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[spydglide]

and who's responsible for the 'checks and balances'?    spyder

[hunter]

and who's responsible for the 'checks and balances'?    spyder

Government.  And we are responsible for Government. That's why we are paying for it.
As long the law only dictates what's not allowed they (we) can always find loopholes.  May be it (the law) should dictate what's allowed only...
Wait a minute, that's called Communism.. I think..

[Capo]

Government.  And we are responsible for Government. That's why we are paying for it.
As long the law only dictates what's not allowed they (we) can always find loopholes.  May be it (the law) should dictate what's allowed only...
Wait a minute, that's called Communism.. I think..

Yes it is. There is a certain amount of roller coaster that comes with capitalism and the GREEDY BA$TARDS made it much, much worse, IMHO!

There was a TEA party once that seemed to get alot of attention? Whatdayathink!??

[spydglide]

Yes it is. There is a certain amount of roller coaster that comes with capitalism and the GREEDY BA$TARDS made it much, much worse, IMHO!

There was a TEA party once that seemed to get alot of attention? Whatdayathink!??

Wasn't that a 'tax' issue?  Not sure how to blame this mess on taxation.    arrrrrgh.  spyder

[Capo]

Wasn't that a 'tax' issue?  Not sure how to blame this mess on taxation.    arrrrrgh.  spyder

Yes and no. It was really about the "people" having no representaton and IMO taxes were the issue du jour to make the point, so it seems very similar IMO.

[Sean M Cary]

Yes it is. There is a certain amount of roller coaster that comes with capitalism and the GREEDY BA$TARDS made it much, much worse, IMHO!

There was a TEA party once that seemed to get alot of attention? Whatdayathink!??

Pour your mortgage into a bay?

[FLSTFI Dave]

Good ol dems caused this.  The NYT in 1999 precicted this financial melt down back in 1999

Thanks for the post. Perhaps lending to the less qualified coupled with little or no regulation caused a good part of this mess.  First time i have seen anyone quote the NYT as an authority on this site.

I hate the NYT, I figure it is a far left liberal rag.  I quoted it becuase I was shocked they actually had something right.  I was also shocked that they have not pulled the link or article from their web site.

While Clinton was pushing for the Sub prime and writing loans to less qualified low income people, they are not the only ones to blame.

Many middle class Americans took out Teaser Rate Arms on 250K homes when they could only really qualify for a 150K home on a traditional mortgage.  They gambled they would get a promotion, pay raise or the home value would go up.  Neither happend, the low rate adjusted up, and now they can not affored the home note, and the home is now worth less then the owe.

Many investors did the same gamble the middle class guy did.

So now we have three groups defaulting on their mortgage.

Had they all had to put 20% down like before 1999, how many would walk on their loan?  Had they all had to have good credit, how many would walk on their loan?

My home has lost 80K in value over the last 2 years.  However with my 24% down in 2002, I still have lots of equatiy in the home.  Most all the homes with zero down, and ARMS in my neighborhood are up for sale, and they are upside down in the home.  These are the people that were living check to check in a home they could not afford to begin with.

[iski]

You mean, like: Harley, Evo, and Knuckle?    har.  spyder

Of course.     Always regretted they never got credit cards and an Ivy League education even though they were fictional kids.  The survey was for free marketing crappola. Shaving cream, soap, razors, fabric softeners - all sorts of free stuff for months & months.  Occasionally we still get some sort of soap product I figure that originated there.  Followed us through several home moves, too.

[iski]

Read the responses in this thread since Friday.  Nothing about beer, nothing about pie.   

[miker]

A cone of disasterization is befalling my financial kingdom...It may limit my pie, donut consumption, I may have to resrt to....bagels..

[iski]

Cone of disasteration?  OhmyGod!  Bagels?  My deepest gastrological sympathies.

I plan to discard most financial balance sheets showing former welth disappeared down rat hole in File 13 for a while until the buzzing in my head stops.

[Capo]

Pour your mortgage into a bay?

Something like that.

[DCFIREMANN]

Thanks for the post. Perhaps lending to the less qualified coupled with little or no regulation caused a good part of this mess.  First time i have seen anyone quote the NYT as an authority on this site.


I hate the NYT, I figure it is a far left liberal rag.  I quoted it because I was shocked they actually had something right.  I was also shocked that they have not pulled the link or article from their web site.

While Clinton was pushing for the Sub prime and writing loans to less qualified low income people, they are not the only ones to blame.

Many middle class Americans took out Teaser Rate Arms on 250K homes when they could only really qualify for a 150K home on a traditional mortgage.  They gambled they would get a promotion, pay raise or the home value would go up.  Neither happend, the low rate adjusted up, and now they can not afforded the home note, and the home is now worth less then the owe.

Many investors did the same gamble the middle class guy did.

So now we have three groups defaulting on their mortgage.

Had they all had to put 20% down like before 1999, how many would walk on their loan?  Had they all had to have good credit, how many would walk on their loan?

My home has lost 80K in value over the last 2 years.  However with my 24% down in 2002, I still have lots of equity in the home.  Most all the homes with zero down, and ARMS in my neighborhood are up for sale, and they are upside down in the home.  These are the people that were living check to check in a home they could not afford to begin with.

This is a correct statement. Now answer me this. WHO LET THIS CHIT HAPPEN??

I built my house in 1998. I built in a mountain area in the middle of no where. I had put 20% or more into construction costs out of my pocket and owned the land. When I applied for a mortgage I was told I over built the area. They still gave me a loan to replace the construction loan. Thank God the area started to build up and my home value shot through the roof. As far as equity goes I am in great shape. But this does not help the people who are losing their homes

Be Safe

THE DAWG

[dps4]

 :(I just listen to a financial "expert" who said if this downturn turns into a depression, it will take until the year 2033 to get back to our highs in the market. I might miss out on that one.

[SBB]

:(I just listen to a financial "expert" who said if this downturn turns into a depression, it will take until the year 2033 to get back to our highs in the market. I might miss out on that one.

I just listened to financial expert (me ) that said if Hoist kept spending money on Cybil there would never be a recession.
Go Hoist!