Redpill me on the housing crisis
>>1275694
When will they learn?
>>1275697
They never do.
>>1275694
https://www.youtube.com/watch?v=QD0L4PRit98
free market rules, there is no "crisis"
>>1275694
The housing crisis of 2016 is very simple anon:
>People started buying houses instead of Trumpcoins
>Trumpcoins rise in price, people will start taking new mortgages on houses to get on board Trumptrain
>Trumpcoin price will have already skyrocketed
>People who missed out will kill themselves and thus default on their mortgage payments.
>>1275784
trump a faggot
>>1275694
https://mises.org/library/evidence-fed-caused-housing-boom
That and Fannie Mae and Freddie Mac
>>1275694
>poorfags applied for loans they couldn't pay back
>Banks refused them cause they knew they were bullshitting
>poor people complained
>government didn't like that poor people couldn't get free money from banks
>give banks incentive to give loans to poor people
>flash forward to 2008
>poor people don't pay back loans
>several banks completely collapse
>banks to survive want defaulted loans replayed
>take poor peoples devalued houses as collateral
>poor people complain
>blame crisis on banks
the end
>>1277367
it's depressing that people actually believe this.
the housing bubble was architected by global interests. you are a faggot.
>>1277398
Was it the Jews?
>everybody sells scam loans to peasants
>everybody buys them
>peasants default on loans
>bagholders shit the fan
I wosh i was born in the year 5,000
>>1277398
>the housing bubble was architected by global interests
In what way? I would like to know other perspectives on this.
>>1277367
>i-i-i-it was all the poor people!
Let's not forget all the greedy banks, mortgage brokers and credit rating agencies helping to inflate the bubble. e.g. Banks offering mortgages with LTV's of over 100%.
>>1277367
You do realize that the creation of mortgage-backed securities gave banks a direct incentive to give out more mortgages... right? Like, even without the government, the banks had all the reasons to give out subprime mortgages. They weren't exactly complaining when the government made it easier to do so, were they?
>>1277607
Financialization of the american economy. Literally the economy is surviving via a top down system fueled by the spigot of central bank credit creation.
Ask yourself what is the most expensive real estate in your town, any town? 99% of the time its a bank. They have a literal license to make money without being productive.
>fed loans 'money' to commercial banks at .25% interest
>commercial banks loan to regional banks for 2% interest
>regional banks loan to you for 4% interest
Most mortgages are immediately sold and repackaged. Only the constant fuel of new credit keeps prices as they are. Literally most millenials will never be able to afford todays prices at wage levels. Its why the dollar has lost value since 1913 and interest rates have been an overall trend down. Now that were at 0% theres nowhere to go....
>>1277367
This is basically the propaganda story of the day. Always blame the poor. Sure the poor are stupid but whos dumber: someone who gives a nigger $100k and expects them to pay it back or the nigger that uses the money while they can and runs when the person comes when they want it back?
The answer is the taxpayer because youre paying for jamals 100k because chaim sold us up shit creek and has been collecting origination fees from day 1
>>1278933
Noone blames the poor, blame the government ffs.Ofcourse the poor will take those great loans they have no business getting when the government puts a gun to the lenders heads.
>>1278960
Your reading comp is off. I was being sarcastic. Poor people didnt create this crisis or the federal reserve system but they will surely recieve the blame and will pay for it via new taxes or inflation. "Privatized profits and socialized losses" are the bankers mo
Some people borrowed some money they couldn't afford to pay back.
Some people approved this because they thought they couldn't lose and wanted more money.
Some people who were supposed to prevent this looked away because it was in their financial or political interests.
When it call came crashing down the people who were supposed to prevent it ducked blame, the people who approved were bailed out, and the people who borrowed were fucked.
