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CNBC's House of Cards

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  • #1

    CNBC's House of Cards

    I just got home and caught the last 15 minutes of this. It's an hour-long special on the mortgage meltdown. I'll have to sit down and watch the full program sometime soon. Seemed watchable. You can watch it all online.

    http://www.cnbc.com/id/28892719

    What I saw was interviews with tough questions for Wall Street players and sob stories from American idiot homebuyers. My favorite bit showed a couple that refinanced in order to build a huge pool in their big backyard. Now they can't afford to make their payments and owe more than their house is worth. This type of idiocy in mainstream America is the ROOT CAUSE of this issue.

    The next time a loved one puts a gun to their head and commits suicide, make sure you sue the maker of the gun. The suicide is Smith & Wesson's fault.
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  • #2
    Originally posted by Colly Wolly View Post
    I just got home and caught the last 15 minutes of this. It's an hour-long special on the mortgage meltdown. I'll have to sit down and watch the full program sometime soon. Seemed watchable. You can watch it all online.

    http://www.cnbc.com/id/28892719

    What I saw was interviews with tough questions for Wall Street players and sob stories from American idiot homebuyers. My favorite bit showed a couple that refinanced in order to build a huge pool in their big backyard. Now they can't afford to make their payments and owe more than their house is worth. This type of idiocy in mainstream America is the ROOT CAUSE of this issue.

    The next time a loved one puts a gun to their head and commits suicide, make sure you sue the maker of the gun. The suicide is Smith & Wesson's fault.
    Good idea - sue Smith and Wesson even if the gun was made by Browning.
    "Socialism is a philosophy of failure, the creed of ignorance and the gospel of envy; its inherent virtue is the equal sharing of misery." - Winston Churchill


    "I only know what I hear on the news." - Dear Leader

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    • #3
      Not sure what point you're trying to make here, but I too have seen House of Cards. Unlike you, I felt that the questioning of the players that they spoke to were pretty weak. They would nip at the hand that feeds them, but they would never dare bite. Carlos Quintinilla and Maria Bartolomo are pretty soft questioners (I can't remember if it was them specifically that did the special). They aren't quite Larry King soft, but they aren't going to really press anyone too hard.

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      • #4
        There is plenty of blame to go around. "They should have known better" is a phrase that can be applied to all. The Wall St. folks, the middle men like mortgage guys and of course those who made the purchases. It goes without saying the politicians and regulators played their role. Even CNBC who tends to be a cheerleader and have entertainment as their primary goal.

        I would like to see everyone own up to their responsibility, but that won't happen.

        I guess if I was asked to assign the most blame, it would go to the politicians, regulators and Wall St. folks. They are more educated in these financial matters and thereby better able to access risk and what they are doing. Wait, that might be prejudicial against the so called lower class, indicating the educated are more able to make financial decisions.

        At the risk of being called prejudiced, I still will lay most of the blame on those on the top of the rung.

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        • #5
          It has been on alot the last couple of months. I guess the main impression I came away with from this is that everyone felt that since everyone else was doing it, it was okay and it would never stop.

          I guess this is best summed up by the feeling of one of the mortgage lenders in the piece who said that if he didn't lend people the money someone else would.

          I may be small, but I'm slow.

          A veteran - whether active duty, retired, or national guard or reserve is someone who, at one point in his life, wrote a blank check made payable to, "The United States of America ", for an amount of "up to and including my life - it's an honor."

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          • #6
            Colly: GS was 35:1 leveraged. I guess that qualifies as responsible in your non-experienced, non-tenured book. CNBC watching is not a skill nor does it qualify as experience.

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            • #7
              Originally posted by Viking View Post
              Colly: GS was 35:1 leveraged. I guess that qualifies as responsible in your non-experienced, non-tenured book. CNBC watching is not a skill nor does it qualify as experience.
              Well, look at how they're doing....

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              • #8
                Originally posted by happyone View Post
                It has been on alot the last couple of months. I guess the main impression I came away with from this is that everyone felt that since everyone else was doing it, it was okay and it would never stop.

                I guess this is best summed up by the feeling of one of the mortgage lenders in the piece who said that if he didn't lend people the money someone else would.
                If you have dealt with any mortgage bankers/lenders, that last sentence makes perfect sense. They don't need any formal education which explains their behavior. One day a used car salesman, the next day a mortgage banker.

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                • #9
                  Originally posted by Hallelujah View Post
                  If you have dealt with any mortgage bankers/lenders, that last sentence makes perfect sense. They don't need any formal education which explains their behavior. One day a used car salesman, the next day a mortgage banker.
                  The mortgage broker I have dealt with has a college degree, not that someone without one can't be highly successful, like Bill Gates. He my mortgage broker, is excellent at what he does. Perhaps you were talking about "some" and didn't mean to paint the group with a broad bush.

                  Then again, maybe only the "used car salesman type" would deal with you and therefor your sample size is skewed.

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