Theywillneverlearn!
Verified User
Read your own posts. They all prove you wrong. Surely you have at least one thing to prove that incorrect, right?
Robert Kiyosaki Says 'We Are in Biggest Bubble in World History'
- Thread starter cancel2 2022
- Start date
Read your own posts. They all prove you wrong. Surely you have at least one thing to prove that incorrect, right?
Keep an eye on me....I was the first one here talking about inflation. I was either the first or one of the first to be talking about the collapse of the supply chains.
I don't need to read my own post you dimwit fucktard. I know what I post. Tell me one thing I'm wrong about and why. You seem unable to do that. Oh well, you are dismissed.
Theywillneverlearn!
Verified User
I do not think you remember what you post at all then. Because you have been nothing but wrong. By your own posts.
Noking
Fight authoritarianism support Noking
Why keep posting in circles???????????
Let's bottom line this before I say goodbye. YOU came into this thread, supposedly a brand new member (you are obviously not) and started trolling me. You claimed I was wrong about everything, but you can't even name ONE specific instance. That pretty well sums it up. Bye Sailor!!!
Theywillneverlearn!
Verified User
You. Seriously, seek some help.
He earned his ignore pretty quickly. Flame wars with a dmwitted fuck are not very interesting.
Theywillneverlearn!
Verified User
Nobody is trolling you. Just asking you to back up what you say. And you cannot. A typical liberal. Not bright, lie a lot. Then act indignant.
Noking
Fight authoritarianism support Noking
You need help more than I do.
Theywillneverlearn!
Verified User
Son, I think not. Not many do.
Noking
Fight authoritarianism support Noking
You are quite the piece of work.
Theywillneverlearn!
Verified User
I am sure you nurse needs to give your meds. Enjoy.
Althea
Althea told me...
Since June?
cawacko
Well-known member
There were multiple factors at play in the mortgage crisis. A huge impetus was the Fed keeping rates as low as they did for as long as they did. It’s understandable in theory why they did it (same as post Great Recession) but the results were the same, pushing up home values and causing a bubble. Yes, all the various instruments Wall St banks created and used all played a big role. No question.
And Frannie and Freddy did play roles in the crisis. One can have a debate over the extent but I’d argue if there’s any ignorance here it’s saying they had no involvement at all. (Can get into the weeds on the role they played but that’s a separate discussion)
It was a lot of factors involved. On a board like this political partisans like to spin their narrative based on favored or disliked groups or individuals but it doesn’t tell the whole story.
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But ultimately the failure of those investments banks caused the crisis. Their willingness to buy crap with debt was disastrous and caused the crisis to spread to the entire economy. They bought all the crap Fannie and Freddy refused to buy. Theses were subprime and exotic loans bot standard 15 and 30 year loans. Yes, this could not have happened if glass steagal wasn’t repealed but that was just leaving the door unlocked. The actions of the investment banks in buying almost all subprime loans caused the crisis. The rest was just peripheral.
While Fannie and Freddy played a bit part buy easing their underwriting standards private banks bought 80!percent of those loans. And a default by Fannie or Freddie wouldn’t have caused the entire bank lending system to freeE up or cause a bank run.
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cawacko
Well-known member
None of this stuff occurs in a vacuum. There are multiple players involved. If someone says Fannie and Freddie are the sole reason for the financial crisis then they are flat out wrong. Just as someone saying they played no role at all is wrong.
There are (many) people far smarter than I who can express what I'm thinking much better than I can. But we have to look at the underlying causes that led to the banks offering the products that they did. And that includes the government pushing for an increase in home ownership (which led to lax lending standards) and the Federal Reserve leaving rates too low for too long allowing the housing bubble to grow.
I'm not letting banks off the hook with that response. But simply looking at the banks misses how we got there.
Look at today and the concern over institutional investors purchasing SFH's. We can be mad at them but at the same time if we don't acknowledge what drove them into the SFH space then (just like acknowledging what drove the Wall St banks) then we miss out on learning the lesson.
No one held a gun to those investment banks and made them buy those mortgages. Fannie and Freddie did have some pressure on them, but again, they accounted for a small minority of the subprime loans. No, things don't happen in a vacuum, but this was about greed. Plain and simple. Greed, and the fact that we allowed regular banks to own investment banks. We spent four decades planting the explosives (starting, by the way, with the conservative hero Ronny Reagan) and the whole thing finally blew up. But suggesting that government pushing home ownership had anything to do with those investment banks purchasing bad loans is just flat out wrong.
Why did banks offer the products that they did? Because China was buying whatever they could bundle. The more loans they bundled, the more they sold. That's why Lehman was leveraged 30/1, Government had NOTHING to do with that, except creating the environment that allowed it to happen. I know guys who went from stock boys to mortgage brokers because the money was outrageous and those brokers are not regulated. They were the pipeline to the investment banks, and all of those idiotic mortgage products (ARMS, neg am loans, 110% LTV loans, subprimes) were offered for one simple reason. China wanted mortgage backed securities.
Back in 2004 congress passed Regulation AB that required bundlers of MBSs to disclose the profile of the portfolios they were offering. I was a PM on a project at one of the largest mortgage bundlers in the US. I saw those bundles, and I couldn't understand why anyone was buying them, but I figured that the experts knew more than I did. I wish I'd have trusted my instincts, because I would have shorted every one of those entities. One guy saw it coming and made billions.
Kiyosaki is a con artist with no expertise in economics. Beyond that, if we are in a bubble, it formed under trump... Hmm... So we should definitely not elect the guy who formed the bubble.
cancel2 2022
Canceled
Ok, so that's not something that only you are party to, Salty. However that's not to say that he isn't right though, but as usual you can't resist your usual bullshit. He's not the only one who thinks there is the mother of all recessions in the offing, Jim Rogers predicts the worst bear market of his life, a brutal recession, and limited success for bitcoin. Here are his 10 best quotes from a new interview.
Jim Rogers is bracing for an epic stock-market crash and a painful recession.
George Soros' former partner sees the US dollar, energy, and agriculture as solid short-term bets.
Rogers ruled out buying bitcoin, arguing governments won't allow crypto to usurp fiat currencies.
Jim Rogers warned a historic stock-market crash is on the horizon, touted energy and agriculture as near-term winners, and cautioned that curbing inflation would require much higher interest rates during a recent Kitco News interview.
Rogers is best known as George Soros' former business partner, and the cofounder of Quantum Fund and Soros Fund Management. The veteran investor predicted a painful recession, ruled out bitcoin succeeding as a currency, and asserted that even a Russia-Ukraine peace deal wouldn't prevent asset prices from eventually plunging.
Here are Rogers' 10 best quotes, lightly edited for length and clarity:
1. "I know more bear markets are coming. The next one is going to be the worst in my lifetime."
2. "Many stocks are going to go down 70%, 80%, 90% - that's the way bear markets work. Of course that's going to happen. I just don't know when."
3. "It's been 13 years since we've had big problems, and that's the longest in American history. It could go for 30 years, who knows, but it's already overdue on a historic basis. We have very high valuations, we have staggering debt, we have a lot of new investors coming in. It's not my first rodeo, I've seen this movie, I know how it works. They're all going to lose a lot of money. I hope I'm not one of them."
4. "When you have inflation, if you own the things that go up in price, you make money. Agricultural goods are going to go higher, energy will go higher before this is over. You can sell short many things, many stocks all over the world, and make a lot of money. If you don't know how to do either of those, put your money in the bank and wait - it's better to earn 1% per year than to lose 20% per year. Bear markets lead to big losses."
5. "I own a lot of US dollars. Not because it's a sound currency - it's a disaster going forward - but in times of turmoil, people look for a safe haven. For historic reasons, many people think the dollar is a safe haven. It's not, but they think it is. US dollars are going to get overpriced, they might even turn into a bubble depending on how bad things get."
6. "There's no level at which I would buy cryptocurrencies, unless something dramatically changes."
7. "Bitcoin is wonderful for people who buy it and sell it and trade it. I know people who are having fun trading it; nothing wrong with that. But if it ever becomes successful as a currency, no government's going to allow that. No government wants to lose its control - they all love their monopoly, they're not going to give up their monopoly."
8. "Because we've made so many mistakes this time around, interest rates will have to go very, very high. We will have a serious recession; many people will go bankrupt, we're going to have a lot of problems. There's no other way to solve the problem other than to have double-digit, Volcker-esque interest-rate hikes."
9. "We need to raise interest rates a lot, and have a lot of pain. Or we let people continue to print money, and have horrible, horrible inflation, and cause even more pain. I don't know how we solve the problem
of too much inflation without pain."
10. "If there were peace, we might make new highs, but still that would not negate the bear market. If something positive happens in Ukraine, there'll be a big rally. Oil will go down, grains will go down, stocks and everything will go up for a while. I hope I'm smart enough to sell that rally, because that's probably the last big rally."
https://finance.yahoo.com/news/veteran-investor-jim-rogers-predicts-134441495.html
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