Why the US economy tanked in 2008
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Outstanding HDF Member
Joined: Jun 2007
Posts: 2,542
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From: Cocoa Beach, Florida
Why the US economy tanked in 2008
I believe the Dow lost 33.8% and middle-class America is devistated because lenders got greedy and fostered false housing evaluations and adopted poor lending practices (no integrity).
Evidence: U.S. foreclosure filings in 2008 rose 81% from 2007
Evidence: U.S. foreclosure filings in 2008 rose 81% from 2007
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Joined: Oct 2006
Posts: 58
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From: East Ohio
Interesting study done by Ohio State:
http://www.osu.edu/news/newsitem2151
You don't hear much about it because it doesn't support either parties agenda on why this occurred. Paul Harvey is the only person I have ever heard mention it.
http://www.osu.edu/news/newsitem2151
You don't hear much about it because it doesn't support either parties agenda on why this occurred. Paul Harvey is the only person I have ever heard mention it.
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Joined: Oct 2006
Posts: 58
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From: East Ohio
I just think it is interesting that we never heard anything about the study. To my knowledge it was never mentioned on conservative talk radio or "drive by media" (Rush's term not mine). The only reason I can think is that it doesn't substantiate either parties agenda/spin on cause.
Big Kahuna HDF Member
Joined: Feb 2006
Posts: 23,881
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From: USA
Interesting study done by Ohio State:
http://www.osu.edu/news/newsitem2151
You don't hear much about it because it doesn't support either parties agenda on why this occurred. Paul Harvey is the only person I have ever heard mention it.
http://www.osu.edu/news/newsitem2151
You don't hear much about it because it doesn't support either parties agenda on why this occurred. Paul Harvey is the only person I have ever heard mention it.
The lenders? 110% f&%king greed drove them. The borrowers? 110% greed again.
Now we pay for their greed. Really sucks. 
Supporter
Joined: Jan 2007
Posts: 15,787
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From: along the shore of Mishigami
Another catalyst in this downfall was the lenders policies of giving large loans to people who maybe a few years ago would have never gotten them. I remember being reviewed for loans to match the household income. Adjustable rate mortgages were a last ditch efforts. Filing for bankruptcy was a shameful event, now it is common place. Lets not mention the oil price speculation fever that drove up prices and some people made some money. There is a brillant group out there that created this mess to watch countries fold. My 2 cents.
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Joined: Dec 2006
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From: King William, VA.
what happened in a nutshell.........GREED
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Road Master
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From:
I believe the Dow lost 33.8% and middle-class America is devistated because lenders got greedy and fostered false housing evaluations and adopted poor lending practices (no integrity).
Evidence: U.S. foreclosure filings in 2008 rose 81% from 2007
Evidence: U.S. foreclosure filings in 2008 rose 81% from 2007
Lenders lose money on the vast majority of foreclosed home, and you want to talk about how greedy they are. Open your eyes before you get taken hook line and sinker by what the media wants you to believe.
Cruiser
Joined: Sep 2008
Posts: 125
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From: N.E. Ohio
The second shoe is about to drop - Commercial real estate is gonna be in big trouble once tens of thousands of retail stores close and the country is awash in vacant strip malls causing a landslide of new foreclosures.