Total costs, inflation-adjusted for 2008 dollars:


2008 Fed loans/purchases in financial industry. $4,284,000,000,000

World War 2.............................................. $3,600,000,000,000

Economic stimulus package............................. $900,000,000,000 (proposed)

Banking industry bailout ................................. $700,000,000,000

Vietnam War................................................ $698,000,000,000

Iraq war...................................................... $595,000,000,000

Interstate highway system............................. $500,000,000,000

FDR's New Deal............................................. $500,000,000,000

Space race.................................................. $237,000,000,000

Louisiana Purchase........................................ $217,000,000,000

Net worth of Bill Gates..................................... $58,000,000,000

Panama Canal.................................................. $7,900,000,000

Alex Rodriguez.................................................... $275,000,000

Alaska Purchase................................................... $90,000,000

I blame all the people that got balloon loans for homes they shouldn't be in in the 1st place.

People didn't just grow them on a tree, banks gave them the loans.

So either...

banks trusted people that won't even declare their income

or...

the banks plain didn't care about the consequences.

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Yes, people too stupid to know what they're doing, and lets not forget the Jerks in DC who pushed for those type of lending practices too..

Barney Frank....Chris Dodd....this list goes on and on...
What a bunch of Morons.... :ace:

Banks have always given out loans to people who can't pay them back, that's why there's collateral.

They knew what they were building a house of cards.

They counted on the overinflated prices of the houses, and the people who were to stupid to buy them at the inflated prices.

But what do they care?

The house of cards fell, but they'll all came out ahead, and walked away with the profits, the executives that is.

Here very informative of what REALLY happened

http://www.corvette-guru.com/modules/ ... t_id=70220#forumpost70220

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Yup. There's the answer right there.

Matthew

The banks relaxed their standards. It used to be 2 1/2 times your income. Then it became 10 times your income minus doc fees, loan placement fees, title tranfer fees, 1/2 of 1 percent to the lending institution because we are the lending institution fee. Federal restitution recovery fee, documument processing fee, tip to the courier fee plus countless other fees, environmental impact fee, bond assesment fee, then finally a fee determination fee.

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In the ascent of money link BC posted up, the bankers have a name for this loan - NINJA loans.

No Income No Job or Assets