Super Rich The Greed Game

Super Rich The Greed Game

Hey guys, Just a show I watched on Youtube, I hope you guys find it as useful as I did, I learned alot from it, I hope you will too.
its about an hour long so make some coffee and watch it

Roman-

I've just watched the first segment, and the info presented is excellent for fastlaners-- even though that's probably not the goal of the "investigative" reporter!!!

The reporter is intent on telling us how we're suffering while others are getting rich. But he's talking about leverage, how Greenspan's interest rate cuts caused a massive influx of capital, etc.

Excellent find (based on what I've seen in segment 1, I'll post again once I watch the other segments)

No more parking for you. Rep + +

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway

OK, watched the whole thing.

Couple of observations:

1. Best video and explanation of the subprime mess I've seen.

2. Should be renamed "Tips, Tricks, and Techniques of the Super Rich- A Guide to Making Mega-Money"

3. The reporter seems to believe, after telling us exactly how the rich have done this, that someone will change the rules to make it impossible for this to happen again. Only problem is, the rich are rich precisely because they roll with the changes, and changing the rules won't make a difference.

4. Their POV seems to be shared by much of the media:

a. Stupid person w/lousy credit buys a house for more than it's worth.

b. Banks package these loans as AAA-rated securities, based on past defaults for subprimes

c. Stupid banks and investors buy these securities.

d. Payments go up (teaser rates expire) and stupid person w/lousy credit stops paying mortgage.

e. Stupid banks/investors holding these securities FREAK OUT, since they now own RE worth less than the paper they're holding.

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That's it, in a nutshell.

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What the show only hints at, near the end, is the rest of the story:

f. Stupid banks/investors continue to FREAK OUT, and sell their loans for pennies on the dollar, taking HUGE losses, just so they can write the whole thing off the books as fast as possible. They want profitable balance sheets-- so they're having a fire sale on these bad loans.

g. Savvy buyers (some of them the rich who profited from this in the first place!) buy up these houses or loans for pennies on the dollar.

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If you have any capital right now, buying foreclosed RE in a great area for 50% of FMV is possible. You can't get any loans on it (stupid banks are freaking out, remember?), but once things settle down in 2-3 years, you can refi and cash out.

It's a pity we're already so far into our fastlane PLAN. If we were still at the investment stage, this would be PRIME TIME to buy RE (hint, hint).

GREAT video, Roman.

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway

Roman Rep+ for the videos. Thanks!

Russ amazing points. Rep for you too! Thanks!

I think regardless of the situation I am in with my business and how busy I am; I don't say I can't afford the time or money.. I say I can't afford NOT TO! It's so perfect right now!

Thanks for the Rep guys,
This forum has Seriously changed the way I look at money,
So I am in debt to you guys.

Great Job Fastlaners =)

Those were excellent, thanks for posting them!

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online biz tips, tricks and cool links in 140 characters or less

Finally had a chance to view these.

I agree - the videos provide a great explanation of what has taken place to get us where we are today! Thank you for posting!

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http://www.JacksonvilleRealEstateWealth.com

Interesting movie. Clearly states what Robert Kiyosaki said about wearing "rose coloured glasses.

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"Make as much as you can for as long as you can. Whoever has the most when he dies is the winner." - Lawrence Garfield in the movie Other People's Money

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Bear, that was my point.

Those that sold the loans made the dough (some were bankers).

Banks and investment firms that bought the bundled subprime loans as AAA securities lost BILLIONS.

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway

.......

.....

Bear, we're saying the same things.

Those that made the loans and SOLD THEM OFF made $$$.

Those that got caught holding these loans (when rates adjusted upwards and people started defaulting) lost $$$.

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway