Bush , McCain warn dems don't listen

[3sweeties]

Tweet Thought you guys might appreciate this.

[FUZO]

TweetI do 3 sweeties no one wanted to listen and they were right.dont worry dick head obama and pelosi will go down as the 2 fuktwads that ruined our country

[firstenrgy]

TweetGood post!
I remember back in 2002 when a reform bill came out of committee, the republicans were lambasted and were called racists and only wanting wealthy people to own homes. The repubs ran for cover. Sad, very sad.

[3sweeties]

TweetInterestingly, I heard on the world news the other night that small privately owned banks were doing fine. When this whole fiasco started I called my banker because I was concered what this would mean for us. Our bank is one of those small, privately owned banks and it is fine. I do know each year when we go in to get our operating loan that we have to have a complete financial statement and cash flow for the year before we get approved. There lending practices are pretty strict.

[firstenrgy]

Tweet

Interestingly, I heard on the world news the other night that small privately owned banks were doing fine. When this whole fiasco started I called my banker because I was concered what this would mean for us. Our bank is one of those small, privately owned banks and it is fine. I do know each year when we go in to get our operating loan that we have to have a complete financial statement and cash flow for the year before we get approved. There lending practices are pretty strict.

Yes, smaller banks that lent money and held that paper (where the mort holder was sending in the payment every month) faired well and will continue to.
Larger banks throughout the years use to package some loans, sell them off and lend again. Once they developed an index to determine the worth of these loans (and the houses backed by them). The housing boom started in motion and the banks got excited that the "index" was increasing which allowed them to borrow and lend more money because as the index went up adding to the problem. Collecting the closing and refinancing fee's were allowing them to make big temporary money beat the prior earnings number and the stock price went higher and higher. Eventually the bubble/mania came to a grinding halt as it always does. You probably have heard a term called derivatives. This was the initial cause of the bubble with the fed aiding and abetting them.
I hope this boring financial explanation was helpful.