http://say-no-to-recourse-loans.blogspot.com/2013/01/here-is-why-henry-blodget-of-bi-is.html The bankers were guilty but RICO statutes have run out.
Here Is Why Henry Blodget of BI is Wrong About Innocence of Bankers in the Housi
By bgamall4 Follow Tue, 29 Jan 2013, 7:08pm 629 views 17 comments
In Las Vegas NV 89117
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Not sure how many people follow crime, so I shifted this to politics. It is political in a sense, as Henry Blodget, who has written about his concerns regarding the discrepancy of wealth in the nation, has not adequately come to terms with these crimes. And whether covered by law or not, they have attacked main street with the housing bubble.
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Home prices always go up.. right !
Isnt that what you obnoxious housing bulls have been saying for years and still expecting 20-30% year over year appreciation... now you damn Bankers for the blow up...
When did you crazy people on BI ever write about that prices (forget the mortgages) are just insanely over inflated. Yes. Main Street was responsible for the housing bubble and even today expect some idiotic double digit appreciation.. Sober up and see many homebuyers/owners were gaming for a ponzi scheme not the bankers.
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"Unethical housing bubbles and toxic housing loans hurt America, Henry, whether against the law or not. There is a higher law. And that law will judge these bankers by a much different standard than you do. A Ponzi housing bubble is unethical and should be against the law. It destroys the value of a house, making it impossible to price the value of a house."
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thomaswong.1986 says
Without the loans being available, there would have been no housing bubble. Through most of the 20th century, banks had underwriters because the banks knew they would have to hold the loans. With the advent of securitization, underwriting was dismissed and banks pawned the loans off in a system that guaranteed invstors would get crap bonds to buy. Remember those CDOs that screwed up the world?
The bankers were at fault for the bubble, just like Madoff was at fault for the ponzi, even though his investors likely should have known better.
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Henry Blodget is usually wrong about everything. He's a sensationalist, not an objective writer.
I can't believe that BI let's him write after the scandal that got him banned from trading.
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You have to hand it to the FIRE guys though, they worked out the perfect crime!
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Kevin says
My concern is that he knows the banks are getting away with more, and worse securities crimes than he ever contemplated, and yet he is defending them because the counterparties should have known what they were doing. But it has been shown that the counterparties lacked full disclosure.
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Vicente says
You mean the central bankers? Yes, it appears they devised the perfect crime.
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bgamall4 says
would not have mattered either way... people went ballistic over home price long before year 2000/2001. Frankly many new migrants into CA never heard that 10 years prior prices fell by 40-50%.
Even in NYC, upper end of housing .. which didnt have mortgages.. same story.
Hey... but look at the facts... what do you have left but an insane public addicted to high home prices..even at 10% year over year appreciation gets you into insane pricing after 20-30 years.. there is no amount of money in circulation to make that happen.
Robert Shiller - On Home Prices Always Going Up (6 min)
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Shiller got flack for his sober comments back in 1999 over stock valuation and than again over housing bubble.. even today.. its still all ignored. Its so easy to simply blame Wall Street..
https://www.youtube.com/watch?v=d__GPqOVNbE
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thomaswong.1986 says
That is true Wong, but the bubble was not on the scale of the 2001-2006 bubble. And that bubble was not massive until 2004 when the CDO's were sold by Henry Paulson of Goldman Sachs the world over. That allowed loans for folks who could fog a mirror. A homeless guy owned 4 houses. He just showed up to sign the contracts. The loosening of those toxic loans came from the selling of the CDO's.
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bgamall4 says
Nope... we have a public which wrongly believes they can INVEST in their house and use it as a savings account/ATM. And this mindset started well before lower rates kicked in.
Again, try to tell someone back in late 90s to 2007 home prices do actually correct. Fact is many didnt even know about price declines of 1989 to 1992...
This was covered by Robert Shiller in his research... It doesnt matter if your talking about Dot.com Internet stock, Real Estate or now again with Social Networking, Main street public runs on irrational exuberance.
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bgamall4 says
Good for him...he made the smart move.. the evidence back in 2004 was clear as day light.
Are you going to pin the stupidy of people on one person now ...
What happened to Buyer beware...
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thomaswong.1986 says
Wong, I am sorry, but I have proved that the housing bubble was preplanned, just like the one that is occurring now. The only difference is that they have not translated the current bubble into an easy money bubble. But Wong, they are working feverishly to do so. If you can't see that I can't help you. You can lead a horse to water but you cannot make him drink.
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thomaswong.1986 says
You know buyer beware in the law only applies to real estate, not loans.
You buy and house but you buy a loan if you buy a mortgage. There are no buyer beware laws that protect those sellers of loans.
It can be proven that the housing bubble was premeditated so the fault lies with the TBTF banks in concert with the central banks who adopted the gaussian copula that allowed CDO's to be sold without the risk attached that they should have had. If they had been sold with the risk they should have bad, there could not have been the easy money loans and liar loans and homeless people buying multiple houses as happened after 2004.
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Ridicules, you had back than and today, mass populace addicted to this idiotic fake track to wealth with real estate stupidity. And what worse, is a govt and president being enablers unwilling to let market forces force prices lower.
No.. even today, its pretty clear how addicted people are to RE.
If people didnt believe their homes were going to double in market value in 10 years, and many did, they wouldnt have taken any loans.. how do you explain those who paid all cash? They were even bigger idiots...
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thomaswong.1986 says
That was set up by the banks and their controlled media. We have another housing bubble that could, if the powers that be choose, morph into a really easy money bubble again. Not sure it will happen, but it is what the bankers want. The media is blanketing us with the housing recovery. It is orchestrated propaganda.
Bernanke has already signaled that easier money is necessary to keep the economy going. We are tracking it while you, Wong, bury your head in the sand YET A SECOND TIME.
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Not sure I'd listen to anything written by a known fraudster/criminal. Why the hell would he care about the discrepancy, considering his status as a former perp? Did he suddenly gain a conscience after being barred from the securities industry? I'm not 100% sure about this but why do I feel like the only thing the guy is sorry for is having been caught?
http://en.wikipedia.org/wiki/Henry_Blodget
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MMR says
Because the bankers were bigger and got away with it and he didn't. If anyone had any sensibility he would be outraged that the bankers got off in the housing crash while he was sacrificed in the dot com crash.