OK, Now Watch This

103
Mon, Jan 28, 2013 - 3:34pm

Earlier today, a friend passed along a link to this film.

Called "End of The Road: How Money Became Worthless", it covers many of the topics we often discuss here and it does so by interviewing many of the folks who champion our cause. I think you'll enjoy it immensely.

If you feel compelled to watch the film or buy the video in order to share it with others, please do so by following the links provided. Apparently, TFMR makes a little commishkey if you do.

TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  103 Comments

Nana
Jan 28, 2013 - 5:12pm

What A Difference A Day Makes

My wonderful Father-in-law used to say, they went to bed one night and the next morning everything was different, the crash happened.

donnojackshit
Jan 28, 2013 - 5:24pm

Yeah

3rd?

Road_Scholar
Jan 28, 2013 - 5:28pm

Birthday cake

silver, gold, and Vega$

Istack
Jan 28, 2013 - 5:30pm
Admiral Ag Bar
Jan 28, 2013 - 5:44pm

Great movie TF.

It is on Net Flix streaming, if you have it.

Edit: Happy birthday!

J.P. Cubish
Jan 28, 2013 - 5:48pm

A Parable

Dumb luck made this fifth.

A frog was hopping around a farmyard, when it decided to investigate the barn. Being somewhat careless, and maybe a little too curious, he ended up falling into a pail half-filled with fresh milk. As he swam about attempting to reach the top of the pail, he found that the sides of the pail were too high and steep to reach. He tried to stretch his back legs to push off the bottom of the pail but found it too deep. But this frog was determined not to give up, and he continued to struggle. He kicked and squirmed and kicked and squirmed, until at last, all his churning about in the milk had turned the milk into a big hunk of butter. The butter was now solid enough for him to climb onto and get out of the pail!

I Run Bartertown
Jan 28, 2013 - 5:54pm

Fixed!

What kind of twisted logic allows people to believe that this addresses the sub-prime issue? It, like so much regulation, is just privatizing the burdens of their social engineering policies.

----------------------------------------------------------

"New mortgage rules issued last week by the administration will have the effect of forcing lenders to approve prime loans to borrowers who would normally only qualify for subprime loans carrying higher interest rates and fees to cover the added risk of default...Banks are already under renewed pressure from federal prosecutors and regulators to make home loans to low-income borrowers with blemished credit as part of the administration's stepped-up enforcement of anti-redlining laws.

Before the mortgage crisis, lenders were able to hedge losses by placing such homebuyers in higher-cost subprime mortgages — something the government at one point actually encouraged as part of a strategy to expand credit opportunities for lower-income minorities and close the racial "mortgage gap."

But under the new mortgage rules, loans with subprime features do not fall under the official government definition of "qualified mortgages," and therefore do not provide a "safe harbor" against lawsuits and other action.

As a result, analysts warn lenders may end up having to "subsidize" riskier borrowers at the expense of other customers.

The Consumer Financial Protection Bureau, the Dodd-Frank Act-created agency that wrote the 800-page mortgage regulation, has decreed that the way to distinguish a prime loan from a subprime loan is by the interest rate charged, even though the main distinguishing feature of a subprime loan is a sub-660 credit score..."Under its tortured definition of 'prime,' a borrower can have no down payment, a credit score of 580, and a debt (-to-income) ratio over 50%," as long as the borrower is charged a prime rate, said former Fannie Mae chief credit officer Edward Pinto.

Mortgages carrying a prime rate, or one within 1.5 percentage points of the national average, will have the strongest level of legal protection, according to the regulator. Analysts say this rule effectively limits lenders' ability to price for risk. Lenders who charge rates above the 1.5-point threshold open themselves up to legal liability.

In addition, lenders who underwrite such nonqualifying loans could open themselves up to federal charges if recipients are minorities...CFPB has the power to enforce "fair lending" laws, and is already coordinating lending-discrimination cases against banks with the Justice Department.

As part of recent consent decrees, Justice has ordered several bank defendants to approve prime-rate mortgages for African-Americans and Latinos who otherwise would not qualify for them...For instance, First United Security Bank of Alabama must set up a "special financing program" for African-Americans.

According to the 25-page federal order, the program must offer them interest rates and other terms "more advantageous to the applicant than it would normally provide" — even if the applicant "would ordinarily not qualify for (a discounted) rate for reasons including lack of required credit quality, income, or down payment."

https://news.investors.com/ibd-editorials-perspective/011413-640522-cfpb-denies-high-cost-lenders-legal-shield.htm#ixzz2JJSpcmYf

J.P. Cubish
Jan 28, 2013 - 6:08pm

Why would I pay for this?

I get it. Gold is good. I can hide it. I can protect it. No counter party risk.

Just make the movie public.

Why would I pay for this? You must be higher than I am to think I would pay for this.

Way to loose credibility tho.

Ouch,

Weak guys, Weak.

Anonymous
Jan 28, 2013 - 6:13pm

Removed comment

Removed comment.

Ircsum
Jan 28, 2013 - 6:17pm

@ IRB

So now the banks are being forced to act irresponsibly, as opposed to doing it off their own bat with the sub-prime fiasco that almost shut down the world. At least we won't have another sub-prime crisis.........it will be a prime crisis instead.

Thanks for sharing this info.

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