# Another economic domino falls - Bear Stearns **URL:** \ **Category:** Great Debates\ **Created:** [March 17, 2008, 2:09am UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605 "2008-03-17T02:09:33Z")\ **Posts on this page:** 14\ **Page:** 8
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [March 23, 2008, 4:59am UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/141 "2008-03-23T04:59:15Z")
[QUOTE=mazinger\_z] Right now, I’m in the Philippines (Manila) working with local counsel over a data center/billing dispute, and drafting a new agreement with our Customer. The last house I bought was in Orange County (investment property – long story). I got no strange looks when I brought my counsel. And, like **Maeglin** I wouldn’t dream of doing any home purchase without an attorney. Part of my job also involves legal review of buying technology and capital infrastructure, anywhere from the $10,000 server (when they used to cost that much) to a $2.4B IT infrastructure outsourcing agreement. Even with that experience, the complexities of a home purchase are not something I would want to learn on the fly. [/QUOTE] Around here title companies, not connected to any lender, coordinate the paperwork. So the buyer is not on his own. I’d probably get one if there was anything tricky in the deal. When we bought in NJ, we were living locally on a month to month lease, and the people in the house were also moving locally, so we let them stay for payment - but to make a profit, it had to be structured specially. Buying this one was easy. And I work for a company that makes servers, and there are plenty that cost more than $10 k. Not the Dope’s server - that was probably two bucks and change. ---
**Author:** ![jayjay](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jayjay/32/6765_2.png) [@jayjay](https://boards.straightdope.com/u/jayjay)\ **Post date:** [March 23, 2008, 5:02am UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/142 "2008-03-23T05:02:18Z")
[QUOTE=Voyager] And I work for a company that makes servers, and there are plenty that cost more than $10 k. Not the Dope’s server - that was probably two bucks and change. [/QUOTE] You’re not factoring in the cost of procuring a functional tape drive for the VIC-20… ---
**Author:** ![Shodan](https://avatars.discourse-cdn.com/v4/letter/s/9f8e36/32.png) [@Shodan](https://boards.straightdope.com/u/Shodan)\ **Post date:** [March 23, 2008, 12:44pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/143 "2008-03-23T12:44:19Z")
My apologies to the board for attempting to get certain posters to make sense. Regards, Shodan ---
**Author:** ![gonzomax](https://avatars.discourse-cdn.com/v4/letter/g/e8c25b/32.png) [@gonzomax](https://boards.straightdope.com/u/gonzomax)\ **Post date:** [March 23, 2008, 4:35pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/144 "2008-03-23T16:35:03Z")
[QUOTE=Renob] At least they have [tent cities](http://boards.straightdope.com/sdmb/showthread.php?t=460221) they can go live in, right, **gonzo**? [/QUOTE] Yep ,the libertarian deregulated economy is swelling the ranks of the homeless. Those dirty little people who deserve all the bad that happens to them. Poor people or people who lost their homes for may and varied reasons got no reason to live. ---
**Author:** ![Renob](https://avatars.discourse-cdn.com/v4/letter/r/8c91f0/32.png) [@Renob](https://boards.straightdope.com/u/Renob)\ **Post date:** [March 23, 2008, 5:42pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/145 "2008-03-23T17:42:51Z")
[QUOTE=gonzomax] Yep ,the libertarian deregulated economy is swelling the ranks of the homeless. [/quote] What dergulation? Give me some examples, please. And please give me any proof that the ranks of the homeless are “swelling.” > [@](#): > > Those dirty little people who deserve all the bad that happens to them. Poor people or people who lost their homes for may and varied reasons got no reason to live. If you make bad choices, you should live with the consequences. What is wrong with that attitude? ---
**Author:** ![gonzomax](https://avatars.discourse-cdn.com/v4/letter/g/e8c25b/32.png) [@gonzomax](https://boards.straightdope.com/u/gonzomax)\ **Post date:** [March 23, 2008, 6:07pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/146 "2008-03-23T18:07:56Z")
Well for starters it has had a horrible impact on the economic well being of the USA. As a matter of fact it has had a huge financial burden across the globe. If you can distill the bank failures and the economic crisis down to a guy in Boise who was talked into a zero down mortgage ,more power to you. But I know that if the loans were regulated, if lenders were forced to actually prove wage and employment information,if assessments were real ,none of this would have happened. That is what governments do., or should do. Greenspan after his tenure was over suddenly thinks regulation would have been a good idea. The economy goes down the toilet and it could have been prevented. EASILY ---
**Author:** ![ArizonaTeach](https://avatars.discourse-cdn.com/v4/letter/a/45deac/32.png) [@ArizonaTeach](https://boards.straightdope.com/u/ArizonaTeach)\ **Post date:** [March 23, 2008, 8:41pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/147 "2008-03-23T20:41:01Z")
My real estate agent was recommended to me by people who had used her successfully in the past. I got to know my real estate agent. When it came time to get the loan, I got recommendations from my real estate agent with loan agencies that she was familiar with, had used in the past, and trusted. I got to know my loan officer. When it came time to sign the papers, I did not have a lawyer look them over (which I might do in the future, it seems), but I spent hours in the office…about four…having every single line explained to me, because I was signing away damn near my life there. I will never sign hundreds of thousands of dollars away without having full faith in the person who I am giving that money to, and ideally one who is familiar to friends or family. Unless they yelled at me over the phone…then I’ll just give them the money to make them go away. ---
**Author:** ![gonzomax](https://avatars.discourse-cdn.com/v4/letter/g/e8c25b/32.png) [@gonzomax](https://boards.straightdope.com/u/gonzomax)\ **Post date:** [March 23, 2008, 9:41pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/148 "2008-03-23T21:41:13Z")
[QUOTE=ArizonaTeach] My real estate agent was recommended to me by people who had used her successfully in the past. I got to know my real estate agent. When it came time to get the loan, I got recommendations from my real estate agent with loan agencies that she was familiar with, had used in the past, and trusted. I got to know my loan officer. When it came time to sign the papers, I did not have a lawyer look them over (which I might do in the future, it seems), but I spent hours in the office…about four…having every single line explained to me, because I was signing away damn near my life there. I will never sign hundreds of thousands of dollars away without having full faith in the person who I am giving that money to, and ideally one who is familiar to friends or family. Unless they yelled at me over the phone…then I’ll just give them the money to make them go away. [/QUOTE] I am glad you did. I did as well. But apparently it is necessary to because they will lie and cheat. If thats how we do business ,fine. All business should be thought of as an adversarial transaction. The finance company has a right,even a duty to cheat you as much as they can. If so that explains the problem. The finance companies should have no ethics and no regulation should be expected. I took a lawyer and did not need to. I had already gone over the paper work many times. Others who can’t read well or understand documents are simply fair game for corporations to fleece. ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [March 23, 2008, 9:48pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/149 "2008-03-23T21:48:05Z")
[QUOTE=jayjay] You’re not factoring in the cost of procuring a functional tape drive for the VIC-20… [/QUOTE] Gotten from the dumpster the day Commodore went bankrupt. ---
**Author:** ![elucidator](https://avatars.discourse-cdn.com/v4/letter/e/8edcca/32.png) [@elucidator](https://boards.straightdope.com/u/elucidator)\ **Post date:** [March 23, 2008, 10:07pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/150 "2008-03-23T22:07:38Z")
[Aside] Used to be a building south of town for the Wang word processor manufacturing company. Thirty storys of grey glass and marble, topped with huge letters spelling “WANG”. Gone now, alas. [/aside] ---
**Author:** ![Fear\_Itself](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/fear_itself/32/19637_2.png) [@Fear\_Itself](https://boards.straightdope.com/u/Fear_Itself)\ **Post date:** [March 24, 2008, 12:39am UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/151 "2008-03-24T00:39:56Z")
[QUOTE=Renob] If you make bad choices, you should live with the consequences. What is wrong with that attitude? [/QUOTE] If the bad choices are the result of willful deception, the lender should lose their investment and go to jail. ---
**Author:** ![Renob](https://avatars.discourse-cdn.com/v4/letter/r/8c91f0/32.png) [@Renob](https://boards.straightdope.com/u/Renob)\ **Post date:** [March 24, 2008, 1:19pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/152 "2008-03-24T13:19:15Z")
[QUOTE=Fear Itself] If the bad choices are the result of willful deception, the lender should lose their investment and go to jail. [/QUOTE] Of course they should. Have I ever said differently? ---
**Author:** ![Fear\_Itself](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/fear_itself/32/19637_2.png) [@Fear\_Itself](https://boards.straightdope.com/u/Fear_Itself)\ **Post date:** [March 24, 2008, 1:40pm UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/153 "2008-03-24T13:40:13Z")
[QUOTE=Renob] Of course they should. Have I ever said differently? [/QUOTE] That is what it sounded like to me. You never differentiated between those who should have known better, and those who were deceived. ---
**Author:** ![gonzomax](https://avatars.discourse-cdn.com/v4/letter/g/e8c25b/32.png) [@gonzomax](https://boards.straightdope.com/u/gonzomax)\ **Post date:** [March 25, 2008, 3:06am UTC](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605/154 "2008-03-25T03:06:35Z")
[![]( " - YouTube") ](https://www.youtube.com/watch?v=7CaOrlFxEZc) Lou Dobbs on the deregulation and the mortgage scamming. He clearly makes the case of deregulation as a huge contributor to the home crisis. [Previous page](https://boards.straightdope.com/t/another-economic-domino-falls-bear-stearns/441605.md?page=7)