The "financial crisis" started in Congress.....Wall Street exploited it. Congress mandated that banks must stop "qualifying" mortgage lenders and forced them to pour money into home buying for "the poor". As a result a bunch of people who couldn't afford homes, bought them any way. This was spear headed by among others, Barney Frank and Acorn. It is the basic liberal Democratic Robin Hood approach to buying votes. "Vote for me I'll getcha a house". Too many voters base everything upon government handouts that benefit them and are lining up to take our tax dollars as if they "deserve" them. Now our tax dollars are being used to repay the debts these people have piled up. Wall Street jumped in with both feet when they saw a big cash flow and capitalized on it....but they hardly made it any worse then it was to begin with..... "money for nuthin".

Stop blaming Bush...... this all happened in the 90's.... Blame the real culprits....... Liberal Democrats and Social experimenters........ (Acorn, Ayres, etc, etc)

If you vote in Obama, this will be the last free vote you ever cast....The media is already setting itself up to "tell" us who the winners are in the future.

Obama is the Manchurian Candidate.

T2x

ApacheCarl...

You are so right...

Yes, we've been drinkin' the kool-aid...

Hummm...Let's see....

Sadam has verified weapons of destruction...

Mission Accomplished...

And, oh yes,...The U.S. economy is fundamentally sound....

Drink up my friend...

Want another drink???

Divenstar

Fountainrace- I see what you mean, at our store we assume when you say BAC it means Acceptance aka Floor plan aka GE.

I sell 2 Brunswick lines and 1 Genmar line, I am shocked at all the personell changes that have gone on in just the last 2 weeks. I know, I know more is to come!

On a brighter note, I sold 2 boats this week, one cash, of credit. I worked my arse off getting the deals, but in the end I got them done!

Good luck!!!!

The real chaos T2, happened not only in the 1999 legislation, but the real kicker occurred in 2004, and the SEC was the culprit. The enormous foreclosures have occurred in many affluent and semi-affluent areas. Speculators share more of the blame in those devastated housing markets. Many simply walked away. Most of the enormous losses by companies this year came from Alt-A loans, and also from the phony derivatives around the world.

The current Treasury Secretary made billions in those securities himself. Some say they warned about this, but while doing so in soft voices, they also made sure the gravy train lasted as long as they could make it last.

You need to do your home work...or better yet...

Listen to the podcast link which I posted in an earlier posting on this thread...

In truth, all the countries and global investors across the globe, members of the so called World Monetary Pool, wanted/needed as many Fixed Income Securities (FIS) instruments as they could possibly get... These FIS's were thousands, upon thousands, U.S. backed mortgages, packaged/bundled for foreign investor consumption...

When all of the mortgages that could be bundled had been acquired, Wall Street created and lobbied for a new type of mortgage...the verified asset - stated value mortgage...

But, when all of those mortgages were bought up, and foreign investor demand was still high...they create the stated asset - stated value mortgage and so on and so on...

Essentially, Wall st., via smoke and blue mirrors, with the blessing of the present administration, congress and the senate, creates mortgages and mortgage opportunities with less and less asset verification...just to service the foreign demand and the opportunity to reap hugh profits, commissions and bonuses...

In addition, Standard & Poor's was using outdated data to assess the risk on these securities...so they always had favorable ratings...e

Your blaming Acorn and those at the bottom of the economic ladder is like blaming the street junkies for the drug epidemic...

I don't know any street junkies with the ability to grow poppies, manufacture coke/crack, import and transfer same...

Though, I would venture to guess than there are some on this site who may have the ability...

Nor do I know of any lower income person or Acorn official, that can/could create a new security variation, that would not come under scrutiny of the SEC and be given a favorable rating by Moody's and Standard & Poor's...Let alone, be bought "lock-stock & barrel" by the financial powers that be...

No one was looking and nobody cared...

But, again, I'm sure there are those, on this board, that wield some modicum of financial/governmental clout and have directly benefitted from the results of the FIS/sub-prime scandal...

Everyone has dirty hands...

So...do your homework...

There is blame everywhere and enough to go around...

You just gotta man-up and admit to it...

BTW...Though I guessing that many of you think that I'm a Democrat/Liberal...I am neither, nor am I a Republican...

I'm an objective, well read boater and voter, who realizes that the "two party paradigm" can no longer exist...

Right is right and wrong is wrong...

The definition of insanity is to continue to do the same thing in repetition, but expect a diff. outcome from each sucessive attempt...

We need new eye's and new ideas...

Alan Greenspan, this week, admitted that this current financial crisis was "unseen" by him and has forever altered the way he views economics...Which is essentially math tied to a social science...

In short...I can make numbers say anything I want them to say...

In other words...

It is simply greed my friend...simply unadulterated greed...

Divenstar

As usual T2x is a wise soul.

The Dem. Congress is mostly to blame. In all fairness, investors (white collar type) added a lot to the crap pile by using the same programs to make stupid risky investments as well - but much later than the Dems. intended customer. This train wreck was well apparent 3+ years ago. It always floors me how far behind Wall Street is in predicting the obvious. Seems like a two year lag. A lot of them are as stupid as the Dem. Congress. Little common sense....

NebraskaBAJA Thats AWSOME. Hope you keep knocken um dead. Want a job in MN in sales? Sounds like you can sell!!! What Genmar line do you sell? Glastron?

Heard today from a custom boat mfg. that Mercury pulled out of the Ft.Lauderdale Boat Show anyone else hear that ?

Maybe GM should buy mercury that would really help them out. If I had to bet I bet brunswick is done there profitable divisions sold of (mercury, bowling balls, pool tables) probably not a lot of profitable divisions. Let me restate that they probably make a profit just not enough to keep the boat (no pun intended) afloat. When this happens we will all find out how much fountian owes brunswick because there loans will all be called in by the bankruptcy court. Which could potentially hurt fountian this on top of the fact that if boat sales are down for brunswick I am sure they are way down for fountain also. In the article in the first post it said the european market was also slow and I think I recall that was where fountain was planning on finding all there customers for 200 plus more boats a year. These guys are no different than a home builder who thought easy money would never end.

Like always, you are correct o inventer of dirt. If anybody wants to blame politicians look no further than Sen Chris "Countrywide" Dodd and Rep Barney "I love Fannie" Frank. These were the guys that lead the efforts in 2003 and 2005 to block legislation that attempted to reform Fannie and Freddie.