Remember this?

Let's hear it for all the geniuses who forced all this onto the taxpayers and now have forced the fix onto the workers.

C. Closing the Housing Gap

..... I think I see a sailboat in my future!

..... I think I see a sailboat in my future!

With boots like yours I figured you knew you can't build a brick wall by banging your head against it. Or maybe you were trying to knock it down.

Off subject, this week we had to remove a driveway apron that was a relic from early WaterSound Beach. The concrete was real white and had scallop shells in the admix. Instead of breaking it up we cut it into 800 lb. tiles for another sidewalk. It was a first for us and it worked better than I thought it would.

Recycle, recycle, recycle

Let's hear it for all the geniuses who forced all this onto the taxpayers and now have forced the fix onto the workers.

C. Closing the Housing Gap

Reading through the article, the government programs listed here had very little to do with the housing mess. There is some discussion of encouraging lending in compliance with CRA laws, but it's a relatively small amount compared to the bigger mess, and banks in the 90s were acceptably compliant without getting into the subprime and liar loan business and a lot of the subprime mess can from non-bank lending that was never covered under CRA law anyways.

The Homeownership Zones mentioned have contained some very effective efforts such as the ongoing conversion of Chicago's Cabrini Green from drug and gang infested no man's land to a much safer mixed income development. (It only took how many years for people to agree that stacking poor people on top of each other is asking for trouble)

Reading through the article, the government programs listed here had very little to do with the housing mess. There is some discussion of encouraging lending in compliance with CRA laws, but it's a relatively small amount compared to the bigger mess, and banks in the 90s were acceptably compliant without getting into the subprime and liar loan business and a lot of the subprime mess can from non-bank lending that was never covered under CRA law anyways.

The Homeownership Zones mentioned have contained some very effective efforts such as the ongoing conversion of Chicago's Cabrini Green from drug and gang infested no man's land to a much safer mixed income development. (It only took how many years for people to agree that stacking poor people on top of each other is asking for trouble)

I missed the social re-distribution aspect of the article. It went right over my head.

I saw "who have traditionally tended to rely on FHA mortgage insurance, can enjoy the benefit of FHA single-family mortgage insurance, including downpayments of less than 5 percent, and more flexible underwriting criteria."

I should be more open minded.

If the entire country was defaulting at the rate of the urban poor that keep being blamed for the mess, we'd be golden - as they did better than the norm.

Oddly enough, they were not big players in the 2nd home ownership, real estate speculating, overpriced developments, and condo markets. :roll:

I missed the social re-distribution aspect of the article. It went right over my head.

I saw "who have traditionally tended to rely on FHA mortgage insurance, can enjoy the benefit of FHA single-family mortgage insurance, including downpayments of less than 5 percent, and more flexible underwriting criteria."

I should be more open minded.

This is the same sentiment I get from my Republican friends. Lets blame the (take your pick)-- greedy homeowners, Fannie and Freddie, Clinton and Democratic Congress, immigrants, the poor.

See the following article which clearly explains how a small percentage of foreclosures have been multiplied into a worldwide financial meltdown. If you don't feel like reading the article, let me summarize. The risky selling and reselling of debt by Wall Street and investment bankers caused an exponential increase in the problem.
One Bad Bond - TIME

This is the same sentiment I get from my Republican friends. Lets blame the (take your pick)-- greedy homeowners, Fannie and Freddie, Clinton and Democratic Congress, immigrants, the poor.

See the following article which clearly explains how a small percentage of foreclosures have been multiplied into a worldwide financial meltdown. If you don't feel like reading the article, let me summarize. The risky selling and reselling of debt by Wall Street and investment bankers caused an exponential increase in the problem.
One Bad Bond - TIME

When you say worldwide financial meltdown are you just using buzz words du jour?

When you say worldwide financial meltdown are you just using buzz words du jour?

No he/she is not. Most of the repackaged mortgages were sold to overseas markets that have now suffered due to the plunge in value of A+ securities.

No he/she is not. Most of the repackaged mortgages were sold to overseas markets that have now suffered due to the plunge in value of A+ securities.

So our so-to-speak greed is a good thing for our worldwide competitiveness. I remember when Japan was buying up our properties and debt at a discount. They have never been the same since.

So our so-to-speak greed is a good thing for our worldwide competitiveness. I remember when Japan was buying up our properties and debt at a discount. They have never been the same since.

Spread the wealth. ;-)

When you say worldwide financial meltdown are you just using buzz words du jour?

Please Google " Iceland banking collapse"

The risky selling and reselling of debt by Wall Street and investment bankers caused an exponential increase in the problem.
One Bad Bond - TIME

And still more on the backstory ... this is a fascinating piece on how things got kicked off.

Recipe for Disaster: The Formula That Killed Wall Street

And Iceland. I feel bad for Iceland.

And still more on the backstory ... this is a fascinating piece on how things got kicked off.

Recipe for Disaster: The Formula That Killed Wall Street

And Iceland. I feel bad for Iceland.

I only made it through 40% of the article tonight. The chances that I will finish it tomorrow morning are near 95%. The chances are only 10% that I have to take my kids somewhere in the morning that I don't know about tonight. The correlation is that both myself and my wife will not be able to read the rest of the story in the morning if that happens.

Please Google " Iceland banking collapse"

So this is a good thing then, right? Sorta like a vampire rapist.

With boots like yours I figured you knew you can't build a brick wall by banging your head against it. Or maybe you were trying to knock it down.

Off subject, this week we had to remove a driveway apron that was a relic from early WaterSound Beach. The concrete was real white and had scallop shells in the admix. Instead of breaking it up we cut it into 800 lb. tiles for another sidewalk. It was a first for us and it worked better than I thought it would.

Recycle, recycle, recycle

Do you have any leftovers?

Do you have any leftovers?

Sorry, we planned it in such a way that we would use it all up. Just a 12" x 156" piece was left.

And still more on the backstory ... this is a fascinating piece on how things got kicked off.

Recipe for Disaster: The Formula That Killed Wall Street

And Iceland. I feel bad for Iceland.

That's it!!! I'm going to get David X. Li. He'll be sorry he ever learned how to use an actuarial calculator.

All I know is he is trying to blend in over in China. Does anyone know what he looks like? Will he stand out over there?