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Old 09-30-2008, 09:21 AM   #1
longride
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Default Well....

....is anyone else sick of all this 'bailout' crap? Let the market self-correct, as I have said form day one. If it brings a recession, then it brings it. Bailouts won't work, because it teaches the corrupt and sloppy to continue their ways. If a few get nailed for this and it brings some pain, then people will hold these a$$holes accountable and not bail em. Carry on.
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Old 09-30-2008, 09:38 AM   #2
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Yes, but when the financial institutions get the squeeze put on 'em, then no more loans to consumers to buy cars, washing machines, houses, big screen TV sets, etc. and the economy comes to a grinding halt (nothing sells, sits on shelves, doesn't move out the door, service industry jobs dry up, since no sale, no support). That's the big worry right now. Since we've gone from a saving your money to buy something economy to a credit one, that's the issue.
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Old 09-30-2008, 09:55 AM   #3
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Quote:
Originally Posted by mscuddy View Post
Yes, but when the financial institutions get the squeeze put on 'em, then no more loans to consumers to buy cars, washing machines, houses, big screen TV sets, etc. and the economy comes to a grinding halt (nothing sells, sits on shelves, doesn't move out the door, service industry jobs dry up, since no sale, no support). That's the big worry right now. Since we've gone from a saving your money to buy something economy to a credit one, that's the issue.
Yeah, you summed it up well. Everything will grind to a halt. I can't get behind the bailout (because I know it will be money poorly spent because the government is involved), but there are a lot of unknowns if we decide to ride it out.

When I was looking to buy a house in 2005/2006 there were a bunch of articles talking about the coming crash. I had to weigh it out whether I should buy then or wait until it crashed. I decided to buy then as I was concerned that loan approvals would become a bigger headache. I was right. I made out well as I have fixed rates and still got a good deal on the house.

The Libertarian in me doesn't want the bailout. But I am concerned as I just started my own business. If everything grinds to a halt, I will be screwed.

At least oil has gone down...
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Old 09-30-2008, 10:02 AM   #4
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Yep, and for those deep in hock home equity is gone, 401K's are dwindling and there's no credit "saftey net" to cushion the fall. Most of us are on a paycheck-to-paycheck mode of existance, and if the jobs dry up, we'll end up in a trailer park somewhere near Saugus on disability. A bleak future indeed. Where are my pills?
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Old 09-30-2008, 10:06 AM   #5
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Bailout? Maybe a good idea if it weren't being proposed by the very people who put us here.

I laughed the crying from the Wall Street Journal. They believe in free markets, of course, unless they can stuff their pockets with other people's money extorted at gunpoint by the Fed.

Notice that nothing in the bailout changes the liberals' policy of forced free credit for everyone that created the entire mess. No restructuring of Fannie Mae or Freddie Mac. There's billions for corrupt activist groups like the notorious ACORN.. noted for endemic vote fraud. Nothing to keep it all from happening again.

Madness.
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Old 09-30-2008, 10:09 AM   #6
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Quote:
Originally Posted by BrowningBAR View Post
Yeah, you summed it up well. Everything will grind to a halt. I can't get behind the bailout (because I know it will be money poorly spent because the government is involved), but there are a lot of unknowns if we decide to ride it out.

When I was looking to buy a house in 2005/2006 there were a bunch of articles talking about the coming crash. I had to weigh it out whether I should buy then or wait until it crashed. I decided to buy then as I was concerned that loan approvals would become a bigger headache. I was right. I made out well as I have fixed rates and still got a good deal on the house.

The Libertarian in me doesn't want the bailout. But I am concerned as I just started my own business. If everything grinds to a halt, I will be screwed.

At least oil has gone down...
Last I saw consumer credit is still strong. It's the mortgage bubble. Too bad they can't try to fix it with a laser beam rather than a pork laded nuclear bomb. Oh yeah, and giving us another unaccountable "Czar" in the Treasury Dept. Time for Paulsen to resign.
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Old 09-30-2008, 10:12 AM   #7
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I know I'm tired of being expected to take a fall for these fools. Whether it's over extended borrowers or over extended lenders the result is the same, the whole housing bubble was brought on by greedy fools trying to get something for nothing.

Lenders were in some cases offering 120% L/V ARM loans to people with marginal credit ratings and requiring no income varification, no proof of anything other than the ability to sign on the dotted line. This is absolute fiscal madness based on building wealth out of thin air on the assumption that property values always go up and interest rates always go down.

The last time I got divorced I had to take out a second mortgage to pay off my ex, at that time the big push was for interest only 30 year adjustable rate loans, I had to argue like hell with the guy to get a fixed rate15 year which I then rolled into a 6% equity loan at my credit union. I thought at the time what f*ckin' idiot would fall for that...well I guess I found out.

As Newt Gingrich said the other day about this bail out, you can't have capitolism on the way up and socialism on the way dowm, these lenders and unfortunately the rest of us are going to have to ride this one out.
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Old 09-30-2008, 11:43 AM   #8
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Good analysis here.
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Old 09-30-2008, 11:49 AM   #9
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Hmmmm....Let's see, the Soviet Union invades Afganastan, and 10 years later goes broke and dissolves into the CIS.

Does anyone think that the BILLIONS of dollars we're waisting on those tent phucks every month might have put a...er...dent in our economy?

Now in the old days a wartime economy was boom time, since it put everyone to work building things for the war effort.

But now since we don't produce anything, and buy our war materials from other coutries in component form (the UK, Israel, even France..)
the old wartime economy doesn't work anymore.

Just a thought I'd like to throw out there...
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Old 09-30-2008, 12:03 PM   #10
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Here is how it all started (which, if you note, started way back in 1999):
Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times

And here is another article that supports the Good Doctor's article:
Commentary: Bankruptcy, not bailout, is the right answer - CNN.com
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