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Jeremy Handren
climber
NV
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Sep 19, 2008 - 10:26pm PT
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I know Blue, I was merely pointing out that even if he was doing his dirty deeds republican style...meaning shagging gay hookers...I would still want him as a public servant.
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bluering
Trad climber
Santa Clara, Ca.
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Sep 19, 2008 - 10:35pm PT
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Happi, Chris Dodd doesn't have clean hands in this thing...don't take a word he says for the truth in this matter.
Both parties were in on it AND IT NEEDS TO STOP!!!
As far as people who took these foolish mortgages, I say they got what was coming to 'em. Let them default. The problem is the execs got bailed out and the people (me and you) are picking up the tab. THAT AIN'T RIGHT. Jailtime is almost too good for these sacks.
Also, we need to vote almost ALL incumbent congressmen. Most of them, especially the seniors, are rotten and sold-out.
Pelosi, Dodd, Hagel, Reid, Schumer, Rangel, Boxer, and wher the fu-k is Feinstein through all this?
And they want to go home and recess though all this!
FIRE THEM ALL, THEY"RE ROTTEN!!!!!!!!!!!!!!!!!!
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John Moosie
climber
Beautiful California
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Sep 19, 2008 - 10:44pm PT
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Does anyone understand this bail out Bush is proposing? And can esplain in simple spanglish.
Are we about to buy up a bunch of shitty loans so some big companies can stay in business? Will we then own the homes that have been foreclosed on?
So we say to the banks. You have 1 million dollars. You can loan 10 million and charge interest on it. The banks decide to sell dicey ARMs and then to make those loans dicier, they raise the interest rate so the person who bought the home has to give it up. This dumps the home on the bank/ outfit who bought the loan while the home is upside down in value.
Why not just keep the interest rates low and keep the person in the house paying off the loan? This keeps the loan viable. Sure it means the company makes less money, but so what, they are either going to go belly up or we are going to bail them out while lowering interest rates anyway. This means the people are out of a home, the taxpayer is out money and the big dogs skate away with the money. There is just something blatantly wrong with this picture.
I say we should force them to keep the loan rates low, make less money and keep people in their homes paying off those loans.
If we are going to bail them out by lowering interest rates and buying the bad loans, then I say we should be in the loan business and skip the middle man who is making a huge fortune.
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happiegrrrl
Trad climber
New York, NY
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Sep 19, 2008 - 10:58pm PT
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"Happi, Chris Dodd doesn't have clean hands in this thing...don't take a word he says for the truth in this matter. "
I don't think any of them have clean hands. It simply is not possible for a country to come "a few days" from total financial meltdown - Not crisis. Meltdown - and be caught unawares. My point wasn't "who" was those words, but that those words were spoken.
Th thing is......we here on the taco have been prophesizing this event for some time now. True - we didn't have specifics. But it would not be too difficult to go through and find posts where others and myself have said we expected something of this magnitude to occur.
If WE knew things were bad....how on earth could those being paid HANDSOMELY to be educated in these things and to oversee them to have ignored it?
Woody - nobody wants to "gloat" over this crisis(although I feel pretty confident that if some magic fix ocurred, some Repubs would be doing exactly that rather than thanking our lucky stars catastrophe had been diverted. But we ARE pissed. And damned if we will shut up. The USofA is supposed to be by the people, of the people and for the people. We need to staunch the flow of blood money - and if that means meltdown - dammit, so be it. I'd rather see that than the thieves in charge continuing to gut the treasury and suddenly be harder to find that Osama bin Laden.
Wouldn't that take the cake. Not a peep from the oval office....Someone finally goes to check and - lo and behold, the place is empty. If I were Cheney and Bush, I think I would be considering doing that....
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Jeremy Handren
climber
NV
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Sep 19, 2008 - 10:59pm PT
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Railing on the people who financed house purchases with sub-prime mortgages entirely misses the point.
The problem lies in that fact that the income stream from those mortgages was packaged into bundles , that were used as collateral to issue even more debt. It was the extent of this leverage that caused the problem.
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k-man
Gym climber
SCruz
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Sep 20, 2008 - 12:14am PT
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Sorry Woody, when you said you were investing, I took that to mean you thought the economy was growing.
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Dr. Rock
Ice climber
http://tinyurl.com/4oa5br
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Sep 20, 2008 - 12:36am PT
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Crap, they ran out of gold.
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Karl Baba
Trad climber
Yosemite, Ca
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Sep 20, 2008 - 12:40am PT
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"As far as people who took these foolish mortgages, I say they got what was coming to 'em. Let them default."
I hear a lot of talk about the little guys who should have known better and deserve to suffer. The same could be said of Bush voters, or even all of us who tolerate the lastest borrow and bail bullsh#t.
Think of it, the government is going to bail out wall street for 1/2 to 1 trillion dollars. They aren't going to pay for that by raising taxes or using a rainy day fund. They are just going to print the money! In a way, it's just like another wishful thinking bullshit loan that got us into the mess in the first place. Buy gold or Swiss francs, the dollar is dust.
peace
Karl
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WBraun
climber
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Sep 20, 2008 - 12:43am PT
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Is that really how they do it?
That's fuked up man ......
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WoodySt
Trad climber
Riverside
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Sep 20, 2008 - 03:01am PT
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K-man,
I am investing. One of the best times to invest is when the market, or some of the market, drops. Panicy selling almost always provides opportunities to buy low. Right now, the market is volatile, much due to a lot of investors running around hoping to find their heads. There could be a recession coming up, but I bet against it; however, the worst thing people can do in this type of situation is become emotional and lose their common sense. Compounding the problem is all the confusion and finger pointing by the pols. Both parties are responsible for this situation up to their eyebrows, and both are behaving just like the corrupt, cowardly pols they are. Further, the media makes thing worse than they are because that's what the media does.
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Dr. Rock
Ice climber
http://tinyurl.com/4oa5br
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Sep 20, 2008 - 03:47am PT
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Stocks will drop for the next year or so, down from 1150 ish to 1050 ish, so do not expect any short term gains for a while.
Real estate is still settling down, credit needs to become untight again.
We are still in the early stages of what could still become the big one, according to the "experts".
I figured it out, too many skyscrapers and not enuff farmers, that is, there were all these pencil pushers trying to invent new games to play with the money from a few people.
It got to the point where there were trillions of dollars being manipulated from a relatively small amount of square mileage, where as the farmers and car makers are scattered far and wide across millions of acres, we need more manufacturing of real product in order to support all this financial bull crap.
With all our consumer dollars going to China, the US is losing product, and gaining financial institutions.
Housing became the new product, for a while at least.
When they ran out of product to play with, they were forced to invent their own new gadgets.
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sandstone conglomerate
climber
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Sep 20, 2008 - 08:21am PT
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That's what happens when your country gets hijacked by a bunch of criminals. The Fed is going to print more money? Backed by what, exactly? A Depression isn't that much of a stretch, especially with two pointless wars grinding on and on and on, draining the country financially. pat yourselves on the back greedy bastards.
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dirtineye
Trad climber
the south
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Sep 20, 2008 - 09:24am PT
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Investing in stocks now is asking for trouble.
I hope you have a suitably high window to jump from when it really crashes.
A better investment would be a garden tiller, seeds, and spending some time learning to grow and store food. That way, unless your property gets taken, you will be able to eat.
PS after the crash, you'll still have the tiller, and it will be worth something. Your stocks may not be so lucky,
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looserock
Social climber
Arkansas
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Sep 20, 2008 - 11:19am PT
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We are in a sad state of affairs. I realize that everyone is focused on the top bank officials and politicians, but from where I observed all of this, I seen the greed on the local level.
Here where I live, the only people who mopped up on this disaster was the Developers and Realtors.
The developers were building homes with illegal alien labor and wholesale foreign manufactured building materials. Even though they are stuck with some new homes, they are still rolling in money. There is no telling what their profit margin was.
Some Realtors (don't get peed if you know a realtor who did not do this) but many realtors worked hand in hand with these developers to sell these homes to previously unqualified customers (people with 500ish credit ratings and no down payment) for outrageous amounts. They used this market flooded with previously unqualified customers, to drive the prices up on homes. I know this is what drove the price up, because when the valve was turned off on this mad-money-to-poor-people, home prices started dropping like a rock. (if you have the traditional 20% to pay down and good credit you can buy a home for the right price now, although you should wait a little longer) Loan officers didn't go out into the street and drag these poor unqualified customers into their offices, realtors did that for them. I personally know realtors who are worth 2 or 3 times what they were 10 years ago.
There are other problems that attributed to this crisis, (creditcard madness, and 2nd, 3rd atm mortgages) but the above new home market is an area where some people got wealthy from this.
I've recently thought about what the old people would say when I was young . . . . .
"Any time there is a scandal involving MONEY, LOOK FOR THE MONEY!!"
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WBraun
climber
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Sep 20, 2008 - 11:28am PT
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Dirtineye or anyone else ....
This mornings headline said:
"The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression."
Where does this money come from?
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dirtineye
Trad climber
the south
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Sep 20, 2008 - 11:46am PT
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HEHE, the answer is ALWAYS the tax payer, and that is YOU.
YOU are bailing out AIG.
YOU are paying off those idiot CEOs who run off with millions for wrecking their company.
YOU paid for the savings and loan crisis.
YOu will pay for any future government bailouts.
THE only money the government has is what it gets from YOU, the tax payer.
Future and eternal Debt for all Americans. IT's the republican way.
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UncleDoug
Social climber
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Sep 20, 2008 - 11:53am PT
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Welcome to the USSA.
The United Socialist States of America.
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WBraun
climber
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Sep 20, 2008 - 11:56am PT
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But if nobody has any money to pay for the bad deals and there's a depression there's nobody making enough to tax.
They are just printing money aren't they and creating another debt greater than the first?
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looserock
Social climber
Arkansas
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Sep 20, 2008 - 12:18pm PT
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It'll all depend on who wins this election and neither scenario is good. If Mclame wins it'll suck same as now, if Obama wins he'll tax the rich heavy and they'll shut the economy down tighter than dick's hat band.
Our society if financially deranged; until we change, we'll continue this zipper fall. And every election, the same people on the fringes will cuss the incumbent, and nothing will change. Nothing will change until people can't afford to sit in a financed recliner, in their financed home and surf 100+ expensive cable channels on a big wide financed high definition LCD set.
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