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Old September 29th, 2008, 09:10 PM   #1
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Default Bailout

Median household income in 2007 $50,233

http://www.census.gov/prod/2008pubs/p60-235.pdf

Average home price as of 2004 $264,540

http://www.fhfb.gov/GetFile.aspx?FileID=3299

$10 says you can find similar statistics for business lines of credit

Any of you people that think this is sustainable need to join the fucking UAW. A correction is coming and no bailout of any flavor is going to do shit to stop it.
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Old September 29th, 2008, 09:20 PM   #2
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What does joining the UAW do for anyone? Last I heard people working at GM and similar places were getting the old pink slip.
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Old September 29th, 2008, 09:33 PM   #3
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Been saying this for years.

No one ever listened.
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Old September 30th, 2008, 05:17 AM   #4
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What does joining the UAW do for anyone? Last I heard people working at GM and similar places were getting the old pink slip.
well they have been hitting the white collar side pretty hard in the last week. they got rid of all the tems and a good bit of the contractors. I suspect today they will start laying off managers.
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Old September 30th, 2008, 06:10 AM   #5
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well they have been hitting the white collar side pretty hard in the last week. they got rid of all the tems and a good bit of the contractors. I suspect today they will start laying off managers.
Hahaha!

I have a job interview today!!!

I sure hope they don't know about the economy!
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Old September 30th, 2008, 06:16 AM   #6
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I'm sorry but I feel the auto worker's Unions help start this mess in the 70s when 8th grade drop out pot smokers were making 18 bucks an hour dropping o-rings into the little hole. The wages of unskilled workers were propped up by then powerful Unions.

Anybody rember going by a GM parking lot around noon and watching the workers enjoying a liquid lunch and a doobie? How 'bout all those closets and unused rooms around GM that they found pot growing in.

Sorry for the mini-rant. I remeber growing up in the 70's and 80's making 3 bucks an hour while the "union" people were making 15, yet had no skill that I could observe that justified their wage.
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Old September 30th, 2008, 07:57 AM   #7
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I'm sorry but I feel the auto worker's Unions help start this mess in the 70s when 8th grade drop out pot smokers were making 18 bucks an hour dropping o-rings into the little hole. The wages of unskilled workers were propped up by then powerful Unions.

Anybody rember going by a GM parking lot around noon and watching the workers enjoying a liquid lunch and a doobie? How 'bout all those closets and unused rooms around GM that they found pot growing in.

Sorry for the mini-rant. I remeber growing up in the 70's and 80's making 3 bucks an hour while the "union" people were making 15, yet had no skill that I could observe that justified their wage.
All true. Now the big 3 are in trouble and they are starting to realize that they are paying a bunch of retards $35/hr to make shit cars, but they can't fire them because of the UAW. The only solution is to put more work overseas to even out costs and not hire any new workers. This all equates to less Americans having good jobs, less middle class peopel who can afford new vehicles, shittier cars, and money moving out of the country. This is how EVERYTHING started, from auto companies, to banks, to the government. They were all rolling in money for a while and thought they could do no wrong, so they hired friends to fill positions which required skill. Now it's time to step it up and there are just a bunch of morons working in all of the positions which require some serious ass-busting to get the economy back on it's feet. In my eyes, the idiots have taken over and we won't get out country back until they are gone.
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Old September 30th, 2008, 08:18 AM   #8
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there is that mentality that will eventually bring things to ruin. in the past year granholm's governmental staff and payroll has grown whilst the people struggle. now she passed the bill to raise our natural gas by 21% WTF? how do these fucktards get elected.
maybe if we weren't buying natural gas from canada that they are pumping out of the great lakes? I don't think we should have a bailout. let it ride. the only reason they want a bailout is to cover their tracks. I say if there is no bailout all the corruption will be brought to light.
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Old September 30th, 2008, 11:43 AM   #9
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...... In my eyes, the idiots have taken over and we won't get out country back until they are gone.
They made a movie about it.....

http://www.youtube.com/watch?v=L0yQunhOaU0

scary....
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Old September 30th, 2008, 12:42 PM   #10
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Here is where it stems from:

Fannie Mae Eases Credit To Aid Mortgage Lending NY Times 1999
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Old September 30th, 2008, 01:20 PM   #11
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Right- I got my house in 96, saved up for two years, drove unbelievable piles of crap, shopped at secondhand stores, didn't go out to movies or dinner, just so I could save $20,000 at a time when I made $40,000/yr.

Even then, I had to settle for an ARM

Refi'd to a 30yr fixed in 05, glad I did even if it did eat up some equity.

But Joe Lugnutinstaller can get a $300,000 home and all that stuff that goes with it 4 years later, no money down. Used to piss me off, now i'm just a-laughin'
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Old September 30th, 2008, 01:42 PM   #12
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Originally Posted by BlooMule View Post
They made a movie about it.....

http://www.youtube.com/watch?v=L0yQunhOaU0

scary....

Good movie and was quite hilarious but it is sadly what our country is turning into I think
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Old September 30th, 2008, 03:10 PM   #13
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Originally Posted by BlooMule View Post
Right- I got my house in 96, saved up for two years, drove unbelievable piles of crap, shopped at secondhand stores, didn't go out to movies or dinner, just so I could save $20,000 at a time when I made $40,000/yr.

Even then, I had to settle for an ARM

Refi'd to a 30yr fixed in 05, glad I did even if it did eat up some equity.

But Joe Lugnutinstaller can get a $300,000 home and all that stuff that goes with it 4 years later, no money down. Used to piss me off, now i'm just a-laughin'

You and I wont be laughing if the gov't starts buy these mortgage securities and making deals with those people to "keep them in their homes"


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Old September 30th, 2008, 03:14 PM   #14
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Originally Posted by KartRacer View Post

I bought my first house in 1999.
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Old September 30th, 2008, 03:16 PM   #15
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there is that mentality that will eventually bring things to ruin. in the past year granholm's governmental staff and payroll has grown whilst the people struggle. now she passed the bill to raise our natural gas by 21% WTF? how do these fucktards get elected.
maybe if we weren't buying natural gas from canada that they are pumping out of the great lakes? I don't think we should have a bailout. let it ride. the only reason they want a bailout is to cover their tracks. I say if there is no bailout all the corruption will be brought to light.

The 21% gas cost increase is PURE SPECULATION and completely irresponsible journalism. It has nothing to do with the BS energy bill that granwhore signed.
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Old October 1st, 2008, 08:12 PM   #16
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The new legislation states: “Decisions by the Secretary [of the
Treasury] 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.”

As the Secretary collects and sells off properties and debts, he alone determines who will be the beneficiaries of these sales, under what terms and conditions, and how the profits accruing from these sales will be distributed. In essence, the government will be buying assets from a group of people (many of whom caused or contributed to the crisis in the first place) that will then administer these assets for the government and then sell them back to the same group of people and/or their business associates. The possibilities for malfeasance, incompetence, corruption and conflict of interest are virtually endless.
(http://balkin.blogspot.com/2008/09/b...e-us-more.html)

This is scary...........

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