I know something needs to be done, I'd like to avoid another depression if at all possible.

But it doesn't make any sense for the US Government to buy my mortgate at 60 cents on the dollar, then try to sell it for more without giving me the opportunity to make an offer myself!

I'd gladly offer 70 cents, or even 75 :wall:

-spence

Who's says your mortgage is in trouble?

The middle class will get the screwing again.

Maybe they should buy ed macmahon's mortgage, the poor boy is 750,000 dollars behind.

This whole bail out situation is of immense concern to me. It worries me that even when they take 4 months of debates, re-writes and voting to make a bill, it still often comes out screwed up. Now they want to rush a decision on something that will *initially* cost the tax payers up to $700 Billion.

This seems a lot like their solution to high gas prices. "Let's add some oil from the Reserves, that'll fix the problem." I see this as an extremely expensive short-term fix (if that even), and my major concern lies in the long-term.

From my research, I don't think the companies should be bailed out at all. These companies are getting way, way too big for their own, and my own good. They perform numerous acquisitions to expand their influence and in the end, the consumer pays higher fees with less choices.

Irresponsible lending and borrowing is what led to this current situation. The lenders and the borrowers made their bed, now they must sleep in it. At the end of the day, the average American will still be able to go down to their local Credit Union to get a loan. Because the CU can't tolerate has high risks as the larger lenders, then only significantly qualified borrowers will be approved.

Who's says your mortgage is in trouble?
Mine isn't...I'm speaking in broader terms.

-spence

At the end of the day, the average American will still be able to go down to their local Credit Union to get a loan. Because the CU can't tolerate has high risks as the larger lenders, then only significantly qualified borrowers will be approved.
I think the more grim scenarios would argue that this might indeed be the case. Even on the news this morning they were talking about auto loans are requiring very high credit scores to get approval.

I'm not for rewarding bad behavior, but if the alternative is the risk of continued melt-down and the inability to recover we must do something.

-spence

Buy multi-families. There are going to be LOTS and LOTS of renters.

Ahhh good ol america... where profits are privatized and losses are socialized.. how can you loose? (If your rich)

If your poor, your screwed no matter what.

My take - be VERY afraid. This is huge and will have massive implications. I dont have a solution, bus since when is the governement with a ton of money ever a feasible solution?
Johnny - I agree in spirit with the let em fail philosphy, but what that means is that major credit markets will go belly up, which could result on runs on banks, and major paralysis. When we think "loans" we think home, car, etc, but what we are seeing in impact in is the daily flows of credit, for example, very day businesses move cash between other businesses, this his how your money market mutual funds make money. Now, those are at risk! Noone wants to move the money which paralizes the economy. This is bad $hit. I am afraid!

Nebe - I dont think the poor are gettign screwed, I think in the end they'll end up living free in houses they cant afford and we'll pay for.

Jim, what I meant about the poor being screwed was this- if the goverment just bailed out wall street due to the mortgage crisis, why dont they bail out the people who cant pay their mortgage? If someone goes into forclosure and is about to loose thier property, I dont see Uncle Sam stepping up to save them?

In the congress' version of the bill, the bankruptcy judge can rule to reduce payments
and
there also is a cap on executive pay to no more than the highest salary in federal government.

So where's the outcry from congress for an investigation into the cause of all this mess??

I mean they did finish up on the baseball steroid investigation didn't they. :huh: :rolleyes:

FBI is in on it now. :D Oh yeah. :hihi:

He may be right. This may be it.
http://www.cnn.com/2008/WORLD/meast/09/23/ahmadinejad.us/index.html?eref=rss_topstories

Perspective..
I c/p this from www.twis.org

Such as the 700 billion dollar corporate donation given out by our very generous federal government which is, scientifically speaking, approximately equivalent to
191 dollars for every mile between the Sun and planet formerly known as Pluto

155 dollars for every year the planet earth has existed

140 dollars for every year the sun is expected to continue shining

2300 dollars for every American alive, regardless of age

100 dollars for every human being alive anywhere on the planet today

a mere 7 dollars for every human being that has ever lived on the planet at any time ever in the history of homo sapiens

More than 2 dollars for every penny that has ever been minted by the US treasury

7 pennies for every cell in the average human body

If carefully stacked in pennies, the pennies would reach a height of 69 million miles, which would be enough reach the planet mars and continue for another 21 million miles into space… in the other direction the stack would pass both inner planets and reach more than two thirds of the distance to the sun

And while recklessly mismanaged finance schemes of our modern economy has cost us more than 2 dollars for every star in the milky way galaxy

The most startling of all these somewhat silly contrasting comparisons is this:

It amounts to 115 dollars to every dollar spent on the National Science Foundation

Perspective..
I c/p this from www.twis.org

Such as the 700 billion dollar corporate donation given out by our very generous federal government which is, scientifically speaking, approximately equivalent to
191 dollars for every mile between the Sun and planet formerly known as Pluto

155 dollars for every year the planet earth has existed

140 dollars for every year the sun is expected to continue shining

2300 dollars for every American alive, regardless of age

100 dollars for every human being alive anywhere on the planet today

a mere 7 dollars for every human being that has ever lived on the planet at any time ever in the history of homo sapiens

More than 2 dollars for every penny that has ever been minted by the US treasury

7 pennies for every cell in the average human body

If carefully stacked in pennies, the pennies would reach a height of 69 million miles, which would be enough reach the planet mars and continue for another 21 million miles into space… in the other direction the stack would pass both inner planets and reach more than two thirds of the distance to the sun

And while recklessly mismanaged finance schemes of our modern economy has cost us more than 2 dollars for every star in the milky way galaxy

The most startling of all these somewhat silly contrasting comparisons is this:

It amounts to 115 dollars to every dollar spent on the National Science Foundation


G33K

-spence

Jim, what I meant about the poor being screwed was this- if the goverment just bailed out wall street due to the mortgage crisis, why dont they bail out the people who cant pay their mortgage? If someone goes into forclosure and is about to loose thier property, I dont see Uncle Sam stepping up to save them?

And why doesn't the goverment provide us all with housing. And toilet paper rations, and limit the number of children we have. That's the America I dream of:jump:

Well the America I dream of certainly doesn't take my taxes and bail out some greedy a-holes because they couldn't keep their own house in order.

G33K

-spence

Proud of it.

Alot more coming.

Wait till people start defaulting on their over extended credit card balances.

Something like the avg. card has a $12,000 balance.

the whole thing pisses me off
the gov. already bailed out wall street in the nineties I thought, back when Greenspan was in charge of the fed. That set a very bad precedent and was already a huge mistake , so now they want to do it again? :huh:

sorry, I'm not buying into that crap.

I didn't cause this chitstorm, I won't be a part of bailing out.

I pay for insurance up the wazoo, insurance companies never lose money, even when disaster strikes they all pool together to keep from going under I thought. So why can't these irresponsible institutions,people, homeowners,credit card abusers be responsible for there own mess?

I bought my home in Dec. of 1988 at the peak of the market then, 10% interest (refinanced twice since)and have paid on time, made it thru hard times, was scrutinized when we applied, and almost 20 years later got the balance on the 1st mortgage down from 110700 to about 50000. Since then the banks allowed this crap to happen by giving away mortgages with little credit, no money down, ballon payments, other creative nonsense so prices would stay high etc. and all the while I stayed where I could afford instead of being part of the problem today by buying a bigger or better house than I could afford. Well screw that, I pay enough friggin taxes already and will probably never see a dime of SS in my life.

The Gov. can find the right solution for this mess, not some band aid that is not sure to work. :deadhorse:

Next in line looking for bailouts... the auto industry followed closely by the airline industry. Everybody wants to drink from the teat.

Auto industry is already in line...on the news last night. :doh: