Financial bailout by US government...
- Thread starter g8r80
- Start date
well that's fine then!!!
well that's fine then!!!
If our economy goes down ...so does the Brits
and every other economy
Well, the global markets responded quite favorably to this news. Best stock gains I've had in a very long time ...
This is probably one of the best times to invest. These are the times people make fortunes.
Stocks that were going for 80 dollars a share, are going for 10 dollars a share.
You're absolutely right, Phate. This is an excellent time to get some very good deals on stocks.
I hope I'm wrong......VERY WRONG.....but I have a bad feeling things are going to continue to get worse before they get better. I don't think we've seen the bottom yet.
I'm not suggesting it's a mistake to go in now, just that we may see things go lower still. Nobody has a crystal ball and you know how they say you can't time the market. Picking-up a few prudent buys isn't a bad idea, but I'd hold-off on going in heavy just yet.
I'm not suggesting it's a mistake to go in now, just that we may see things go lower still. Nobody has a crystal ball and you know how they say you can't time the market. Picking-up a few prudent buys isn't a bad idea, but I'd hold-off on going in heavy just yet.
Which SUCKS for me... My property, IRA and 401k are all hurting.
I think this bailout is just a band-aid for the issues we have here. some markets are over regulated, some are under regulated... thank you partisan politics.
Abosolutely!
It's such a cycle....the prices of real estate were driven-up by 'creative financing' where they kept finding ways to finance people into bigger and bigger loans, which in turn gave people more buying-power, which in turn let them bid-up the prices of homes. This was great for realtors, new-construction and especially anyone connected with the mortgage market; but like a bunch of crack whores chasing a bigger high, they bubble has really burst and now we have hell to pay...and this trickle-down has hit the stock market as well.
Beyond that, the devaluation of the dollar has caused one of our major imports to go up in price: oil The dollar is worth less in the global economy, should it come as any surprise that anything we import now cost more? The cost of oil is just reflective of the value of our dollar. Everyone wants to think it's the owner of the gas station (he just buys it from a supplier, and the supplier from the refinery, and the refinery from OUT OF OUR COUNTRY).
The biggest problem is that it became a standard to live by credit and have every penny earned going towards payments. Own a car? Nahhh...better to lease it, that way it appears you are more successful then you are AND you can use that money you might have invested towards other things. When millions of people who were living on the cusp were suddenly hit with higher gas, food and other expenses.....it all got ugly really fast.
And now people who signed the paperwork and willingly bought these homes that are now worth less...they want to walk away from them and just leave the bank owning these depreciated homes...as if the bank is some giant entity that can afford to take the hit. No folks; we ALL take the hit. It's just like when people make many insurance claims....sooner or later rates have to go up to cover the spread....and once again, hard-working good people have to pay the price for those who exercised bad judgement.
And let me tell ya....there's an even bigger crisis on the horizon, it's about 25-30 years away: when millions of people reach retirement age and have NO SAVINGS to speak of because they didn't save anything over the course of their lives.....but it's okay, the Gov't will have to step-in and give all these people housing, food and medical benefits....cause that's the Gov't job; they're an inexhaustable source of financial support that can support the world. In the end, it's the people who worked hard, saved their money, lived within their means that will have to carry the lazy, stupid and financially incompetant. Ain't life grand? :animal3::animal3::animal3:
And I see a funny analogy in connecting this with fitness.....
How many people out there are jamming junk-food down their throats and walking around with huge guts protruding in front of them? Just go to DisneyLand or any public place and you'll see chronic obesity everywhere. These people talk about going on a diet, going to the gym, getting some exercise and getting their health sorted out.....but they don't, they instead wallow around with plans, intent and a vague interest in doing what's best for them....and then when diabetes, heart-attack and illness set-in, they turn to medicine and hope some drugs can help them cheat death. Everyone wants the easy way out.
Ya know...we all got fit because we pay the price of pain, sweat, suffering and hard work....and not just one day, but days upon months upon years! Some of the best things in life don't come easily and you have to work to earn them. I'm seeing too many people in society expect the free ride....they want to be over-paid, under-worked, have a huge home, drive nice cars and just let the Gov't bail them out when the going gets tough. F that. These people are just like obese lathargic sloths who just roll over and demand a new body when their current body quits on them.....
The Gov't should assume these loans at a fixed 5% and force these deadbeats who took the loans to make good on them. "But my home is worth less then I paid for it and I just want to walk away from it".....NOPE! YOU took the loan, YOU accepted the price, YOU bought it...it's YOURS. No quitting, no dumping your problems on society, no walking away from your responsibility.
New law: from now on, all homes should require a minimum of 15% down and full documentation to prove owners can qualify for the loan. Wanna go no-doc? Fine....minimum of 25% down.
The mortgage people, loan brokers and realtors will cry because they won't be able to sustain the continued lunacy of getting people into homes that they can't afford and continue drivig-up the R/E market...just so they can make their commissions and sell-out our financial integrity.
Yep, the party is over and it's time for all of us to clean the mess...even though most of us didn't make the mess. But don't fret, the cost of homes was really getting stretched proportinately distant relative to people's incomes, this 'correction' was inevitable. Things will fall and like the cyclical nature of most things, they'll eventually come back. :sport:
Most honorable angry dissertation :costumed:
The mortgage companies are just as much to blame for this mess as the homeowners who took out loans beyone their means.
It pisses me off that we are using tax money to bail these greedy bastards out. Meanwhile the CEO's of these companies being bailed out are walking away with hundreds of millions of dollars. Now the government has control of these large conglomerates and it is the next step toward socialism.
It pisses me off that we are using tax money to bail these greedy bastards out. Meanwhile the CEO's of these companies being bailed out are walking away with hundreds of millions of dollars. Now the government has control of these large conglomerates and it is the next step toward socialism.
Socialism. A scourge on the earth. One of the dirtiest words in the English language.
Are people actually allowed to use that word here?
Are people actually allowed to use that word here?
I think the worst is yet to come as well, and I think the worst is going to be very bad. It's easy to say it's a good time to invest right now, not so easy to pull the trigger and risk losing your money.
Property values may still drop lower, but in the long term they will go way up from here. We just upgraded our house big time and paid less than the people built it for in 2001. We lost our asses on our old house too, but when you make a big upgrade you're coming out ahead.
I imagine the stock market also can only ultimately go up, but you may have to suffer a little on paper first.
I imagine the stock market also can only ultimately go up, but you may have to suffer a little on paper first.
I agree that they are part to blame....but for years people have been sitting-down with loan brokers and figuring-out just how big a loan people can qualify for. In our competitive market, any lender who can't offer-up as competitive a rate or program as another, just falls by the wayside. They kept coming-up with more 'creative' programs...'interest-only' loans and other stuff. The mortgage companies dangled the candy, but it was foolish buyers who went for it....and now us who have to pay for it!
I still think the people who took the loans should be responsible to pay them. They knew the terms and agreed to it.
I totally agree. Many speculate that these banks anticipated a Gov't bail-out....so they just abusively went nuts figuring they'd have a safety-net to fall back upon. Meanwhile, yeah: most everyone in the mortgage business has been riding a 25-year roller-coaster of big profit!!!
All these guys did was make loans, turn paperwork and sell the loans....it was a profit-machine that ran on the life-blood of our economy!
Mark His Words!
Those who saw it coming. LOL. Heck, even 2 years ago I heard people saying "save your cash, get ready".......
L
Lillian
Guest
this country is totally screwed. i'm scared to see how bad it's going to get.
I got an idea. How about the government just pay off everyone's current mortgage. It would free up billions of dollars of personal income nationwide and cost less than this bailout.
I did a quick estimate. 270 million people in America/ 700 billion in bailout money = over 25 million for every person in this country give or take a few million dollars.
Imagine if every one of us had even 2 milllion of money to throw around.
I did a quick estimate. 270 million people in America/ 700 billion in bailout money = over 25 million for every person in this country give or take a few million dollars.
Imagine if every one of us had even 2 milllion of money to throw around.
L
Lillian
Guest
i like that idea....it'll never happen...LOL!