US Money problems

[wolvenstien]

I am very very surprised to hear that the general attitude in this thread is to shit can the bail out. Even Hiloboy (whom I do feel for with his IRA as so many others in this country) feels the same way. When I first read the news (what was it, Tuesday... Monday?) I screamed in praise that they shot it down! I really did not think they would have the courage to do so. But I also knew that it would not last. This is Bushys baby. He came onto the TV the night before the vote to tell the American people that it was the right thing to do.... Hes moving his lips, you know he is a lier.

This is all Bushys fault.

Think back to the first real thing he did 8 years ago..... he UN-regulated the banking industry.... The banking industry paid him so much money to get him to do their bidding.... He let them loose like feral dogs in a chicken coop. And there for the first few years everything was roses.... the economy was up and running at full steam....

Then the first symptom that something was wrong was the unemployment numbers going up.... steadily.

Then the banks decided they wanted more faster money to make more loans to make more faster money.... they started to move the ARMs that they invented and were able to implement since Bushy UN-regulated them. At first it was just a slight move and then over time, it was just an out right "bend over Mr and Mrs Smith, we have something for you."

The banking industry figured they could foreclose on the properties, and resell privately or at auction and still make money, and even finance the property again.... keeping the money rolling in.... What the banking industry didnt figure on was the loans they were greedily making money off of for development would come back to kick their asses. They didn't count on there being a major surplus of housing throughout the country driving housing prices down..... killing equity and stopping people from being able to buy a home selling for 120k when the value was only 100K and the banks realized they could not give a 100% loan but only a 80%.... the buyer could not come out of pocket with 40k.....

Then the banking industry slowly realized that because the industry was un-regulated, the loans they were making to each other did not have to be paid back.... Talking about an Oh Shit moment.... huh...?

The current credit squeeze is not being caused by lack of faith in other institutions.... thats what a majority of the 700B is for.... to ease the squeeze and allow the industry to loan within itself again.

Now if you notice, no where within the BailOut does it mention re-regulating the industry.... they bail these screw ball fat rats out now, we will be doing it again in 15 years....

We need to stand up and take our government back from the corporations who have bought it lock stock and barrel and use it to their benefit.... and do not care a shit about us, the people who actually bare society upon our backs.

And as for Welfare.... I have been unemployed for coming up on 3 years.... I have never received an unemployment check, no assistance from the government.... welfare, or anything else.... My wife works, I do what I can in odd jobs here and there but nothing steady. Not once have my children went hungry, and we pay our bills as they come..... sux... but we do it. And we do not borrow from family or friends either.

[Hilly]

Perhaps we should follow the lead of what happens frequently in China to those who severely embarass the government:

arrest them

try them

if convicted, execute them

all within two months. No further appeals. End of a lot (not all, but a lot) of greediness by those with entitlement issues.

Seems the way the government is working these days, we allready live in a socialist country. The people's voices fall on deaf ears, and the government just does as it pleases, no matter what. I have asked a lot of people how they feel about the bailout, and not one single person thought it was a good idea. What does it take for the government to listen?

[Echo4V]

Firstly, I must say that Wolvenstien, it's time to do some fact checking. Bush didn't deregulate the banking industry, no one did. That's why there is still a banking comission ( Representative Dodd heads it ). What was deregulated was oil futures trading ( by congressional vote not executive order) and that's why our gas prices are now getting closer to those of countries on other continents. However, the fact that banking is not deregulated and this shit still happens means things are even worse than you thought. I completely agree that we have gov't employees in Washington who should be in the unemployment line already because of the BS they have pulled on Americans. The problem is we don't have enough Americans pissed off enough to actually get off their couches and go vote. If we did we could take our country back. I heard a statistic that only 35% of Americans voted in the last election ( I'm not positive about that number but it's close) and you can bet most of those who are voting are the ones that work for/own these big businesses that are running our gov't. Now let me ask you if you held an office that was dependant on voter approval would you not do what the voters wanted?

Even though I know it's a mute point at this time I'll restate a fact that I have told many people. It's a fact that George Washington turned down a 3rd term as President because he felt the biggest threat to America was professional politicians. If George Washington worried about professional politicians ruining our country, how can we not? Why then do we keep getting professional politicians as our representatives. Show me politicians who have "real" jobs, which ones work outside of their duties as a politician or have worked as something other than a politician. I think it's time Americans got to work and got some representatives in Washington who are actually representative of America.

[hiloboy]

Now your talking lets have 2 terms or 8 years and your OUT!!!! FOR EVERYONE...hell i think they have some in there that worked for George Washington when he was in office..time to go..and how about some thing that says they must come home and hear what we want.. not only when its time to get reelected....

[superchute]

i hate where the person is in the house or senate and are payed to be there and there off runnig for there next office and we are still paying them for a job that there are not at

Russ

[WVTriker]

I've always thought that public service should be that, ie voluntary and not paid.

Let's face it, a lot of the blame lays on folks. They took out loans they couldn't afford on houses they couldn't afford. And I really think a lot of those property flipper want-to-be's are a big part of this problem, too. Heck, look at all the stupid TV shows that were developed focusing on it during the real estate boom. I have no facts on that, just a gut feeling.

The CEOs of these failed businesses should be held accountable: investigated, exposed, charged, tried and convicted (if warranted, which I expect would be the case in the majority of them). To think that you run a company into the ground, loose countless amounts of hard working people's hard earned savings and they walk away with millions from it. Well, words can't describe how it makes me feel, at least not ones that I will allow myself to say.

[Kani]

Looks like it is not just the USA. Now they are saying on the news that Europe is also having money woes.

[Ian]

Let's face it, a lot of the blame lays on folks. They took out loans they couldn't afford on houses they couldn't afford.

The CEOs of these failed businesses should be held accountable: investigated, exposed, charged, tried and convicted (if warranted, which I expect would be the case in the majority of them). To think that you run a company into the ground, loose countless amounts of hard working people's hard earned savings and they walk away with millions from it. Well, words can't describe how it makes me feel, at least not ones that I will allow myself to say.

Actually, the idea of people being able to get no money down houses isn't that bad, if their income is enough to pay the mortgage. The morgage on some modest houses is similar to what people were paying in rent. The problem came when the slick brokers who had nothing to lose (because Fannie Mae was backing the loans) crunched the numbers in 'creative' ways, and all of a sudden people were getting stars in their eyes.

My own experience was when I was looking to get pre-approved. I had a figure in mind what I could afford for a monthly payment, but the mortgage guy said "are you kidding, I can get you much more house than that" The realtor was sending me listings for houses 20,000 more than what I was looking for. Slowly the idea started creeping in that maybe a two car garage would be nicer and a bigger yard wouldn't be that bad, etc. It hard to stay realistic when you're being constantly encouraged by slick salesman.

Fortunately better sense prevailed, because the higher priced houses are now down to the price I was looking for originally.

I agree that there should be some serious investigations. McCain might do it if he's elected, because he's not so married to the party, but that doesn't look like it's going to happen. Obama will never permit scrutiny of his party officials. Many of his friends were Fannie Mae higher-ups and campaign contributors.

[celticleather]

No disrespect intended, but . . . 'When America sneezes, the world catches a cold'.

[TwinOaks]

No disrespect intended, but . . . 'When America sneezes, the world catches a cold'.

(also attributed to Donald Trump)

[Go2Tex]

So, OK the bailout passed and the very next day the market almost dropped off the charts! The entire World economy is tanking and all because a bunch of liberals wanted to spread the wealth around and put "poor folks" into houses they couldn't afford. Of course, that was just to buy their votes and you notice the main stream media isn't talking about that much.