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What Caused the Financial Meltdown?
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<blockquote data-quote="jugbutt2" data-source="post: 406044" data-attributes="member: 10647"><p>Aside from the goofiness with the anon posting - after 30 years at UPS, I am now a realtor, so I have seen some of the problem up close, and pretty much everyone who has posted has been pretty close, if not right on the money. There is enough blame to go around for Clinton, Bush, and some very greedy people at the top of large organizations who have made some very incredibly boneheaded business decisions. People who are very intelligent, very educated, and know better than the way they have conducted themselves.</p><p> </p><p>Since I went into the real estate business in August, 2003, I have seen a lot of people get loans for homes that they never should have gotten. And yes, I have seen some loan officers and mortgage companies do things that they had to know were going to be a problem later. Shame on 'em! Seems everybody is too busy chasing a dollar to stop and think about doing the right thing.</p><p> </p><p>Don't get me wrong, I like to get my share of the business, and I do pretty well at it. But, thanks to 30 years at UPS, I am not going to go hungry, so maybe I have a certain luxury that others may not have. If someone insists on going after a house they can not afford, and will not listen to reason, I have absolutely no problem letting them go to some other realtor. I'd rather do that now, and be able to look myself in the eyes in the mirror when I shave in the morning, than know I put a family into a spot where they are going to lose their home later on.</p><p> </p><p>What 1989 said about the 125% is a big problem. I have seen self-employed people get loans without even proving fully their income. And I agree with wkmac that government should have made cuts to insure fiscal responsibility. But since they are not going to do the right thing due to their own pandering for votes, we will most likely feel the brunt in our taxes.</p><p> </p><p>Sorry for the rambling, but just had to throw my 2 cents worth in.</p></blockquote><p></p>
[QUOTE="jugbutt2, post: 406044, member: 10647"] Aside from the goofiness with the anon posting - after 30 years at UPS, I am now a realtor, so I have seen some of the problem up close, and pretty much everyone who has posted has been pretty close, if not right on the money. There is enough blame to go around for Clinton, Bush, and some very greedy people at the top of large organizations who have made some very incredibly boneheaded business decisions. People who are very intelligent, very educated, and know better than the way they have conducted themselves. Since I went into the real estate business in August, 2003, I have seen a lot of people get loans for homes that they never should have gotten. And yes, I have seen some loan officers and mortgage companies do things that they had to know were going to be a problem later. Shame on 'em! Seems everybody is too busy chasing a dollar to stop and think about doing the right thing. Don't get me wrong, I like to get my share of the business, and I do pretty well at it. But, thanks to 30 years at UPS, I am not going to go hungry, so maybe I have a certain luxury that others may not have. If someone insists on going after a house they can not afford, and will not listen to reason, I have absolutely no problem letting them go to some other realtor. I'd rather do that now, and be able to look myself in the eyes in the mirror when I shave in the morning, than know I put a family into a spot where they are going to lose their home later on. What 1989 said about the 125% is a big problem. I have seen self-employed people get loans without even proving fully their income. And I agree with wkmac that government should have made cuts to insure fiscal responsibility. But since they are not going to do the right thing due to their own pandering for votes, we will most likely feel the brunt in our taxes. Sorry for the rambling, but just had to throw my 2 cents worth in. [/QUOTE]
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