here is to you wall street

I am growing very tired of the excuse -used by reporters and pundits-that the individuals were buying prices they couldn't afford. There have always been foreclosures. There always will be and they fact that before they even got close the national average the system was failing. I am sick of all the "smart" people blaming the individual homeowner because their giant ponzi scheme of milking all they could out of mortgages ---and still demanding full payment after they are bailed out by government or new owners of mbs that were purchased on 20 cents on the dollar. Where is the free market? This is no free market when the governments bails out every single bank and credit institution that cries loud enough. The people suffering most are the ones who didn't nothing wrong. Did a few foreclosures cause prices to drop 40%? No they didn't. It is the fact that the banks are so crooked that they don't even trust each other. They are so criminal that they see no problem milking the public for trillions while they lie daily about there willingness to aid the homeowner. This is a total crock of crocs my friend. The system has been completely pillaged by the banks and now by the government and funny that they are working together to save each other while the taxpayer and homeowner are left to suffer a housing correction with no bailout. It is insane and for anyone to report any differently should be given a wake up call because when prudent investing, such as real estate, takes a price drop all the way to levels of 6 years ago, it is not because of foreclosures. Property purchased in 2004 with 30% down is now about to plunge under water. The reality is that all the wall streeters who milked the system, the majority of whom have benefited from government assistance, are now hell bent to clear their books and crush real estate with the "housing correction." The prudent investment for the long term was real estate. The cycles fluctuated far less than the stock market and it was a fair way for the little guy to plan for retirement or add to cash flow.

Wall street couldn't stand to let the little guy keep the one last thing he had left. The little guy could use leverage with the help of his banker to gain long term wealth consistently without the major ups and downs in most markets. (a few exceptions I know) But it was the government lack of foresight and the greed of both federal and local officials coupled with the predictable pillaging --that wall street will do to any good thing out there--- that caused this meltdown. Wall street and bankers will always milk every good thing until it goes bust if left unchecked. In the aftermath they turn to pillage the government for a bailout as the cry of their own importance to the world economy. (garbage by the way--total syoa syndrome going on---clearly the old boys network throwing life vests to the boats that needed it the least---from this point forward the battle cry of banks and credit institutions will be contract law and free markets----complete rubbish---but it will suit the bankers and wall streeters when they no longer need socialism to save them from suffering like the individuals that are losing entire net worth and lifetime savings because of these criminals. ) My question to you is one of much greater importance to citizens on main street and one that all the brains and mouths on wall street can not answer honestly. They have lied continuously since this melt down started and continue to do so as they screwed the little guy for every penny they could until the government rescued them. Now they have a mission to clear the books. What else can they do? The government took any incentive away for them to own up to the fact that they falsified appraisals and made horrible loans. What about contract law and free market? They are underwater because of terrible business and mistakes. Where is there part of the responsibility coming in..???? no where......they get off fancy free. Yes they take losses but so what? It is on our dime.

finally my question is this: How come mortgagee's are expected to be the only ones to suffer a true loss on their own? Individuals mark to market everyday without a government bailout. Maybe it is time for some of the reporters to actually see the side of those really getting fleeced.

what? Banker of the year??? kidding right

No wall street banker deserves to be on the "best" of anything this year.  No one who took money from the federal governemnt desrves any praise for their work.  I don't see getting bail out and taking absolutely no repsonsiblity for their positions doesn't seem that difficult to me.  How many people could be highly succesful with a balance sheet like the fed??? The banks are sitting fat and happy and have no way to show any earnings until housing prices stop falling.  They are hoarding cash and clearing foreclosures off the books as quickly as their public image will allow.  They are as crimanl as Madoff in my opinion.  They appraised real estate at market values and took their collarteral.  The values decline so they want a hand out because it huts the books......but what do the mortgagee get?  Oh wait let me whine about mark to market now because that is the real cause of the crisis.  Why should banks not have to mark to market?  Everyone else does on main street.  No can go to the bank and say could I have a 100,000 loan on my 50,000 house?  It will be worth 150,000 in 20 years so I want to use that value.  Yeh the banker would laugh and tell them they were crazy, but now we are supposed to let the banks value assets on future value?  What a load of crap.  If I see anohter banker whining I will throw something through my tv.  I will do the same if I see another arrogant self absorbed fool say that this crisis was caused by homeowners that could pay their mortgage.  There are always foreclosures why di d they melt the system down this year and last year or the year before or 10 years ago for that matter

Banks can't make money by not lending.

Banks can not make money unless they lend. If they don't lend they don't prosper and they won't increase their earnings. End of story.