Comments by "Debany Doombringer" (@debanydoombringer1385) on "MSM Calls YOU The \"Rabble\" And The Bad Guys In The GameStop Story, Says Hedge Funds Are GOOD GUYS" video.

  1. 2
  2. I'm seeing some people defending the banks for what happened in 2008. Yes the government told them to give loans to some even though they were higher risk. That's not what caused the problem. The removal of regulations let the banks give everyone and anyone a high risk loan and they happily did. It's called predatory lending. The bank would qualify you for a certain amount of money based on a flexible rate loan. This allowed people to qualify for more than they could afford if interest rates went up. A home loan is for minimum 15 years, but most are 30 years. The odds of interest rates increasing at some point in that time period is high. So when interest rates went up, they had all you had paid into your loan up to that point and now also get to take and sell your house as well. It wasn't really high risk for the bank, it was only high risk to you. Unfortunately a lot of people did that and Tim explained how they hid it from the public. I bought a house then and they pushed that loan hard. The difference is we had already negotiated a price for the home before we went to the bank and I refused everything except a fixed rate loan because I fully understood the potential for the other ones. This narrative that the "big mean government" forced the "poor defenseless banks" to give those loans is garbage. The banks were making out like bandits until it all came crashing down. Most of that, like the bailouts, went into bankers pockets in bonuses. I'm surprised so many seem to think the government scratching the big guy's back and the media lying to you is new. It's been standard practice for a very long time. Edit to add: The regulations still aren't fixed. At least they weren't under Obama and now Biden is pushing for those loans again. Be careful if you're purchasing something long term after that.
    1
  3. 1
  4. 1
  5. 1
  6. 1
  7. 1
  8. 1
  9. 1
  10. 1
  11. 1