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Old 10-11-2008, 09:05 AM
mdskier mdskier is offline
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Want to understand what caused this?

This is an surprisingly clear description of what caused what happened with the financial markets recently. What's amazing is it is a comedy routine and it was done long before the most recent crash. These guys could see what no U.S congressman or senator could (or would admit to seeing).

You have to listen to the last 30 seconds where they describe how a total collapse can be avoided. Amazing, these guys are good.

http://www.youtube.com/watch?v=SwRFoxgEcHc
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Old 10-11-2008, 09:24 AM
bigmac bigmac is offline
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Originally Posted by mdskier View Post
This is an surprisingly clear description of what caused what happened with the financial markets recently. What's amazing is it is a comedy routine and it was done long before the most recent crash. These guys could see what no U.S congressman or senator could (or would admit to seeing).

You have to listen to the last 30 seconds where they describe how a total collapse can be avoided. Amazing, these guys are good.

http://www.youtube.com/watch?v=SwRFoxgEcHc
Yes, the current market "correction" isn't caused by an unsound economy, it was caused by one Wall Street sheep yelling "FIRE" in a crowded theater of sheep. The more overvalued the market, the more easily panicked the sheep are.

As to the supposed "credit crunch", the panic isn't because financial institutions aren't making loans, it's because they're not making loans to unqualified borrowers.

This major-league slap-in-the-face to the economy is long overdue. Too bad we had to take Europe and Japan down with us.
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Old 10-14-2008, 08:02 AM
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mdskier

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Old 10-14-2008, 08:06 AM
TMCNo1 TMCNo1 is offline
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Old 10-14-2008, 08:16 AM
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Originally Posted by bigmac View Post
Yes, the current market "correction" isn't caused by an unsound economy, it was caused by one Wall Street sheep yelling "FIRE" in a crowded theater of sheep. The more overvalued the market, the more easily panicked the sheep are.

As to the supposed "credit crunch", the panic isn't because financial institutions aren't making loans, it's because they're not making loans to unqualified borrowers.

This major-league slap-in-the-face to the economy is long overdue. Too bad we had to take Europe and Japan down with us.
They still loaned to qualified people but when they loan to people who wouldn't normally have a snowball's chance in He!! of getting one, the wheels are bound to fall off. Financial types are always referring to applicants as a "credit risk" of one kind, or another. They could have just gone on as usual and only loaned to people who were low risk and would pay the loans back on schedule but Noooooooo! Franklin Delano Rains had to come up with some bullshnit plan to put minorities in homes they couldn't/wouldn't pay for on a regular basis because not loaning to them was "racist". Why anyone listened to him, I don't know. They should have just told him to F-off.

Part of the problem is that when some sheep bleat, others listen and believe it. This is a major problem when the sheep whose bleating has the most clout know that they can actually affect the stocks they talk about in a way that benefits them directly. I used to own Harley Davidson stock and after years of great management, earnings, sales, investments, profits and just about everything else you could want a company to do that will keep it healthy and the stock price rising, some knob says that he doesn't think they can continue in that way for much longer. This had the immediate effect of dropping the stock price by over 10% in one day even though all of the other "experts" had just upgraded or reiterated that it was a strong buy. It's almost like it was a stock they loved to hate, or they knew they could drop the price in order to buy a large amount when others were selling low.

Last edited by JimN; 10-14-2008 at 08:24 AM.
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Old 10-14-2008, 08:50 AM
bigmac bigmac is offline
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Originally Posted by JimN View Post
They still loaned to qualified people but when they loan to people who wouldn't normally have a snowball's chance in He!! of getting one, the wheels are bound to fall off. Financial types are always referring to applicants as a "credit risk" of one kind, or another. They could have just gone on as usual and only loaned to people who were low risk and would pay the loans back on schedule but Noooooooo! Franklin Delano Rains had to come up with some bullshnit plan to put minorities in homes they couldn't/wouldn't pay for on a regular basis because not loaning to them was "racist". Why anyone listened to him, I don't know. They should have just told him to F-off.

Part of the problem is that when some sheep bleat, others listen and believe it. This is a major problem when the sheep whose bleating has the most clout know that they can actually affect the stocks they talk about in a way that benefits them directly. I used to own Harley Davidson stock and after years of great management, earnings, sales, investments, profits and just about everything else you could want a company to do that will keep it healthy and the stock price rising, some knob says that he doesn't think they can continue in that way for much longer. This had the immediate effect of dropping the stock price by over 10% in one day even though all of the other "experts" had just upgraded or reiterated that it was a strong buy. It's almost like it was a stock they loved to hate, or they knew they could drop the price in order to buy a large amount when others were selling low.
Exactly. And if anyone needs more proof of the sheep analogy, look at the market yesterday (936 pt gain) and today. Any time you have that kind of one-week fluctuation, you can be CERTAIN that it's based on emotion, not intellect.

As to stock fluctuations, Apple Inc. is maybe even a better example of Harley Davidson.
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Old 10-14-2008, 11:11 AM
TX.X-30 fan TX.X-30 fan is offline
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That is hilarious. So very true, they will buy all this crap and make them whole again. Washington is overrun with idiots.
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Old 10-14-2008, 11:19 AM
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6ballsisall 6ballsisall is offline
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That is hilarious. So very true, they will buy all this crap and make them whole again. Washington is overrun with idiots.
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Old 10-14-2008, 11:19 AM
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flipper flipper is offline
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That is hilarious. So very true, they will buy all this crap and make them whole again. Washington is overrun with idiots.
So is the rest of the world. People just seem to keep their hopes up for Washington thinking it will be idiot free.......good luck.
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Old 10-14-2008, 11:32 AM
TX.X-30 fan TX.X-30 fan is offline
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Need more info on the homeowner bailout, I would like to let my home loan become delinquent enough to qualify for the 10 year interest abatement. Any help would be greatly appreciated.
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