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24HourForums.com > Supported Forums > 24's Money Business > I *can't* be the only one who saw this coming... |
| Moderated by: 24HourNut | Page: 1 2   |
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Erinna1112 Original500© Member  Witty clever title pending
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With all the news out of Wall Street lately, I've been thinking. Of course I'm not arrogant enough to think that I was *really* the only one who saw this coming, but COME ON.... I want to know who the brainchild was who first said, "Let's build an entire industry out of lending enormous sums of money to people who probably can't afford to pay it back!!! Sure, they won't make payments, we'll just jack up the interest rate. We'll take a loss and make it up on volume. And then let's make this industry one of the props of the entire economy!!!!!" Wow. I mean...just....wow. I really want to know who thought this was a good idea. Makes me thankful for the fact that I have no debt at all except my 15-year, fixed-rate five percent mortgage that I'm paying off as fast as I can, which I'll be done with - yes, own my home free and clear - before I'm fifty.
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foxglovepress Forum-Blogger© Original500© Member  NON-PC!!
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THE BANKS.............and who their in bed with!
 Justice for Mark.....Imprison Employers Who Hire ILLEGALS! |
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librtyhead Original500© Member 
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I changed to short term bonds 2 weeks ago.
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Erinna1112 Original500© Member Witty clever title pending
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foxglovepress wrote: THE BANKS.............and who their in bed with! The banks - and who they're in bed with - are the ones that are about to get skinned on this. Look at Countrywide. If the government hadn't indirectly bailed them out with that cut in the discount rate a few days ago, it's not beyond the realm of possibility that Countrywide would be closing its doors right about now.
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foxglovepress Forum-Blogger© Original500© Member NON-PC!!
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Erinna1112 wrote: foxglovepress wrote:THE BANKS.............and who their in bed with! Erinna1112.....I'm not as up on the money situation in the country as I use to be. I do know that banks COUNT on people missing payments so they can up their rates for their credit cards. That's one area banks really make money! The Federal Reserve is a joke! Our interest rates could actually be about 3 or 4% here in the United States and our economy would thrive if..............................our government wasn't spending everything faster than it's made! At least that's the way it use to be. Personally, I believe if we lowered the interest rate like I said...........took it away from the Federal Reserve, lowered our taxes and KEPT OUR MONEY HERE instead of wars and spending it all over the world............we here, would be doing quite well. I'm sure I don't know all that would be involved or understand exactly HOW this could be done...................but it would sure help our economy, AND I think we could actually do it!
Justice for Mark.....Imprison Employers Who Hire ILLEGALS! |
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Luvdawgs Pioneer100© Member 
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My husband and I do real estate title examinations and we were talking about this possibly happening a few years ago, when all the madness started.
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Blackhawk Original500© Member 
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It's a bit like the "Lets have an energy company but not own any electrical generation or transmission lines - we'll just sell power" idea that Enron and others had. Most do not know it, but many of the power companies in the US were frightfully close to adopting the same business method that Enron had. Things like this do not sneak up on Wall street or the companies involved...they know that at the end of the tunnel the federal government will step in and ensure that the big-wigs still will make out - and for the little guys that get hurt, why they get to lose their money and then pay taxes to bail out the industry that they formerly worked for or did business with.
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foxglovepress Forum-Blogger© Original500© Member NON-PC!!
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foxglovepress wrote: Erinna1112 wrote:foxglovepress wrote:THE BANKS.............and who their in bed with! I'm way off on this one! I'm going to bed............ 
Justice for Mark.....Imprison Employers Who Hire ILLEGALS! |
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24HourNut Administrator  Body pillows rock!
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Erinna1112 wrote: With all the news out of Wall Street lately, I've been thinking. Of course I'm not arrogant enough to think that I was *really* the only one who saw this coming, but COME ON.... Besides getting loans they really should not have qualified for, or could afford, many were playing games like taking those interest-only loans, so their payments were smaller. That gets them into a bigger house. But if you gotta sell for some reason (can't afford it, need to move, whatever) you have not been paying down any principle so the risk of you not getting back enough from the sale to cover the balance is higher.
The best human beings start good new topics and vote on the better posts. |
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moguitar Guest
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How would the Federal Government bail them out when we are 9 trillion in debt and the interest is crushing already? Let the developers and their mortgage BS company friends eat the empty houses and property taxes until the counties own them. No bail out. I saw the over-valuations happening like a balloon inflating in CA and up the left coast. My MBA Securities cousin agreed that the ballooon will pop soon. The easy qualifying loans and the balloon loans were a set up the banks and mortgage companies did themselves. The developers will eat the extra properties they bought or built that won't sell. Counties will eat the problems of too much development. Last edited on 09:21 pm by |
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Pyrite Original500© Member 
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Bonds are a swell investment. Especially US Government bonds. They are safe and backed by such swell safe secure stuff. http://www.bloomberg.com/apps/news?pid=20601087&sid=aAqv8oPd8I6Y&refer=home Lacker told risk managers yesterday that the Fed's district banks would even accept boat loans as collateral. It's up to the banks to establish a value for the assets as they make the loan, he said. This is gonna go real bad.....real fast.  Got gold?
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24HourNut Administrator Body pillows rock!
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International bonds look smarter than ever - regional AND currency diversification. 
The best human beings start good new topics and vote on the better posts. |
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Erinna1112 Original500© Member Witty clever title pending
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I wouldn't touch gold with a ten-foot pole. It's got a terrible record (I know, I know, past performance is no guarantee, and all that, but STILL) and it's not going to be the currency of choice if the whole economy goes south. I know that a lot of gold proponents say that it is, but not a chance. If civilization collapses the way the doomsayers say is going to happen, it's not going to be some useless metal that's so soft you can't even make a fork out of it. It'll be *barter*. Day-to-day useful things. Me, I'm stocking up on toilet paper.
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Luvdawgs Pioneer100© Member
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Lots of foreclosures are available if you have the time to wait for the market to improve again to sell the foreclosed house you buy.
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Pyrite Original500© Member
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I wouldn't touch gold with a ten-foot pole. Music to my ears. I'll venture, yes... you will.... but... we'll see. 
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24HourForums.com > Supported Forums > 24's Money Business > I *can't* be the only one who saw this coming... | ||||||||||||||||||||||||||||||||||||||||
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