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[whiltebeitel]

If this doesn't get passed, think about all the loans anyone depends on, like student loans, car loans, mortgages, the credit industry is tightening up as-is, and it will only get worse if we don't have stable banking.

Just saying we're all boned if there isn't some action. Funny how some act like a depression is a good thing...

[FredK]

Recession: When your neighbor loses his job
Depression: When you lose yours

[Farbin Kaiber]

Thats funny, we are currently cleaning out my grand fathers estate and have found hundreds of those everywhere....

I won't go into the other rooms. I had to help move her to a Seinor Apt. out of a house that was lived in by her/her family since 1938. Some people collect the darndest things.

[Aptyp]

If this doesn't get passed, think about all the loans anyone depends on, like student loans, car loans, mortgages, the credit industry is tightening up as-is, and it will only get worse if we don't have stable banking.

Just saying we're all boned if there isn't some action. Funny how some act like a depression is a good thing...

You're talking to people who drive 20-year old cars.

This country has lived in debt for way too long, people thought they can have everything today and pay for it eventually.


In old countries people don't get a car until 30, and don't get a house until 40's while steadily working they entire lives.




Besides, if Putin supports the bailout, it can't be good.

[Massive Lee]

Wow. You guys are now $700 billions in debt. Not to forget Irak, that was supposed to cost $50 to $60 billions. After 5 years, you guys are in for $600 billions, while experts now see closer to $2 trillions on the long term... Where does all that money come from?

http://www.nytimes.com/2008/03/19/wa...on/19cost.html

[Farbin Kaiber]

Wow. You guys are now $700 billions in debt. Not to forget Irak, that was supposed to cost $50 to $60 billions. After 5 years, you guys are in for $600 billions, while experts now see closer to $2 trillions on the long term... Where does all that money come from?

http://www.nytimes.com/2008/03/19/wa...on/19cost.html

Please, Lee, do me one favor, stop putting an "S" after million, billion, trillion. When you use "$" it denotes multiples. It has rather been annoying me in this thread.

[ragged325]

If McCain wanted any chance of winning this election, he'd say he's a maverick and tell everyone the bailout's a crappy idea (whether it is or not). The bailout is hugely unpopular and so McCain could say, fuck the banks, fuck the republicans and fuck everyone. Let the people who made this mess pay for it. He'd say, "hey, we made it though the dot.com bubble bursting, someone's got to learn a lesson here, I'm a fucking maverick bitch"

Right now, any congressperson that is coming up for re-election and votes for any bailout is screwed (by their opponent). If they had it their way, they could all vote against a bailout and yet still have it pass. Then they could all point their fingers at the other guy.

Despite what Heeter tells you, nobody forced any lenders into loaning money to people without the means to pay. What happened was that the Federal Reserve lowered the interest rate they charged to banks to borrow money after 9/11 as a way to stimulate the economy. Banks realized they could loan this back out at next to nothing and still make a profit.

Suddenly house prices skyrocketed because more people could afford a house (demand) and people could afford to spend more on a house. The banks got greedy though and lent to people they should not have. They thought the house prices would always continue to escalate and so if they had to foreclose, they'd make a profit.

This site has some interesting information:

http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html

[Massive Lee]

Please, Lee, do me one favor, stop putting an "S" after million, billion, trillion. When you use "$" it denotes multiples. It has rather been annoying me in this thread.

Suggestion taken. I thought that "$" only denoted a currency, and "million" a unit which can be singular (one million) or plural (two millions). But still glad that the "s" were the only annoying thing I posted.

Lee

[Farbin Kaiber]

Suggestion taken. I thought that "$" only denoted a currency, and "million" a unit which can be singular (one million) or plural (two millions). But still glad that the "s" were the only annoying thing I posted.

Lee

I guess maybe your right, and, us lazy Americans just drop the "s".



Nope, just thought about it and one wouldn't say "I need Thirteen millions dollar." The "$" dollar sign denotes both plural and singular forms of the word being modified by the context of the number being read.

[atomic]

Recession: When your neighbor loses his job
Depression: When you lose yours

So Farbin has been living in a Depression for what 6-9 months now?




:)

[Aptyp]

it wasn't only houses.

It was many new business loans, car loans, student loans. It is more difficult than housing market. Greedy lenders and shady/stupid business plans fucked it all up.

Depression won't be as bad, US is a lot better industrialized today, and if anything a little isolationism wouldn't hurt us either.

[Aptyp]

So Farbin has been living in a Depression for what 6-9 months now?




:)

Yeah, lol.

At least he's not clinically depressed like heeter.

[Farbin Kaiber]

Depression won't be as bad, US is a lot better industrialized today, and if anything a little isolationism wouldn't hurt us either.

As long as we don't lose our resistance to smallpox, or influenza.

Yeah, lol.



At least he's not clinically depressed like heeter.

Thanks, I'll take that as a complement.

[rwh11385]

If this doesn't get passed, think about all the loans anyone depends on, like student loans, car loans, mortgages, the credit industry is tightening up as-is, and it will only get worse if we don't have stable banking.

Just saying we're all boned if there isn't some action. Funny how some act like a depression is a good thing...

Umm... you mean people who don't have credit and shouldn't get loans won't get them?

Damn, that almost sounds... reasonable

Student loans will be out there, guaranteed.

Car loans, should be based on income and credit. Those with credit will still be able to get loans.

Mortgages, should be based on your ability to afford... and I could get one today if I wanted, no issue.

If by "tightening up", you mean cutting the retarded people from it, yes... and that is a good thing.

We will be fine without. We should be without. People will learn to stop bitching and move on and make money.

[rwh11385]

Despite what Heeter tells you, nobody forced any lenders into loaning money to people without the means to pay. What happened was that the Federal Reserve lowered the interest rate they charged to banks to borrow money after 9/11 as a way to stimulate the economy. Banks realized they could loan this back out at next to nothing and still make a profit.

Article from:
US Newswire
Article date:
July 30, 1999

WASHINGTON, July 29 /U.S. Newswire/
Housing and Urban Development (HUD) Secretary Andrew Cuomo today announced a policy to require the nation's two largest housing finance companies to buy $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families.
Cuomo said the historic action by HUD raises the required percentage of mortgage loans for low- and moderate-income families that finance companies Fannie Mae and Freddie Mac must buy from the current 42 percent of their total purchases to a new high of 50 percent -- a 19 percent increase -- in the year 2001.