Quote:
Originally Posted by Avatard
And you call me dumb. That's the most retarded fucking statement ever fucking made.
Yep, people burned money. They flushed it down the toilet, papered their birdcages with it.
Moron.
Just look at the fucking stats on distribution of wealth, and where it's gone, and stop fucking babbling bullshit, will ya?
You're so fucking full of crap.
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I'm pretty much going to echo Captain's post.
Essentially yes, the money was burned. A house is bought for say $400k with a loan. Now the borrower will not pay the loan and instead the bank gets the house back, only now it is worth say $250k. The difference between the loan amount, minus what was paid by the borrower before they decided not to pay anymore, and the current value of the house is gone. Explain to me where that money went and prove my statement is "retarded".
Essentially the same holds true for those who haven't gone in to foreclosure, only it is the equity in their house that has disappeared. The difference is unlike a foreclosure the loss has not yet been realized. Either way that money may as well have been burned.
Here is the process you have detailed so far from the perspective of the banks:
1. Take back house at massive loss because home buyer won't pay back loan.
2. ????????????????
3. EVIL PROFIT!!!!!!!!!!!!!!