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A Different View Of Subprime

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:lol::lol::lol:

definitely worth a read!

Just to point out that this is the same Michael Lewis who wrote "Liar's Poker" and is a very very good journalist.

Edited by kilroy

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...the land of the free does really produce them...!..our trader states:

"This is what happens when you lend money to poor people."

...if he thinks bad sub prime is just poor people he will get stung badly again...soon...!

Sub Prime is lending to people with poor credit histories....you will get many reasonably well paid and well paid executives falling into and failing as sub prime borrowers. On the other hand you will have people who have a low income, will have a good credit history and will borrow prime......imagine all the shades of prime and sub prime in between...!....the big city wheeler dealers do not always understand the market on the front line......dangerous.... as they are in it with high expectations and a lot of greed...!..... :lol::lol::lol::P

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A poor person is someone without Assets- they may not necessarily be someone you would associate as Poor eg , an unempoyed person. A city banker on £2m may acutally be poor because he has a £5m mortgage. So the poor arent a social class, they are a financial class

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I find what he said repulsive - but i tend to agree.

does this make me a nazi?

Depends.......do you support Britain & the US's foreign policy?

Or should I say, are you in favour of 'promoting liberal democracy' around the world ( codewords for kill millions

of poor people in proxy wars, supporting evil dictatorships & vetoing UN aid & support for democratic struggle).

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A poor person is someone without Assets- they may not necessarily be someone you would associate as Poor eg , an unempoyed person. A city banker on £2m may acutally be poor because he has a £5m mortgage. So the poor arent a social class, they are a financial class

....I don't know if I would call them 'poor' ......and they do have assets ....which are often worth little or their liabilities exceed their assets to a degree with no hope of return.....often driven by greed....or keeping up with Mr "Jones"....not 'poor' ...just a bad credit risk.... :o:o:o

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A poor person is someone without Assets- they may not necessarily be someone you would associate as Poor eg , an unempoyed person. A city banker on £2m may acutally be poor because he has a £5m mortgage. So the poor arent a social class, they are a financial class

He's probably made his money on the backs of the poor, this time caution was thrown to winds and it went to excess. Now he whines and winges and tells the poor to work harder. Maybe if the poor were paid a living wage and greedy realtors/ mortgage lenders didn't bid up the price of housing then he wouldn't have gotten a financial enema. Tough . Makes my blood boil.

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DOnt confuse THE POOR with those who are poorly paid- Canary Wharf- an immense investment was the cause of the biggest bankruptcy in history (Up till then)- RICH people and corporations had invested in it,only to become poor as their asset was worth less than their borrowings.

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The single most important trait running through most sub prime borrwers is a DISORGANISED nature.

This is why for example ones credit score is improved by factors such as being on the voters role and making pension contributions.

A study of poor perfomring borrwers was carried out over a decade ago an it showed remarkable patterns such as the fact nearly ALL people repossessed did not vote and did smoke.

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Irony switch off?? OH Yes, I think the whole situation of peoples life being ruined too sad to take pi$$.

Ah I see, your's seems to have been set to sanctimonious self-righteous indignation.. I'd send it back.

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He's probably made his money on the backs of the poor, this time caution was thrown to winds and it went to excess. Now he whines and winges and tells the poor to work harder. Maybe if the poor were paid a living wage and greedy realtors/ mortgage lenders didn't bid up the price of housing then he wouldn't have gotten a financial enema. Tough . Makes my blood boil.

Er, he is joking of course. Michael Lewis hasn't actually been a trader in a long time and, if you have a read of Liar's Poker (a great book I should add) you'll see that he's probably quite a decent sort of guy. He made a fair bit on Wall Street working for Salomans (but not much by current standards) and probably a lot more from book sales. I know it's a rare thing to find an American writer employing irony and sarcasm, but it does happen! One more thing, he still, from what I've heard, spends quite a bit of time around financial people so much of the article is probably him taking the mickey out of things real traders have said to him.

Kudos to Bloomberg for running these sorts of articles though, I can't imagine Reuters doing that.

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Is everyone's irony chip switched off today?

...if that was written this side ....yeah ..maybe tongue in cheek....over there.....nah....their serious...and naive.... :o:o:o the logic does not recognise it was often the greed of intermediaries misselling a false dream to the point of trickery to low paid people.......and in the same sub prime trough often well paid people stretching themselves, the truth and a dollar too far ........to live the "Dream"...... :o:o:o

Edited by South Lorne

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No, just straight forward anger at people taking the mickey out of unfortunate people.

I honestly don't think he is though, I read it as him having quite a pointed go at the people who do actually do that (i.e. ruin the lives of unfortunate people and then joke about it). A bit like Swift's article suggesting that the Irish eat their own children in the potato famine although not as well written.

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No, just straight forward anger at people taking the mickey out of unfortunate people.

Might I suggest you re-read the original article.

Quite clearly the article is taking the pi$s out of the trader not your "unfortunate people"...They are the very reason your "unfortunate people" are in trouble. The very least they deserve is to have the pi$s taken... if it was up to me they'd be in jail.

Edited by sossij

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Ah I see, your's seems to have been set to sanctimonious self-righteous indignation.. I'd send it back.

:lol:

A common feature on these boards, maybe there was a dodgy batch.

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Might I suggest you re-read the original article.

Quite clearly the article is taking the pi$s out of the trader not your "unfortunate people"...They are the very reason your "unfortunate people" are in trouble. The very least they deserve is to have the pi$s taken... if it was up to me they'd be in jail.

...they were the pawns.....the intermediaries driven by the lust of big buck commissions missold much of this debt to the financial illiterate....and then the processors of the poisoned wraps passed the lot into the world wide financial system as grade 'A' eggs.......who should go to jail......?....... :ph34r::ph34r::ph34r:

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Might I suggest you re-read the original article.

Quite clearly the article is taking the pi$s out of the trader not your "unfortunate people"...They are the very reason your "unfortunate people" are in trouble. The very least they deserve is to have the pi$s taken... if it was up to me they'd be in jail.

I take your point. I reacted too hasitly. Sorry . Having re-read the article I see where he's coming from. but it's still very poor taste.

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