Re: Stock market ouch!!!

On Sep 29, 9:26 pm, Pinthe...@xxxxxxxxx wrote:
This country no longer has a viable product to sell.  The only
manuafacturing left is Mom & Pop and localized.  Not economy
sustaining manufacturing. They passed the bills that allowed these fat
companies to move out and stick us with buying their products and
taking our money out of the country.  That is why this can't evolve
out of this mess on its own.  You cannot compare this to the previous
collapses.  This one was organized and planned.

Keep in mind the lenders get most of their interest up front.  That is
why they granted the loans.  Loan interest rate racheting should be
illegal and that is why people abandoned the homes.  They could not
pay the increased rates.  That was greed interveening.  The Fed
lowered rates but that did not help the homeowner because they kept
the housing rates at or above 6 percent no matter what the Fed did.
Get used to it folks.  Its not going away and there is no quick fix as
long as our jobs are overseas.

Mario
Pinthetic

On Sep 29, 9:04 pm, "w-morris...@xxxxxx" <w-morris...@xxxxxx> wrote:



On Sep 29, 10:40 pm, btrip <bryont...@xxxxxxxxx> wrote:

On Sep 29, 8:54 pm, "Greenacarina" <greenacar...@xxxxxxxxxxx> wrote:

I'm certainly no finanical genius, but here's what I see- The money that is
"needed" for this bailout isn't replacing money that just
evaporated...someone didn't set a billion paper dollars on fire so now we
need to replace them. That money went somewhere...specifically in the
pockets of those who were allowed to take it. Just like all the money that
was poured into Iraq. The money is not gone, it's just been pocketed by the
wealthy elite. Why should those of us who work for a living pay for that?
(more than we already have, that is.)
If someone broke into your house and took all the money you had locked
away....what would your reaction be?
Would you think "oh well, better start saving up to replace that"....or would
you want them brought to justice?
Why is this situation any different?
Chris

"SEpins" <plev...@xxxxxxxxx> wrote in message

news:c6f4a45e-969e-4e2f-a61b-9b20f92f553f@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Me savings is shrinking every second! This is nuts!!!

Person applies for ridiculous loan for a house.  Bank gives person
ridiculous loan for a house.  Person can't afford to pay back
ridiculous loan to the bank for said house...

Sorry, but that money is gone.  The money went into houses that cost
XXXXXXX amount but are now only worth XXXX amount.  The housing market
crashed, houses are depreciating, and now they have to sell the house
for less than it is worth.

So the seller of the house is to blame for accepting the money?  Hell
no.  The seller did what they were supposed to do.  They bought a
house, maybe lived in it awhile, gained some equity, sold it, payed
off the mortgage, and profited off their wise investment.  The bank is
to blame for lending such ridiculous amounts to people KNOWING FULL
WELL it was at high risk.  Why did they do it?  Because the government
said they could, and that they would back them.  Oops!

Only to add insult.  Then the bank reinvested the money at a rate that
was higher then the house was worth saying this is how much money they
would have in 7-10 years.  Matter of fact most of them reinvested back
into more sinking real estate to make the matters worse.  It was not
only the bad loan, it was the reinvestment by the bank after giving a
bad loan to try to make up for the failing loan.  Only the
reinvestment was also dropping like a rock.

Sad but you are absolutely right.  The home owner does have some blame
but not nearly the government and the banks.  I

Bill- Hide quoted text -

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here ya go Mario, enjoy.

http://www.youtube.com/watch?v=pKv6RcXa2UI&feature=user

;)

Eric
.

Relevant Pages

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