He most likely has shit on so many people.
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True, but that statement is kind of a cop out. Like when someone brings up political corruption, and the answer is a shrug of the shoulders and “yeah but they’re all crooked.”
This is a massive, public kick in the balls to law enforcement.
The big short is one of my favorite films of the last few years (for those that haven’t seen it it’s about the housing crash/great recession). At the end one of the characters says something along the lines of I think in a few years people are going to blame the poor, immigrants, and minorities.
After that another character said but he was wrong. In the next few years hundreds of bankers, ratings executives went to jail. The SEC got overhauled and the big banks got broken up…
Just kidding. The banks took the taxpayer money and used it to pay themselves and lobby against financial reform. And no one went to jail.
I could have some of the details wrong as I’m paraphrasing but yeah the rich don’t have the same rules. Never have and never will.
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Hadith
حَدَّثَنَا قُتَيْبَةُ بْنُ سَعِيدٍ، حَدَّثَنَا لَيْثٌ، عَنِ ابْنِ شِهَابٍ، عَنْ عُرْوَةَ، عَنْ عَائِشَةَ ـ رضى الله عنها أَنَّ قُرَيْشًا، أَهَمَّهُمْ شَأْنُ الْمَرْأَةِ الْمَخْزُومِيَّةِ الَّتِي سَرَقَتْ، فَقَالَ وَمَنْ يُكَلِّمُ فِيهَا رَسُولَ اللَّهِ صلى الله عليه وسلم فَقَالُوا وَمَنْ يَجْتَرِئُ عَلَيْهِ إِلاَّ أُسَامَةُ بْنُ زَيْدٍ، حِبُّ رَسُولِ اللَّهِ صلى الله عليه وسلم، فَكَلَّمَهُ أُسَامَةُ، فَقَالَ رَسُولُ اللَّهِ صلى الله عليه وسلم أَتَشْفَعُ فِي حَدٍّ مِنْ حُدُودِ اللَّهِ ". ثُمَّ قَامَ فَاخْتَطَبَ، ثُمَّ قَالَ " إِنَّمَا أَهْلَكَ الَّذِينَ قَبْلَكُمْ أَنَّهُمْ كَانُوا إِذَا سَرَقَ فِيهِمُ الشَّرِيفُ تَرَكُوهُ، وَإِذَا سَرَقَ فِيهِمُ الضَّعِيفُ أَقَامُوا عَلَيْهِ الْحَدَّ، وَايْمُ اللَّهِ، لَوْ أَنَّ فَاطِمَةَ ابْنَةَ مُحَمَّدٍ سَرَقَتْ لَقَطَعْتُ يَدَهَا "."
Narrated `Aisha:
The people of Quraish worried about the lady from Bani Makhzum who had committed theft. They asked, “Who will intercede for her with Allah’s Messenger (ﷺ)?” Some said, “No one dare to do so except Usama bin Zaid the beloved one to Allah’s Messenger (ﷺ) .” When Usama spoke about that to Allah’s Apostle Allah’s Messenger (ﷺ) said, (to him), “Do you try to intercede for somebody in a case connected with Allah’s Prescribed Punishments?” Then he got up and delivered a sermon saying, “What destroyed the nations preceding you, was that if a noble amongst them stole, they would forgive him, and if a poor person amongst them stole, they would inflict Allah’s Legal punishment on him. By Allah, if Fatima, the daughter of Muhammad stole, I would cut off her hand.”
Sahih al-Bukhari 3475
In-book : Book 60, Hadith 142
USC-MSA web (English) : Vol. 4, Book 55, Hadith 681 (deprecated)
Get Hadith Collection (All in one) App:https://goo.gl/8j06i9
Jajajajaja
My bad. Wasn’t meant to be, G.
While there are certainly others…I just wanted to point out that Chicago (and most likely Baltimore and Newark among others)…have had low moral for quite some time.
The combination of having to deal with high-crime rates, low pay and constant governmental and public scrutiny would diminish anyone’s moral.
Not sure if serious?
The Big Short was pretty good. My only issue was they let borrowers completely off the hook for their part in all this. To have a liar’s loan (stated income loan) you need a liar. There were a lot of people who signed loan covenants they knew they could never repay. They let the government off the hook for kicking the problem off too.
I don’t think anyone in real life blames immigrants for the housing crisis. Not even outright racist groups. The dirty little secret for the west is with lower than replacement birth rates is we need immigration to maintain one of the biggest parts of the economy, housing prices and rents.
If you shut off immigration 100% (legal and illegal) tomorrow, the west would see a RE price slide and recession that makes 07-09 look like a fucking picnic. We’re talking 1929-1934 level bad (worse probably).
That’s why Trump quietly changed his tune on H1b/h2b/guest worker visas. He’s actually talked about increasing legal immigration. Somebody with a brain explained this to him.
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I don’t really think it’s that bad compared to normal rich guy privilege. All he did was fake some shit for PR.
Haha you’re forgetting the best part of this line. “Oh and this time they blamed teachers too”
I think they covered it pretty well. Didn’t you see the stripper who had no idea what was going on? I saw the stripper.
I’ll be honest, having been in the mortgage industry for a couple years on the data side, this is the first time I’ve ever heard anyone say this.
edit: mostly commenting on the housing prices. I could absolutely see it applying to rent, but only a smidge.
Why do you think this?
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I’m also not sure whether he’s serious. On one hand, I assume he is; on the other, how does someone that believes those things get through the day without forgetting to breathe?
Simple supply and demand. If there’s less population, then there will be less demand for housing of all kinds. Unless we start demolishing excess housing RE prices and rents must fall in a nation with declining population. That doesn’t mean everywhere would experience huge declines. NYC/Denver/San Fran could still have crazy valuations, but overall the market price of housing would fall.
The stereotype is that libs want 3rd world immigration because they vote left, and Koch brother types want it for cheap slave labor. While neither is entirely wrong I think some smart people on both sides realized that we need to import people that have children or the housing market will shrink given 25-50 years of sub replacement birth rates. This even with everyone living longer.
The rest of the economy can keep growing with a slowly shrinking population through efficiency gains. But housing is mostly 1 family = 1 door. Unless we find some way to artificially boost the number of doors a family needs (more divorces? Lol).
“In developed countries sub-replacement fertility is any rate below approximately 2.1 children born per woman”
I don’t disagree but ultimately it is the job of the banks to do their due diligence. I shouldn’t get a million dollar loan today even though I have amazing credit and a stable job.
Not to say certain people aren’t responsible or don’t deserve some but it’s the banks job to weed out the stupid and overly risky. They didn’t do it. I think the Washington Post had a pretty good article if I remember talking about how even the wealthy got into a lot of problems with housing though.
Damnit perfect part. Of course it’s teachers fault. They should have done a better job of teaching the bankers.
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Right. I get the basics that a decline would happen. But how do you extrapolate that out to 07 being a picnic? That seems like 3 leaps and a scare tactic.
The housing market crashing needs a very powerful catalyst. Given it won’t happen internally ala ARM loans again, it needs an external catalyst. Getting rid of immigrants wouldn’t cause a crash, it would cause a slow. Slows are ridiculously easy to recover from/mange. It’s the sudden crashes that are worrisome.
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Cureently trying to figure out how our business could cover this, if it passes. 32 weeks of potential time off.
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Step 1:Leave Oregon
Step 2: take two hour lunch to reward yourself for solving the problem
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The banks were forced to loan to bad credit risks due to the CRA. The feds threatened to sue them if they didn’t lend subprime. Whether red-lining was maliciously discriminatory or not is debatable. Lending to people who statistically won’t pay is undoubtedly a bad idea.
So the banks figured out how to make the loans and then sell them as pools of mortgages MBS/CDO to suckers and got S&P/Moody’s/Fitch to grade them well so they wouldn’t have to hold them on their balance sheets. There’s certainly enough blame to go around. We’ve had this chicken/egg argument a few times here. Doesn’t much matter, there was a whole lotta stupid going on.
Couldn’t agree more. Luckily with basically no changes made we will have a chance to do it all again!
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Back of the napkin math, so forgive the assumptions. It’s more illustrating the point than predicting exact results. I used Japan as a template because they’re actually shrinking only allowing 50k people in per year. Using Japan’s population projections at a 1.4 birth rate and taking half of their population decline per year for the US (1.8 birth rate) I get the below results. Taking half the population shrinkage rate of Japan is a WAG, but that’s a multivariate nightmare to just illustrate a point.
A 10% decrease in housing units by 2050 would mean a drastic restructuring of construction jobs, the mortgage industry, commercial real estate etc… Hell the only thing most middle class people buy that increases in value is housing. That won’t be the case if we set immigration to essentially zero. My position is that the elites in both parties know this.
This doesn’t even account for the economic slowdown a 35 million person decrease in population would mean for all consumer and durable goods.
For continued economic growth, the west needs immigration. That’s all I’m trying to say.
A 10% decrease over 30 years in housing could hardly be called a crash. ESPECIALLY not one that makes 07 look like a picnic.
Sure, they’re aware that immigration is important. That being said, I’m willing to bet any amount of money that irt mortg/rentals, immigrants are 1000% represented far less in mortgages than rentals. Most independent mortgage companies don’t even loan to immigrants. It requires a special loan product.
Plus, a large large chunk of immigrant home sales are cash transactions. As taking out huge sums of debt isn’t common in many parts of the world where these immigrants are coming from, many don’t even consider it.
Which is still over a ~30 year period right?
Agreed.