering blog is:

"The Doyles took advantage of the housing boom by refinancing their home nearly every year since they bought it in 1995 for $275,000. Didn't the 90's ROCK? OK, time for a recap. House cost 275K in ‘95. Don now owes nearly 800K."

And to answer her question regarding those three examples, NO, we should not be feeling sorry for that segment of the housing crunch. The era of conspicuous consumption consumed their ass and apparently their critical thinking skills.

Many of them religiously watching the CNBC talking heads always touting the booming economy and the growth markets and the endless yammer of rose colored optimism. Spend, spend, spend. If we just spend enough, we can spend our way through these hard times. We can spend our way out of debt, we can spend our way out of an impending recession.

But the talking heads never, ever discussed the negative ramifications of overleveraging [that might piss off their advertisers Chase and Morgan Stanley and Merrill Lynch and Bank of America and Countrywide].

That is not to take the blame away from the borrowers, but the lack of fiduciary responsibility of the banking industry to keep folks from over leveraging their assets and the lack of regulatory action by the SEC certainly bears a tremendous amount of the burden.

Also keep in mind that for every story of a free spending yuppy [to bring back an 80's term] there are just as many stories of folks who were targeted for their naiveté or helplessness in the system, not folks gaming the system.

I would be interested in hearing the clever blogging of our intrepid author as she digs into those stories. Maybe we should ask.
Technically, a retailer or lender has no fiduciary responsibility toward the customer since that creates a conflict of interest. Fiduciary implies trust, i.e. putting someone's interests above your own. Having said that, the newly Democrat controlled state house in Colorado last year passed a bill that required lenders to do just that. It hasn't been reviewed in court yet that I know of. Imagine hearing from your broker, "I just can't loan you the money because it wouldn't be good for you."

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post #9 of 40 (permalink) Old 03-09-2008, 08:58 AM
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How many BWOT'ers are now in danger of losing their homes and big rigs as a result of this?

BWOT subprime computer fiasco
.
.
.


Last edited by edfreeman; 03-09-2008 at 01:24 PM. Reason: put some extra lines so that Bear could see the link
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post #10 of 40 (permalink) Old 03-09-2008, 12:58 PM
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Technically, a retailer or lender has no fiduciary responsibility toward the customer since that creates a conflict of interest. Fiduciary implies trust, i.e. putting someone's interests above your own. Having said that, the newly Democrat controlled state house in Colorado last year passed a bill that required lenders to do just that. It hasn't been reviewed in court yet that I know of. Imagine hearing from your broker, "I just can't loan you the money because it wouldn't be good for you."
Actually the Federal Banking [and State] Regulatory agencies would strongly disagree with that logic. Regulations have been in place since 1929 and further strengthened after the Savings and Loan failures that put responsibility on the banks to insure that the borrowers had the required assets/income/credit history to validate the integrity of the loans.

Imagine hearing from your broker, "I just can't loan you the money because you don't qualify."

At one time in recent history bank auditors would make surprise visits to banks, mortgage companies, loan companies, pull a random selection of loans, their supporting documents and verify their integrity. Irregularities would bring a nightmare of bank regulators to comb through EVERY loan to determine pattern.

It is that recent lack of Banking Regulators from the Department of Commerce and SEC [just let the industry police itself] that has assisted in this mess.

Of course we have recently replicated the same Stirling set of principles within the Mining industry [just let the industry police itself] and have watched miners be pulled out of holes in the ground in bodybags because of that lack of regulation and inspection by the MSHA.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.

Last edited by mcbear; 03-09-2008 at 01:00 PM.
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