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.... what difference does it make if we know the truth or not! Their is not much we can do!
Maybe we can contact the secret BANKERS and ask them for forgiveness :(
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Some people are fully aware of this but for those that aren't here's the answer. I'm tired of seeing all of these reports everywhere saying that the US housing market was the cause of the global financial collapse. So to prove to my belief and to explain to those who don't understand I did a little number crunching. I'm not a reporter nor do I want to be so I'll just point out a few of my findings and let you do your own homework.
There are roughly 90,000,000 homes in the US. An estimated 10% of all homes are paid in full. According to calculatedriskblog.com the "Fed's estimate of household real estate assets at the end of 2006: $20.6 Trillion, we can estimate the total dollar value of houses with and without mortgages." So if we subtract the 10% paid in full then we come to $18.4 Trillion. If my math is correct (not a mathematician either) this works out to an average loan amount of roughly $204,444.
It's estimated that there are going to be somewhere along the lines of 3.2 million foreclosure filings this year. Based on our $204,444 average loan amount that comes to $654,220,800,000, around the initial $700 billion requested. Based on these figures the $700 billion would pay for every single home estimated to have "foreclosure filing" in full for 08. Now you would think, ok, so they aren't lying to us. But that's not the case. First and foremost a large number of these homes are auctioned off, sold on short sales, etc, etc. So the amount wouldn't be anywhere near the full amount.
Then you have to add in the factor of fractional banking which is where Bloomberg arrives at it's $7.7 trillion. According to Bloomberg the bailout now actually currently stands at $8.5 Trillion but let's go with the initial report from them of $7.7 Trillion. (They have since deleted the articles so I can't provide the source) Imagine that, hiding the truth. If you need confirmation all you have to do is search "bloomberg $7.7 trillion" or $8.5 trillion and you'll find many reputable sources quoting them. I did find one article on Bloomberg saying it again buried deep in another article but anyway lets move on. The Fed has only tapped half of the initial funds. So that would come to 3.85 trillion.
Now we have to ask ourselves where has the other $3.2+ trillion gone to? Bloomberg also mentioned trillions disappearing and has filed a suit regarding it. So why do they really need the remainder. The only assumption one can come to is Credit Default Swaps aka Derivatives and the pockets of already very rich people. Lets also not forget all of the money disappearing from everyone's 401k's, retirement and investment accounts but I guess that's another topic.
If you need further education on how fractional banking works I suggest these two videos.
Money As Debt
For the advanced course
The Money Masters
.... what difference does it make if we know the truth or not! Their is not much we can do!
Maybe we can contact the secret BANKERS and ask them for forgiveness :(
What difference does it make? It makes a big difference with that kind of attitude. If we look at it in that way then we get what we deserve. And allowing it to happen pretty much gives them the right to do whatever they want from this point on. So if they want to take ALL of your money then they will. If they want to take away ALL of your freedoms, they will. If they want to shut down the internet as we know it and turn it into a corporately run service they will. Pretty much, you submit to slavery. Enjoy that.Originally Posted by MIR
No, we hold them accountable.
Good Luck! We live in a age - were governments and courts have no say in such matters! Unless the world is saved by ZELDA
As it is right now in the US we do have the power. Not sure about you Canadians. Considering you guys allowed pretty much a dictatorship to evolve I guess you don't have much of a choice. I think our time (the US) is very limited as well. We can buy out the Federal Reserve at any time for $400 billion. The only reason it hasn't happened is because our elected officials have allowed it not to happen and the general public isn't aware of it.Good Luck! We live in a age - were governments and courts have no say in such matters! Unless the world is saved by ZELDA
Yes our system is very much old school - i do hope for us all in this world to find a way to increase our say in politics and foreign policy!
Sorry, but it is as much the homeowner's fault as it is the bank. If people weren't taking out loans and buying 10, 20, or even 30 houses in hopes to flip them, or someone buying 1 home for more than they can afford, we wouldn't be in this mess. Of course, it is the banks fault for lending way more than most can afford, but its hard to place blame on who's fault it is.
Personally, I do not want the economy to suffer, but I do not think either side should be let off lightly. The banks and homeowners should have to pay for their mistakes. It is just like gambling. Some won a lot, but many lost. You shouldn't play if you can't afford to lose.
Of course, there is probably more to the story than I know or care to know, but that is just my view with my limited knowledge on the topic
5% intrest in a mortage?
100k mortage in 30 years = 150k intrest ONLY, + borrowd 100k = 250k in 30 years.
different ways contacting me
This shows a nice start to the how the gambling and major risk allowed in the financial sector of the US economy. I mean he called it within months of it happening.
View here
So there is blame to go around and there needs to be much better legislation for the amount we pay those gov. officials. They make like 25k-30k a month and have voted several times to increase their own pay but not the minimum wage for the taxpayers in this country for 20 years. So what are we getting for that money? I hope Obama will consider real change when he gets in office. He reads Lincoln a lot, and that man created his own currentcy to bankrupt the south and hold the union together.
Hmmm. people are feed up with Fed, bankrupt them with new currency and figure out fair value for our debts to other nations. Or default and lets see how that plays out.
There is plenty of reasons to know the truth.
The Money as Debt video is well worth the hour if you care to learn basic economics on banking and lending.
Last edited by cursal; 12-22-2008 at 01:42 PM.
No ...
$93k+/- interest ( assuming no annual inflation is considered )
If inflation is assumed to be 3% then in real terms the interest is $65k
and so on ..
A handy site http://www.jeacle.ie/mortgage/
sure, but banks count like this, and resold the mortages like this.
JMJ, counting wrong in my opinion, otherwise the USA gouverment could give the house for free + everyone a sailboat
different ways contacting me
Your last sentence is more applicable to the banks than it is to any individual.
As for the people who bought multiple properties - banks were actively pushing buy-to-let mortgages.
As for the overview and MIR's response - the only way that crime on this scale has been acheivable, is due to the apathy of the general population which you displayed perfectly.
The media have been mobilised over the past 3 decades (at least) to ensure that the average Joe is more interested in the winner of the latest reality TV show, than he is about the people who run our countries.
Following on from the questions raised by JMJ in his opening post - I'm quite certain that there are people who are worth into the $100,000,000,000s whose names we have never seen on any 'rich lists'. People who have profited from the recent wars ($15billion in cash went missing in one go...anyone brought to book for that? Anyone have to sign for that shipment?) and of course the $trillions that are unaccountable from the bailouts.
DNGazette.com - for sale
No I'm counting right. You're counting compounded interest. When you pay off a home to sell or get foreclosed on it's the principal. What ever that may be at that date. Not the principal plus interest. But that's not even the half of the story. You see, the banks never actually loan you money to begin with. They create digits (make up money) and then charge you interest on the money they never even had. All they have to have is 10% of their total loaned out amount in reserve which is why they require 10-20% down. On a no down or low down loan they do take a little risk but not really because they have the assets attached.
Don't count on it. Obama was all for this bailout and Rahm Emanuel was one of the key players behind the plan itself.
Last edited by JMJ; 12-22-2008 at 02:43 PM. Reason: Automerged Doublepost
You dont know what your talking about.
No Canadian banks got, or needed bailouts. Unlike that corporate run farce you call a government, ours actually protects people and regulates banks.
Heres the difference...
Those credit default swaps were sold to Canadian banks as being "safe mortgage backed securities". When they tanked, our government forced the banks to pay back investors 100% and swallow the loss themselves. Thats how things work in a country that isnt run by crooks.
You might want to check your facts. Your country did bailout your banks as well. The CDS were "invented" here in the US but many countries were doing the same thing. Including Canada, US, UK, etc etc.
The OP's math is WAY off. I don't know anyone around here with a $200,000 mortgage... most are in the $600,000+ range, unless you're talking about a ghetto somewhere.
This is an average based on the total amount of homes and the total amount of calculated RE debts owed in 2006. Not everyone has $600,000 homes. You have a $50,000 home that leaves room for the $350,000 home. 5 $100k houses gives the $600k house the room it needs. There are more of the lower $ amount homes than there are the higher just like there are more people in the lower income brackets than than those in the higher income brackets. Get it? An average.
This is in 2000 and there wont be another until 2010 so we can take into account for the "boom" but at that time the average home value was $119,600 You being in California $211,500 at that time looks a lot different than me in Tennessee $93,000.
A "$50,000 home" is called a "car".
Yes, I understand averages, but the "average" home price has been over $500,000 for several years, and most mortgages make at 90% to 100% of sales price. As I said, your figures are way off from reality.
No they aren't. This is reality. You live in a high priced part of the US. As you can see from my addition to that post. Just like a penthouse on the top of a high rise here would cost a couple of million where in New York it would cost 20 million. I guess I didn't give myself enough credit. I use to co-own a mortgage brokerage so I do happen to know what I'm talking about.
I have a feeling you've never been to a real ghetto before.
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