Bernanke speaks

[w8liftinglady]

[w8liftinglady]

1. foreclosures up four-fold in two years

[w8liftinglady]

2. far too much of lending has been irresponsible-deceptive lending practices

[w8liftinglady]

3. 34% of home prices have decreased 30 percent

[w8liftinglady]

4. the stock market is responding well- down 240

[w8liftinglady]

5. many defaults occuring within the first few months-before reset

[Mojorabbit]

6. thanks! n/t

[w8liftinglady]

7. 45% of foreclosures-prime,near-prime or government backed

[w8liftinglady]

8. new rules..bans on deceptive lending

[PA Democrat]

14. Don't you love it?

The Bush administration took states to court to prevent them from passing laws to restrict deceptive lending practices. This was in 2004.

Assholes knew what was going on but chose instead to enable their buddies in the corporate offices continue to reap profits.

[w8liftinglady]

9. stricter regs on high priced loans

[w8liftinglady]

10. big applause against housing loan sharks...

[w8liftinglady]

11. we don't want responsible lenders to leave the subprime market...too late.

[Uncle Joe]

12. Here's my view of the economic situation.

1. Bush starts exploding the debt via tax cuts for the top 1% while simultaneously going in to a needless war in Iraq which cost 3-5 times his estimate.

2. As result the dollar drops in value versus foreign currencies, combined with a belligerent attitude foreign policy toward oil producing nations, short sighted policy regarding the development of alternative fuels, and the emergence of China and India as industrial powers, this perfect storm of events exacerbates inflationary pressure on the price of oil.

3. Oil shoots up as the dollar drops, gasoline triples in cost, which of course effects most all other products dependent on transportation such as food, medicine, etc.

4. This inflationary squeeze coupled with stagnant wages causes more people to be late on credit card and mortgage debt. As a result credit card corporations jack up interest rates and as more people must use credit cards for everyday living expenses, this negative dynamic increases in intensity.

5. It gets to the point that the people get behind on their mortgage payments and begin losing their homes, as they lose their homes and foreclosures increase in number, this dynamic drags down the price of other homes in the same neighborhoods.

6. As the price of homes slow, stop or decline in value, refinancing becomes increasingly difficult as the people's primary asset loses value, which in turn increases the chances of foreclosure.

7. As foreclosures skyrocket in some areas of the nation, packaged resold mortgages in default start hammering the financial markets causing uncertainty, thereby creating further loss of confidence by the American People in the leadership of their government.


P.S. I said number one was Bush explodes the debt, actually number one was when the corporate media decided that the most powerful job in the land should be awarded to an obviously inferior candidate out of spite against the one; who championed empowering the American People to communicate through, around or over their corporate media filter. I believe they forgot they were Americans first and corporate media owners and CEO's second and I believe most everything that's happened since is a direct result of that betrayal against the American People's best interests.

[HCE SuiGeneris]

13. Heartily recommend your analysis...

Pretty much nailed it. :thumbsup:

[w8liftinglady]

15. this is excellent-you should repost it as its own thread.