US mortgage crisis costs global economy 945 bln dlrs: IMF

The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars.

[too droll to troll]

Read The Creature from Jekyll Island and the chapter on Bretton Woods, and you'll understand why the IMF loves this stuff!

[stpetejeff]

only the beginning...so much for the world trade BS

[wyojake]

and you poor people just thought your neighbor was losing his house.

[Lance Winslow]

wyojake wrote:

and you poor people just thought your neighbor was losing his house.

Exactly!
This is not about home buyers getting wringed out with flakey mortgages. It's about multi-national financial institutions making $billions$ on financial derivatives based on bundling and trading all sorts of good and bad lending instruments until the market corrected. That's why the $hundred billion$ chunks of bailout loot go to Wall Street icons and not homeowners.

[wyojake]

Lance Winslow wrote:

<quoted text>Exactly!
This is not about home buyers getting wringed out with flakey mortgages. It's about multi-national financial institutions making $billions$ on financial derivatives based on bundling and trading all sorts of good and bad lending instruments until the market corrected. That's why the $hundred billion$ chunks of bailout loot go to Wall Street icons and not homeowners.

so do you have a bizarro twin out here now?

[Cato]

I'm looking forward to getting a good deal on a lake house.

[wyojake]

Lance Winslow wrote:

<quoted text>Exactly!
This is not about home buyers getting wringed out with flakey mortgages. It's about multi-national financial institutions making $billions$ on financial derivatives based on bundling and trading all sorts of good and bad lending instruments until the market corrected. That's why the $hundred billion$ chunks of bailout loot go to Wall Street icons and not homeowners.

we shouldn't be bailing anyone out. let bad business correct itself for a change - this corporate welfare bullshit has to end. and let people who make bad decisions learn what happens when you make bad decisions. the cost will just be more next time if we don't.

[Jones]

The world finance institutions are clearly suffering from the socialistic CRA-The Community Reinvestment Act that was revised by Bill Clinton in 1995 forcing banks and mortgage lenders to provide bad loans even if they are not sure that the loans will ever be repaid.
It was the socialistic reckless Bill Clinton that proved his delusional Marxist attitude to help the ‘poor’ and the illegal invaders that jumped the border fence to enjoy the American dream and destroy the capitalistic US corporations.
The banks never provided loans at subprime interest and with no money down unless they were forced by the Clinton’s Federal Government in 1995 to do just that, causing major havoc to the American and world’s economy.
It was just one of the many damages that Bill and Hillary Clinton caused the American people especially with their support of Osama Bin Laden and his Islamic terrorists with ‘safe heaven’ which prove why these corrupt couple should never be back in the White House

[Mush Wimpballs]

Aw, we all know the whole thing happened because Clinton lied about sex!

[Old Man Charlie]

How come no one is talking about the HUGE profits that must have been made by SELLING bundled mortgages, containing unknown quantities of bad debt?

[Justice League]

American economy is reportedly is in even bigger problems than anticipated American National Debt is at $9.446 Trillion and rising, war waged by America around the world is they biggest economic problem. Investors are looking elsewhere to invest they capital. Europe, Russia and Asia is the most attractive alternative.

[Old Man Charlie]

Justice League wrote:

American economy is reportedly is in even bigger problems than anticipated American National Debt is at $9.446 Trillion and rising, war waged by America around the world is they biggest economic problem. Investors are looking elsewhere to invest they capital. Europe, Russia and Asia is the most attractive alternative.

Good point ... with the Feds continually LOWERING interest rates, what incentive is there for ANY country to invest in America? The withdrawal of foreign investment is going to throw US even closer to the 8 ball.

[Mr Logic in Jax]

The only people losses there houses are those who for the most part purchased a house they could not afford. And please don’t tell me I did it because they said I could. BS.

[Donna Atlanta GA]

Old Man Charlie wrote:

How come no one is talking about the HUGE profits that must have been made by SELLING bundled mortgages, containing unknown quantities of bad debt?

Are you kidding? That's what America's all about - at least during the past 7 years. Get rich any which way you can.

[Dont Be Silly]

Like taking out asinine loans to try and beat the housing market. Banks gambled, they lost. People gambled, they lost. If you can't handle the heat, stay out of the kitchen.

[Char]

Jones wrote:

The world finance institutions are clearly suffering from the socialistic CRA-The Community Reinvestment Act that was revised by Bill Clinton in 1995 forcing banks and mortgage lenders to provide bad loans even if they are not sure that the loans will ever be repaid.
It was the socialistic reckless Bill Clinton that proved his delusional Marxist attitude to help the ‘poor’ and the illegal invaders that jumped the border fence to enjoy the American dream and destroy the capitalistic US corporations.
The banks never provided loans at subprime interest and with no money down unless they were forced by the Clinton’s Federal Government in 1995 to do just that, causing major havoc to the American and world’s economy.
It was just one of the many damages that Bill and Hillary Clinton caused the American people especially with their support of Osama Bin Laden and his Islamic terrorists with ‘safe heaven’ which prove why these corrupt couple should never be back in the White House

I think that we are in for more of this with either Obama or Clinton. I do not know about McCain.

[Char]

Justice League wrote:

American economy is reportedly is in even bigger problems than anticipated American National Debt is at $9.446 Trillion and rising, war waged by America around the world is they biggest economic problem. Investors are looking elsewhere to invest they capital. Europe, Russia and Asia is the most attractive alternative.

The American economy is doing just fine. The media, politicans and world meddlers would like to think that America is going to hell in a handcart but that is just not the case. The unemployed numbers are still less than 6%; the real housing crisis is less than 6% of the total; people are still driving to work everyday; my tax rate is the envy of the world. As a business owner my business has shipped more product in the first quarter than we have in same quarter last year. American workers are waking up. We no longer believe forecast, polls or the media. We believe what effect us directly. On the war I'm for closing all the military bases around the world, rejecting NATO and bring all our soldiers home. The world is an ungrateful lot. Let them defend their own homes and country.

[Jim C]

Cato wrote:

I'm looking forward to getting a good deal on a lake house.

I hope your savings will cover the price. There won't be any banks to lend you money. Then it would probably be above the government insured amount anyway. We don't want to bail you out either, you were too stupid to spend. We cannot afford to pay for all you savers with our tax dollars now.
Then if it was saved outside a banking institute, enjoy your house since you were wise enough to not add liquidity to the banks.

[Jim C]

wyojake wrote:

<quoted text>
we shouldn't be bailing anyone out. let bad business correct itself for a change - this corporate welfare bullshit has to end. and let people who make bad decisions learn what happens when you make bad decisions. the cost will just be more next time if we don't.

I admit that I am running tired from trying to encourage government to do what is best for mainstreet. I also think that allowing the water to flow from the dams bursting will not be an adjustment, they will be disasters. We shore up structures by saving the sandbags so they can prevent the waters from taking us all down.(homeowner holds of the water from consuming the tides of floodwaters that the lender left in our way, thus saving others downstream.)

[Jim C]

Jones wrote:

The world finance institutions are clearly suffering from the socialistic CRA-The Community Reinvestment Act that was revised by Bill Clinton in 1995 forcing banks and mortgage lenders to provide bad loans even if they are not sure that the loans will ever be repaid.
It was the socialistic reckless Bill Clinton that proved his delusional Marxist attitude to help the ‘poor’ and the illegal invaders that jumped the border fence to enjoy the American dream and destroy the capitalistic US corporations.
The banks never provided loans at subprime interest and with no money down unless they were forced by the Clinton’s Federal Government in 1995 to do just that, causing major havoc to the American and world’s economy.
It was just one of the many damages that Bill and Hillary Clinton caused the American people especially with their support of Osama Bin Laden and his Islamic terrorists with ‘safe heaven’ which prove why these corrupt couple should never be back in the White House

Besides your comments being delusional, where are the no money down provisions from 1995 links?

Did Bill and Hillary know Obama back in 1995? I didn't.