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  1. #1
    I like turtles 🐢 nn586's Avatar
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    Angry 2008 Financial Crisis

    Has anyone seen this? Pretty crazy chit



    Makes me rage honestly
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  2. #2
    mreatassbtchslapr hoganrulz's Avatar
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    No. But ive watched the big short twice so, I'm an expert.
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  3. #3
    Registered User ErnieMccracken's Avatar
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    Am finance professional. People would riot in the streets if they had any clue what banks and other institutional investors are still getting away with.

    It's going to come to light eventually and people are going to wonder how we let it happen. Until the next time it does.
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    Registered User JeepBruh's Avatar
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    Originally Posted by ErnieMccracken View Post
    Am finance professional. People would riot in the streets if they had any clue what banks and other institutional investors are still getting away with.

    It's going to come to light eventually and people are going to wonder how we let it happen. Until the next time it does.
    Try us. How about you post an example?

    Also, everyone wants to sh*t on the banks for 2008, but lets not forget the government forced banks to lend to people who absolutely had no business in owning a house.
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  5. #5
    Registered User ErnieMccracken's Avatar
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    Originally Posted by JeepBruh View Post
    Try us. How about you post an example?

    Also, everyone wants to sh*t on the banks for 2008, but lets not forget the government forced banks to lend to people who absolutely had no business in owning a house.
    How much do you know about HFT? Very long story short, the only reason it exists is to slowly rake all the private money off the table and into the pockets of hedge funds. The machines can see your trades coming down the pipe and front run you before you have the chance to fill. Hence why the areas around the floor are surrounded with billions in servers programmed by rooms full of maths PhD's. No idea how it's still legal. It's not a conspiracy theory or some sekrit stuff.

    "bUt ThEy ArE pRoViDiNg LiQuIdItY!1!"
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  6. #6
    World's #1 dad SippyCups's Avatar
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    Tradie checking in. Should any of this concern me, or nah?
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  7. #7
    Progression Visel's Avatar
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    Chit is mind blowing honestly. Down right immoral, but politics and business have always played terrible with each other, loopholes and unrealized nuances are a dime a dozen.

    I don't doubt we'll have another housing market crash in the future, we've been hovering around 3.5% interest rates on mortgages for an ungodly amount of time now lol.
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  8. #8
    My farts don't smell aleeboy's Avatar
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    The whole system works together to make the rich richer by stealing from the poor. They have already taken everything from the poor, so from 2008 onwards, the rich have been pummeling the anguses of the middle class.

    Since power and money go hand in hand, the light hand of the regulators and justice system meant that bankers and the politicians that let this happen go unpunished.

    I'll give you a hint where all the bankers went to after milking the system for all it was worth... it's where all the money is crowded into right now.
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  9. #9
    Registered User ErnieMccracken's Avatar
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    Originally Posted by SippyCups View Post
    Tradie checking in. Should any of this concern me, or nah?
    How closely are you tied to new construction? It's going to come to a screeching halt for a few years.

    That said, at least it's hard to outsource you and colleges aren't pumping out millions of tradies with $100k debt they desperately have to pay down.
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  10. #10
    Registered User moosik85's Avatar
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    Originally Posted by aleeboy View Post
    The whole system works together to make the rich richer by stealing from the poor. They have already taken everything from the poor, so from 2008 onwards, the rich have been pummeling the anguses of the middle class.

    Since power and money go hand in hand, the light hand of the regulators and justice system meant that bankers and the politicians that let this happen go unpunished.

    I'll give you a hint where all the bankers went to after milking the system for all it was worth... it's where all the money is crowded into right now.
    You mean the middle class

    The poor don’t own anything and receive more then they give and are used by the rich to scare the middle class into playing the game
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  11. #11
    Registered User TurbanMon's Avatar
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    once in a decade buying opportunity, sucks for those who missed out
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  12. #12
    Registered User ErnieMccracken's Avatar
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    Originally Posted by moosik85 View Post
    You mean the middle class

    The poor don’t own anything and receive more then they give and are used by the rich to scare the middle class into playing the game
    Meanwhile miscers making $20/hr are convinced all problems are caused by the guy making $10/hr lmao.
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  13. #13
    My farts don't smell aleeboy's Avatar
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    Originally Posted by moosik85 View Post
    You mean the middle class

    The poor don’t own anything and receive more then they give and are used by the rich to scare the middle class into playing the game
    No, the poor earned an income and now the poor segment is even bigger and more suppressed thanks to the new entrants from the middle class, who are now the upper poor class.

    Strong knowledge in this thread.
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  14. #14
    Golden boy MoeBettuh's Avatar
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    Originally Posted by TurbanMon View Post
    once in a decade buying opportunity, sucks for those who missed out

    Once in *several decades
    MFC

    drum, it holds fifty, uh
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  15. #15
    Throbbing Member jamalfudge's Avatar
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    Originally Posted by SippyCups View Post
    Tradie checking in. Should any of this concern me, or nah?
    Don't get into flipping houses. Lot's of flippers lost their shirts in the 2008 crisis. I'd probably be cautious if you're in the business of building new houses or doing anything luxurious. If you're in the business of fixing things then I think you'll be good.

    Saw an article about sub-prime lending beginning to fail again. This was part of the problem in 2008. As already mentioned ITT, how soon banks forget. The town I live in was largely unaffected from the 2008 crisis, however you can see some evidence starting to rear it's head. For most of 2018 house prices skyrocketed, but around 6 months ago it started to tail off. Mainly because developers take an 'if you build it, they will come' mentality but there hasn't been the population growth to match. Now I'm seeing the same houses in my neighborhood for sale for the same amount of time, when 6-18 months ago they wouldn't have been on the market for more than 6 days.
    Authorities said...best leave it...unsolved
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  16. #16
    Banned AlienAppleSeed's Avatar
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    Originally Posted by TurbanMon View Post
    once in a decade buying opportunity, sucks for those who missed out

    2008 crisis was the best thing that happened to me.. Cheap Foreclosures everywhere.. I was renting an apartment before it happened but somehow managed to save up like $65,000 cash..

    Then I realized I had spent almost $50,000 renting and started looking around for condos to buy for $65,000 LeL..

    Thanks to the housing market collapse there were tons and tons of dirt cheap condos in Florida.. I ended up buying a 1,525 sq foot condo for $60,000 cash foreclosure.. I was living up north at the time and had never even been to FL in my life.. I researched the area it was in and saw it was a nice area..... I bought it site unseen through a realtor all online...

    I worked from home doing web design so it didn't matter where I lived. When my lease was over a few months later I packed everything up and drove 1,400 miles to my new condo. LeL

    Been there ever since.. 10 minutes from the beach... now the place is worth $150,000 +

    If the housing collapse didn't happen I'd probably still be renting somewhere like a loser
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  17. #17
    I see dumb people messomi's Avatar
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    Originally Posted by ErnieMccracken View Post
    Am finance professional. People would riot in the streets if they had any clue what banks and other institutional investors are still getting away with.

    It's going to come to light eventually and people are going to wonder how we let it happen. Until the next time it does.

    the next time it happens is going to be last time and we are already behind schedule.
    I've got one that can see
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    Throbbing Member jamalfudge's Avatar
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    Not directly related but a good overview of the big picture...crisis is all planned:

    Authorities said...best leave it...unsolved
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    Originally Posted by ErnieMccracken View Post
    Am finance professional. People would riot in the streets if they had any clue what banks and other institutional investors are still getting away with.

    It's going to come to light eventually and people are going to wonder how we let it happen. Until the next time it does.
    Recent example, had to get a buy instruction in at a weeks notice (company scheme). ONE DAY before it’s filled, and my instruction is irreversible, I’m diluted 8% lol..

    In simple terms, I’ve agreed to buy a tenth of a cake, handed over my money, and I’m given an 11th of that cake..

    This sh!t wouldn’t fly anywhere other than finance.
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    Originally Posted by ErnieMccracken View Post
    How much do you know about HFT? Very long story short, the only reason it exists is to slowly rake all the private money off the table and into the pockets of hedge funds. The machines can see your trades coming down the pipe and front run you before you have the chance to fill. Hence why the areas around the floor are surrounded with billions in servers programmed by rooms full of maths PhD's. No idea how it's still legal. It's not a conspiracy theory or some sekrit stuff.

    "bUt ThEy ArE pRoViDiNg LiQuIdItY!1!"
    HFT? I was asking for you to post an example of something that would cause rioting in the streets. That's just glorified front running, which has been around since trading has existed. Also, you are like 5 years late on being shocked by this. There are now HFT machines that HFT the other HFT machines.
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    I lived through it. No video necessary
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    Registered User ontclone's Avatar
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    If you dont have 50,000 + waiting for the recession or the next big crisis to happen, you are basically telling yourself you dont want to be rich
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    gif me so i can gif you Kiop's Avatar
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    Game changes, but the smart ones always prevail, no matter what market conditions exists. The only ones left holding the bag in 2008 were the uninformed.
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    there's opportunity in crisis. there's fortunes to be made.

    “Be fearful when others are greedy and greedy when others are fearful.” - Warren Buffett
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    The federal reserve caused the '08 crisis by inflating the economy after the dotcom bust of 99. Then chairman Alan Greenspan said "we need a housing boom" and he proceeded to create one by artificially lowering rates and keeping them there. This combined with government policies designed to pump up the real estate market help create a 7 year housing boom. In the late stages of the boom we began to hear dangerously irresponsible ideas like "real estate only goes up".

    When the fed was forced to finally raise rates the entire economy, which had become dependent and formed around an apparently never ending real estate bubble, finally went bust.

    So we can point to the shady practices of hedge funds and bankers [ which certainly added to the problem ] but the boom and bust was created directly [ and expressly ] by the fed and government policy.
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    No Huevos katya422's Avatar
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    Originally Posted by ErnieMccracken View Post
    Am finance professional. People would riot in the streets if they had any clue what banks and other institutional investors are still getting away with.

    It's going to come to light eventually and people are going to wonder how we let it happen. Until the next time it does.
    Yes. The lack of understanding isn't an accident.

    Originally Posted by aleeboy View Post
    The whole system works together to make the rich richer by stealing from the poor. They have already taken everything from the poor, so from 2008 onwards, the rich have been pummeling the anguses of the middle class.

    Since power and money go hand in hand, the light hand of the regulators and justice system meant that bankers and the politicians that let this happen go unpunished.

    I'll give you a hint where all the bankers went to after milking the system for all it was worth... it's where all the money is crowded into right now.
    Originally Posted by aleeboy View Post
    No, the poor earned an income and now the poor segment is even bigger and more suppressed thanks to the new entrants from the middle class, who are now the upper poor class.

    Strong knowledge in this thread.
    Agree. Ginning up hate on the poor isn't an accident either.

    The problem is most of us are "poor"- as in the median rent for a one bedroom apartment is over $1200 a month while the about half of us earn under $31K a year or so. To afford a $1200 a month apartment you should have an income of $3600 a month. $31K a year gives you an income of about $2600 a month.

    You need an income a bit over $43,000 a year to afford that apartment. Per this wiki page about 65% of individuals have an income lower than that.

    Originally Posted by messomi View Post
    the next time it happens is going to be last time and we are already behind schedule.
    It is mind bending. Not that I want it to hurry up, just wild that it has kept on for so long.

    In the US we are spending over $10K a year per person on healthcare while getting poorer outcomes and at the same time something like half of us are earning $30K or less.

    None of it is real. Our monetary system is a rigged game based on a big fat lie IMO. But it is a fiat system and outside trying to barter everything most of us are players because there is not other option.
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    I see dumb people messomi's Avatar
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    Originally Posted by KirkMcquest View Post
    The federal reserve caused the '08 crisis by inflating the economy after the dotcom bust of 99. Then chairman Alan Greenspan said "we need a housing boom" and he proceeded to create one by artificially lowering rates and keeping them there. This combined with government policies designed to pump up the real estate market help create a 7 year housing boom. In the late stages of the boom we began to hear dangerously irresponsible ideas like "real estate only goes up".

    When the fed was forced to finally raise rates the entire economy, which had become dependent and formed around an apparently never ending real estate bubble, finally went bust.

    So we can point to the shady practices of hedge funds and bankers [ which certainly added to the problem ] but the boom and bust was created directly [ and expressly ] by the fed and government policy.

    and in the end the banks got bailed out by the government socialism 101 since everybody on this site loves to talk about socialism and they promised to give us the money back (they are still laughing in those backrooms)
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    Registered User GordonXXX's Avatar
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    Originally Posted by KirkMcquest View Post
    The federal reserve caused the '08 crisis by inflating the economy after the dotcom bust of 99. Then chairman Alan Greenspan said "we need a housing boom" and he proceeded to create one by artificially lowering rates and keeping them there. This combined with government policies designed to pump up the real estate market help create a 7 year housing boom. In the late stages of the boom we began to hear dangerously irresponsible ideas like "real estate only goes up".

    When the fed was forced to finally raise rates the entire economy, which had become dependent and formed around an apparently never ending real estate bubble, finally went bust.

    So we can point to the shady practices of hedge funds and bankers [ which certainly added to the problem ] but the boom and bust was created directly [ and expressly ] by the fed and government policy.
    don't forget about all of the greedy mom and pop speculators who bought and tried to flip multiple houses and lied on their loan documents and overleveraged themselves. without the speculators, we would have had no crisis.
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    No Huevos katya422's Avatar
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    Originally Posted by KirkMcquest View Post
    The federal reserve caused the '08 crisis by inflating the economy after the dotcom bust of 99. Then chairman Alan Greenspan said "we need a housing boom" and he proceeded to create one by artificially lowering rates and keeping them there. This combined with government policies designed to pump up the real estate market help create a 7 year housing boom. In the late stages of the boom we began to hear dangerously irresponsible ideas like "real estate only goes up".

    When the fed was forced to finally raise rates the entire economy, which had become dependent and formed around an apparently never ending real estate bubble, finally went bust.

    So we can point to the shady practices of hedge funds and bankers [ which certainly added to the problem ] but the boom and bust was created directly [ and expressly ] by the fed and government policy.
    It was created by the Fed and bad legislation. Bit more than just artificially low rates though. Go read about mortgage tranches and derivatives. Or banking deregulation. As far as I can tell derivatives are straight up Las Vegas style gambling. And demand for them was a significant driver in the last housing crisis. Banks wanted more mortgages to slice and dice and gave no f*cks about quality because they were not holding on to those mortgages.

    Blaming stupid homebuyers that overextended themselves for the last crisis is a bit like blaming junkies for the opioid crisis. Yeah, some purchasers were stupid or crooked. They couldn't have done what they did without the banks being complicit pushers though.
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