Comments on: Noontime markets update http://www.creditwritedowns.com/2008/10/noontime-markets-update.html Finance, Economics and Markets Thu, 09 Feb 2012 21:54:06 +0000 hourly 1 By: Edward Harrison http://www.creditwritedowns.com/2008/10/noontime-markets-update.html#comment-397 Edward Harrison Mon, 06 Oct 2008 17:14:00 +0000 http://www.creditwritedowns.com/2008/10/noontime-markets-update.html#comment-397 Thank you! Thank you!

]]> By: Wag the Dog http://www.creditwritedowns.com/2008/10/noontime-markets-update.html#comment-396 Wag the Dog Mon, 06 Oct 2008 16:55:00 +0000 http://www.creditwritedowns.com/2008/10/noontime-markets-update.html#comment-396 Re: #1 anonymous<br/>Stop <a HREF="http://www.crooksandliars.com/2008/09/30/lou-dobbs-blames-financial-crisis-on-left-wing-groups-like-acorn-and-the-cra/" REL="nofollow">watching Lou Dobbs</a>. His anti-welfare talking point blaming the CRA has long since <a HREF="http://www.huffingtonpost.com/hale-stewart/whos-to-blame-for-the-mes_b_130044.html" REL="nofollow">been debunked</a>. Re: #1 anonymous
Stop watching Lou Dobbs. His anti-welfare talking point blaming the CRA has long since been debunked.

]]> By: Edward Harrison http://www.creditwritedowns.com/2008/10/noontime-markets-update.html#comment-393 Edward Harrison Mon, 06 Oct 2008 16:35:00 +0000 http://www.creditwritedowns.com/2008/10/noontime-markets-update.html#comment-393 Rubbish! That's a canard that I cannot support. Selling to low and moderate income buyers is NOT the cause of the current credit crisis. Certainly, many homeowners that would be much better as renters are now fleeced as debtors in homes they could not afford. <br/><br/>The cause of the present crisis is too much debt and too much leverage, plain and simple. It is a credit crisis.<br/><br/>Why are housing markets declining in the UK, Ireland, Spain and Denmark. Why are home sales drying up in New Zealand, Australia, Canada and South Africa? Certainly not because low-income borrowers in the US can now buy homes. It is because they over-leveraged in the housing sector just as Americans did. This fact alone should cause people to question your statements.<br/><br/><br/><br/>Your thesis is absurd and is dangerous as many Americans believe this type of thing. I must reject it in the most categorical terms as what you are saying amounts to class warfare and it the last thing we need today. Rubbish! That’s a canard that I cannot support. Selling to low and moderate income buyers is NOT the cause of the current credit crisis. Certainly, many homeowners that would be much better as renters are now fleeced as debtors in homes they could not afford.

The cause of the present crisis is too much debt and too much leverage, plain and simple. It is a credit crisis.

Why are housing markets declining in the UK, Ireland, Spain and Denmark. Why are home sales drying up in New Zealand, Australia, Canada and South Africa? Certainly not because low-income borrowers in the US can now buy homes. It is because they over-leveraged in the housing sector just as Americans did. This fact alone should cause people to question your statements.

Your thesis is absurd and is dangerous as many Americans believe this type of thing. I must reject it in the most categorical terms as what you are saying amounts to class warfare and it the last thing we need today.

]]> By: Anonymous http://www.creditwritedowns.com/2008/10/noontime-markets-update.html#comment-392 Anonymous Mon, 06 Oct 2008 16:27:00 +0000 http://www.creditwritedowns.com/2008/10/noontime-markets-update.html#comment-392 Writedown rules changing certainly helped precipitate the current credit and banking crises. The 1977 CRA (forcing loans to low and moderate income homebuyers) is the underlying cause of the problem. Once the loans are made/created, the banks must treat them as a hot potato, selling to Fannie Mae or packaging and selling to investors, something for which they cannot take blame Of course the government is trying to cushion the effects by the bailout monies which are/will be derived by selling bonds or otherwise creating money, all of which will reduce interest rates. The downside is that the economic contraction and stock market contractions will result in significantly lower income taxes next april, leading to very much larger federal deficits. Can this lead anywhere except to devaluation of the currency?? Writedown rules changing certainly helped precipitate the current credit and banking crises. The 1977 CRA (forcing loans to low and moderate income homebuyers) is the underlying cause of the problem. Once the loans are made/created, the banks must treat them as a hot potato, selling to Fannie Mae or packaging and selling to investors, something for which they cannot take blame Of course the government is trying to cushion the effects by the bailout monies which are/will be derived by selling bonds or otherwise creating money, all of which will reduce interest rates. The downside is that the economic contraction and stock market contractions will result in significantly lower income taxes next april, leading to very much larger federal deficits. Can this lead anywhere except to devaluation of the currency??

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