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I'm 29 Years Old With Nearly $1,000,000 In Debt
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I'm 29 Years Old With Nearly $1,000,000 In Debt
Last edited by scooterscot; 27 September 2018, 09:48."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain -
living with their parents on $310k owing $1,000,000.
Flipping heckAlways forgive your enemies; nothing annoys them so much. -
In 2008 there was a debt crisis. Solution - more debt.
Sooner the bubble bursts the better - lets get house prices down.Comment
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I see Pooper deleted his nonsense post.
However, looking at Financial crisis of 2007–2008 - Wikipedia
The US Financial Crisis Inquiry Commission reported its findings in January 2011.[52] It concluded that:
... the crisis was avoidable and was caused by:
widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages;
dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk;
an explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis;
key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw;
and systemic breaches in accountability and ethics at all levels.
— Financial Crisis Inquiry Commission – Press Release – January 27, 2011Comment
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Originally posted by GreenMirror View PostI see Pooper deleted his nonsense post.
However, looking at Financial crisis of 2007–2008 - Wikipedia
The US Financial Crisis Inquiry Commission reported its findings in January 2011.[52] It concluded that:
... the crisis was avoidable and was caused by:
widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages;
dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk;
an explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis;
key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw;
and systemic breaches in accountability and ethics at all levels.
— Financial Crisis Inquiry Commission – Press Release – January 27, 2011Comment
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Originally posted by NigelJK View PostI always thought the light blue touch paper moment was when Clinton observed that people on lower incomes were rarely offered mortgages, so he regulated to encourage lending to them. This ultimately became the toxic debt.
Also playing a part was mortgage securitization. And the reuniting of retail and investment banks.
I heard of someone at Lehman. £4m house. £4m mortgage. Secured on Lehman shares. So when Lehman went, he ended up with his parents.Comment
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Originally posted by GreenMirror View PostI see Pooper deleted his nonsense post."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Originally posted by GreenMirror View Post
However, looking at Financial crisis of 2007–2008 - Wikipedia
It wasn't a financial crisis, it was a banking crisis.
A financial crisis is still to come. The financial crisis is the collapse of FIAT currencies from emerging markets, which will eventually flow into the US, UK and even may collapse the derivatives market. It is already begun with the selling of US debt. The US will be forced to increase interest rates to compensate. In so doing it'll ignite the debt crisis.
The debt crisis is something else entirely. Entitled Westerners believing they should have it all and accumulating massive debts in the process. New monied Chinese are falling into the same trap. When the consumers decide not to spend anymore the stock markets will pullback.
After all those crisis are showing signs of receding I'll consider converting my gold back into FIAT. Perhaps buy a Pied-à-terre in Chelsea to save me using awful Heathrow airport hotels."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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I remember those seminars on how to become a property millionaire starting by putting down a deposit on a credit card....."Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon MuskComment
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Originally posted by Jog On View PostI remember those seminars on how to become a property millionaire starting by putting down a deposit on a credit card.....Comment
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