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xarkz
Heavy Crude
Joined: Jan 20, 2006
Posts: 129
Location: Iceland
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 Posted: Mon Mar 17, 2008 3:25 pm Post subject: Re: The new Hoovervilles |
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| isnt this just back to normal for many.. or where did they live before they got a subprime loan.. |
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Novus
Light Sweet Crude
Joined: Jun 21, 2005
Posts: 1702
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| Posted: Mon Mar 17, 2008 3:26 pm Post subject: Re: The new Hoovervilles |
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| alecifel wrote: | | The most absurd part of that video, is look at the objects they decided to take with them. The lawn around the thing is so littered with consumerist garbage, from a Faux Venus to the fireplace that now serves no function. There's probably a salad shooter taking up space in the pantry. |
That is what is so funny about that video. It is almost a joke like it could have been an episode from the Simpsons. It is too absurd to be real but it is. |
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Novus
Light Sweet Crude
Joined: Jun 21, 2005
Posts: 1702
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| Posted: Mon Mar 17, 2008 3:31 pm Post subject: Re: The new Hoovervilles |
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| xarkz wrote: | | isnt this just back to normal for many.. or where did they live before they got a subprime loan.. |
The guy in the CNN video was not subprime. He was solidly middle class or even upper middle in his lifestyle but he was leveraged to the hilt with consumerism. The crisis in not just subprime and that is why the sky IS falling. |
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lawnchair
Intermediate Crude
Joined: Oct 20, 2004
Posts: 771
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| Posted: Mon Mar 17, 2008 4:44 pm Post subject: Re: The new Hoovervilles |
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| xarkz wrote: | | isnt this just back to normal for many.. or where did they live before they got a subprime loan.. |
There are about 3 million more Californians (and 23 million more Americans) than there were in 2000, so the apartments and ghetto homes they came from are generally occupied, too.
_________________
At 1% annual growth, human bodies will incorporate every gram in the observable universe in approximately 10,170 years. |
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cube
Fusion
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Joined: Mar 12, 2005
Posts: 3586
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| Posted: Tue Mar 18, 2008 2:03 am Post subject: Re: The new Hoovervilles |
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| Novus wrote: | | alecifel wrote: | | The most absurd part of that video, is look at the objects they decided to take with them. The lawn around the thing is so littered with consumerist garbage, from a Faux Venus to the fireplace that now serves no function. There's probably a salad shooter taking up space in the pantry. |
That is what is so funny about that video. It is almost a joke like it could have been an episode from the Simpsons. It is too absurd to be real but it is. |
I love subprime
I do not take Schadenfreude pleasure but I have Zero sympathy for these folks.
As the video states, their home doubled in value and they were sitting on a mountain of equity. But yet despite this they still managed to screw things up. IMHO (with or without) a housing crash, completely clueless people like these folks would of ended up in a trailer anyways. |
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3rensho
Tar Sands
Joined: Apr 04, 2005
Posts: 85
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| Posted: Tue Mar 18, 2008 10:39 am Post subject: Re: The new Hoovervilles |
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| Novus wrote: | | xarkz wrote: | | isnt this just back to normal for many.. or where did they live before they got a subprime loan.. |
The guy in the CNN video was not subprime. |
He took out an interest only mortgage, then after his wife lost her job he took out a loan on the "equity" in the house. He is exactly what the sub-prime crisis is all about.
No way in hell would he have been able to do that had he been required to meet the bare minimums required under sane lending practices. That does not absolve him from his stupidity but it certainly does illustrate the types of mortgages the sub-prime crises entails. |
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