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{ 10 comments… read them below or add one }
This is dated 12/29/2008. Not new.
The USA is unreformable and subject to collapse just like the USSR. That will be sad for alot of people when it happens.
That is the silliest comment that has ever been posted to youtube. The majority of Americans don’t even know about this, so IT IS NEW TO THEM! Some people are such sheep. This is just a warning of things to come. I remember Peter Schiff telling people about the housing collapse in 2006. I guess people like you would sit there and say “old news”. That is just an ignorant statement!
If you would like a special task to broaden your understanding of things, pretend that you are going to buy a house. You will see that the banks are holding on to the houses. Prices aren’t dropping as fast as they should.
The banks always win in the real estate industry.
chrisholley1975, If YOU think “That is the silliest comment that has ever been posted to youtube…”, then who is more ignorant?
So in other words there’s too many scum sucking bastards in the world.
You are right. I stand corrected. That is the silliest argument I have ever seen on youtube where a person “tried” to apply reason. The end result is the same, you failed in that quest and truly showed your ignorance.
chrisholley1975: You got a black eye and a broken nose in a fight you started, yet you still claimed victory.
Considering your ability, you should take it as a complimentwhen people call you ignorant.
myclicks Your post is dated 1/16/2010 8:09pm, an hour ago. Not new. therefore inxalid.
Now do you see how completely stupid your original post was?
Leave it to 60 Minutes to fail to report one of the most important aspects of Option ARM loans: They are “negatively amortized” and GROW in size. Not only will their payments skyrocket after the resets, the borrowers will owe up to 25% more than when they started, and most likely put them very deeply underwater on their equity position. How could they fail to explain this? In other words, it’s much WORSE than what this video is suggesting…..