Home / Topics / Subprime Mortgage Crisis Quotes

Subprime Mortgage Crisis Quotes

Browse 5 quotes about Subprime Mortgage Crisis.

Subprime Mortgage Crisis Quotes

“All the mega corporations on the planet make their obscene profits off the labor and suffering of others, with complete disregard for the effects on the workers, environment, and future generations. As with the banking sector, they play games with the lives of millions, hysterically reject any kind of government intervention when the profits are rolling in, but are quick to pass the bill for the cleanup and the far-reaching consequences of these avoidable tragedies to the public when things go wrong. We have a straightforward proposal: if they want public money, we want public control. It's that simple.”

Suffering Environment Capitalism Workers Profit Corporations Labour Exploitation Banks Public Sector Subprime Mortgage Crisis Economic Interventionism Nationalisation Deepwater

Author:Michael Hureaux-Perez

“Ohio hadn’t gone through the same real estate boom as the Sun Belt, but the vultures had circled the carcasses of dying industrial towns––Dayton, Toledo, Mansfield, Youngstown, Akron––peddling home equity loans and refinancing. All the garbage that blew up in people’s faces the same way subprime mortgages had. A fleet of nouveau riche snake oil salesmen scoured the state, moving from minority hoods where widowed, churchgoing black ladies on fixed incomes made for easy marks to the white working-class enclaves and then the first-ring suburbs. The foreclosures began to crop up and then turn into fields of fast-moving weeds, reducing whole neighborhoods to abandoned husks or drug pens. Ameriquest, Countrywide, CitiFinancial––all those devious motherfuckers watching the state’s job losses, plant closings, its struggles, its heartache, and figuring out a way to make a buck on people’s desperation. Every city or town in the state had big gangrenous swaths that looked like New Canaan, the same cancer-patient-looking strip mall geography with brightly lit outposts hawking variations on usurious consumer credit. Those entrepreneurs saw the state breaking down like Bill’s truck, and they moved in, looking to sell the last working parts for scrap.”

Usury Industrialism Loans Economic Depression Home Equity Mortgages Subprime Mortgage Crisis Foreclosures Consumer Credit Surburbs

Book:Ohio

Source: Ohio

“By early 2005 all the big Wall Street investment banks were deep into the subprime game. Bear Stearns, Merrill Lynch, Goldman Sachs, and Morgan Stanley all had what they termed “shelves” for their subprime wares, with strange names like HEAT and SAIL and GSAMP, that made it a bit more difficult for the general audience to see that these subprime bonds were being underwritten by Wall Street’s biggest names.”

Wall Street Recession Goldman Sachs Subprime Mortgage Loans Subprime Mortgage Crisis Bear Stearns Merrill Lynch Morgan Stanley Subprime Bonds

Book:The Big Short: Inside the Doomsday Machine

Source: The Big Short: Inside the Doomsday Machine

“People aren't pissed just to be pissed. They're mad because a tiny group of crooks on Wall Street built themselves beach houses in the Hamptons through a crude fraud scheme that decimated their retirement funds, caused property values in their neighborhoods to collapse and caused over four million people to be put in foreclosure.”

“Everywhere the crisis of the private financial system has been transformed into a tale of slovenly and overweening government that perpetuates and is perpetuated by a dependent and demanding population... For about ten days the crisis was interpreted as a consequence of the ineptitude of the highly paid, and then it transmogrified into a grudge against the populace at large.”

Subprime Mortgage Crisis

Book:When I Was A Child I Read Books

Source: When I Was A Child I Read Books