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Re: the mother effin market yesterday and today...
All I keep hearing about is the "housing bubble" causing this financial meltdown. But why aren't we talking about the real problem? Where are the good paying jobs?? That is the real problem here. If people had good paying jobs then they would be able to keep their homes therefore banks wouldn't be going belly up.
AIG is the real wake up call here IMO. I mean people aren't paying their insurance bills? That is a red flag right there that the Jobs are gone. So now that people son't have insurance what will be the ripple effect from that?
Any takers?
Would that hurt the medical industry or will they (hurt/sick people) just be turned away at the door for not having health insurance. What about car insurance? who will this hurt?
Re: the mother effin market yesterday and today...
Originally posted by runningman
All I keep hearing about is the "housing bubble" causing this financial meltdown. But why aren't we talking about the real problem? Where are the good paying jobs?? That is the real problem here. If people had good paying jobs then they would be able to keep their homes therefore banks wouldn't be going belly up.
AIG is the real wake up call here IMO. I mean people aren't paying their insurance bills? That is a red flag right there that the Jobs are gone. So now that people son't have insurance what will be the ripple effect from that?
Any takers?
Would that hurt the medical industry or will they (hurt/sick people) just be turned away at the door for not having health insurance. What about car insurance? who will this hurt?
no, thats not really the case. it was that financial instruments were created to try and lend money to people to buy a house when they had absolutely no business owning one. banks amassed huge amounts of this kind of debt, and all had inter-dependant relationships with each other. when the wind finally was "let out of the sail" as it were, the collapse caused a cascade of problems for all involved. financial institutions with less exposure to the asset-backed and mortgage-backed collateral came out much better off than those with heavier exposure. but the after effects are still going to be huge, and its messing with market psyche big time.
Re: the mother effin market yesterday and today...
yeah NPRs this american life did an entire show on the mortgage crisis and how it was connected to wall street and the banking industry awhile back. it was put into layman's terms which made it possible for me to somewhat grasp. might be floating around somewhere...
...I love you when you're not masterminding my downfall
Re: the mother effin market yesterday and today...
ya I know that is the NBC version of what is going on but it must be much bigger then what you are implying. I have heard stories about people working at McDonalds getting a $350,000 house but those loose cannons can't alone be the downfall of the financial system. I have heard that unemployment is really at 14% in the US. It sure as hell isn't 6.1%. Unemployment might have something to do with the predicament we are all in.
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might be floating around somewhere...
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