For iTulipers with Friends that still don't get It

[don]

This seems to impact on a certain impervious audience. A friend whose chief concerns have been in the ACORN/Obama birth-er school, actually took notice with this one. His losses are in the 6 figures....

http://www.youtube.com/watch?v=ssl5yb7FewA

[aaron]

Re: For iTulipers with Friends that still don't get It

What a scam. They are certainly devious. More, faster foreclosures = more money.

Somebody once said the final drop in house prices would occur after all the new 'landlords' gave up on their properties - the same ones who thought they got a "steal" in a foreclosure auction.

[jmdpet]

Re: For iTulipers with Friends that still don't get It

I thought the FDIC was funded by member bank premiums. How are tax dollars involved?

[doom&gloom]

Re: For iTulipers with Friends that still don't get It

well, I can say I am a beneficiary of all this, so thanks. I picked up a few acres of farmland at half off. it was IndyMac stuff sold off by OneWest.

[c1ue]

Re: For iTulipers with Friends that still don't get It

I don't know this for a fact, but I would not be surprised if the non-subsidized portion of the 'loss' was also used to offset part of the $101K profit.

So the bank wouldn't even have to cough up taxes on its full Fed and FDIC windfall.

[doom&gloom]

Re: For iTulipers with Friends that still don't get It

well I will say one thing, I REALLY low-balled the property I ended up buying and they did not take it, they stayeed firm to their price, which was still a good one as far as I was concerned.

btw, I got 9 acres of prime farmland 3 miles from the center of Tacoma WA. I paid prime framland prices for th MidWest, but you NEVER get a deal like that out my way.

[ThePythonicCow]

Re: For iTulipers with Friends that still don't get It

I thought the FDIC was funded by member bank premiums. How are tax dollars involved?

When the member bank premiums aren't enough, the FDIC borrows from the Treasury to cover the difference.

Don't forget that the member bank premiums come out of our hide to, as bank customers.

Sooner or later the producers (like ordinary Americans used to be) and the holders of real wealth such as land and infrastructure (like ordinary Americans still are, but not for much longer) have to provide all the real wealth behind these financial games.

[don]

Re: For iTulipers with Friends that still don't get It

well I will say one thing, I REALLY low-balled the property I ended up buying and they did not take it, they stayeed firm to their price, which was still a good one as far as I was concerned.

btw, I got 9 acres of prime farmland 3 miles from the center of Tacoma WA. I paid prime framland prices for th MidWest, but you NEVER get a deal like that out my way.

Nice to see someone from the group that normally takes-it-in-the-shorts, SAVERS, win one. Go fellow ituliper!

[marvenger]

Re: For iTulipers with Friends that still don't get It

weird that that has an effect when nothing else does, no links to credible info. here's an article on the vid in NYT http://www.nytimes.com/2010/02/15/business/15fdic.html

[cjppjc]

Re: For iTulipers with Friends that still don't get It

weird that that has an effect when nothing else does, no links to credible info. here's an article on the vid in NYT http://www.nytimes.com/2010/02/15/business/15fdic.html

Thanks for the detective work Marvenger. When I saw the video it seemed strange to insure losses against the original loan amount, not the amount Indymac paid for it. I was too lazy, and unfortunately getting disinterested in who is getting screwed over these days.

[don]

Re: For iTulipers with Friends that still don't get It

Wow. All that aroused gov/msm . Had no idea.

Claims of inaccuracies are not the reason for its popularity.

I think it's in the delivery.

It presents what many suspect in a clear, entertaining way, with a pinch of carny.

People sharing this with friends aren't into the technical niceties of financial shenanigans like tulipers.

Broad strokes work for them.

[cjppjc]

Re: For iTulipers with Friends that still don't get It

Claims of inaccuracies are not the reason for its popularity.
No the popularity(I never saw it before, so I'm not sure how popular it is) is the taxpayer getting screwed over factor.

But the honesty of the piece is now in doubt. Many who saw it will just assume it is factually correct. (Who knows it just might be) I was too lazy to investigate. Many others wont bother. Lazy is as lazy does. Forrest Gump I think.

[oddlots]

Re: For iTulipers with Friends that still don't get It

weird that that has an effect when nothing else does, no links to credible info. here's an article on the vid in NYT http://www.nytimes.com/2010/02/15/business/15fdic.html

Don't see a whole lot here to refute the video's claims except for the 7% figure. God the MSM drives me crazy. Reading them is like being on jury duty. Impart some analysis and information for god's sake.

[marvenger]

Re: For iTulipers with Friends that still don't get It

I think they should come up with a second video - now they have attention - and compile a better evidence based case to add legitimacy. It would make it very juicy indeed. That's all I'm saying.

[KGW]

Re: For iTulipers with Friends that still don't get It

$3500 an acre? Or thereabouts?

well I will say one thing, I REALLY low-balled the property I ended up buying and they did not take it, they stayeed firm to their price, which was still a good one as far as I was concerned.

btw, I got 9 acres of prime farmland 3 miles from the center of Tacoma WA. I paid prime framland prices for th MidWest, but you NEVER get a deal like that out my way.