This economic bailout crap is so bullshit....

  • Thread starter Thread starter crwnedblasphemy
  • Start date Start date
OK...lets all say Clinton did start this for the sake of it. So Bush and his republican dominated congress for much of his term can't fix it in 8 years? If you buy a house from somebody are you still going to be blaming the previous owners that the faucets are leaking 8 years later...I don't think so. Both parties suck. And until ALL americans take off those stupid little red and blue sheep tags that they cling to so tightly and start doing the right thing then American will continue it's long slide into oblivion.

I'm so sick of people voting parties lines...YOU are the truly scary because that means you can't think for yourself, you are in essence a sheep. Neither one of these candidates are worthy of being an AMERICAN president. Everybody wants to bitch and moan but do you really want to do something, does everybody really want change? The older I get the more sheep I see. No more political rants from me.
 
jabps":2q916yr8 said:
OK...lets all say Clinton did start this for the sake of it. So Bush and his republican dominated congress for much of his term can't fix it in 8 years? If you buy a house from somebody are you still going to be blaming the previous owners that the faucets are leaking 8 years later...I don't think so. Both parties suck. And until ALL americans take off those stupid little red and blue sheep tags that they cling to so tightly and start doing the right thing then American will continue it's long slide into oblivion.

I'm so sick of people voting parties lines...YOU are the truly scary because that means you can't think for yourself, you are in essence a sheep. Neither one of these candidates are worthy of being an AMERICAN president. Everybody wants to bitch and moan but do you really want to do something, does everybody really want change? The older I get the more sheep I see. No more political rants from me.
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Thank you. :)
 
I knew several loan officers that were handing out loans like they were candy. Here in florida the price of houses skyrocketed, so in order to even get a house, you had to pay more then you could probally afford, so then you get into a loan that you got easily trying to pursue the dream of owning a home, because its a good thing right? but then the details of your loan screw you, and lets face it, that 50 page legal document about your loan, you didn't take the time to study, I mean who understands half of that stuff anyway...

so now your loan payment is 400-500 dollars more then you initially thought, causing many to not be able to afford it anymore..

But many loan officers proffited greatly from the easy loans, making their best years ever.
 
psychodave":niltw3ua said:
While I hate the bail out, it is needed. We cant place all of the blame on wall street and CEO... It basically started with people who bought houses and obtained mortgages they could not afford... :gethim:
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It is not just people can't affors them. They just don't have a job. I agree that a couple of years back here in California, many people were losing there homes because of there loans jumped, but now, many people here are losing them because they are losing there jobs. People are just walking out of there homes. I know a couple of people with Countrywide that forseen there hardship and called Countrywide to help them out. They were told to get another job. Now that they have not paid for over 6 months Countrywide is now willing to work with them. One of them has since moved to Phoenix. His house is still just abandoned for the last 6 months. It has not even gone into foreclosure yet. Some houses out here have bin sitting empty for up to 18 months probably because these lenders can't afford legal fees for a foreclosure. If they would have worked with people, they could have benefitted both sides. I only see this here in California. I don't know how it is everywhere else, but here you have posters stapled to street corners to save your home everywhere. I live in a pretty good middle class area and I am starting to see it around here now. It is like a snowball effect it just keeps going.
Very scary times.
 
hopefully with these financial institutions going belly up, i can get some killer deals on "lawyer" guitars and amps from ex emplyoyees.
 
yeah
no one institution or poeple are to blame, and hopefully we can learn some major wisdom from this, so as to not let it happen again!!!
 
The system is driven by greed..at every level..and by design it's boom and bust....not surprised at all...but the fat cats are to blame for tipping the scale, fuck they practically held it up at one end so people with virtually no $ could cross that divide into serious debt. (Although it's still their fault for signing without understanding the risks...if that was the case.)

In my home town there's been so much construction that the # of empty properties is off the scale (both commercial and residential)....all driven by thinking of how much money they could make..totally overbuilt and now the firesale prices are depressing house prices even further...funnily enough, in my zip code the housing market is much healthier than laster year (# of proporties turning over) due to depressed prices...but it sucks if you're stuck upside down on a property.

I'm sure Randy (tweed) knows much more about this...he seems like a savvy chappy.
 
Marshall Law":1m40cjn8 said:
I agree, welfare for wall street, let the cards fall where they may, it's all bullshit, follow the sheep,
the treasure secretary is the old CEO of gold man sacks, who is calling for this bail out, you want a bail out? fuck it, take that 700 billion and start a new bank, not the same people who fucked us in the first place, Ps don't blame Bush or the republicans, this actually started with Clinton and the socialist cronies, loaning everybody and their grandmother including illegal aliens a chance to borrow money, with very lax standards, you can't expect it to last forever, basically this was a MARGIN call. :doh:
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Actually, it falls back on the whole issue with corporate policy - spend, spend, spend, do everything you can to make yourself look good, because by the time you're out of office/power/spotlight, it'll be someone else's problem to clean up.
 
jabps":1ra29i92 said:
OK...lets all say Clinton did start this for the sake of it. So Bush and his republican dominated congress for much of his term can't fix it in 8 years? If you buy a house from somebody are you still going to be blaming the previous owners that the faucets are leaking 8 years later...I don't think so. Both parties suck. And until ALL americans take off those stupid little red and blue sheep tags that they cling to so tightly and start doing the right thing then American will continue it's long slide into oblivion.

I'm so sick of people voting parties lines...YOU are the truly scary because that means you can't think for yourself, you are in essence a sheep. Neither one of these candidates are worthy of being an AMERICAN president. Everybody wants to bitch and moan but do you really want to do something, does everybody really want change? The older I get the more sheep I see. No more political rants from me.
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+10

Write in Ron Paul 08
 
psychodave":3on0mnac said:
It basically started with people who bought houses and obtained mortgages they could not afford... :gethim:
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IMO this is the #1 reason the US is going to Hell right now.
 
CharFace":2rf1slo4 said:
psychodave":2rf1slo4 said:
It basically started with people who bought houses and obtained mortgages they could not afford... :gethim:
Click to expand...

IMO this is the #1 reason the US is going to Hell right now.
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+1000

Personal responsibility never changes. You mean I can buy a $600,000 house with no money down? How can that ever be a good idea. Now they fucked it up for all the people like me that thought "too good to be true"
 
CharFace":wtoypbeb said:
psychodave":wtoypbeb said:
It basically started with people who bought houses and obtained mortgages they could not afford... :gethim:
Click to expand...

IMO this is the #1 reason the US is going to Hell right now.
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To paraphrase, greed. People in America are lazy AND stupid. Combine this with greed and you get a failing nation and fast.
 
redrol":3502y6ma said:
To paraphrase, greed. People in America are lazy AND stupid. Combine this with greed and you get a failing nation and fast.
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Surely you don't think lazy and stupid people are exclusive to America. If you do, it's time to widen your perspective.
 
Bob Savage":i56zzdr8 said:
redrol":i56zzdr8 said:
To paraphrase, greed. People in America are lazy AND stupid. Combine this with greed and you get a failing nation and fast.
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Surely you don't think lazy and stupid people are exclusive to America. If you do, it's time to widen your perspective.
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I didn't exactly say that.
 
psychodave":r4pid7uv said:
AmpliFIRE":r4pid7uv said:
psychodave":r4pid7uv said:
While I hate the bail out, it is needed. We cant place all of the blame on wall street and CEO... It basically started with people who bought houses and obtained mortgages they could not afford... :gethim:
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Agreed...but the banks knew what was at stake and still approved countless loans they knew would most likely fail. This mess wouldn't exist today if the banks didn't loosen up their underwriting and approve countless questionable loans.
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Agreed, but what I originally posted was very brief.

A lot of people bought houses to try and flip (in a short amount of time) to make some money on the property value increases. Look at all of the HGTV shows... flip this house etc. People thought it was easy to make $100k in 3 months. Sure I blame the mortgage brokers and banks too, but in the end, the homeowner signs a piece of paper saying that they are required to pay off this loan and that they understand that home values fluctuate. ...this is only part of the big issue.
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AND the bank is clearly in favor since they have the collateral and the borrower loses everything. Plus, the bank should have done proper due-diligence. Any investor, in this case the bank, knows that there are risks and that they may lose their investment. Hence, the CDS market.

While I lean to the left, both parties are at fault for not paying attention. But why would they care when the corporations were paying them millions. Either way, I blame most of this on the Fed. The produced all these artificial booms.
 
redrol":w2tgy5a1 said:
I didn't exactly say that.
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I know, your comment was vague enough that you could mean it in just about any way imaginable.
 
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