What caused the US Housing market collapse?

[33Vortex]

And exactly HOW did these evil banks force people to sign contracts for things they could not afford? The economy can't yet be blamed for all this, though that won't stop CNN. It can only be blamed on people who are too effing stupid to understand contracts, or were too cheap to hire a real estate lawyer to help them in the first place

You don't see the forest for all the trees. Raise your head and look at the bigger picture, people will always be stupid. Look at how this is taken advantage of instead of looking at how stupid they are.

Doh!  

[bj229r]

You don't see the forest for all the trees. Raise your head and look at the bigger picture, people will always be stupid. Look at how this is taken advantage of instead of looking at how stupid they are.

Doh!  

An adult can't be taken advantage of...this is rather a purging of the financial gene pool

[33Vortex]

An adult can't be taken advantage of...this is rather a purging of the financial gene pool

You don't think one businessman can take advantage of another, adult mind you, businessman? This is how the banks view their customers, "business". They take care of your money, and profit on your work and savings. The idea that you will one day get all that money back (and more) is highly questionable. 

[bj229r]

If you're taken advantage of, you've only yourself to blame (Well, yourself and the FDIC, it seems)

[Sundowner]

What caused the US Housing Market collapse?

"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
                                                                              1 Timothy 6:10

Regards,
Sun

[Donzo]

What caused the US Housing Market collapse?

"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
                                                                              1 Timothy 6:10

Regards,
Sun

 

[33Vortex]

If you're taken advantage of, you've only yourself to blame (Well, yourself and the FDIC, it seems)

Again, you're looking at individual-level instead of the whole picture. We alrady went through that didn't we, why repeat yourself?

[Getback]

I am so against a bailout. I live in a small and very affordable house. Why should I bail out someone who went beyond their means and purchased a McMansion. Why should I bail out a lender who didn't have enough sense to not loan these people the money. The government bailouts is absolute Socialism or maybe even communism.

But back to the question. I think the housing collapse was caused by simply people buying more than they could afford and lenders getting greedy. This is not new stuff. This happened in the 80s with credit cards. The lenders started giving credit cards to everyone. Subsequently there were many who couldn't pay or couldn't handle the responsibility. In the short term the results are the financials look great but only in the short term.

[Hap]

Greed and lack of old fashioned virtues all across the board.

[33Vortex]

The government bailouts is absolute Socialism or maybe even communism.

Have to disagree, it's not socialism nor communism, not even democracy... it's super-capitalism. Who cares about the opinion of the people as long as the ones with influence agree?

[33Vortex]

Ok, here's a rundown on the math behind these mechanisms.

http://www.youtube.com/watch?v=F-QA2rkpBSY&feature=related

[texasmom]

Housing market round these parts is doing awesome.

[33Vortex]

Well, that's just great then! 

[bj229r]

Again, you're looking at individual-level instead of the whole picture. We alrady went through that didn't we, why repeat yourself?

You've yet to explain why, hypothetically, I and several million other taxpayers should pay for the mess you got yourself into?

[33Vortex]

You've yet to explain why, hypothetically, I and several million other taxpayers should pay for the mess you got yourself into?

Umm, me? I live in Sweden, you know Europe? And I don't think that your government should pay a single cent to the bankers who authorized those loans.