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How We Really Got Into the Mortgage Mess [comic]
businesspundit.com — Check out this funny slide show that explains how we got into the current financial crisis over sub-prime loans.
socialpyramid- 1639 diggs
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- blackdrivel, on 05/08/2008, -4/+64the people who schemed this mess are no different than cult leaders. they deceived themselves and lots of others that they had some secret sauce, which was really a big pile of *****.
- phybere, on 05/08/2008, -9/+16Right, because the person buying the house couldn't be wrong for being irresponsible with their money?
- specialK16, on 05/08/2008, -10/+7That's exactly what he is saying. Jackass.
- phybere, on 05/08/2008, -2/+6What?
"the people who schemed this mess" - sounds to me like he's talking about lenders.- ayeroxor, on 05/08/2008, -0/+4wrong. He's talking about lending BROKERS- the ones who get paid whether or not the loan is paid off. They took the sucker lenders all the way to the bank, but it wasn't the lenders being malicious; they were just amazingly stupid to trust the brokers.
- phybere, on 05/08/2008, -2/+6What?
- quisph, on 05/08/2008, -10/+10Say whatever you want about the people who took out these loans. Call them stupid, call them irresponsible, whatever. But why should that make it okay to *deliberately* seek out, encourage, and take advantage of stupid, irresponsible people?
- slezzzter, on 05/08/2008, -5/+15Because this is America and preying on the stupid and irresponsible is the basis of our current government and economy.
- brundlefly76, on 05/08/2008, -1/+5Well. the sales people could have qualified it in their own minds as they were helping people who couldn't normally buy a home buy one - in a booming real estate market no less, albeit with less favorable (to say the least) terms.
However, that's how credit works - the terms of the loan reflect the calculated loss risk represented by the debtor.
However, there needs to be some safety net on terms, even if it keeps some people who would have been able to pay it back get a home they otherwise never could have purchased. - mhender, on 05/08/2008, -8/+2Guisph: you can say it....the people are known as African Americans.
- ayeroxor, on 05/08/2008, -3/+2Hey, there's plenty of white people with purple velvet lining and $10,000 rims on their 15-year-old junker, right?
- Stochio, on 05/08/2008, -1/+3That's exactly what the Community Reinvestment Act encourages. It's hypocrisy.
- specialK16, on 05/08/2008, -10/+7That's exactly what he is saying. Jackass.
- 5urr3al5am, on 05/08/2008, -4/+12truth is most people dont like to hear that they f-ed up and were wrong...
- linagee, on 05/08/2008, -1/+7Why didn't I think of that! I can get a negative amortization loan *and* take out a huge HELOC credit line against the house! House values *always* go up!
- dedknedy, on 05/08/2008, -1/+8There is no secret sauce or pile of *****, only houses people cannot afford. If the people who schemed this mess are no different than cult leaders, the people who bought it are no different than cult followers; irrational, uninformed, ignorant, irresponsible, suckers.
Let me prove this to you in mathematical terms: Idiot + Crafty Businessman = Poor Idiot - artliquide, on 05/08/2008, -1/+3I think it's more of a case of a bunch of people being ignorant and short sighted.
- Bilabrin, on 05/08/2008, -0/+1My cousin works for Morgan/Stanley/Dean/Witter and he told me 12 guys in his company were responsible for all thier losses. Bad loans.
- phybere, on 05/08/2008, -9/+16Right, because the person buying the house couldn't be wrong for being irresponsible with their money?
- chrisgarrett, on 05/08/2008, -4/+45The crazy thing is the hedge funds and private equity will make even more money in a recession as they bet on valuations dropping or snap up companies at fire-sale prices respectively. All while the rest of us have to deal with the mess.
- PolishLogic, on 05/08/2008, -2/+20You, too, can get in on that action.
- diggerphelps, on 05/08/2008, -1/+13If you're willing to pay the exorbitant fees...
- RudeTurnip, on 05/08/2008, -2/+15Yeah, if you're super wealthy.
- linagee, on 05/08/2008, -0/+3Or if you're really good at guessing stocks.
- craighoxton, on 05/08/2008, -0/+4The hedge funds are the new mutual funds - they'll eventually be available to ordinary people to invest in as the industry becomes more institutionalised. Hedge funds started out as private investment clubs but as they suck in more and more money, they'll eventually be the new investment banks.
- swiftekho, on 05/08/2008, -3/+7Time to start a hedge fund.
- craighoxton, on 05/08/2008, -0/+3All you need is as little as $20,000 to set one up but the hard part is finding the suckers...I mean investors to plough their money in.
- diggrnumber1, on 05/08/2008, -2/+14actually, most hedge funds are doing horribly so far this year. only a select few hedge funds that made smart bets on the subprime situation when nobody else was as pessimistic are doing well.
- antonio97b, on 05/08/2008, -4/+2Yeah they are doing badly, but you have to think that all the poor stock they are trading with will come back up. That is the whole point of chrisgarrett's post.
- antonio97b, on 05/08/2008, -5/+3I got three different mutual funds. I'm going to love it when it shoots back up. :)
- ackermannc, on 05/08/2008, -5/+5One more reason for regulation.
- craighoxton, on 05/08/2008, -1/+3The market was supposed to be regulated already and yet this mess still happened
- nekama, on 05/08/2008, -1/+4Ah, the inhumanity.
- PolishLogic, on 05/08/2008, -2/+20You, too, can get in on that action.
- socialpyramid, on 05/08/2008, -12/+26My coworker's inlaws got one of those bad mortgages, and now they are really sweating it, and may not be able to keep their house. They have two little kids.
- Chompy, on 05/08/2008, -9/+59It's too bad for those kids that your coworker's inlaws are so stupid.
- mediaspree, on 05/08/2008, -8/+14You mean "your coworkers bad inlaws got one of those mortgages."
- Rizmaster, on 05/08/2008, -6/+33Well then they can default on their mortgage they were too ***** stupid to know they couldn't afford, and then rebuild their credit rating from scratch while they live in a small apartment.
Why should we care about them? They ***** up as bad as the bank did, just on a smaller scale.- thescimitar, on 05/08/2008, -1/+11We should care about them because stupid people are the best consumers. They will spend every dollar they make on crap they don't need (or do need), and over extend their credit to buy even MORE crap. Our economy needs people like this, desperately. If everyone in the country suddenly became a responsible investor, the economy would collapse.
Stupid people are the lubricant for the gears of our economy. And, while they rebuild their credit at astronomical interest rates, they transfer more capital up the chain. We need to support these people precisely because it rewards bad behavior. We need their bad behavior.- edstate, on 05/08/2008, -2/+2Call me crazy, but I'd rather have an economy that's not based on s"stupid people getting in over their heads" ...There's nothing at all wrong with insisting people be more responsible with their money. It affects all of us in the end (like now) and, even though it wouldn't be as instantly gratifying, like this over-leveraged bubble ***** we have going on now, it will be just as robust, and more importantly more "true" than what we have now.
- Rizmaster, on 05/08/2008, -2/+4But that's the thing. There's nothing wrong with making money on other people's ***** ups. It's pure, straight natural selection. It's the free market at work.
All parts of the economy eventually devolve down to basic sale's tactics. Getting the customer out the door with the maximum amount of product they are willing to buy. If they lack the restraint necessary to hold onto their money, it's not the fault of the guy who earns his living, no matter how good it is, by selling that stuff. It's the burden of the guy putting his ass on the line to look into these things.
The subprime mess is a great example of this. Had there not been a ***** government bailout, then all parties involved would have been just as ***** as they deserved to be: The morons who got the mortgages would be out of their houses, the morons who financed these loans would be pariahs and never work in that industry again, the banks that backed them would go belly up and at the end of the day, all those foreclosures would wind up on the open market where intelligent people could buy them up and sell them to anyone smart enough to handle their cash.
- Rizmaster, on 05/08/2008, -2/+4But that's the thing. There's nothing wrong with making money on other people's ***** ups. It's pure, straight natural selection. It's the free market at work.
- edstate, on 05/08/2008, -2/+2Call me crazy, but I'd rather have an economy that's not based on s"stupid people getting in over their heads" ...There's nothing at all wrong with insisting people be more responsible with their money. It affects all of us in the end (like now) and, even though it wouldn't be as instantly gratifying, like this over-leveraged bubble ***** we have going on now, it will be just as robust, and more importantly more "true" than what we have now.
- flamingsphinx, on 05/08/2008, -1/+2this guy really nees prozac or to get laid.
- thescimitar, on 05/08/2008, -1/+11We should care about them because stupid people are the best consumers. They will spend every dollar they make on crap they don't need (or do need), and over extend their credit to buy even MORE crap. Our economy needs people like this, desperately. If everyone in the country suddenly became a responsible investor, the economy would collapse.
- ackermannc, on 05/08/2008, -8/+6Rizmaster:
They weren't speculating. Wall Street was, and deserves any punishment.- Stochio, on 05/08/2008, -3/+4BS. How exactly is planning on a house value because someone else will pay more *not* speculation? That is textbook.
- linagee, on 05/08/2008, -3/+7Should mortgage lenders be forced to put a warning? "Warning: This type of mortgage loan may be harmful to small children."
- Wintermute426, on 05/08/2008, -4/+5Same thing is happening to someone I work with; her mortgage just got raised from $800 to $1400. It's easy to sit back and say she should have known better because well, she should have.
However, desperate people, who these predatory lenders tended to target, do desperate things. Desperate people also can manage to rationalize things that would even surprise themselves in better times.
They definitely should bear some responsibility for bad decisions, but there's also got to be some sort of accountability up the line.- NinjaDolemite, on 05/08/2008, -3/+5Desperate? How was she desperate? Too good for an apartment?
- corneliusJones, on 05/08/2008, -3/+3Your "desperate" cop out is unconvincing. Also, there IS accountability up the line, as in whoever currently holds the loan because they didn't examine the securities they were buying is going to lose money when the house goes into foreclosure.
- Rizmaster, on 05/08/2008, -3/+3She was "desperate" to live in a house in a certain neighborhood.
Okay. Good for her. I could give a *****. Literally couldn't care less about her. I live in Metro Detroit. You can buy a house for a grand in Detroit. You can find apartments all over the ***** place. There are always places to live for anyone in any price bracket. You friend is in trouble because she didn't understand that she isn't entitled to live in a house of whatever quality hers is, she is lucky to do so. So now, because of her greed, and that's what we're talking about here, greed, she has to move.
She's still alive. She can still find shelter and feed herself. She's doing a lot better than BILLIONS of other people in the world. And she's bitching about it. Like she's entitled to more.
The fact of the matter is she bet against her own prosperity and lost. It's not our problem and it's not something that she can bitch about and expect sympathy from anyone with perspective.
- t1m0j5, on 05/08/2008, -3/+3What is a bad mortgage ? never heard of that option.
- drmangrum, on 05/08/2008, -3/+4So because they have children we should bail them out of their own stupidity? It doesn't take a financial genius to do the basic math on a mortgage. They KNEW what they were getting into when they bought the house. They had a lawyer go over the mortgage contract with them in the closing process. It's THEIR fault.
- Frostfires, on 05/08/2008, -2/+4The schadenfreude is strong in this thread...
- Frostfires, on 05/08/2008, -2/+3And of course I get Dugg down, because you pathetic wastes of humanity don't want to look in the mirror.
You sit around, chomping at the bit for someone to ***** up or get preyed upon, so your sausage fingers can fly to the keyboard and for a brief glimmering moment feel superior to someone else.
Just know that you're not nearly as special or superior as you think. Your time will come when you become the prey, and I just hope other reclusive losers are around to see it and gloat at your misery as you have done.
- Frostfires, on 05/08/2008, -2/+3And of course I get Dugg down, because you pathetic wastes of humanity don't want to look in the mirror.
- kp2575, on 05/08/2008, -3/+108I wish I had the same artistic ability
- KingGorilla, on 05/08/2008, -1/+17You're going have to drink a few beers
- PhireN, on 05/08/2008, -0/+1And then you need a really high end graphics program, like ms paint.
- StingingNettle, on 05/08/2008, -2/+131Greedy stick figures, ruining our economy.
- selmer, on 05/08/2008, -1/+7...and also ruining Norwegian villages full of fiscally-naive, fedora-wearing, *****-talking Norwegians.
- DiggCommando, on 05/08/2008, -0/+2***** you!
- selmer, on 05/08/2008, -1/+7...and also ruining Norwegian villages full of fiscally-naive, fedora-wearing, *****-talking Norwegians.
- rebotfc, on 05/08/2008, -3/+23Best explanation of the sub-prime fiasco ive seen:
http://www.youtube.com/watch?v=SJ_qK4g6ntM (not rick roll)- linagee, on 05/08/2008, -0/+4I watched the video. Pension fund? What's that?
- Evermin7, on 05/08/2008, -0/+3That was ***** hilarious. Thanks.
- yodaj007, on 05/08/2008, -10/+18I wonder what will happen to the stick figures if I turn my monitor over and shake it...
/ etch-a-sketch- Chompy, on 05/08/2008, -1/+15Try it and let us know how it goes.
- OneLess, on 05/08/2008, -5/+3Hint: If your joke requires a whole line/tag at the end for explanation, it's not a good joke.
- corneliusJones, on 05/08/2008, -1/+2Thank you. I'm so tired of this /sarcasm *****. It ruins what might have been actually funny, and if it is indeed necessary, you fail.
- Pulch, on 05/08/2008, -1/+1Yeah, ***** people if they can't infer tone from the text that I type. Because there's no way that anybody could possibly mistake a sarcastic comment for a real one, that would NEVER happen. I am being completely and utterly serious, no sarcasm at all.
- Pulch, on 05/08/2008, -0/+1Why am I getting burried? I was being sarcastic!
- Pulch, on 05/08/2008, -1/+1Yeah, ***** people if they can't infer tone from the text that I type. Because there's no way that anybody could possibly mistake a sarcastic comment for a real one, that would NEVER happen. I am being completely and utterly serious, no sarcasm at all.
- patik, on 05/08/2008, -0/+1I disagree that slashed comments are always bad, however in this case we really didn't need to be told that it was an Etch-a-Sketch reference.
- corneliusJones, on 05/08/2008, -1/+2Thank you. I'm so tired of this /sarcasm *****. It ruins what might have been actually funny, and if it is indeed necessary, you fail.
- Vapid, on 05/08/2008, -18/+3mirror: http://www.mybloop.com/Vapid/Sub-Prime-Explanation ...
- diggester, on 05/08/2008, -18/+3Mirror if...
http://www.linkinn.com/static/_How_We_Really_Got_I ... - Vapid, on 05/08/2008, -17/+3Mirror: http://www.mybloop.com/Vapid/Sub-Prime-Explanation ...
- kc8ukw, on 05/08/2008, -7/+35And in response, Congressional Democrats concoct a plan to help those who weren't wise enough to avoid debt they can't afford, instead of letting the free market chastise them. And the Republicans, who you might expect to object to government intervention in the economy, don't, because they have some banks to bail out themselves. Sigh.
- diggrnumber1, on 05/08/2008, -7/+14at least Bush objects. If he vetoes this, it will possibly be the first good thing he has done while in office.
- ackermannc, on 05/08/2008, -4/+5And it will be overriden.
- nomelitas, on 05/09/2008, -0/+2That's very wishful thinking.
- edgedmurasame, on 05/08/2008, -1/+6One more reason for speculator targeted regulation. Can't game the system if your loopholes are gone.
- kigabit, on 05/08/2008, -5/+7Is letting stupid people get what they deserve worth bringing down the ship? I do agree that there's a limit to government interfering in the name of stability though *cough*BearSterns*cough*
- WileEPeyote, on 05/08/2008, -1/+1"instead of letting the free market chastise them."
Are you kidding me? The free market won't chastise them. The free market will convince them that if they buy ??? it will help them pay off the mortgage.
- diggrnumber1, on 05/08/2008, -7/+14at least Bush objects. If he vetoes this, it will possibly be the first good thing he has done while in office.
- airwalkery2k, on 05/08/2008, -2/+86As a employee in the mortgage industry, I have issue with the way the artist pokes fun at our scrawny, wavy arms which we always pose in weird angles. Wouldn't it hurt you if I stereotyped people in your career?
- BlacklabelSAR, on 05/08/2008, -0/+1Sorry but the cartoon is competely accurate. My wife was in the mortgage industry (now in the bankruptcy industry) and I went to some of her work parties. Even her co-workers tried to scam us with an ARM when we specifically asked for a Fixed. I believe "Just get in" was what the loan officers all said.
- jokeoftheday, on 05/08/2008, -4/+16The stick figures may have f#$cked things up for the housing market, but I am sure that Japanamation will come along sooner or later to save the day
- twiztidsinz, on 05/08/2008, -5/+2buried for "Japanamation"
- corneliusJones, on 05/08/2008, -0/+3buried for being an anime fan
- twiztidsinz, on 05/08/2008, -5/+2buried for "Japanamation"
- cgomez, on 05/08/2008, -2/+21Comic Sans, how it hurts my eyes.
- sgxyay, on 05/08/2008, -0/+1http://www.bancomicsans.com/
- apolloae, on 05/08/2008, -17/+14...is this honestly on the front page?
- Walker2323, on 05/08/2008, -0/+7You're one of those retarded borrowers, aren't you?
- bigbill780, on 05/08/2008, -1/+12I think the contracts for this mortgages were drawn up in MS Paint as well. If not then definitely in crayon.
- diggerphelps, on 05/08/2008, -4/+36Original. No blog spam required.
http://docs.google.com/TeamPresent?docid=ddp4zq7n_ ...- taradisiac, on 05/08/2008, -14/+1Look up the definition of spam.
- tarley, on 05/08/2008, -6/+1.. They ***** up too.
lol - taradisiac, on 05/08/2008, -14/+7Stupid people who start a family without planning things through? Yeah, it is that simple.
- judicar, on 05/08/2008, -14/+23"45 page slide show"
Uhm, maybe later...- bryan986, on 05/08/2008, -0/+24It actually goes quite fast, check it out.
- antipoet, on 05/08/2008, -1/+9There are about a dozen slides that could have been combined with the one prior.
- 11oops, on 05/08/2008, -1/+3Then make your own.
- Lenbot, on 05/08/2008, -8/+210 best Diggs EVAAAR!!!!
- passedoutghost, on 05/08/2008, -3/+0in the butt.
- Lewie, on 05/08/2008, -1/+1What what?
- passedoutghost, on 05/08/2008, -3/+0in the butt.
- dagamer34, on 05/08/2008, -10/+2I really hope it's doesn't seem as dumb as that comic makes it out to be otherwise some people are REAL idiots.
- tony23, on 05/08/2008, -0/+3I talked to someone a few years ago who was trying to sell me on one of these mortgages. The stupidity of the situation was pretty clear then, and I predicted exactly what happened. There's a reason I've remained a renter all that time, and am now looking to buy cheap from one of the morons who fell for that BS.
Yes, some people ARE REAL idiots.- jessethouin, on 05/08/2008, -0/+1Renters FTW!
Seriously, I'm in the same situation. Lease/purchase option, option matures in 2 years, and my landlord just offered me the property for exactly what he paid for it - 33% less than the purchase option. Should I bite now, or wait?
- jessethouin, on 05/08/2008, -0/+1Renters FTW!
- tony23, on 05/08/2008, -0/+3I talked to someone a few years ago who was trying to sell me on one of these mortgages. The stupidity of the situation was pretty clear then, and I predicted exactly what happened. There's a reason I've remained a renter all that time, and am now looking to buy cheap from one of the morons who fell for that BS.
- smith41, on 05/08/2008, -2/+12Ah yes, the database error....a textbook cause of mortgage problems
- PaulSearsPhoto, on 05/08/2008, -3/+5yeah the crazy thing is the consumer side of it too - I mean I hate to say it, but people - READ THE FINE PRINT!
- BlacklabelSAR, on 05/08/2008, -0/+2Consumers who have mostly been under-educated in Public schools.
- BlacklabelSAR, on 05/08/2008, -0/+2Consumers who have mostly been under-educated in Public schools.
- usgovterrorists, on 05/08/2008, -21/+3Another comical bubble by the bankers!
Aren't bankers funny?
Six Trillion Wall Street Bubble!
Followed by:
Six Trillion, maybe more, Housing Bubble!
Protected by the world's greatest terrorists!
United States Government are terrorists, war criminals, and horrific liars.
9-11 was an inside job! 9-11 official story was a lie! What happened to building 7?
Depleted uranium is a weapon of mass destruction!
Play Wall Street like a PONZI SCHEME!
The elections are rigged, unsecure voting machines & ballots!
Terrorist United States Government mandated a fivefold increase in the use of biofuels.- moolaismyfriend, on 05/08/2008, -6/+6You people make me ashamed to belong to the same species.
- anarcurt, on 05/08/2008, -3/+6Us people? The literate? The educated? Do you know who makes me ashamed? The ignorant fools like yourself who pretend everything is OK, that our government exists to protect our interests. It is your apathy, your ignorance, that is bringing an end to this once great country. When you research the facts and realize our government has given money and weapons to every one of our eventual enemies you will just begin to realize the corruption that exists in Washington. We made Al-Queda, we made the Taliban. We made Saddam who he was. We supported the Soviets before the Cold War. Please put down the People magazine and read some books!
- usgovterrorists, on 05/08/2008, -7/+4How do you shame a neocon?
9-11 was an inside job!
No evidence ever presented that kerosene fires melted steel, nor did they test for thermite, which is against the law!
How did those huge molten pools of metal get under the twin towers and building 7?
No shame invading Iraq on 1000 lies, and polluted their country for 4.5 billion years with depleted uranium.
United States Government are terrorists, war criminals, and horrific liars.- chaosium, on 05/08/2008, -3/+3Neocons, paleocons, dems, socialists, communists, pretty much everyone but the die-hard libertarians consider Truthers to be ridiculously nutty.
- usgovterrorists, on 05/08/2008, -5/+3You forgot the evidence that kerosene fires melted steel!
Where's the evidence?
Bush administration are terrorists, war criminals, and horrific liars. - DreadPirate, on 05/08/2008, -2/+3And you are just horrifically stupid, usgov.
- usgovterrorists, on 05/08/2008, -1/+1You forgot to explain how kerosene fires melted steel!
You forgot to explain how the huge molten pools of metal get under the twin towers and building 7!
You forgot to provide a shred of evidence I'm wrong!
The truth can be verified!
- usgovterrorists, on 05/08/2008, -1/+1You forgot to explain how kerosene fires melted steel!
- usgovterrorists, on 05/08/2008, -5/+3You forgot the evidence that kerosene fires melted steel!
- chaosium, on 05/08/2008, -3/+3Neocons, paleocons, dems, socialists, communists, pretty much everyone but the die-hard libertarians consider Truthers to be ridiculously nutty.
- moolaismyfriend, on 05/08/2008, -6/+6You people make me ashamed to belong to the same species.
- replaysMike, on 05/08/2008, -2/+4best cartoon I've seen in a while :P
- chkdg8, on 05/08/2008, -1/+10Where the ***** is the oversight? This was done by design my friends.
- mustafya, on 05/08/2008, -1/+5Well, Alan Greenspan was encouraging the securitization of mortgage backed securities. At the same time the Democrats spearheaded new rules to push more minorities into home ownership. In the process the requirements became more lax and were taken advantage of by unscrupulous real estate agents and mortgage originators that cared about nothing but their own commissions.
- Ryan166, on 05/08/2008, -0/+25This cartoon needs a second scene showing a Federal printing machine printing money for those two morons. Because that will surely make things better.
- AlaskaLoneWolf, on 05/08/2008, -3/+4Don't worry, it won't be long now until the streets are full of people and the houses are ALL empty. Try spending $1000 U.S. each month, from December through March... it's gonna' get harder and harder to afford ANY house, regardless of where the money comes from, especially when some people get loans that couldn't afford it from Jump Street.
- CSharpSauce, on 05/08/2008, -5/+1$1000 a month isn't hard
- billygreen23, on 05/08/2008, -0/+3I live in northern Virginia and pay almost $1300 for rent on a 1BR in an average neighborhood.
- tony23, on 05/08/2008, -4/+1You haven't been paying any attention to the market, have you?
- CSharpSauce, on 05/08/2008, -5/+1$1000 a month isn't hard
- rinote, on 05/08/2008, -5/+3For a comic, that wasn't very funny...
- kigabit, on 05/08/2008, -5/+1CMO's and CDO's have been around for decades, so I don't think there's any point blaming them or the investment bankers for creating them. They're perfectly valid financial instruments. I agree with the mortgage brokers and bank loan officers ***** up though, in making these loans at all.
- markp93, on 05/08/2008, -2/+7The mortgage may be sub-prime, but the humor is not!
- RustyJ, on 05/08/2008, -3/+9That just goes to show you what predatory lending has done to us... I can't believe that some of these people thought they could somehow make money off of lending to people who don't even have the money to begin with.
The slide show captures it perfectly: Assholes ***** over everyone, and themselves.- SillyRabbits, on 05/08/2008, -2/+4It wasn't predatory lending. It was simply giving people loans that shouldn't have qualified for one. And now to make it worse, congress is trying to find ways to spend tax dollars keeping those loans afloat. In most cases it's just delaying the inevitable. In many cases the applicants simply lied about everything in order to obtain them. It's hard to view them as victims now. As any economist will admit, there are just some people that shouldn't be home owners.
- dupswapdrop, on 05/08/2008, -4/+4If you don't get a mortgage your being redlined and can sue the banks. If you get a mortgage you can't afford your abused! The ciricle never stops.
- VegasJacqui, on 05/08/2008, -1/+5I love how things are recycled: http://digg.com/business_finance/Subprime_Mortgage ... originally posted here: http://www.suburbanhousehunters.com/about/mortgage ...
- fanclerks, on 05/08/2008, -1/+5I could swear I've seen this before... deja vu.
- RoloTomasie, on 05/08/2008, -1/+3You probably did, three months ago. Still damn funny, though.
- metaliq, on 05/08/2008, -2/+4That was a really annoying slideshow.
-next
-look at add
-scroll down
-read
-scroll up
-repeat- cornflakepirate, on 05/08/2008, -0/+10Adblock?
- jinxplayer, on 05/08/2008, -1/+8Stop using a 15" monitor.
- knight666, on 05/08/2008, -2/+1It's really AdBlock that's ruining the economy.
Because if we don't see the annoying ads, how are they going to afford keeping awesome websites up?!! - metaliq, on 05/08/2008, -0/+1Or my 17" WXGA widescreen?
Wtf am I thinking?
- VentureBlogster, on 05/08/2008, -1/+4The sub-prime mess is crazy right now. However, the sub-prime debacle is one of a handful of issues the US economy faces today - oil prices, the cost of wheat and soy and milk, etc. Folks, are we in a TRUE recession right now? Warren Buffet certainly thinks so. Your thoughts?
- Lewie, on 05/08/2008, -0/+3I read "US economy feces". That pretty much sums up my thoughts.
- craighoxton, on 05/08/2008, -0/+2Ain't that the truth, Ruth
- Lewie, on 05/08/2008, -0/+3I read "US economy feces". That pretty much sums up my thoughts.
- ecualung, on 05/08/2008, -4/+3Much funnier version of the same thing from John Fortune and John Bird:
http://www.youtube.com/watch?v=SJ_qK4g6ntM - dgreichert, on 05/08/2008, -2/+1so true.
- tracywood, on 05/08/2008, -2/+3Who uses CRTs anymore?
- montezumamike, on 05/08/2008, -2/+1oh god that's scary
- WebmastuhB, on 05/08/2008, -0/+7Ummm... Page 45 is not really the end. There needs to be several more frames of the ***** Wall Street Guy and some of the idiodic banks getting bailed out by an already overextended government.
Unfortunately the frames of the the ***** Wall Street guy being sent to prison for f*cking up the whole Nation's economy will not be part of this story. - foomandoonian, on 05/08/2008, -4/+4XKCD this is not.
- ThaDRD, on 05/08/2008, -3/+3Look, not everybody who took out an ARM with zero down was a deadbeat. I too believed that I would be able to refinance it in two years and that the value of my home would AT LEAST stay the same as when I bought it. I can afford the ARM now that it went up, but it's ***** annoying especially now that I DO have money for a down payment on a house these days.
- taintedzodiac, on 05/08/2008, -1/+2Well said. You took a risk and it didn't pay off. Some people just cannot contemplate that when a risk backfires, not taking it in the first place doesn't qualify someone to say, "See how smart I was? You losers who took that risk should have known better!"
- jnava121, on 05/08/2008, -0/+1Discovery of the Century . Adjustable Rates: 5% interest on 200k and 10% interest on 200k = big f'n difference lol..
(assuming 30 year loan)
Monthly payment with 5%: 1073.64 , with 10% 1755.15 oh gee the value of my home might go up or down but my payment just doubled!- ThaDRD, on 05/08/2008, -0/+1The idea is that one would never have seen those high rates because they would have been able to refinance after two years when the ARM was scheduled to go up, but because the home values dropped so dramatically, this is not possible.
- jnava121, on 05/08/2008, -0/+1Discovery of the Century . Adjustable Rates: 5% interest on 200k and 10% interest on 200k = big f'n difference lol..
- taintedzodiac, on 05/08/2008, -1/+2Well said. You took a risk and it didn't pay off. Some people just cannot contemplate that when a risk backfires, not taking it in the first place doesn't qualify someone to say, "See how smart I was? You losers who took that risk should have known better!"
- ResonantToe, on 05/08/2008, -6/+1I gave up at the fifth page.
Comedy is about timing, I don't want forty pages of badly MS Painted stick figures (There is a circle tool you know) explaining a piss-poor punchline. Shorten it, shrink it and stuff it into one page.- Stochio, on 05/08/2008, -0/+4There was a .pps file circulating about a month ago on Wall Street that this is stolen from.
- deathguppie, on 05/08/2008, -6/+1this was a horrible drawing.. buried as just sucky..
- MeatyDoughnut, on 05/08/2008, -5/+1Stolen from /r9k/ on 4chan
- Lasereth, on 05/08/2008, -0/+6I'll tell you why we got into the mortgage mess: when I went to apply for a house loan 2 months ago I was approved to buy a $290,000 house. Realistically I can afford $140k max. If I had NO other bills then I could afford the $290k, and these banks SWEAR to you that you can afford the $290k. In a perfect world without having to buy gas, food, student loans, etc. then it would work, but not realistically for most people. Yet people on a sub-average income think that the banks are truthful and sign off on a $1900 per month mortgage, $250k house and then can't afford it. Good comic though.
- spikyface, on 05/08/2008, -0/+3Funny stuff
Norweigen pension fund manager: We demand greater transparency in the financial system!
Czar of Accounting: Blow me -
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