--- In FairfieldLife@yahoogroups.com, Duveyoung <no_re...@...> wrote: > > I tend to forgive the house buyers who took out the loans for houses > they couldn't afford, because the housing market was tremendously > puffed up by the selling of the derivatives.
Say what? Do you care to explain your understanding of how that occurred. And how (by implication I get from your statement), that derivatives were the primary force raising housing prices? And please define your understanding of derivatives. > Folks were seeing > everyone all around them making money on their home equity increases, > and if greed overcame their ability to set a reasonable financial plan > for themselves, it is quite understandable, but the banks are the ones > who pushed these thousands of homeowners-to-be to trust the > equity-profit-trends even though they knew they were ballooned out of > all proportion and that the prices these folks were paying for a house > was ALREADY INFLATED BEYOND ALL PROPRIETY. The banks just churned the > suckers. I am totally there brother. in 1996-98 I saw all them smart-assed techno types investing in Amazon and fiber optic switch companies and making 1000's every day -- and partying it up -- and I said, "Yeah, why not me!? I deserve that. Why can't I get me some of that. So I invested near the top of the bubble. And those damn, greedy, brokers just took my money. They didn't do the right and moral thing and say -- "hey you know this stock could go down, way down." or even "You know some people feel this stock is over priced." And of course even if they did, I would have yelled back, in supreme indignation "Yeah, you just DON"T GET IT! This is a new era. Stock prices have finally been decoupled from earnings -- Its the INTERNET AGE you fucking moron!". Well, I lost a lot. But now finally I meet someone like you who TOTALLY gets it. It WASN'T my fault! I wasn't stupid or greedy. It was them damn brokers, and techno kids, and all them other fucheads who were making money when I was not. I am SOO GLAD you get it. So my questions is, how soon will the check you need to cut me to cover my losses be delivered? > > They say there's 19,000,000 VACANT houses right now on the market. > When the boom began, a good portion of those houses were on the market > then too -- supply was way beyond demand, but housing prices increased > because the derivative market puffed them up. Say what! Can you go through that chain of logic and relations ships -- slowly.
