Nobody actually knows what the fuck this is about do they?

Nobody actually knows what the fuck this is about do they?

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>its a Obama fucks up but the media blames everybody else instead episode

it's the explanation why my platinum bullion is now worth diddly.

Buyer beware motherfucks. The people who bought the mortgage backed securities and the people who took loans they could not pay are just as much to blame if not MORE to blame than the wall street people.

average Sup Forums users don't know for sure

thank god for my good education and incredible intellect

Clinton fucked up worse than Obama, and Bush fucked up by doing nothing about it

It's above your station, wage slave.

It really was a clinton thing. A lot of people dont remember how the federal gov was coming down on banks back then for not lending to minorities and poors.

Maybe reddit is more your speed

>OP didn't get it

That's fine, I recommend watching it again and familiarizing yourself with finance, it deals with a lot of complex things.

Don't forget Glass-Steagle

the Community Reinvestment Act is still a federal law so you can be certain there will be more crashes to come

I hate bankers as much as the next guy but forcing banks to lend money to poor low income families is obviously going to lose them money, so the fed Govt subsidies it one way or another until the bubble pops.

>Maybe reddit is more your speed

IIt has more users, so yeah, by pure statistic there are more people 'my speed' there, true

but don't worry, the struggle of being a genius among pleb is something I have always struggled with, I grew accustomed to it by now

>Obama

He wasn't even in office

>Obama didn't bail out the banks

huh

I tip my fedora at you good sir!!

the same people who fuck with free market are the ones claiming it doesnt work every time something goes wrong.

cant make that shit up.

...

I would prefer a bow, but fine, that will do as well

credit rating agencies not doing their job

The Big Short wasn't about bailing out the banks

What the fuck how do you blame a man who wasn't president until 2009 for the financial crisis of 2007/2008

Lehman Brothers bit the dust before he was even elected and the bailouts began in September 2008 4 months before he took office

those subprime packages entire point was to hide bad credits from the rating agencies though.

I already blamed Clinton and Bush here That doesn't change the fact that Obama bailed out the banks, which is a bit like paying your blackmailers after they've shot your child, and he failed to reverse the decisions which caused the crash in the first place because to do so would be to admit the Democratic party were to blame, and like all politicians he is a liar so would never do that.

...

This thread is about The Big Short and the economic crisis of 2007/2008, not about Obama bailing out the banks. Go to Sup Forums for that my friend,

Forgive me for making the most informed posts in this thread and elevating the level of discourse, you can keep shitposting if you want

I already told you, it makes barely any difference to me which site I'm using. it's my curse

>informed post

Bush bailed out the banks you thick piggo

>tfw people watch this movie and think they know why the recession happened
>tfw the federal reserve mentioned twice iirc
>tfw they don't touch laws that forced banks to give loans to people unable to afford houses
>tfw sub prime loans are shown as a reason the recession happened when they prevented it from being worse than it could have been
>tfw people aren't noticing auto loans are the next housing loan

>the most informed posts in this thread and elevating the level of discourse
How much of a turboautist you must be to write a sentence like that seriously? wow.
You opened a thread about The Big Short and OP asking if anyone understood it's narrative and you somehow start talking about the media and Obama which is completely unrelated to the subject, but you just probably thought "crisis hmmm oh yeah OBAMA WAS BAD" because that's the only thing you could connect to that term. Talk about the movie not Obama please.

>tfw people aren't noticing auto loans are the next housing loan
holy shit this. there's so many fuckers out there driving $50k-$80k trucks and cars that aren't going to be able to afford payments if they wreck their shit. nothing pissed me off more than seeing a fresh private in the army driving around in a brand new camero.

Carrell can't act for shit

>and he failed to reverse the decisions which caused the crash in the first place

But that's exactly what Dodd-Frank and the creation of the CFPB was aimed at.

Ignoring the fact that the bank bailouts started under Bush, literally any responsible US president would have done the same, no matter how satisfying it'd feel to flip them the bird.

Recovery took the better part of a decade, and it would've taken far longer without the bailouts.

I thought it was student loans

Students loans always follow you and the government backs every single one. They're structured very differently than any houses or cars because you can't take back a degree. Not to say they're not a mess because they are and only something as dumb as the government would give someone a loan to get half the degrees people go for.

Obama didn't do nothing, he a good boy!

All we would really have to do in the event of a student loan crash is federally standardize the price of college and not have it go up 40% per year. American education is crashing and its it's own fault. Like sure you want to make your school elite so you charge more but then you're just gonna have to let poor people in anyway once they get the grants and loans so you might as well just make them all tier based by gpa and stop spending 3 million dollars per year on statues and landscaping

So when Obama gave the same creditors 600 billion newly printed dollars in 2009 you don't consider that a bailout?

identify my posts

Absolutely fucking not, a responsible president would have held a presser and explained exactly which laws and practices (some governmental, some by the banks) had brought us to this point, and what steps we must take to reverse them.

The bail outs were not at all necessary, it was a simple shake down wherein the banks and insurers could threaten short term losses to "force" the government to subsidize them.

A good president would have told them to fuck off, lobbies for the revocation of the CRA (Obama would never do because it was a Democrat backed law) and ended the Housing regulatory boards entirely, instead giving a portion of the federal budget directly to citizens facing foreclosure and revoking the property titles from the banks. AIG and S&P would have gone bankrupt, good fuck them, and the government would have the deeds to millions of homes which they could sell to local credit unions to recoup their losses, which would prop up small banks to mitigate the economic impact of AIG going down.

Both parties are so beholden to the wealthy that you don't even know what true Keynesian investment looks like anymore.

>federally standardize the price of college
The government is involved too much as it is, this wouldn't help.

this is very true

Thread Theme youtube.com/watch?v=bgDF2xfcbv8

I hate how people here passionately argue about surface-level politics and wikipedia history with whole novels for posts along with all the statistical information attached in a pic but can't form a single buzzword-free sentence about actual Television & Film except REDDIT PLEB KINO PARTY ROCKERS AM I RIGHT.

I don't even know why I'm still here.

Nothing irks me more than a seasoned e-5 thinking he knows anything

>struggle of being a genius among pleb
>I grew accustomed to it by now

Get the fuck out of here

I mean if you control the price of college you could control the amount of money you're giving out in loans to make it something that isn't an obvious financial bubble. Every year the government commits itself to 40% more in student loans than it did the year before and its not like they don't know how many people will be applying.

Schools are just exploiting students and the government they can because they're subsidized anyway.

Remember when that college spent 1.5mil on a desk for an office building that was closed off to students?

e-4 mafia son.

9/11

Standardizing the price of colleges will only make public colleges a worthless signal of education. Colleges blow money right now because they have to spend every dollar given to them by the government or would get a lower amount of money the next school year. The issue is the fact that the government is involved in education at all. Guaranteed loans create completely malign the worth of a degree. Instead of people getting loans based on the likelihood they're paid back, they're automatically given. Because of this we see a glut of degrees that are worthless and people spent their time getting no skills that will help them in the real world, and are probably less intelligent after the years of indoctrination. A cap on education costs will only cap the cost of worthless indoctrination camps.

>Federal debt increased during a recession

Where's the wrongdoing here?

>let the banks fail
>nobody has any money now

Great idea

I treat it as the 4th instalment of LOTR.

maybe you're unfamiliar with law but in cases of a bankrupt company their assets are divided among the damaged

>people spent their time getting no skills that will help them in the real world
not the person you're replying to but if all saw education as purely a monetary investment in skills for a future payoff then the world would be a much worse place.

the problem is that there are too many creative people going into creative courses and who want creative professions but aren't willing to work anywhere near hard enough to survive such a competitive field, and don't have the savvy to build their own creative career on their own. There are too many creatives for the number of jobs available to them. That's not their fault, and it's certainly not a reason to gut the entire ideal of higher education

>Obama "fucks up"
>movie takes place in large part before Obama was even in office
>only very end occurs with Obama at the helm
>the crisis followed 8 years of Bush being a retard

hm... really makes you think... really makes you wonder why conservatives blame everything on Obama...

Maybe it has something to do with their own failed neoliberalist policies causing the crash by deregulating the banks and trade commission and preventing any oversight of the housing market.

>inb4 repeal happened under Clinton
Ah yes, because Clinton definitely was not a conservative neoliberalist when it came to deregulation.

It's still neoliberal policies that caused are are continuing to cause the downfall of society. When both sides are taking marching orders from the same people, one must look at what those orders are. If America is not so great anymore, perhaps it's because we've been using voodoo economics for the last 4 decades.

Yeah and that takes time

Millions of Americans waiting months for their money and being pennyless in the mean time would be make for a great presidential decision apparently

>600 billion dollars

TARP was a Bush and Paulson plan, not Obama

This.

My first attorney job out of school was foreclosure law suits in 2009. It was by state law that I had to meet with the people having their residence foreclosed to see if the bank would refi their loan (see Obama HAMP). Most people didn't give a fuck because their house was a ripoff anyway.

>Standardizing the price of colleges will only make public colleges a worthless signal of education.
I disagree because colleges don't make money based on graduation rates so they're free to be just as hard as they are now with the same admission requirements
>Colleges blow money right now because they have to spend every dollar given to them by the government or would get a lower amount of money the next school year.
So neutering them seems like a good idea. My school just paid 4 million to put up trees in fields that already have trees
>Guaranteed loans create completely malign the worth of a degree. Instead of people getting loans based on the likelihood they're paid back, they're automatically given.
Sure but at this point we're doing nothing while more and more gov money is being spent on it
>Because of this we see a glut of degrees that are worthless and people spent their time getting no skills that will help them in the real world, and are probably less intelligent after the years of indoctrination.
Shitty worthless degrees pay for the "real" degrees that no one wants to fund the equipment and labs for like biochem and nuclear physics. You can't make people study what they don't want to so you might as well make money off of them
>A cap on education costs will only cap the cost of worthless indoctrination camps.
Muh liberal boogeyman corrupting the youth

We'll be fine when Trump brings coal back m8 don't you worry.

It even had scenes specifically meant to explain complex financial terms to stupid people, how did you not get it?

>Coal
>Ever becoming viable again
Once we bring back steam power this country will really get going

It takes as much time as the courts decide it does, we have a right to a speedy trial, not a slow one, if the prosecution asked for summary judgment they would obviously get it because failure to produce owned assets is cut and dry.

The point is that all he did was maintain the support to the exact same institutions which brought us to this point without reversing their capability to do so, by every logical merit Obama ensured a loan default based recession will happen again, and if trump doesn't do anything about it he'll be just as guilty.

Steam powered via hotheads is energy fire

i wuz watchin qt3.14s. wut did dey sey?

and what is your plan for the Americans who lost money over the guarantee? Just tell them to fuck off?

What are auto loans?

They're loans for cars, because I'm evropa and I don't understand.

Bail them out

most of the world's electricity is generated by steam engines disphit

obviously putting money back into coal is a bad idea, but i'm pretty sure coal, gas and nuclear are all technically steam power.

like, steam engines were powered by coal

>obviously putting money back into coal is a bad idea
Why? It's the cheapest energy source there is.

Anyone who says that we should have just let all the institutions fail is an edgelord of the highest order, with no understanding of what the repercussions would have been. The bailouts were 100% necessary

The lending policies that resulted in the crisis were actually started by Bill Clinton. LBJ if you want to go farther.

Muh institutions

The repeal happened under Clinton, as did the Community Reinvestment Act and the nationalization of faulty debt via Freddie Mac and Fannie Mae

Clinton is quite literally the sitting president who signed into law the conditions which caused the housing market crash. Bush is just the retard who failed to counter sign any of it, because as you say, both parties are equally fucked.

second part of post is what we should have done

eh....long term solar is pretty damn cheap.

Because it's absolutely terrible for every living thing remotely near it and isn't nearly as cheap long term while also being nonrenewable. Also the whole global warming thing.

Renewables + nuclear backup is the way to go

Solar cells require harmful environmental practices just to build, they are not a cheaper or more "green" solution with current technologies.

>muh CO2

>muh chinese conspiracy to get us to use chinese steel for the pipeline but lets use chinese steel on the pipeline anyway

Let me guess, they spend the entire time going MUH WALLSTREET and not a single moment going over the legislation signed into law by Bill Clinton that mandated these banks to hand out home loans to people who obviously could not afford them?

i wasn't talking about environment. i said "long term solar is pretty damn cheap." if we were talking about cost without cleanup, nuclear would be the cheapest.

m8 I'm just talking about how wasting a valuable resource by not utilizing and selling coal is a bad economic policy, don't get all weird on me

Nuclear and coal are both very cheap in terms of Kw/H, cheaper than solar or wind, I would only invest in solar or wind tangentially to keep the innovations coming if I controlled the federal budget

>let AIG fail

Lmao, they were by far the largest issuer of CDS contracts and counterparty to hundreds of other firms. Letting them fail would have had a large ripple effect through the entire system

My bad I thought you were going full pizzagate for a second. Personally I think it's worth the financial hit just to get past coal and on to nuclear which is objectively the cleanest, cheapest and most reliable

and letting them succeed only nearly destroyed the economy, so we should just do that again and again!

literally psychotic

> think it's worth the financial hit just to get past coal
Then you can do that personally by opting to buy green energy from your power grid. What is not okay is forcing everyone else to pay triple for electricity because of your personal opinion.

But that's like saying we have money growing on trees, but we shouldn't harvest it

so long as coal is abundant (it is) and there's a demand for it (there is) we should keep selling it and by extension making it into energy, to do otherwise is to cheapen our own assets

They are actually still doing the same exact thing, they just renamed sub-prime loans to something else. Obama let them get away with it.

>Nuclear and coal are both very cheap in terms of Kw/H, cheaper than solar or wind
idk man, you can't really compare the two right now. we're just getting around to investing in renewable energy whereas coal and nuke have been around for a while. long term, we're going to have to refit the plants if they're even still able to do so. to be completely honest with you, i don't agree with the whole solar panel and turbine craze. i'm kinda leaning more towards the idea of molten salt plants; they seem to have a better method of storing energy.

There are a lot of sources of renewable energy that should be studied and advanced, but the point is you don't need to hurt your other valuable industries to do that

most advances are made at the university level which is majority state funded, you can spend a few billions there without extracting wealth from other valuable industries like coal

I know the daughter of one of AIG's former CEOs. She was shitting bricks in 2009, everything is great for her again.

being as there's some semi intelligent individuals and amateur economists in this thread. at what point does a mega corporation exist to bypass the need for a bank.

>Clinton and Bush will never be sent to prison
Feels bad man

independent.co.uk/news/world/americas/kentucky-coal-museum-harlan-county-solar-panels-install-save-money-renewable-energy-green-fossil-a7676086.html

>Kentucky Coal Museum installs solar panels because it will save money

>'We believe that this project will help save at least $8,000 to $10,000 off the energy costs on this building alone'

TWOOOO PRESIDENTS???

And Obama didn't prosecute anyone that was responsible

We live in a paradise today compared with what we would've endured had we not stepped in to stop the bleeding

I wonder if you're actually retarded or you're just too smug to see past your own fumes.