...I'm not one to watch the news, but I'll veg in front of the TV while I'm scarfing at a pizza buffet. Thoughts on this recent development?
I have not been following it so much lately but I do think it is crazy that the people that were out to screw people over get bailed out. I personally believe this was the plan .... Give all these people loans for house they can not afford, give them a floating rate, in 5-10 years after they paid so much... and when they cant pay the mortgage with the high rate, take the house back, that has gained value. When my X husband and I bought a house 8 years ago, first they kept telling us you are approved for 300K more then the house you want ... why not find a better house. I said no... then they kept trying to get us to do some floating arm rate... I said no (Clark Howard says do not do it- he is local financial TV radio guy) They pushed and pushed ... and actually tried to guilt us saying "You dont want a BETTER and bigger house for you family" while looking at my son - That pissed me off... I said "Lady he is lucky he is not in a jar" one of my friends had a mortgage of 920 a month, then when it went up and it was something around 1600 a month ..they said fuck it and moved into a 800 a month rental house. the housing crap has effected everyone I know some way or another I know that the animal controls we go to say they have had 3x as many 'owner turn ins' this year due to people losing houses, and having to go into apartments. sad. and all these abandoned houses are getting the copper pluming stolen out of them- I guess copper is worth something at the scrap places. my brother has a lawn service company... his income has been cut in half, many people he had contract with lost the house.... and he has higher gas prices for the few clients he still has My bro -inlaw does new construction plumbing ... all he is getting is commercial contracts, and not many since everyone if fighting for those. At one time he got contracts for whole new sub divisions.... but no one is building since they cant sell the houses they have up already. A builder I know planned a small subdivision of giant beautiful brick houses each on 2-4 acres. Had planed on 12 houses ... got 5 up, they have been empty for 20 months, and are now bank owned... because without selling the few he had, he could not pay off the land... and actually OWES my brother in law for the plumbing.... and I am sure owes more people. They went from being rich assholes to broke asses. our economy is so fucked up, even my friend that owns a whore house .. um I mean escort service... her business has been cut in half.... and her little whores are complaining. I have a feeling everyone I know is going to end up broke. and ask me for money. Our business has grown, I guess people dont want to spend high dollar at regular vets so they come to us. I just hope it keeps up... sorry for the on and on... toooo much coffee & adderall ... cant stop typing
Ice pretty much hit the nail on the head, but the bank bail-out is a little more complicated than most people know. The politicians are correct when they say "this needs to happen" but are wrong when they say that this will fix everything, ease the credit markets and save the day. I watch these assholes on TV lie and say that the US stands to make a lot of money out of this by playing the markets. $700 billion isn't enough to correct the 60+ trillion credit derivatives problem. I've posted his site before, and I'll do so one more time: http://www.markswatson.com he was talking about this shit four years ago... http://www.markswatson.com/Depression1.html When this bailout doesn't work, and the markets start tanking and people start scrambling to cash out as quickly as possible you can expect a banking holiday. They'll pass a law saying you can only withdraw a little bit of money at a time (if at all) and the branches that remain open will offer extremely limited service. Yep, not much longer now.
I like how most the people in congress shot it down. Its fucked up. We have to pay for the jack asses who try to take advantage of stupid people. Then there are the stupid people we have to bail out for being stupid.
Can someone post a Cliff's Notes on what just happened this past week? OK, we've got banks bitching, Fed offering, Senate (or House) saying 'Nay,' and somewhere in the middle of it all, I heard there was a Ferret up for adoption. Can someone clear all this up for me? I'd do the research, but I'm handicapped. I have to drag this ethanol IV drip gurney around everywhere I go, and I haven't the time...
The government started strong arming the banks to loan money to poor and minorities in the 90's the banks complied with the govt. threats against their wishes. Then the sales departments for these mortgages got word and started making fortunes really pushing these ARM and delayed interest mortgages. I have heard people tell me they had credit in the sevens and no real debt but the Mortgage loan officers were pushing ARMs and delayed interest plans so hard that they went elsewhere. A lot of mortgage companies would sell off their high risk loans to Freddie Mac and Sallie Mae private owned but Government run. Those two owned the bulk and baling them out takes care of most of the problem. But here is where the stoopid people who were dumb enough to take those ARMs the ones that always pay their bills late and claim its someone else’s fault. Well they see that they have an excuse and bail out of their mortgages because the others are also. This may be no big deal or it could be bad. The conspirest story is that the powers that be are running the dollar into the dirt to collapse it and then go to a world currency. Where it gets bad is when you take one socialist solution (forcing mortgage companies hand) and band aid the problems it creates with another socialist program. (Bailing out the mortgage companies)
The problem Lomo is that everyone is up to their ears in debt. The banks know that there is all this bad paper out there, so they don't want to lend each other money because they know they're all going bankrupt. When all these big companies start tanking and people realize they are losing all their retirements and money, they will start selling like crazy and trying to cash out. A big part of the problem is that that Fed lowered interest rates to rediculous levels, which trickled all the way down to your local bank. It was so easy to make money that they made as many loans as possible to anyone they could. Another loan meant another big payment. The people they lent this money to would never be able to pay it back, so it was as good as lost. The homes that were invested in are worth less than what the banks are saying they are, because now they are in empty neighborhoods, ghetto families brought their ghetto kids with them so now there is graffiti everywhere, homeless people are living in them, and the copper pipes have been stolen out of them. But this goes deeper than the housing crisis. The US has been creating money like crazy for the past several years. Every time they say we're running a deficit we are basically creating this money to fund these projects. The true US debt is probably much worse than they report. This has been causing crazy inflation, combined with high fuel prices leads to an inflation in prices. People can't buy stuff like they used to. As a result, people are buying less to people are losing jobs. Outsourcing of jobs means there are many more jobless people out there as well. The labor statistics are a joke, and unemployment is probably far greater than is being reported. There aren't as many high-paying jobs as there used to, many more flipping burgers but that still counts as a job. The Treasury secretary - whoever that may be in a few months - will be…vested with perhaps the most incredible powers ever bestowed on one person over the economic and financial life of the nation. The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this act without regard to any other provision of law regarding public contracts", and that "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. The Secretary of the Treasury will be above the law! It's all going down the shitter and people are just now starting to wake up to this fact. Like I said, I've been talking about this for years. You're going to lose your retirement, Joe, unless you pull it all out now and cash it in for some real goods. It's not much farther away now... Don't think about investing in gold or silver, there's more of those metals sold on paper than in existence. Anyway, I'm still trying to warn you. It was harder to see then, but maybe now that things are getting closer you'll listen?
Not low interest rates. Bad credit people getting stupid loans, loan officers making money hand over fist pushing stupid loans to people even with good credit and Democrat Chuck Schumer starting a bank run that was the first domino. Once people start defaulting and others start pulling their accounts thanks to Chucky and help from the media. This is what we get. That’s right everyone forgot about IndyMac and Chuck didn't they? That’s because they were not intended to remember. But that’s why ole Joe is here to throw a wrench into the media propaganda machines cogs. Folks I told you the Dems would conspire to fuck all of you and convince you it was the Republican administration that screwed you. And have your stupid gullible asses running to the polls to elect a Democrat.
I encourage everyone reading this thread to review the fundamental differences between conservatives and democrats, before they vote. But, as always, I anticipate the majority of the populous to exercise their uninformed vote and put someone in office that doesn't have their best interests in mind. Enter the Democrat. ...Promising change and a better life for all at the expense of the ones that prosper. If that isn't an incentive.... fuck it. Let's see whom replies.
Wow Joe, government officials attempting to melt down the economy in order to get one of their own elected. That is quite the grand conspiracy you have going there. Barely anyone even knows who Chuck Schummy is. Fractional reserve banking is the reason why Lehman Brothers and any other bank is failing. They got no money, people naturally want to protect what's left of theirs. Your idea that this whole fiasco was caused by one man is amazing, and hurts my head how dumb you are. "Chuck is the reason why we need this $700 billion dollar bailout!" ~Joe Wow... just wow...
Schumer currently serves on the following Senate Committees in the 110th United States Congress: Committee on Finance Subcommittee on International Trade and Global Competitiveness Subcommittee on Social Security, Pensions and Family Policy Subcommittee on Taxation, IRS Oversight, and Long-Term Growth Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions Subcommittee on Housing, Transportation, and Community Development (Chairman) Subcommittee on Securities, Insurance and Investment Committee on the Judiciary Subcommittee on Administrative Oversight and the Courts (Chairman) Subcommittee on Antitrust, Competition Policy and Consumer Rights Subcommittee on Crime and Drugs Subcommittee on Immigration, Border Security and Citizenship Subcommittee on Terrorism, Technology and Homeland Security Committee on Rules and Administration Joint Committee on the Library Joint Economic Committee (Chairman) As Vice Chairman of the Senate Democratic Caucus, he is the fourth-ranking Democrat in the Senate, behind President pro tempore Robert Byrd, Senate Majority Leader Harry Reid and Senate Majority Whip Richard Durbin. Smurf it only takes one moron yelling "FIRE!" in a movie theater to cause a stamped. But when the Fire Marshall does it on the stage complete in fire marshal firefighting uniform and flailing his arms in the air yelling "Run for your lives!" Yeah Smurf pretty much one man starts the domino effect.
Lomo some people just never seem to see things as they really are. You can point it out to them all you like it's just no use.
Im glad you posted that. I was just like WTF??? Joe posted some leaves and stuff.....he must be high.
If only you had that same foresight with your other posts... Seriously, though - I knew something was there - but I cheated and scrolled down. Spent at least a good minute or two scanning, though...
So alledgedly the senate has redone the bail out and it is going back to the house. I am seriously doubting this whole scenario. I understand that if the financial institutions crap out for shoddy lending practices it will create a financial vacuum. But do those of us who live within our means have to be punished for the idiots that obviously can't? So the tax burden will fall on us, again. Maybe we should put some of the burden on the 'celebrities' that are so vocal here at election time. If they care so much about the country why dont they help bail it out?
