10 things we learned from the '08 crash

Among the hard lessons: Bankers and regulators can make awful mistakes. Consumers must stay on their toes. Home prices can fall. What looks safe often isn't. And greed is a powerful drug.

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165Comments
Sep 13, 2013 8:33PM
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The authors of this article are a bunch of retards or just plain liars! They claim 'Bankers are gamblers-and bad ones at that'

 

How are the Bankers gambling? They don't lose. When the market crashed, the tax payers paid the banks for all the toxic debt. Did the people living in the houses get to keep the house? No. The bank got paid, kept the house, foreclosed on the family and through them out on the street, took the house and sold it...AGAIN!!! So the bank got paid twice! Explain to me how they are gambling? The way I see it, the banks came out way ahead.

 

Do you know who lost? The American people, and that poor family that lost their house.

Sep 13, 2013 7:33PM
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We "learned" something? We were attacked from within by greedy grubbers. People who couldn't do normal work or enterprise, they took advantage of people and still are. Nobody "learns" from the Fed pumping $85 billion a month into corrupt banks that keep useless markets afloat. Business platforms are inherited baloney, not enterprises. Nobody "learns" to live with excessive legalese, more laws than anyone can recite, much less obey, bookkeeping so complex that no two professionals can generate identical returns for the same circumstance and never... NEVER IN HISTORY has paper and button pushing meant so much to so many psychopaths. We WILL however... learn to eat the rich. They have been Prime Fed while we've been GMO'd.
Sep 13, 2013 7:57PM
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We learned that the bankers can put us in a depression anytime they want.  And with Dodd Frank they can take everyone's savings at the same time?  Glass Stiegel was repealed in 1998 at a cost of $305 million in lobbing.  Reenact Glass Stiegel.     
Sep 13, 2013 8:37PM
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No. 2: The global financial system is too complex.

 

With regards to this, it is intentional. The rich make sure everything is complex, this way only they have access to understanding it. They are the only ones who can hire the lawyers and pay the fees required to navigate the system.

 

The complexity is how the rich shut the rest of us out.

 

IT IS NOT AN ACCIDENT!!!!!

 

IT HAS NOT CHANGED!!!!!

 

IT IS NOT GOING TO CHANGE!!!!!!!!!!!!!!!!!!!!!!!

Sep 13, 2013 8:41PM
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No. 4: Regulators work for the regulated -- and so do rating agencies.

 

FINALLY! The media said something that is true.

 

You can't trust anything the rating agencies say...ever.

Sep 13, 2013 9:22PM
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There should be a # 11 category here!  And that, my friends is our politicians in Washington D.C.  Those illustrious souls defeated a move to make insider trading illegal for members of Congress.  So, there they are walking the streets while Martha Stewart was thrown in prison for insider trading!. I hate to think of the mess those fools will make of this country for my grand-children.
Sep 13, 2013 8:14PM
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We learned when push comes to shove the D.C. lying thieves will back big business before the American citizens. The sheeple will correct this with a 10 million man march and politicians should be very afraid!
Sep 13, 2013 8:59PM
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Here are 7 things I learned after the crash of 2008:  1. the FED is going to cut off QE soon; 2. the U.S. government still has a debt ceiling and budget crisis; 3. the derivative market is just as unregulated today as it was before the "financial reform"; 4. the  banks are leveraged to the hilt in derivatives just like they were before the crash in 2008; 5. the U.S. treasury bond market is collapsing; 6. interest rates are going to go way up; and last (but not least) 7. there's going to be an even worse crash than the one in 2008 in the not too distant future.
Sep 13, 2013 9:29PM
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What I learned is never do business with Wall street banks. 
Sep 13, 2013 9:59PM
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we learned the fed will always bail out the rich man and screw the poor man but we already knew that
Sep 13, 2013 7:32PM
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I think you said it all.  Same can be said about going to a casino.  Don't play more you can afford to lose.  Save money for a dinner and a show.  Maybe a couple of drinks after the show.  

Best advice is to pay off all debt.  That is your best hedge.
Sep 13, 2013 8:39PM
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Hmmm, gamed by who?

 

Who owns the media?

 

Who owns and controls the federal reserve?

 

Who owns the banks?

 

Gee, I wonder who is gaming the system?

 

The rich keep getting richer, while the rest of us eek out a living as wage slaves.

Sep 13, 2013 11:03PM
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I think we've learned that we need to rely more on ourselves instead of government whims. Ever run across a depression baby?  They are still shaped by an experience from many decades ago and more often than not believe the saying - if it seems too good to be true, it is. Pain is a competent teacher. Keep your critical eye sharp.
Sep 13, 2013 9:50PM
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I just listed my home for sale.  It is now worth less than I paid three years ago despite all the renovation and updating I have done.  However, I must say I never looked at it as an investment.  Everyone needs a roof over their head and this is mine.  It's my shelter.  Sure it would be nice to make money on it, but it's listed for less than I paid.  I hope the next owner loves and appreciates it the way I have because it's been a good home.  I have to move out of NJ because it's far too expensive for me to continue on here.  I will miss the house.
Sep 14, 2013 1:09AM
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Some people are poor credit risks ?  Some banks will take advantage of people ?  Some people will lie on their applications ?  Some banks won't verify information ?  Some people are not responsible enough to own a house ?  Some banks are not responsible enough to be in business ?  Greed.  Pure and simple from both sides of the equation.

Sep 14, 2013 2:59AM
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They forgot to mention one important thing we learned, but by not listing it, it shows we learned nothing at all:

Your $150,000 house is only worth $150,000, not the $400,000 it was "valued" at. That was the leading cause of the "Housing Market Bubble" bursting: Houses were being bought at 2-5 times their actual worth. The drastically inflated "value" is why so many current home owners are still in trouble.

The greed of the sellers made the financial crash worse. It fueled the greed of the bankers and investors.

What we need to learn is greed is the real crime here. Greed ruins everything at some point. The noblest idea can be destroyed by the simplest act of greed. But for the greed on all levels, we would not have had a Financial Crisis at all.

Sep 14, 2013 3:05AM
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The Biggest thing America is being told by certain groups is that Poor folks that couldn't afford Homes caused the financial Crisis. A Global Crisis by the way. The American people are being led to think that Fannie and Freddie because of the Sub Prime Exposure, caused this Crisis. This ongoing propaganda ties very well into other lies spilled daily on Air by the same agenda laden groups. Their Motto, fiction before FACTS. So here's the Real DEAL.

When Clinton was President, he indeed did sign the Bill that repealed Glass Steagall. What isn't being stated by some, it was passed by House and Senate via a VETO Proof majority vote. What isn't being stated, both houses at the time, had a Republican Majority. The Repeal of Glass Steagall allowed the Financial Crisis to occur. No appeal, no housing based financial Crisis.

Big Banks aren't controlled by Government. They weren't controlled then and they certainly aren't controlled by Government now. What we see now is shush money changing hands. Government and Big Banks know the Public is out for Blood so they have to do something to quite the Natives. This won't works so well when the Fiat Based Funny Money System really falls apart. There will literally be Riots in the streets. We have a failed two party system with no Third Party solution. Our Government is Bought and Paid for by Big Corporations. Now that's the Real Deal.

Sep 15, 2013 11:17AM
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I only learned two  things   #1  the GOV is too big and has no business meddling in the private economy   #2 the gov has no business printing their spending money while i have to actually work for mine
Sep 16, 2013 7:44AM
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Number one lesson.
The government always screws up everything they touch.
Number two lesson.
People are stupid.

Sep 14, 2013 3:38AM
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Another lesson we learned, the big Corporations are only getting Bigger. Their Control globally, only getting stronger. While the two party system here are playing their games, China and others are only getting wiser, stronger, and Richer. The War for Profit crap doesn't work anymore. That's shown by our Country and others being literally Bankrupt. The Global FEDS are proving that to be true. Decades of printing Fiat money doesn't work anymore.

6 out of the 7 top Global Companies by revenue are Big Energy Companies. 8 out 11 of the top Global Companies by revenue are Big Energy Companies. 12 out 20 top Global Companies by revenue are Big Energy Companies. In the top 10, 3 companies are from China. The top three in order, Royal Dutch Shell, Wal-mart, and Exxon Mobil.

Meanwhile, Big Corporations have learned that can spit all day on workers, and the workers will just sit there and take it. No stones at all. That's another lesson, current workers kids will pay the dear price for, a very long time to come. They didn't fight for you and your future. They have left you a broken/broke Global Economy and a Polluted Planet. Thanks for nothing.

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