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Post by Jim E on Sept 25, 2008 23:17:26 GMT -5
Ok here is a thought... what is 700 billion dollars divided by oh say 200 million... what if the bail out money was divided and an equal share given to every person in the USA age 18 or older.... figure that would stimulate the economy a bit...
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Post by mikephillips on Sept 26, 2008 6:07:14 GMT -5
Bout $3500
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blue
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Post by blue on Sept 26, 2008 7:17:16 GMT -5
Jim, that's a pretty controversial question, you should be more careful.
My question, how can something as perfect as a free market create such a mess? I'd love to see Nick's explanation. Bet it involves the Clintons and Liberals.
Bill
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blue
Junior Member
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Post by blue on Sept 26, 2008 7:57:58 GMT -5
Well now. Just learned something. Wallstreet types are saying it is all my fault for accepting those low interest rate loans. I guess if the banker guy says 6%, I'm supposed to say not a penny less than 6.5%!
Bill
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Post by lgurley on Sept 26, 2008 9:04:46 GMT -5
Ok here is a thought... what is 700 billion dollars divided by oh say 200 million... what if the bail out money was divided and an equal share given to every person in the USA age 18 or older.... figure that would stimulate the economy a bit... Fox News calculates $2800.00 per. I will write a check for that much just to move on. Of course my contribution would be voluntary and unnecessary if companies, government and people would pay cash. I have no sympathy for those who are living on credit. Thanks to Jim E for this option to vent politics. I know he will be the object of much ridicule. Larry |
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blue
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Post by blue on Sept 26, 2008 9:19:11 GMT -5
Larry, that's mighty nice of you, appreciate the gesture and to a large extent, agree. But who's going to ante up for my two grandchildren (ages 6 and 10) or my youngest son, graduating from college in the spring, flat broke? They are on the hook with the rest of us.
While I agree with the your statement about living on credit, we need credit. Few can, or ever could, start a business or buy a home, simply by reaching down in their jeans and pulling out the necessary cash.
Bill
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Post by Jim E on Sept 26, 2008 10:24:31 GMT -5
$3500 never mind, that is not going to do it but what the heck lets pass it out anyway.
Bill sounds like they are doing some mis-direction. The morgage industry [hereafter MI cause I am lazy] did this and they misdirect by saying it was the evil sub-prime folks alone. I paint them all with the same brush because before it went to $hit, in the MI, they all were writing crap loans. The why is the question and from talking to folks in the MI and reading and watching tv it was all about money, easy money and lots of it.
They all sell your morgage happens to me everytime I get a home loan, I never really understood why until recently. you guys all know this I am sure but anyway, they sell them because folks with lots of money want a nice safe place to make a better return on their money, so some wise guy figured out to bundle a bunch of morgages up sell it and the buyer just sits back and collects the interest over 30 years. Safe as houses and it use to be because the bank made you prove you could pay and they had some old formula for figuring out default rate based on old data colected before they started tossing so many of the subprime loans in the bundles. So the demand for these morgage bundles got so high that the loan industry had written a loan to just about everyone out there who qualified. But still they wanted more so the loan industry gave them more. They would slide the bar down a bit and see if there was anyone buying a loan based on the lower standard and once it sold it was the new standard. This just kept happening until finally there was a loan you could get where it all went on stated income, yep you just said you made that much no proof required. So now they got loans to sell and everyone was happy, folks who could never have afforded a house, folks who sold morgages to those folks and then the folks who sold them up to the bundlers and finally the folks who wanted the nice safe return. Plus all the folks in the cracks home builders, relestat agents, lumber yards, rental owners, house flippers hell even TV got in on it showing how you could buy fix and sell making a killing. But they never reworked the default rate formula on the morgage backed sequrities thing so everything looked fine but it was a time bomb. But while it was good and the money was rolling in everyone was happy and the subprime thing went nuts many subprime shops opened and believe me those folks made money lots of it. And they would do anything to get a loan thru, aprasel not high enough call someone else and get another one, debt load to high knock it down or just do not mention it. They knew these loans were no good knew the people could never meet the payments but did not care once it was written and closed they got thier money.
Then there is the kicker.... or at least I imagine if you could compare the data it would be interesting. These same poor shmucks who cannot pay thier morgage are favorites of the cerdit card companys and pay day loan shops and it takes little imagination to figure out how that all combines to help the bomb go off.
Now we are all screwed. How Mr. Bush could sit back and say the economy was strong is beyond me where the heck was he living. Then we get the two face treatment more or less the government will not protect us from free enterprise but now they have to protect us from the results of free enterprise. Republican or demacrat make that make sense. basically it comes down to every person over 18 loaning the loan indusrty $3500..... rules be d**ned when the $700B gets sprinkled folks who made money causing this are going to make money, baskets full of money.
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Post by Jim E on Sept 26, 2008 10:59:53 GMT -5
Larry you are welcome.
Sarah story.... Was in a friends store yestarday, he is a republican. As usual he gets to politics pretty quick and I say what the heck was Mcain thinking when he picked her.. Guy says I really like her and I say why? because she is nice to look at is the reply... logic got to love it
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Post by Jim E on Sept 26, 2008 11:48:14 GMT -5
This just keeps getting better and better, just read where Washington Mutual failed. Largest bank to fail in US history.
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blue
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Post by blue on Sept 26, 2008 12:33:37 GMT -5
Jim, I know it is misinformation. They know people are pissed because we are going to have to bail out a system that everyone with an I.Q. >70 had marked for failure 5 years ago. Their answer, it is EVERYONES fault, because everyone participated in one form another, if for no other reason than they had taken out a loan. So quit your pregnant dogin and pay up!
The conservatives are upset because the Dems are demanding the gov't get a piece of the action. The ultimate indignity: Uninhibited free market producing socialism. But not to fear, within 6 months after the bailout, the Limbaugh crowd will start beating the drum to require private interests to buy the gov't stake in the investment world for a realistic figure, say ten cents on the dollar.
Bill
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Post by Jim E on Sept 26, 2008 12:43:31 GMT -5
Bill how is it guys smart enough to run say Washington Mutual were dumb enough to let it end up gone. Or is it just they made so much money they did not care or did they know when it all fell down there would be a bail out... they had to know where it all was headed.
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Post by lgurley on Sept 26, 2008 13:46:53 GMT -5
Larry, that's mighty nice of you, appreciate the gesture and to a large extent, agree. But who's going to ante up for my two grandchildren (ages 6 and 10) or my youngest son, graduating from college in the spring, flat broke? They are on the hook with the rest of us. While I agree with the your statement about living on credit, we need credit. Few can, or ever could, start a business or buy a home, simply by reaching down in their jeans and pulling out the necessary cash. Bill I knew I wouldn't have to ante up because everyone would have to pay their $2800.00 and the politicians wouldn't get to earmark it. I did note that we would all have to pay what I believe was a per family price which would mean your children and grandchildren would be off the hook. If I am mistaken about the per family then I guess I will pay for my grandchildren as all my children are grown and therefore responsible for paying their own way. As for reaching down in your jeans for the money I just want it known that I was born naked and broke in my grandmother's bed. My folks didn't have their own. I saved money from a second job until I had the $40,000.00 I needed to open my business. I'm no financial expert but I couldn't get credit then and now that I don't need it get offers for credit every day. You can't borrow yourself out of debt. I am not wealthy but I do have the ability to keep my company growing slowly and putting food into the stomachs of around 100 people by hiring or contracting them through my business. I got in this position out of necessity and know that burning desire trumps credit every time. I do get a little charged up because the government is living on credit and has us so bogged down that it would take a very long time to have a painless change to everyone paying for what they get before they get it. Sorry, I'll shut up now. |
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blue
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Post by blue on Sept 26, 2008 13:52:16 GMT -5
Jim, in my post, there is a sentence, "So quit your pregnant dodgin and pay up! Did you edit that? Cause I sure didn't write "pregnant dodgin".
As to your question, cannot answer. Maybe its like I explain some of the stuff I do, like the brakes on my car. It requires walking a fine line: You have to be smart enough to do it, dumb enough to try.
Bill
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Post by lgurley on Sept 26, 2008 13:55:38 GMT -5
Larry you are welcome. Sarah story.... Was in a friends store yestarday, he is a republican. As usual he gets to politics pretty quick and I say what the heck was Mcain thinking when he picked her.. Guy says I really like her and I say why? because she is nice to look at is the reply... logic got to love it Jim, To be non sexist let me just say that looks and cuteness have always swayed the vote of a portion at least one of the other sexes. |
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Post by Jim E on Sept 26, 2008 15:19:34 GMT -5
Bill I did not edit anything and will not or at least if I do will say as much.
Mercy just seen part of Palins interview... oh my freaking god
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