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Sublime Peach





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  posted on 7/16/2008 at 02:34 PM
.




[Edited on 8/6/2008 by jerryphilbob]

 
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Universal Peach



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  posted on 7/16/2008 at 02:36 PM
AMEN!! It is totally wrong for the Govmint to bail out a business...they damn sure aint
gonna bail my happy ass out...call your Senator and Rep.

 

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Zen Peach



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  posted on 7/16/2008 at 02:39 PM
Yes! You too can be a Millionaire. Now I know you're thinking...Steve, How can I,... be a millionaire?...first, get a million dollars.



Steve Martin

 

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Universal Peach



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  posted on 7/16/2008 at 02:43 PM
More than half of the countries mortgages are tied to these 2 companies. I think the bailout is necessary to keep the USA from a major depression (of course,JPB will have his gold), but the bailouts should be tied to greater controls-like no short sales of their stock.

 

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Sublime Peach



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  posted on 7/16/2008 at 02:46 PM
That is NOT the free enterprise system! Let them FAIL!

http://youtube.com/watch?v=gE-jHc1t-04

And yes, I will have my gold! Get yours today!

 

Zen Peach



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  posted on 7/16/2008 at 02:51 PM
quote:
While the fed is bailing out Fannie & Freddie, what about the American people? Why is the government illegally bailing out these corporations with our money while we get screwed? The fed has driven down the dollar by printing more money and lowering interest rates while we Americans suffer. The corporatocracy of America continues at the tax payers expense. Let these companies fold and allow the free enterprise system work itself out. I have heard that is very inexpensive to open a swiss bank account and you might want to have your money in Euro's or Francs, not the dollar. Save yourselves, the government sure won't.


quote:
AMEN!! It is totally wrong for the Govmint to bail out a business...they damn sure aint
gonna bail my happy ass out...call your Senator and Rep.


Um, say there fellas...you do both realize that Fannie and Freddie are publicly-held Government Sponsored Enterprises created by Congress, right?

Incidentally, Fannie and Freddie have about $6 trillion in mortgage holdings, or roughly half of the mortgages in the United States.

No wonder you guys are harping on about survival and gold, it's getting obvious it's not the liberals that want to destroy the country as we know it, it's the Far Right...yup, "let Fannie and Freddie go down, screw half the homeowners in America in the process, long as I have MY stuff..."

 

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Sublime Peach



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  posted on 7/16/2008 at 03:07 PM
What are they doing for the homeowners? They are bailing out the corporations, not the individuals that own the homes. They are letting those people lose their houses, they aren't paying off their mortgages. I don't know though, socialism might not be that bad in your eyes, but I think it SUCKS!

The people in Washington won't suffer, they are all millionaires, it's the real Americans that are getting screwed. On top of that, it was your buddy Bill that repealed the Glass-Stiegal act that use to prevent this crap from happening. It is truly his fault that we are even in the mess to begin with. BTW, I don't affiliate myself with any party. They all suck! I am for America and the true Americans that live here. We need to start thinking in terms of Americans instead of Liberals or Democrats. That **** is going to get us in even more trouble than we are already in.

http://youtube.com/watch?v=3eDgJD2sN1E&feature=user

 

Zen Peach



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  posted on 7/16/2008 at 03:09 PM
quote:
What are they doing for the homeowners? They are bailing out the corporations, not the individuals that own the homes. They are letting those people lose their houses, they aren't paying off their mortgages. I don't know though, socialism might not be that bad in your eyes, but I think it SUCKS!

The people in Washington won't suffer, they are all millionaires, it's the real Americans that are getting screwed. On top of that, it was your buddy Bill that repealed the Glass-Stiegal act that use to prevent this crap from happening. It is truly his fault that we are even in the mess to begin with. BTW, I don't affiliate myself with any party. They all suck! I am for America and the true Americans that live here. We need to start thinking in terms of Americans instead of Liberals or Democrats. That **** is going to get us in even more trouble than we are already in.

http://youtube.com/watch?v=3eDgJD2sN1E&feature=user


How many youtube videos does it take to tell you how to think?

 

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Zen Peach



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  posted on 7/16/2008 at 03:11 PM
Better yet, jpb, why don't you go grab some more thoughts off the web and post them as your own?

 

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Universal Peach



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  posted on 7/16/2008 at 03:11 PM
quote:
That is NOT the free enterprise system! Let them FAIL!

http://youtube.com/watch?v=gE-jHc1t-04

And yes, I will have my gold! Get yours today!

--------------------------------------------------------------------------- --------------------------------------------------
So, make this clear for me, you want the country to have a meltdown that would be far worse then the depression? We would cease to exist as a nation since at first martial law would be called because of the rioting and then we would not be able to support the police or the military due to lack of money, so it would be inevitable that the country would collapse.
Or maybe you could explain how this would not happen when more than half the population would lose their homes? Explain how it would not be the first step in collapse and anarchy? What free market system could withstand that?

 

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Universal Peach



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  posted on 7/16/2008 at 03:13 PM
Do you belong to and live with some survivalist group that wants the country to fail?

 

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Zen Peach



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  posted on 7/16/2008 at 03:16 PM
quote:
Do you belong to and live with some survivalist group that wants the country to fail?


I was thinking the same thing. This is the kind of stuff the militia movement was talking about in the late 80's.

 

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Sublime Peach



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  posted on 7/16/2008 at 03:31 PM
Of course I don't want America to fail. What am I suppose to do? Stick my head in the sand and HOPE everything gets better? Don't shoot the messenger, the US Government is the ones that put us into this mess, not me. When my business fails, can I go to the fed for a bail out loan? Of course not. So why them and not me? If propping up these two companies is going to prevent a recession or worse, then isn't it just a matter of time? Why didn't they bail out the IndyMac bank? They let it fail. Why is the government picking and choosing which companies to use my tax dollars to bail out when the shouldn't be bailing out any of them. The markets are screwed and they need the correction in order to make things right. This thing is a house of cards just waiting to fold. Now, I hope you can come back here in 6 or 12 months and slam me for being wrong, and I pray that I don't come back and say "I told you so".

[Edited on 7/16/2008 by jerryphilbob]

 

Zen Peach



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  posted on 7/16/2008 at 03:35 PM
quote:
quote:
While the fed is bailing out Fannie & Freddie, what about the American people? Why is the government illegally bailing out these corporations with our money while we get screwed? The fed has driven down the dollar by printing more money and lowering interest rates while we Americans suffer. The corporatocracy of America continues at the tax payers expense. Let these companies fold and allow the free enterprise system work itself out. I have heard that is very inexpensive to open a swiss bank account and you might want to have your money in Euro's or Francs, not the dollar. Save yourselves, the government sure won't.


quote:
AMEN!! It is totally wrong for the Govmint to bail out a business...they damn sure aint
gonna bail my happy ass out...call your Senator and Rep.


Um, say there fellas...you do both realize that Fannie and Freddie are publicly-held Government Sponsored Enterprises created by Congress, right?

Incidentally, Fannie and Freddie have about $6 trillion in mortgage holdings, or roughly half of the mortgages in the United States.

No wonder you guys are harping on about survival and gold, it's getting obvious it's not the liberals that want to destroy the country as we know it, it's the Far Right...yup, "let Fannie and Freddie go down, screw half the homeowners in America in the process, long as I have MY stuff..."




Bhawk, I was wondering when someone was going to post here who even knows what in the hell Fannie and Freddie are. This is one of the dumbest threads ever started. You first two posters really should stay in the Anything Goes. It is way over your heads in here.

 

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Zen Peach



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  posted on 7/16/2008 at 03:43 PM
quote:
Of course I don't want America to fail. What am I suppose to do? Stick my head in the sand and HOPE everything gets better? Don't shoot the messenger, the US Government is the ones that put us into this mess, not me.
[Edited on 7/16/2008 by jerryphilbob]


See, this is my main point of disagreement with you on this subject. They helped, but they are not the sole reason this mess happened. You and other "free market and enterprise" folks are going to have to make a choice...the mortgage industry over the last fifteen years or so did whatever it wanted to do. Many people will say that the industry is heavily regulated, which in a sense it is, however, that regulation was barely enforced, if at all, when looking at the size and scale of it as a whole. This "mess" was created out of nearly unfettered and uninhibited free enterprise. Many people say "let the market sort it out," but it seems that the ones that believe that are either in no danger of losing their home or could care less if it happens to anyone else.

 

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Sublime Peach



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  posted on 7/16/2008 at 03:49 PM
You need to look up the Glass-Steigel act that Bill Clinton repealed that has caused this whole mess. FDR had the checks and balances in place so this would not happen again(the great depression). But hey, Bill and his buddies on Wall Street wanted to soak us for millions. Now look what it has done to us! The repeal of the Glass-Stiegel act has put us in this situation for sure. Nothing more, nothing less. Our governent is to blame for this catastrophe. How is that going to look on old Bills legacy?
 

Universal Peach



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  posted on 7/16/2008 at 03:52 PM
So, you don't care because the government doesn't bail you out? Try seeing a bigger picture. Over the weekend there was a fear of all banks failing due to people running to take their cash out. I am glad the gov't did something and now I hope they do more to keep speculation on these 2 entities more. I don't want to live in post societal failure America.
Individuals failing to keep up on their mortgages is a world different than having half the mortgages in the country fail. But, I'd like to see more things done for those who are having a tough time paying their mortgages if, and only if, they did not originally get a sub-prime or other speculative mortgage. In Japan they make 100 year mortgages so that property stays in the family and is a family obligation. How about adding some time to a mortgage for those struggling, but still trying, to pay their mortgage. Societal stability follows home ownership and always has.

 

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Zen Peach



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  posted on 7/16/2008 at 04:00 PM
quote:
You need to look up the Glass-Steigel act that Bill Clinton repealed that has caused this whole mess. FDR had the checks and balances in place so this would not happen again(the great depression). But hey, Bill and his buddies on Wall Street wanted to soak us for millions. Now look what it has done to us! The repeal of the Glass-Stiegel act has put us in this situation for sure. Nothing more, nothing less. Our governent is to blame for this catastrophe. How is that going to look on old Bills legacy?


Where did you just read all this, and why don't you cite your sources? You lifted a whole paragraph from a website and posted it as if it were your own thoughts, and ignored me when I asked about it. And I don't believe you've ever seen the words Glass-Steigel until today.

Am I right?

 

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Zen Peach



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  posted on 7/16/2008 at 04:31 PM
quote:
quote:
You need to look up the Glass-Steigel act that Bill Clinton repealed that has caused this whole mess. FDR had the checks and balances in place so this would not happen again(the great depression). But hey, Bill and his buddies on Wall Street wanted to soak us for millions. Now look what it has done to us! The repeal of the Glass-Stiegel act has put us in this situation for sure. Nothing more, nothing less. Our governent is to blame for this catastrophe. How is that going to look on old Bills legacy?


Where did you just read all this, and why don't you cite your sources? You lifted a whole paragraph from a website and posted it as if it were your own thoughts, and ignored me when I asked about it. And I don't believe you've ever seen the words Glass-Steigel until today.

Am I right?


It's actually Glass-Steagall. It was signed by FDR (who also created Fannie and Freddie, LOL) and established the FDIC. The act was repealed when Gramm-Leach-Bliley was signed into law.

 

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Zen Peach



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  posted on 7/16/2008 at 05:15 PM
Isn't Phill Gramm the same McCain economics advisor who said we are a nation of whiners?

 

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Universal Peach



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  posted on 7/16/2008 at 05:23 PM
Thought he hick said hick winos I'll drink to that!!!

[Edited on 7/16/2008 by leafsfan]

 

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Zen Peach



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  posted on 7/16/2008 at 05:42 PM
quote:
While the fed is bailing out Fannie & Freddie, what about the American people? Why is the government illegally bailing out these corporations with our money while we get screwed? The fed has driven down the dollar by printing more money and lowering interest rates while we Americans suffer. The corporatocracy of America continues at the tax payers expense. Let these companies fold and allow the free enterprise system work itself out. I have heard that is very inexpensive to open a swiss bank account and you might want to have your money in Euro's or Francs, not the dollar. Save yourselves, the government sure won't.

Why is the fed bailing out big corporations? Because they send lobbyists and money and high priced call girls. What does the American public offer them to grease their palms?


 

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Zen Peach



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  posted on 7/16/2008 at 05:50 PM
Corporations always ask government to take the 'cuffs off, get rid of regulation, let the free market flow. What happens when you take the 'cuffs off? The tax act of 1986 led directly to the S&L crisis a few years later. If I remember correctly a certain presumptive presidential candidate was involved in that. Samething here. We are bailing out Bear Sterns, Coutrywide, etc. All because they couldn't act responsively and ethically. We can't let them fail, but we can't let these companies run unfettered.

I like how certain states allowed credit card companies to do almost anything they wanted. After sending folks credit cards with multiple thousand dollar credit limits that they didn't apply for, they went crying to the government for relief after the credit card companies were hit with chapter 7 bankruptcy claims from the same folks they sent these cards to. And our President had the gall to say that this law will force people to live within their means. All the while driving our national debt deeper and borrowing more from China. Well, to borrow a line from Rev, Wright, Malcolm X and others, the chickens have come home to roost.

[Edited on 7/16/2008 by michaelsio]

 

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Zen Peach



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  posted on 7/16/2008 at 06:41 PM
There has been a lot of talk about Freddie and Fannie (who I think are a good thing) and different types of mortgages that have been offered up by lenders recently (like chocolate v.s. vanilla or a pair of shoes...one size does NOT fit all) and the problems in the real estate industry like heavy foreclosures. What about the responsibility of the individual in some of the real estate problems that have occurred? When I bought my house the agent I worked with tried to sell me something for 3 times over what I had indicated I wanted to look at based on my income, etc. That's her job - she works on commission. I refused - that's my job, it was my money. I had made up my mind that I wanted a life in addition to a house and chose a pricing limit, financing, and a loan type I was comfortable with based on that.

I know some who are in the middle of a foreclosure situations now because they went after that dangling carrot and bought up not even considering things like their current and future budgets, not bothering to take the time to learn about different types of loans, whether or not their income could support risk involved in non-standard loans, keeping their eyes on rates and real estate market situations. I mean, some of these people are friends whom I love but they have chosen to be blind to reality as far as money goes. I'm sorry to see anybody face housing problems but shouldn't we as individuals have some responsibility for our own good or bad decisions in life? Bankruptcy has been too easy of an 'out' in this country. Credit is widely available but is not used responsibly by a good many people from what I've seen. The title of this thread is ironic, I think.

 

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A Peach Supreme



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  posted on 7/16/2008 at 08:48 PM
I think also that when people bought houses they bought using the best possible scenario rather than the worst possible scenario. We could have bought using two incomes but bought using one income, we could have using the top end salary but instead bought on the lowest possible scenario. Even with the home values dropping, I will more than likely never be upside down on my loan and using the best salary scenario I pay over my monthly note to shorten the years I will have to pay.

About three years or four years ago one of the news shows on CBS did a whole segment on interest only loans, showing where this was going to turn on the investor crowd trying to make a quick buck turning over homes. A good deal of these foreclosures are attributed to that mentality.

 

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