Economic Turnaround is BS

[monoloco]

Originally Posted by Dave

You can thank Obama, Frank Pelosi, and the like for that

Yeah the dems and fannie and freddie pushed the loans. BUT ULTIMATELY the blame falls on those that took them and DID NOT PAY. If you dont see that you are blind

I don't feel sorry for people who bit off more than they could chew, but we are all paying for it. There should have been more oversight, it was like they were giving away free money they knew that people would abuse it. Yes , you can blame Frank, Pelosi, also Bill Clinton, George Bush, and most of the democrats and republicans. It all started with the Financial Modernization act of 1999 that gutted most of the provisions of the Glass\ Stegall act and allowed the creation of huge financial\insurance institutions that if failed posed a systemic threat to our whole financial system. It was passed with bi-partisan support after a massive lobbying campaign that filled the coffers of both parties. The banks and insurance companies said in effect," trust us to regulate ourselves" and the dumb asses in congress went along with them. I believe there were like 5 congressmen who voted against it, one of which was Dick Durban a democrat from Illinois who said at the time," that the passage of this bill will lead to massive future bailouts"

[monoloco]

Originally Posted by ianstew

I know I lost 50% of my 401k, lost my job, my wife lost her job, and we're losing our house because of the financial meltdown. I know who's fault it is, and it surely ain't mine. I did everything right....saved money( we had 4 months of bills in the bank, plus a few more thousand in their), bought a house we could easily afford, didn't over extend our credit, etc. But that doesn't matter. we qualify for not one of the programs to help people stay intheir homes, we've lost 30% of the value of our home, and continue to lose about 4 grand a month in =value. it's all we can do to keep food on the table, and keep the lights on. My wife has taken a much lower paying job, because her field is in dire straits right now, and I was hurt at work two days before I was laid off, so I'm on workman's comp right now, I cant work. we've trimmed our expenses, as much as we can, spent our savings, and we've run out of aces up our sleeve. there is no light at the end of the tunnel for my family. I've worked since I was 15 for the things I have now, and I'm losing everything. literally. So, i beg to differ on the You're only as much prey as you choose to be comment.

My point exactly

[ianstew]

Originally Posted by kingchip

Did you say brick or P, oh well, never mind.

he already gets the p....brick by own choice....

[monoloco]

Originally Posted by Dave

For monoloco more proof that Barney Frank and the like are the problem

Powerstroke Nation - View Single Post - Obama's Housing Rescue

I would suggest that anybody who thinks this is all the fault of Barney Frank and the Democrats, google George W Bushes speech to the White House Counsel on Minority Home Ownership in 2002 where he basically puts his presidential seal of approval on the orgy of dubious mortgage lending. In the speech he calls for increasing minority home ownership by 5.5 million by the end of the decade. The truth is that the lobbyists got to both parties on this one.

[kinghawg98]

Ian- You are in a crappy position. Sh!t happens. Believe me, I know. I'm up to eyeballs in debt and working 2 jobs to TRY to make ends meet. I am still short every month, so believe me, I get it. I'm out of savings and now looking to sell more of my belongings to keep the house.

But is it possible that this could have happened without your neighbors being tarded? The answer is yes, your wife could have lost her job and you could have been hurt and on workers comp.

Sure the house value has gone down and it has across the board. SOME people were burned on their house...sort of. Nobody said you (not you, but anyone) had to get a house that was 400k. Everyone who singed those papers, EVERYONE CHOSE to be in that position. Everyone knows what they can afford if they have half, even 1/4 of a brain. Predatory lending is synonomous for dumbarse who is looking for someone to blame. The amount of people defaulting because of the 'predatory lending' pales in comparison to the amount of good mortgage holders.

*******************************

The economic situation is stinky, but whats the point in placing blame on what happened. Its done, now quit enacting legislation to 'fix' the problem and let it take its course. 'fixing' the problem is only making it worse and putting the real effects further down the road...except the effects will be MUCH worse.

AIG, Fannie, Freddie, GM, Chrysler, Bear, blah blah......Bailouts on my dime. Garbage. Let capitalism run its course. See. People just don't want to admit that we are a victim of our doing. Nobody learns anyting without failure. Did you learn how to ride a bike without falling? No, not unless you're a miracle child. Did you learn math without getting the wrong answer? FAILURE is a great learning tool. America will not fail because our society won't fail at the same time. Yes, the monetary system will undergo an outstanding chage, but the sun will rise. The rain will fall and you'll still be breathing. And.....you won't be a slave unless you choose to.

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Last edited by kinghawg98 : 07-03-2009 at 03:47 PM.

[Dave]

Originally Posted by monoloco

I would suggest that anybody who thinks this is all the fault of Barney Frank and the Democrats, google George W Bushes speech to the White House Counsel on Minority Home Ownership in 2002 where he basically puts his presidential seal of approval on the orgy of dubious mortgage lending. In the speech he calls for increasing minority home ownership by 5.5 million by the end of the decade. The truth is that the lobbyists got to both parties on this one.

And in 2003 and later as seen in the link i posted his and his administrations views changed.

[kinghawg98]

Originally Posted by Dave

And in 2003 and later as seen in the link i posted his and his administrations views changed.

Don't be rediculous Dave. ITS BUSH'S FAULT.



I heard a good one the other day- Obama was put in office as a scapegoat for bush's failures. Yea, I had to walk away from that one

[monoloco]

Originally Posted by Dave

And in 2003 and later as seen in the link i posted his and his administrations views changed.

The fact is though, that the real damage was done in 1999 with the financial modernization act. It seems like you don't think your beloved Republicans could have had a hand in any of this. The fact is we have been screwed by both sides and they all need to be thrown out.

[kinghawg98]

Originally Posted by monoloco

The fact is though, that the real damage was done in 1999 with the financial modernization act. It seems like you don't think your beloved Republicans could have had a hand in any of this. The fact is we have been screwed by both sides and they all need to be thrown out.

The fact is that it does not make a damned bit of difference who caused it.

Conservatism (not republicans) is the only way to get out of the mess and put us on a road to prosperity.

[ianstew]

Originally Posted by kinghawg98

Ian- You are in a crappy position. Sh!t happens. Believe me, I know. I'm up to eyeballs in debt and working 2 jobs to TRY to make ends meet. I am still short every month, so believe me, I get it. I'm out of savings and now looking to sell more of my belongings to keep the house.

But is it possible that this could have happened without your neighbors being tarded? The answer is yes, your wife could have lost her job and you could have been hurt and on workers comp.

Sure the house value has gone down and it has across the board. SOME people were burned on their house...sort of. Nobody said you (not you, but anyone) had to get a house that was 400k. Everyone who singed those papers, EVERYONE CHOSE to be in that position. Everyone knows what they can afford if they have half, even 1/4 of a brain. Predatory lending is synonomous for dumbarse who is looking for someone to blame. The amount of people defaulting because of the 'predatory lending' pales in comparison to the amount of good mortgage holders.

*******************************

The economic situation is stinky, but whats the point in placing blame on what happened. Its done, now quit enacting legislation to 'fix' the problem and let it take its course. 'fixing' the problem is only making it worse and putting the real effects further down the road...except the effects will be MUCH worse.

AIG, Fannie, Freddie, GM, Chrysler, Bear, blah blah......Bailouts on my dime. Garbage. Let capitalism run its course. See. People just don't want to admit that we are a victim of our doing. Nobody learns anyting without failure. Did you learn how to ride a bike without falling? No, not unless you're a miracle child. Did you learn math without getting the wrong answer? FAILURE is a great learning tool. America will not fail because our society won't fail at the same time. Yes, the monetary system will undergo an outstanding chage, but the sun will rise. The rain will fall and you'll still be breathing. And.....you won't be a slave unless you choose to.

i can't even respond to this....dude, i got the **** end of the stick and I did everything right. So your **** happens comment.....sure, **** happens. But it doesn't mean I aint pissed off about it. And no, my wife and I wouldn't have lost our jobs....we lost them as a result of the meltdown. YOU CANNOT RENT EQUIPMENT TO CONTRACTORS WHO HAVE NO WORK. YOU CAN"T SELL STUFF TO PEOPLE WHO HAVE LOST MASSIVE AMOUNTS OF MONEY EITHER.

I bought a reasonably priced home, put my 20 percent down, just like has been done for years.....and because of the greed on wall street and the stupidity of others with their mcmansions they couldn't afford.....it all trickles down to everyone buddy. Sure, ill pick up the peices and move on, but you throw away 15 years of saving and see how you feel.