I Think Financially Us Is F#@%ed

[littleitaly1990]

10ft man....... he was building a bridge over the water to work on the ceiling I believe, just a bruised arm, or sprained ankle, he said it wasn't that high at all, ceiling was really low

the fact of the matter is it would be worth the risk to have a nice huge source of power where the only costs are maintenance and workers, as opposed to the collecting of gas, oil, etc. Wind power is nice but the numbers aren't there. Underwater turbines are a while away. That pressure thing sounds cool, I haven't heard about that, but would be interesting. We really do need to take advantage of the crazy forces Earth has to offer. There are so many things, and while they wouldn't be "perpetual power," the earth isn't going anywhere anytime soon and neither are these forces....I'm talking the biggies, nuclear, natural magnetic fields, coriolis effect, etc. These are immense and they aren't going to be affected by a few small plants which can harness their energy.

[Eskii]

What you guys complaining bout. Ma subs and amps are gonna cost an extra $1000 now the exchange rate's gona to crud

Thinks are shit down under too!

[tejcurrent]

I'll have to reall ALL the comments tonight- If this has already been said I'll come back and delete it but I hadn't read it in my skimming.

I think a lot of people don't understand the real reason for fannie and freddie failing. I don't want to get tha hamma, so I'm going to stay objective with this if possible. It was in part the people and the governments fault for the bad loans. The people couldn't compare their income to the cost of their mortgage after their interest rates went up, and the government basically forced fannie and freddie to buy these bad loans. Mortgage brokers were just righting up the sale, getting paid on the front end for it, and letting us as tax payers take the fall as fan/fred had to buy up this sub-prime garbage.

You know what, here's a quote:

The Community Reinvestment Act "was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now), and a group that is constantly engaged in illegal voter registration, among other things."

excerpt http://www.rushlimbaugh.com/home/dai...108.guest.html

This is not meant towards all you guys, some of you obviously do some digging, but there's no way to make an educated decision on who should be president when the only news you hear is a few news at 6 commercials and the daily show/colbert report. I am by no means extremely well versed, but I'm trying to get out there and read several sides of each issue before I just say stuff. The media lies to us because they're human and have people they like and dislike too.

[01xtreme]

I'll have to reall ALL the comments tonight- If this has already been said I'll come back and delete it but I hadn't read it in my skimming.

I think a lot of people don't understand the real reason for fannie and freddie failing. I don't want to get tha hamma, so I'm going to stay objective with this if possible. It was in part the people and the governments fault for the bad loans. The people couldn't compare their income to the cost of their mortgage after their interest rates went up, and the government basically forced fannie and freddie to buy these bad loans. Mortgage brokers were just righting up the sale, getting paid on the front end for it, and letting us as tax payers take the fall as fan/fred had to buy up this sub-prime garbage.

You know what, here's a quote:

The Community Reinvestment Act "was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now), and a group that is constantly engaged in illegal voter registration, among other things."

excerpt http://www.rushlimbaugh.com/home/dai...108.guest.html

This is not meant towards all you guys, some of you obviously do some digging, but there's no way to make an educated decision on who should be president when the only news you hear is a few news at 6 commercials and the daily show/colbert report. I am by no means extremely well versed, but I'm trying to get out there and read several sides of each issue before I just say stuff. The media lies to us because they're human and have people they like and dislike too.

Without getting political, you have to understand that the information you posted is about as skewed as can be, cause Rush Limbaugh is probably one of the most biased individuals next to Bill O'reilly. At the end of the day the mortgage companies shouldn't have given loans to people who they knew couldn't afford it, like you said, however it is still a free society, and these people should have known better when they see a 500,000 home and only paying 1k/month mortgage when all the other companies were charging nearly 4x's that price. I do feel some people were taken advantage of, but I also feel that if you are too dumb to understand the terms of a contract (mortgage) you are signing to take part in for the next 30 years you have 2 options. 1. don't sign it, since you obviously have no clue what you are getting in to, or 2. pay a lawyer to spend the 3-4 hours looking through your mortgage details and explain exactly how your payment terms are going to be laid out.

Im not saying this to be an asshole, but at the same time I feel that a vast majority of people who lost their asses in the housing market were trying to make a quick buck and it blew up in their face. Case and point, my uncle bought a townhouse he knew he couldn't affort with an Adjustable Rate Mortgage with the thought that he could sell it before the real payments came in, but guess what. The housing market took a shit a year after he bought it. Now he is stuck paying his normal house payment for the house he lives in, and this insanely high mortgage for a town house he has been to all of three times. I have no pity on people like that cause they were taking a risk investing in the extra properties, and unfortunately it didn't turn out in their favor. This is the perfect example of one of my favorite sayings, " Pigs get fat, and hogs get slaughtered". Now for the people who genuinely were conned into signing a mortgage they Mortgage company knew for a fact they couldn't afford I do feel sorry for those people, however, I have to sit back and laugh at the mortgage companies for getting their asses handed to them cause the ones who did this were clearly using shady business practices.

/rant. lol

[Colin - STAPUFT]

I think you both said the same thing.

Yeah, people have been cheering in the last 2-4 years that there were more homeowners than ever before. Well- many of them really aren't homeOWNERS. I don't own my home, I own about half of it. They (banks, investors, homeowners, government) didn't stop to think SHOULD I loan for/get this home, all they thought was that they could. Banks wanted to close deals, investors wanted to bundle loans, homeowners wanted something now instead of later- and more than they could afford, and the government wanted to be able to brag on how good the economy was. This obviously wasn't everyone or every deal, but one bad apple can ruin the whole bucket. Like I said, everyone is to blame. Now everyone needs to work to get out of the mess.

BTW, did you notice that the stock market is going up today? People have mobilized their cash and are buying in a perfect buy market. You make money and have power by keeping a cool head and a cash position.

[Noobtastic14]

If i had cash i'd be buying everything right now.

Colin i'm quoting you in my sig, thanks and visit RESPEK more!!!

-Drew

[Airborne]

Take some time to watch China. I know this sounds strange but there is a reason I say that. Where do we get most of our consumer goods from? China. Who is China's leading importer? The U.S. is. Now if I wanted to slow down or stop the fastest growing economy in the world what would be a sure fire way? You greatly reduce the demand for their products. How do I go about that you may ask? Make it so the country who imports the majority of their consumer goods from them has to greatly reduce their spending on such items, reducing demand and severely semming the flow of cash to that country.

This happend with Russia. The one thing in the market we could controll was the price of oil. Any time it looks like the U.S. is going to have trouble purchasing oil the price goes way the fuck up. Where this is relevent is the Russia (USSR) Had/has their own oil. Not too long ago (at least not for me) oil prices were fucking low. Gas was cheap and Russia who more than 50% of their GDP was from oil felt the sting and their economy went to hell because their oil proffits weren't enough to keep it a float anymore. Not too long after this country fell appart.

Where I am going with this is, (and this is just a theory, I have many). As much as it is a "crisis" in many peoples eyes, it is going to fade, lending institutions are going to have to keep their shit strait (untill we forget about it) and China's economy is going to tank because we are going to astonishingly reduce the amount of money going their way.

It's not that I believe what I just wrote about China is a fact, I am just playing out scenerios and this is the first one I have complete My thoughts on.

Airborne

[littleitaly1990]

I had been saying what the last few post said from the beginning. My city was one of the ones which was booming quickly, and EVERYONE was taking the gamble that they could buy these homes with an adjustable mortgage and guess what, they lost. I don't give a fuck about people who lose their life savings in Vegas, and I sure as hell don't give a fuck about these stupid greedy fuckers. They are just as responsible as the banks, and deserve to lose their homes. And noob, buy anything you can, nows the time, just keep in mind to sell and not get greedy and wait for it to peak.

[littleitaly1990]

Without getting political, you have to understand that the information you posted is about as skewed as can be, cause Rush Limbaugh is probably one of the most biased individuals next to Bill O'reilly. At the end of the day the mortgage companies shouldn't have given loans to people who they knew couldn't afford it, like you said, however it is still a free society, and these people should have known better when they see a 500,000 home and only paying 1k/month mortgage when all the other companies were charging nearly 4x's that price. I do feel some people were taken advantage of, but I also feel that if you are too dumb to understand the terms of a contract (mortgage) you are signing to take part in for the next 30 years you have 2 options. 1. don't sign it, since you obviously have no clue what you are getting in to, or 2. pay a lawyer to spend the 3-4 hours looking through your mortgage details and explain exactly how your payment terms are going to be laid out.

Im not saying this to be an asshole, but at the same time I feel that a vast majority of people who lost their asses in the housing market were trying to make a quick buck and it blew up in their face. Case and point, my uncle bought a townhouse he knew he couldn't affort with an Adjustable Rate Mortgage with the thought that he could sell it before the real payments came in, but guess what. The housing market took a shit a year after he bought it. Now he is stuck paying his normal house payment for the house he lives in, and this insanely high mortgage for a town house he has been to all of three times. I have no pity on people like that cause they were taking a risk investing in the extra properties, and unfortunately it didn't turn out in their favor. This is the perfect example of one of my favorite sayings, " Pigs get fat, and hogs get slaughtered". Now for the people who genuinely were conned into signing a mortgage they Mortgage company knew for a fact they couldn't afford I do feel sorry for those people, however, I have to sit back and laugh at the mortgage companies for getting their asses handed to them cause the ones who did this were clearly using shady business practices.

/rant. lol

I would feel safe to say 99% of those individuals on tv and writing newspaper articles are both extremely biased, and extremely closed minded. Only difference is Rush and O'reilly admit in direct exactly what they believe. The others try and hide it (but fail quite miserably).

[Airborne]

I wonder hoy many people who defaulted on their loans were NOT the ones who scored these 0-down loans, or had the credit and some money down. Before all these "risky" loans their were people over stretching and borrowing too much and loosing it all. How many times have you seen the guy/girl who buys a house and feels so good about themselves they get a new car or two then maxes their credit cards to furnish the house and put rims on their brand new car?

Not all of the dipshits were the poor, no money down credit risks. I have purchades two homes with 0 money down and have been doing fine financially. I know what I can afford and have great credit. I could just as easilly go out and buy a new car and max the (emergency) credit card for new furniture etc. But I didn't, don't and won't. The banks made people thing they could afford more than was reallity. The banks figured (I could be wrong) they could get a couple of years of payments (damn near all interest) up the rate and the borrower would scramble to pay as much as they could (more interest, no principle) and when the borrower defaulted they would sell the house for the original price (or so they hoped) and pull the same scam making a shit load of money over and over again. Imagine this on a grand scale. Say this happened 500,000 time. I don't have the time to factor in the variables on that many loans, but the proffit is retarded. They did this too often and it is biting them and us in the ass. All because some people think regulation equals comunism. Which is ludicrus because with out regulation and oversight (insert rules) this is the very thing that can, will and has happened.