vintage cards recession proof?
 

Posted By: <b>Rich Klein</b><p> The biggest problem with the credit crunch; sub-prime; etc. is not that almost all of the people who bought homes did so with the understanding that they could afford the payments; it's not only that a group of people went into homes with ARM's that brought them in; but also it was that supposedly smart bankers bought into the same hype that property values would just continue to explode.<br /><br /> So you have people in homes they had no right to be in; both poorer people and people severly over extending themselves-- AND banks playing right along because this was a nice new punch bowl for them to drink out of.<br /><br /> And like usual in America, the only people that get hurt, are your average citizen -- not the rich exec's who made these horrible bets and leave with hundreds of millions in severance or those idjits who did what they never should have done; but will still be bailed out by our government. Why can't THOSE people take responsibility for their actions and mistakes?<br /><br />Rich

vintage cards recession proof?
 

Posted By: <b>Jeff Lichtman</b><p>Rich, those people are too busy smoking pot at Bridge tournaments and spending their 50 mil a year salaries...

vintage cards recession proof?
 

Posted By: <b>paulstratton</b><p>How do you play Bridge after smoking pot? <br /><br />Barry...so the media isn't at least partly to blame? Negativity sells. I'm sure they'll find something else to focus on after they realize we aren't going down the toilet.

vintage cards recession proof?
 

Posted By: <b>barrysloate</b><p>The media isn't perfect by any stretch but I believe the people in charge have to be held accountable. A lot of bad policies, the mortgage crisis, our dependence on oil, and a host of other issues have gotten us where we are today.<br /><br />I'm just not comfortable with the idea of blaming the messenger. If my auction tanks tonight and my consignors are angry, I can't blame it on my computer. I have to take the heat.

vintage cards recession proof?
 

Posted By: <b>Ted Zanidakis</b><p>Your COMPUTER is devoid of emotion and hence....devoid of "bias". Unlike 90% of the "jokers" in <br />the media, that present the "news" to us. Approx. 96% to 98% of home owners have no problem,<br /> yet the media chooses to present the "doom and gloom" of about 2-4% that are at risk.<br /><br />The "sub-prime" mortgage crises is primarily the blame of Congress insinuating themselves into <br />the Bank Lending industry in order to provide risky mortgages to people who really could not <br />afford the loans.<br /><br />So, I don't think you'll have to blame your computer tonite....you run one of the best Auctions <br />and you'll do good.<br /><br />TED Z

vintage cards recession proof?
 

Posted By: <b>barrysloate</b><p>I guess that was a compliment. Thanks. <img src="/images/happy.gif" height=14 width=14>

vintage cards recession proof?
 

Posted By: <b>Joe D.</b><p>A Boston Garter 1913 SPEAKER sold in a matter of hours on the BST.<br /><br />recession?<br /><br />the good stuff will hold its value. plain and simple.<br />

vintage cards recession proof?
 

Posted By: <b>Corey R. Shanus</b><p>If you're not sure what you've received is a compliment, hope you never have cause to have Ted insult you!<br /><br />EDITED for spelling (inasmuch as this was intended for Sloate).

vintage cards recession proof?
 

Posted By: <b>barrysloate</b><p>Joe- while the Speaker sold quickly, I'm not sure the sale of a Boston Garter has righted everything that is wrong with the economy.<br /><br />Let's call it a very, very, small step for mankind.

vintage cards recession proof?
 

Posted By: <b>boxingcardman</b><p>"The "sub-prime" mortgage crises is primarily the blame of Congress insinuating themselves into the Bank Lending industry in order to provide risky mortgages to people who really could not afford the loans."<br /><br />Piffle (as my favorite baseball writer might exclaim). Congress NOT insinuating itself into the mortgage market allowed the wild west mentality to take hold among brokers, lenders and securities firms and led to these ridiculously risky loans. I am on front lines of this issue in my practice. You cannot believe the things I've seen: people who make $10 an hour granted mortgages with payments in excess of their gross earnings, loans granted with no investigation of income, complex loan docs signed by functional illiterates on the hoods of cars (no joke), loans granted to people who hadn't even gotten title to the property, etc. All of this because of the deregulation of the industry as a whole and especially the uncoupling of risk from rewards when the loans were bundled and turned into securities with zero oversight or intervention. In the past the banks would have to eat the loans so they made sure that the property was decent and the borrower sound, but deregulation killed that safety net. No sane underwriter would have made most of these bad loans unless the lax regulatory environment and the resulting market demand for these loans allowed for it. We saw the same garbage in the 1980s S & L scandals where loans were made on appraisals that were predicated on falsified valuations created by shared equity transactions (I once sued a developer who offered every low income buyer a shared equity deal where he would front the downpayment on an inflated property value just so he could get 100% of the real sales price financed and cash out that way). If we had strong regulations and active enforcement in place, we'd all be better off. Now, we're going to eat some of this loss in the form of bailouts and reduced economic activity. We need more regulation, not less, if we are to avoid another fiasco like this, especially regulations that flatly prohibit underwriting of "liar loans," 80-10-10 financing, and similar risky deals. <br><br>Sic Gorgiamus Allos Subjectatos Nunc

vintage cards recession proof?
 

Posted By: <b>Corey R. Shanus</b><p>Boy, I could not agree more. I too have had some direct experience with some of what you describe and let's just say a LOT of bankers, underwriters, mortgage brokers, lawyers should lose everything they had or ever dreamed of having for what went on, not to mention going to jail. As to the politicians under whose watch all this occured, well just thinking about them is not good for my health.

vintage cards recession proof?
 

Posted By: <b>barrysloate</b><p>I don't think the politicians were watching...I think they looked the other way.

vintage cards recession proof?
 

Posted By: <b>Brian Weisner</b><p><br /> Hi Barry,<br /> I love Ya.... But don't put your head in the sand... The politicians weren't hiding, but HIGHLY involved... Be well Brian<br /><br />PS Dems and Reps both.... encouraged what happened. <br /><br />PS 2 Adam, You are a very smart guy whom I respect, but in this case Ted is pretty well on point. Check the congressional record... they not only encouraged these type of loans,but almost mandated them.<br /><br /><br />Read your Tocqueville.... <br /><br /><br /> <br />

vintage cards recession proof?
 

Posted By: <b>Martin Neal</b><p>I don't profess to be an economist, but doesn't anyone think that to fight an unpopular war, musn't your economy appear to be strong? And how do you do that.. the Federal Reserve lowers the interest rates it provides to banks, thus boosting low interest loans and spending (especially in the housing market). I, for one, thought that the housing boom lasted unnaturally long. Where does the Federal Reserve gets its money? It prints it! It is my understanding that the European equivalent of the Federal reserve just pumped in Half a trillion dollars just trying to keep pace with our weakening dollar. They have to keep pace with our inflation just to be able to export their goods to us. Why do you think gold has risen so much? In the long term, inflation will probably be more of a problem than a recession.<br />Excuse me, but two glasses of wine is making my head spin. I don't think it is entirely fair to blame the banks, mortgage lenders and overextended home owners for this mess, blame the people behind the wheel, whoever they are.

vintage cards recession proof?
 

Posted By: <b>barrysloate</b><p>Brian- by looking the other way I meant I hold all of those deadbeats, Republicans and Democrats, responsible for this mess. It's not the media who did this, it's the bozos who are in charge. I don't trust any politicians as far as I can throw them, including Hillary, Obama, McCain, et al.<br /><br />Al Gore for 2008!

vintage cards recession proof?
 

Posted By: <b>Ted Zanidakis</b><p>You are a very informed guy; and, you very succinctly described this situation......<br /><br />"Check the congressional record... they not only encouraged these type of loans,but almost mandated them."<br /><br />Thanks.....you said it better than I did.<br /><br />TED Z