tag:blogger.com,1999:blog-9430835.post6345117509465367523..comments2024-03-29T05:14:33.223-07:00Comments on Steve Sailer: iSteve: The Mortgage Meltdown in SumUnknownnoreply@blogger.comBlogger41125tag:blogger.com,1999:blog-9430835.post-14617780924274384802009-05-23T16:05:06.489-07:002009-05-23T16:05:06.489-07:00Nobody forced anybody to do that, so far as I know...<B>Nobody forced anybody to do that, so far as I know. So how and why did it happen</B>?<br /><br />Because the managers minding the businesses were getting paychecks based on profits. Few had any of their own skin in the game. All the incentive was to risk, risk, risk!Captain Jack Aubreynoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-70630374525638072672009-05-23T10:36:28.200-07:002009-05-23T10:36:28.200-07:00I understand how "community redevelopment" arm-twi...I understand how "community redevelopment" arm-twisting led banks to make massive numbers of inferior-grade loans. But that should only have hurt the balance sheets of the banks themselves. What turned it into a meltdown was that the financial community bought securities backed by these toxic loans without discounting for risk. Nobody forced anybody to do that, so far as I know. So how and why did it happen?Rex Littlenoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-61664568886452705862009-05-23T09:16:42.881-07:002009-05-23T09:16:42.881-07:00Captain Jack Aubrey: Could people here bother to l...<B>Captain Jack Aubrey:</B> <I>Could people here bother to learn how to embed an HTML link, rather than just cutting and pasting the address in their comment? It ain't that difficult. Google "HTML" for instructions.</I> <br /><br />And to think that they call me a paranoid bitchy incessant whiner.<br /><br />Pshaw.<br /><br />PS: Make sure to remind them that they need something like an empty space [ASCII 32] after the closing tag "</a>" so as to compensate for the "html parser/filter eats carriage returns after closing tags" bug.<br /><br />- PBIWParanoid Bitchy Incessant Whinernoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-74588917570374959482009-05-22T17:46:33.752-07:002009-05-22T17:46:33.752-07:00Could people here bother to learn how to embed an ...Could people here bother to learn how to embed an HTML link, rather than just cutting and pasting the address in their comment? It ain't that difficult. Google "HTML" for instructions.Captain Jack Aubreynoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-87159751155197049432009-05-22T11:11:35.819-07:002009-05-22T11:11:35.819-07:00And so it begins:
http://online.wsj.com/article/S...And so it begins:<br /><br />http://online.wsj.com/article/SB124078772568857401.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-61568664317480520422009-05-22T10:59:41.996-07:002009-05-22T10:59:41.996-07:00One fundamental difference between Republican vote...<I>One fundamental difference between Republican voters and Democrat voters is that Democrats generally view the country as a commons, while Republicans are committed to the perpetuation of the country as a going concern.</I>A very interesting way of putting it. It certainly rings true.Svigorhttp://majorityrights.comnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-36426101710234061322009-05-22T10:50:11.061-07:002009-05-22T10:50:11.061-07:00I heard a guy in McDonalds arguing for the Sailer ...<I>I heard a guy in McDonalds arguing for the Sailer thesis . . . it's already gone mainstream.</I>I think I heard Rush talking about it the other day, obliquely.Svigorhttp://majorityrights.comnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-83619062472514478722009-05-22T10:46:02.229-07:002009-05-22T10:46:02.229-07:00They did this fully understanding that many of the...<I>They did this fully understanding that many of the borrowers on these loans would not be able to pay them back,but that they would still achieve a profit because <B>the loans were guaranteed by the federal government</B>. The banks were the main engine in the ponzi sheme that wrecked the economy.</I>You just fingered the federal government, not the banks.<br /><br />Guarantee all the loans I give, and see how "responsible" I am.Svigorhttp://majorityrights.comnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-31498521947115794322009-05-22T08:43:33.450-07:002009-05-22T08:43:33.450-07:00Well, "we" went along with it, mostly without comp...<I>Well, "we" went along with it, mostly without complaint, did we not? Just like good little Irish schoolchildren scared witless by the members of our "caring professions"</I>?<br /><br />Sounds like something is weighing on your conscience. Good for you.<br /><br />The "we" that includes myself, my family, and my friends most certainly didn't "go along" with, much less demand more mortgage lending to minorities. Nor did we profit from it. We are however, thanks to the other "we", on the hook to help pay for it all.<br /><br />And no, when it comes to identifying the significant "we"s who didn't just go along with it but actively pursued it and profited from it - first by lobbying relentlessly for racial favoritism, then by perpetrating fraudulent lending based on that favoritism, then by securitizing and thus laundering that fraud, and finally by engineering taxpayer-funded bailouts and stimuli for themselves - Irish schoolchildren are not anywhere near the top of the list.Tanstaaflhttps://www.blogger.com/profile/10809764986911255031noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-33243574883628220062009-05-22T08:27:55.821-07:002009-05-22T08:27:55.821-07:00Everyone knew these mortgage practices were a joke...<I>Everyone knew these mortgage practices were a joke, and that led to the jettisoning of standards of conduct throughout. Without societal mores, it's every man for himself. Grab what you can. That's our new national credo.<br /></I> <br /><br />That's the thing about mass immigration: it turns the country into a giant commons. And "grab what you can" is the inevitable response to a commons. See Garret Hardin's original formulation (<I>The Tragedy of the Commons</I> or Matt Ridley's discussion in <I>The Origins of Virtue: Human Instincts aned the Evolution of Cooperation</I>).<br /><br />One fundamental difference between Republican voters and Democrat voters is that Democrats generally view the country as a commons, while Republicans are committed to the perpetuation of the country as a going concern. This ties in with Steve's views on affordable family formation, as those who live where family formation is affordable are more likely to view the country as a going concern, although the arrow of causation can also point in the other direction as those predisposed to the going-concern viewpoint will re-locate to where the environment is more suitable for their productive (and reproductive) project.ben tillmannoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-56337034907588307732009-05-22T07:12:25.486-07:002009-05-22T07:12:25.486-07:00"It seems reasonable to start discussing the optio..."It seems reasonable to start discussing the option of different nations for different peoples. Peaceful succession is way better than violent succession."<br /><br />Not possible. The Left, which was all for secession when Bush was POTUS (remember Jesusland?) is now violently opposed(see the recent TX dust-up. But oddly enough, the VT secession mov't is not a concern. I wonder why?). The tea parties were laughed at or their were hints that there might be Nazis(!) in attendance. <br />Behind the Left's laughter and derision is fear. If secession even progresses a bit, the gravy train will go off the tracks. There is no way in hell this is happening without a fight. The Left also wants to make sure that no places are even minimally majority white. If that isn't possible, they'll make sure a population of NAMs is present (Somalis in Lewiston, ME is one such example).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-87303148377628222392009-05-22T06:36:54.777-07:002009-05-22T06:36:54.777-07:00"The frightening thing is that looking at the data..."The frightening thing is that looking at the data our caring classes have gotten fantastically better at brainwashing our kids, while teaching them less of anything useful. Fully 66% of voters 18-29 voted for Obama."<br /><br />Cap'n Jack,<br /><br />Students don't need "caring classes"<br /><br />They need caring parents, like a dad who makes them behave in school and get their homework done. It's also great when parents are literate and can help with the homework. <br /><br />I remember reading a textbook in grad school that lamented the fact that teaching continues to attract minorities and the bottom of the college educated barrel.silly girlnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-21033462963672847592009-05-22T05:21:24.500-07:002009-05-22T05:21:24.500-07:00Lucius Vorenus:
Oddly enough, RIGHT AFTER I poste...Lucius Vorenus:<br /><br />Oddly enough, RIGHT AFTER I posted the apologia, I read your explanation of LIFO blogger comment posting on another thread.<br /><br />I guess we're just slipstreaming through time, here!Hunsdonhttps://www.blogger.com/profile/05188706369004532171noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-82669794719956007692009-05-22T00:29:13.408-07:002009-05-22T00:29:13.408-07:00The "we" who asked for this are decidedly distinct...<I>The "we" who asked for this are decidedly distinct from the "we" who are getting it. That distinction deserves clarification, not obfuscation.</I>Well, "we" went along with it, mostly without complaint, did we not? Just like good little Irish schoolchildren scared witless by the members of our "caring professions"?<br /><br />The frightening thing is that looking at the data our caring classes have gotten fantastically better at brainwashing our kids, while teaching them less of anything useful. Fully 66% of voters 18-29 voted for Obama.Captain Jack Aubreynoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-92019040047159585732009-05-21T23:48:15.540-07:002009-05-21T23:48:15.540-07:00Cossack in a Kilt I could have sworn that Captain ...<B>Cossack in a Kilt</B> <I>I could have sworn that Captain Jack's comment was not in place when I made the democracy reference.</I> <br /><br />They use a LIFO stack for comment approval at Blogger/Blogspot - it totally screws up your temporal perception of the comments.<br /><br />It's a really embarrassing rookie programming mistake.Lucius Vorenusnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-10176061071918654652009-05-21T22:30:45.152-07:002009-05-21T22:30:45.152-07:00Anonymous said...
Does this mean you are going to ...<I>Anonymous said...<br />Does this mean you are going to stop posting on this topic? I love reading your thoughts, but you have beat that dead horse pretty well by now, haven't you</I>?<br /><br />Hi, FeministX!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-39661120805225852652009-05-21T22:04:22.694-07:002009-05-21T22:04:22.694-07:00For decades, everybody who was anybody demanded mo...<I>For decades, everybody who was anybody demanded more mortgage lending to minorities. Skeptics were marginalized and vilified. So, in this decade, we got what we'd been asking for, and we got it good and hard</I>.<br /><br />The first two sentences are a fair enough summary. The third is a non sequitur. The "we" who asked for this are decidedly distinct from the "we" who are getting it. That distinction deserves clarification, not obfuscation.Tanstaaflhttps://www.blogger.com/profile/10809764986911255031noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-75057155917646920532009-05-21T22:01:37.318-07:002009-05-21T22:01:37.318-07:00The mortgage market breaking was not the start of ...The mortgage market breaking was not the start of a diversity depression.<br /><br />Depressions end. The Medicare trustees have an optimistic recent estimate: the Medicare "trust fund" will hit 0 in 2017, two years earlier than their last estimate. <br /><br />"The financial outlook for the...trust fund is significantly less favorable than projected in last year’s annual report,” the Medicare trustees said. “Actual payroll tax income in 2008 and projected future amounts are significantly lower than previously projected, due to lower levels of average wages and fewer covered workers.”<br />http://www.nytimes.com/2009/05/13/us/politics/13health.html<br /><br />Gee, what demographic changes might be responsible for lower wages and less health insurance coverage? Is there some group that went from like 3-4% to ~15% of the population in a few decades? Is this a demographic that by and large can aren't able to do more productive work than menial jobs Americans won't do because the work isn't very valuable? The very same population group whose bottomless supply retards labor saving innovations and depresses wages and benefits?<br /><br />Half of children under 4 are NAMs, if they behave and perform like previous generations of NAMs, and there's plenty of reason to think they'll be even less productive and more criminal, and less employable...<br /><br />I don't see how WHAMs will be able to support them all in the style to which they've become accustomed.<br /><br />Or how the country will ever be heavily middle-class republic with a sophisticated, technical economy again.<br /><br />It seems reasonable to start discussing the option of different nations for different peoples. Peaceful succession is way better than violent succession.robnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-63967648875723801332009-05-21T21:56:53.749-07:002009-05-21T21:56:53.749-07:00Does this mean you are going to stop posting on th...Does this mean you are going to stop posting on this topic? I love reading your thoughts, but you have beat that dead horse pretty well by now, haven't you?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-2807356641357950242009-05-21T19:08:53.908-07:002009-05-21T19:08:53.908-07:00And having thoroughly wrecked our banking system t...And having thoroughly wrecked our banking system they are now setting out to do the same to our healthcare system. Awesome.<br /><br />I cannot think of a single group of people less qualified to run anything than our current Congress. I would not trust them to mow my lawn.Captain Jack Aubreynoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-69278931011683322702009-05-21T14:45:31.275-07:002009-05-21T14:45:31.275-07:00I could have sworn that Captain Jack's comment was...I could have sworn that Captain Jack's comment was not in place when I made the democracy reference. Color me embarrassed.Hunsdonhttps://www.blogger.com/profile/05188706369004532171noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-73461487644948254692009-05-21T14:20:05.554-07:002009-05-21T14:20:05.554-07:00"For the time being tight purse string may limit t..."For the time being tight purse string may limit their actions but once the economy rebounds..."<br /><br />Optimist.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-12527093488276799922009-05-21T14:13:26.328-07:002009-05-21T14:13:26.328-07:00No one has made a H.L. Mencken "democracy" referen...No one has made a H.L. Mencken "democracy" reference yet?Hunsdonhttps://www.blogger.com/profile/05188706369004532171noreply@blogger.comtag:blogger.com,1999:blog-9430835.post-36316844150647687212009-05-21T11:04:59.804-07:002009-05-21T11:04:59.804-07:00You should write a book about this, providing evid...You should write a book about this, providing evidence for the "mortgage meltdown in sum" like you did with Obama. An idea will never get across unless someone coherently presents it in one place.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9430835.post-10205219110191144702009-05-21T09:44:39.430-07:002009-05-21T09:44:39.430-07:00Where are you, Steve?Where are you, Steve?Anonymousnoreply@blogger.com