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Old September 29th, 2008, 02:43 PM   #21
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How deep will the hole go?
Honestly, this round probably not deep enough.

People will forget.

Changes will not be made as they should.

WE will be back in this situation much deeper the next time.
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Old September 29th, 2008, 02:48 PM   #22
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The guy from FOX said "as soon as the politicians started talking the market drops. When they shut up, it comes back up"
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Old September 29th, 2008, 03:45 PM   #23
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Oh no the world is comming to an end, The DOW is barley double what it was when Clinton won his second term.
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Old September 29th, 2008, 04:19 PM   #24
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The good news on the back page from today's sell-off...... We're under $100 a barrel.

A huge drop in oil prices was another sign of the economic chaos that investors fear. Light, sweet crude fell $10.52 to settle at $96.36 on the New York Mercantile Exchange as investors feared that energy demand would continue to slide amid further economic weakness.
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Old September 29th, 2008, 04:35 PM   #25
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http://www.cnn.com/2008/POLITICS/09/...out/index.html

this is worth the read.
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Old September 29th, 2008, 05:30 PM   #26
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more worth the read:

how a 700 billion bailout that didn't happen cost us over 1 trillion dollars.

http://www.marketwatch.com/news/story/how-rejecting-700-billion-bailout/story.aspx?guid={32B3D375-5D32-4DEA-B3F8-6DDA3FD54E79}
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Old September 29th, 2008, 05:31 PM   #27
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i agree. I think there is a lesson to be learned here, don't lend money to people who cant pay it back.
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Old September 29th, 2008, 05:48 PM   #28
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i agree. I think there is a lesson to be learned here, don't lend money to people who cant pay it back.
No shit! 30 years ago if you told people that they would be able to buy a house for 125% of the value, put nothing down, pay only interest on the mortgage AND take money away when they financed they would have put you in asylum.

Who the fcuk thinks up these deals, sure blame it on the , but this goes back more than 8 years.

The damn banks cannot even borrow money, because they are not good for it. I say let a few fail and help the strong ones buy up the deposits and the land at $.25 on the dollar.
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Old September 29th, 2008, 05:50 PM   #29
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Who the fcuk thinks up these deals, sure blame it on the , but this goes back more than 8 years.

I don't think anyone is really blaming the as they are not the ones that lifted the deregulatory measures back during Clinton's administration. Shit he even admits it.
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Old September 29th, 2008, 06:05 PM   #30
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I don't think anyone is really blaming the as they are not the ones that lifted the deregulatory measures back during Clinton's administration. Shit he even admits it.
the dems have been shoving these sub prime mortgages into the hands of the "less fortunate" for years. as if people are entitled to own a home. if your not fiscally responsible enough to save up money and buy your own home, you can live in a cardboard box for all i care.
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Old September 29th, 2008, 06:06 PM   #31
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the dems have been shoving these sub prime mortgages into the hands of the "less fortunate" for years. as if people are entitled to own a home. if your not fiscally responsible enough to save up money and buy your own home, you can live in a cardboard box for all i care.
This might be the first time I agree with anything you have said.
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Old September 29th, 2008, 06:08 PM   #32
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No shit! 30 years ago if you told people that they would be able to buy a house for 125% of the value, put nothing down, pay only interest on the mortgage AND take money away when they financed they would have put you in asylum.

Who the fcuk thinks up these deals, sure blame it on the , but this goes back more than 8 years.

The damn banks cannot even borrow money, because they are not good for it. I say let a few fail and help the strong ones buy up the deposits and the land at $.25 on the dollar.
Who do you think was the party pushing for sub prime loans so EVERYBODY could buy a house? It was done 8 years ago during a campaign cycle where the wanted the low income/minority vote.
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Old September 29th, 2008, 06:09 PM   #33
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Quote:
"The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company."

"In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of its financial resources."
I have as little sympathy for those "shareholders" (ie. wallstreet investors in lenders) as I do for the lenders themselves who profitted off destroying our economy. Go ahead. Take the risk. I'm sure as hell not bailiing you out though.
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Old September 29th, 2008, 07:00 PM   #34
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Who do you think was the party pushing for sub prime loans so EVERYBODY could buy a house? It was done 8 years ago during a campaign cycle where the wanted the low income/minority vote.
Whilst this is true Dubya was a big advocate of " so every american can afford a house.." political drabble that no politician in their right mind would not go with.

Truth as I have seen it..

The lower income and lower middle class have really not affected the mortgage as much as many think.

The failures have occurred more in the houses costing +150k market. Based on regional market prices and standard of living 2 people working at Wally world (say 50k total gross being liberal) with a kid or not are not going to be able to afford to MAKE payments ever on a 150,000.00 house. Even at a low interest rate and few thousand down.

I do know personally many..many..in my income range (middle to upper middle) that over the last 8 years have spent upwards of 150k for a mortgage and some higher interest debt towards a house they "built brand new" that would be valued at 350k when they were finished.
Quite a few of those people are now out of work or are selling their house and moving.

I have no facts other than my experience of what I have taken note of over the last decade. I blame both parties for many things on a economic scale, but this is MORE of my money trying to fix something a few stupid did.

"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity in the name of funding, is but swindling futurity on a large scale." - Thomas Jefferson
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Old September 29th, 2008, 08:07 PM   #35
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Who gives a shit anyhow
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Old September 29th, 2008, 08:29 PM   #36
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Who gives a shit anyhow
Anybody close to retirement wants to bail out to save their retirement funds. Anyone 20+ years out with children would like to keep our future from being in debt forever just to save the backs of some crooks. CC apparently invested heavily in the crooks and stands to loose money if the DOW drops. Since he has no kids he is only thinking of his own wallet right now and not the principles or impact of $700 billion, which by the way would cover

Transportation: 1 year free gas for all americans
Education: 7 laptop computers for every school-age child in america
World Hunger: 438 pounds of rice for every single person in Africa.

http://www.sun-sentinel.com/features...9.photogallery
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Old September 29th, 2008, 08:39 PM   #37
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Who gives a shit anyhow
Only people who have money invested in stocks, or who plan on buying a house, or car, or attending college, or anything else that may require a loan to be able to afford, or anyone who works in any of the industries that provide products that people usually have to get loans to be able to afford, or people that work for institutions that write loans or manage those assets, or people that provide good and/or services to people that work in those fields, or people who own homes that have dropped in value so much that they could sell right now if they needed to without losing tens of thousands or more.

Besides those people, no, nobody gives a shit.
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Old September 29th, 2008, 08:43 PM   #38
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Only people who have money invested in stocks, or who plan on buying a house, or car, or attending college, or anything else that may require a loan to be able to afford, or anyone who works in any of the industries that provide products that people usually have to get loans to be able to afford, or people that work for institutions that write loans or manage those assets, or people that provide good and/or services to people that work in those fields, or people who own homes that have dropped in value so much that they could sell right now if they needed to without losing tens of thousands or more.

Besides those people, no, nobody gives a shit.
what he said.
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Old September 29th, 2008, 08:45 PM   #39
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"Investments mentioned are not FDIC insured, carry no bank guarantee, and may lose value."

suck it up
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Old September 29th, 2008, 08:50 PM   #40
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Only people who have money invested in stocks, or who plan on buying a house, or car, or attending college, or anything else that may require a loan to be able to afford, or anyone who works in any of the industries that provide products that people usually have to get loans to be able to afford, or people that work for institutions that write loans or manage those assets, or people that provide good and/or services to people that work in those fields, or people who own homes that have dropped in value so much that they could sell right now if they needed to without losing tens of thousands or more.

Besides those people, no, nobody gives a shit.
In other words, any person or business who operates in the realm of "credit" or "imaginary" money rather than money they actually have before they want to purchase something..... This may be painful, but it's a long time coming and necessary to get our nation back on track.
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