America's bail out

[tracy]

-------------------------------------Tracy-------------------------------------------------------------

I'd like to know the percentage of why people defaulted:

1. Losing their jobs
2. An ARM that actually went up


I'd also like to know if ARMs actually went up, especially since interest rates have held steady or gone down.

And if ARMs went up, what percentage went up during the life of the loan ?

Anecdotal evidence locally? This really hit the Mexican families, who had pooled their resources sharing their home communal style to get ahead. I hated the prejudice against them. I applauded their will to try.

When the construction market tanked, there was quite a shakedown, quite a severe loss of jobs reverberating through all the industries related to construction.

You can google it. It's been news here for a long time. It's no coincidence that the states with the largest number of ARMs (like California) are leading the nation in foreclosures. Economists predicted this before it happened. When the market was super hot a few years ago, people were getting in with ARMs that would adjust within 3-7 years because the difference in interest rates between ARMs and fixed 30 year loans was over 1% at the time (that's a big payment difference on a 400K+ mortgage which would get you a tiny house here back then).

Now they have reached the time to adjust and look what's happening. If they don't have equity in their homes, they can't refinance. It doesn't matter that the 30 year fixed rate is about the same as their ARM was TODAY. Because housing prices have declined, they owe more on their homes than they are worth so they don't qualify to refinance to a fixed 30 year. They are stuck with their ARM and their higher payments. It's happened to a lot of the people I work with. They're scrambling to get overtime. One woman I know has seen her payment increase by $800 a month. It was tight to make her payments before. Now if she doesn't get enough overtime she won't make it.

 

[GreenFish66]

Let's heal the wound

You can try putting a band aid over an infected, festering wound ,but unless you disinfect the area , clean the dirt out and have Your trust worthy doctor take a look at it.You will have to amputate the whole area!...It is time to clean out the dirt and give the money to those who can heal the wound..Give money to the businesses that are doing well and have a future..Get rid of the ol' greedy gang on wall street and in politics ..replace them with capable honest ...respectable Americans...Americans have lost faith and interest in the ol' markets..It is time to get with the times!...Don't be frightened into a deal.Let the big banks/businesses and politicains earn your trust

!....What will leaders do to ensure this will not happen again?.

..How will leaders heal the wound and ensure good health in the future?

....Maybe we should clean up the hood 1st...Maybe some of these scammers and thieves should move to the hood?!..See how the poor are living thanks to a mismanaged system.No they wouldn't be welcome in the hoods...Maybe ol industry can move to china!?..There is still a demand for the hot air there...4 now!...Don't give into fear and greed.....It will only add to the fear and greed!

...The people are strong .They hold the communitees together with their hard work..They build houses ..They grow food...Hard working people will be just fine.They have been used to living off nothing for quite a while now...They aren't afraid anymore ...Who is accountable?,,,Who let this happen???..Who should get a bail out..If anyone ???.Fess up now and you may be forgiven...(the vatican is putting in solar panels. (not to get religious))Be cautious ..

The selfish will save themselves at the expense of the selfless..Keep your eyes wide open...Where is the money going???...Back to Britian?...To Russia?...To China????.....

You think the Big dogs are gonna wait to see what happens?..No they'll bail the first chance they get..If the same people that abused the money get more money ..They might just run with it!...They have shown they don't care about anyone but themselves...Let them prove otherwise by owning up to their mistakes.Allow them the chance to make it up by Investing in the future of alternative fuels and clean honest practices , here in America! This is the only way to ensure a properous ,healthy, trustworthy america! ...Own up! ....So we can all learn /forgive and move forward!......Or it is too late and the system has already failed!....I elect Bill Gates as president of the global world!....He is a good man!

 

[GreenFish66]

Harper promises more jobs through oil!....Is this a good future for Canada?.Or a dead end?...What r the alternatives?...There are always options..Don't give into Poison apples masquerading as healthy fruit trees!(lol).(Kinda used the ING direct commercial..for insight)...How about B.P, is that a good direction to go in?

 

[darkbeaver]

"Don't give into Poison apples masquerading as healthy fruit"


Bill Gates is a "poison apple".

 

[Avro]

"Don't give into Poison apples masquerading as healthy fruit"


Bill Gates is a "poison apple".

Yeah the one who is giving billions to help Africa fight aids.....what a prick.:roll:

 

[GreenFish66]

Bill Saw the light awhile ago...He warned the people.....Said everyone should buy seeds!..Not necessarily Apple seeds..lol

 

[jimmoyer]

It certainly is time to go fishing.

I haven't done so for way too long.

Good points Tracy on the ARM. You don't need me telling you that, but I got to acknowledge your points.

I wonder how ARMS went up when rates have held steady or have gone lower.


Atlantic Stripped Wolffish ????

http://www.dfo-mpo.gc.ca/species-especes/species/factsheet/factsheet_atlantic_wolffish_e.asp
.
.
.

 

[jimmoyer]

You know who I realized is MIA here?

Toro !!!

He was our resident expert on economics.

We could sure use a little of his analysis right now.

 

[darkbeaver]

You know who I realized is MIA here?

Toro !!!

He was our resident expert on economics.

We could sure use a little of his analysis right now.

You are right Jim, I miss the handsome bugger too.

 

[darkbeaver]

It certainly is time to go fishing.

I haven't done so for way too long.

Good points Tracy on the ARM. You don't need me telling you that, but I got to acknowledge your points.

I wonder how ARMS went up when rates have held steady or have gone lower.


Atlantic Stripped Wolffish ????

http://www.dfo-mpo.gc.ca/species-especes/species/factsheet/factsheet_atlantic_wolffish_e.asp
.
.
.

My chef works a shrimp ship in the North Atlantic, the fish was bycatch so it's either me or the gulls. I'll observe proper reverence for its passing.

 

[TenPenny]

Ordinary Americans ain't got any money, they do not have the wealth of thier land. Blameing them is easy but profitless, the wealthy must hang. Your on the fence there tracy. If you follow the obscene profits of the wealthy you will find all that's missing from American life.

And since you claim to be wealthy, I guess we know what that means!

 

[coldstream]

The astounding thing about this fiasco is that Congress is not implementing the same method used to sort out the Savings and Loan fiasco of the late 80's (another product of Reagonomics free market, trickle down deregulation), by setting up a Resolution Banking Corporation, to buy viable holdings of mortgage holdings of banks at fair prices, and by extending government credit to the institutions allowing time to resovolve this situation, or to fail if their position is untenable.

There are lots of other tools in the basket of the FDIC and Treasury Department to shore up the banking industry without costing the taxpayers 100's of billions for worthless assets, including nationalization of banks, as happened with Freddie Mac and Fannie May. Treasury Secretary Paulson is foisting this on the American taxpayer to save his own gargantuan fortune in Goldman Sachs shares (about $500 mm), which he has been in constant contact with over the crisis. In fact he arranged to have its charter changed to make in a regular rather than investment bank to ensure it would be able to sell its worthless paper to the Fed for virtually face value. It is a gigantic fraud, and Paulson is a greed infested corporate criminal, who's policies destroyed Goldman Sach's real value, for which he expects the taxpayer to bail him out.

 

[scratch]

The astounding thing about this fiasco is that Congress is not implementing the same method used to sort out the Savings and Loan fiasco of the late 80's (another product of Reagonomics free market, trickle down deregulation), by setting up a Resolution Banking Corporation, to buy viable holdings of mortgage holdings of banks at fair prices, and by extending government credit to the institutions allowing time to resovolve this situation, or to fail if their position is untenable.

There are lots of other tools in the basket of the FDIC and Treasury Department to shore up the banking industry without costing the taxpayers 100's of billions for worthless assets, including nationalization of banks, as happened with Freddie Mac and Fannie May. Treasury Secretary Paulson is foisting this on the American taxpayer to save his own gargantuan fortune in Goldman Sachs shares (about $500 mm), which he has been in constant contact with over the crisis. In fact he arranged to have its charter changed to make in a regular rather than investment bank to ensure it would be able to sell its worthless paper to the Fed for virtually face value. It is a gigantic fraud, and Paulson is a greed infested corporate criminal, who's policies destroyed Goldman Sach's real value, for which he expects the taxpayer to bail him out.

Dirty little secrets, dirty little lies.

 

[Albertabound]

Here are some alternatives.....

http://video.google.com/videosearch?q=money+is+debt&hl=en&emb=0#

 

[darkbeaver]

"Congress must act to save Christmas", says SanTaCo CEO. SanTaCo stocks plumet as Congress dithers. SanTaCo pens margeting deal with ChinaCo. Israeli firm snags security deal with SanTaCo, NORAD frozen out of North Pole project. Banking Crisis Stalls North Pole Labour Talks, militant elves bomb doll factory. Elves locked out after SanTaCo fails to make payroll. Wal-Mart expects 75% shortage of skates and dolls. Children everywhere tighten belts as banking crisis blooms.
Rudolph Rougenose was found dead in his Manhatten penthouse early this afternoon, suicide likely says coronors assistant, Mr Rougenose, a SanTaCo VP was rumoured to be heavily invested in the derivatives market. He leaves behind seven-hundred and fifty three sons and daughters and a small herd of wives.

 

[Outta here]

LOL Beaver - jeeze - looks like you might have to don a set of antlers and a red clown's nose and help save the day!!

:reindeer:

.. but look on the bright side - you'll get a whole herd of wives fer your troubles!!! :lol:

 

[darkbeaver]

LOL Beaver - jeeze - looks like you might have to don a set of antlers and a red clown's nose and help save the day!!

:reindeer:

.. but look on the bright side - you'll get a whole herd of wives fer your troubles!!! :lol:

I can't fly though, or navigate.:lol:

 

[Albertabound]

"Whoever controls the volume of money in our country is absolute master of all industry and commerce......
and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the
top, you will not have to be told how periods of inflation and depression originate."

James A Garfield
assassinated president of the United States.


"The Government should create, issue and circulate all currency and credits needed to satisfy the spending power
of Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved
immense sums of interest. The privilege of creating and issuing money is not only the supreme prerogative of government,
but it is the government's greatest creative opportunity."

Abraham Lincoin,
assassinated President of the United States


Until the control of the issue of currency and credit is restored to government and recocnized as
its most conspicuous and sacred responsibility, all talk of sovereignty of parliament and of democracy is
idle and futile......
Once a nation parts with control of its credit, it matters not who makes the nation's laws.
Usury once in control will wreck any nation.

William Lyon Mackenzie King
former Prime Minister of Canada
(who nationalized the Bank of Canada)


"We are grateful to the Washington Post, the New York Times, Time magazine and other great publications
whose directors have attended our meetings and respected the promise of discretion for almost forty years.
It would have been impossible for us to develop our plan for the world if we had been subject to the bright light
of publicity during those years.
But, the world is now more sophisticated and prepared to march towards a world-government.
The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the National
auto-determination practiced in past centuries"

David Rockefeller in an address to Trilateral Commisssion meeting, 1991


"Only the small secrets need to be protected. The big ones are kept secret by public incredulity"

Marshal McLuhan, media 'guru'

 

[Albertabound]

I might also add the President Kennedy also wished to do away with the current banking sysemt and go back to the United States Greenback............One of the other assassinated American presidents.

 

[darkbeaver]

The "Do SOMETHING to Calm People Down" Argument Just Failed

Tags:

• ECONOMY

One of the biggest - if unspoken - reasons for proposing the bailout is that quickly doing something big will reassure investors and the public.
That argument has just failed (even with the PPT's best efforts).
As of this writing (1:30 East Coast Time), the stock market, Nasdaq, S&P, oil and gold are all getting hammered. Everything being down at the same time means that investors are panicking, and pulling money out of the markets. Shocking Claus divorce revelations at proceedings cloud issue.