Great Bear hit the nail on the head ... Wall street and its good ol boys club made potentially hundreds of billions from mortgage securizations and this very much overlooked fact needs to be reminded so we can put it in perspective...wall street didnt make this money out of thin air and didnt force people to use their products and there was absolutely no incentive to stop mortgage lenders from aggressively seeking buyers/home owners while the frenzy alone had home owners shopping for mortgages like they shop pricing for canned soup.... cant blame the brokers since they filled the huge niche
This said - the blame cannot be placed squarely on any one aspect of the frenzy since the dynamics of the market always gyrate in aberrations and the masses are the conduits... home owners, mtg brokers, wall street, agents, flippers, investors, contractors, home builders and everyone else involved created an entire cycle... we are all guilty as charged, but nobody is taking the rap.... but we really should ignore the fact that functioning idiotic eff-ups of our society made these unbelievably horrific, stupid decisions after being inspired by reading RDPD or some other article by RK without doing any proper DD, or even doing any simple risk analyzing ... these who didnt do what they were supposed to do are the ones that are at fault since we are each ultimately responsible for our own actions regardless of how much of our ineptitude shows through...
so blame RK for this bullshit? thats the easy way out, isnt it? ... lets give a fine example of our decision making ability as a society... a whole different thread here is dedicated to a poster in this forum contemplating spending $8k on a special RK 3 day seminar on how to make money in real estate... I dont think RK needs a real estate crash anymore nor does he even need to buy any buildings for cash flow since he has enough people making terrible decisions with their money that all he has to do is speak for a few hours and doesnt have to absorb any risk in real estate!
and so what if Wall St closed half of the mortgage businesses... they were bought for peanuts on the dollar in exchange for equity and the write offs dont mean all that much since they already paid for themselves many times over.... this part I realized later, after I played the wrong side of the investment firms...
This said - the blame cannot be placed squarely on any one aspect of the frenzy since the dynamics of the market always gyrate in aberrations and the masses are the conduits... home owners, mtg brokers, wall street, agents, flippers, investors, contractors, home builders and everyone else involved created an entire cycle... we are all guilty as charged, but nobody is taking the rap.... but we really should ignore the fact that functioning idiotic eff-ups of our society made these unbelievably horrific, stupid decisions after being inspired by reading RDPD or some other article by RK without doing any proper DD, or even doing any simple risk analyzing ... these who didnt do what they were supposed to do are the ones that are at fault since we are each ultimately responsible for our own actions regardless of how much of our ineptitude shows through...
so blame RK for this bullshit? thats the easy way out, isnt it? ... lets give a fine example of our decision making ability as a society... a whole different thread here is dedicated to a poster in this forum contemplating spending $8k on a special RK 3 day seminar on how to make money in real estate... I dont think RK needs a real estate crash anymore nor does he even need to buy any buildings for cash flow since he has enough people making terrible decisions with their money that all he has to do is speak for a few hours and doesnt have to absorb any risk in real estate!
and so what if Wall St closed half of the mortgage businesses... they were bought for peanuts on the dollar in exchange for equity and the write offs dont mean all that much since they already paid for themselves many times over.... this part I realized later, after I played the wrong side of the investment firms...
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