Replies to This Discussion

Permalink Reply by Bill G on October 13, 2008 at 5:57

I dont think Greenspan and this administration are the only ones to blaim....We the People did this to our selfs we were not tricked, we were not lured, we ARE just down right greedy and selfish! Thats what got us into this mess. Dem and Rep alike anyone that bought a house that they couldnt afford or bought their kids Xmas gift on CC and said we will pay it back....they are the ones to blaim....Heck we could go back and just blaim it on sears and robuck....they were the first ones to issue a CC Type payment! LOL....ITs not a Rep thing or a Dem thing its a USA problem...and it starts at home...and the only way to fix it is for this Companies all to hit the bottom that contributed to this mess and start over lending to only those that can truly afford it....BUT KNOW....we are going to Bail them out cause know one wants to suffer the consiquences....well guess what america we will suffer the consiquences no matter how much you sugar coat it....reather its another depression or socialism....those are the only two alternatives...we have just dugg this hole to deep...because people arent going to change...they are going to keep wanting and keep borrowing untill they cant anymore

Permalink Reply by Bill G on October 13, 2008 at 6:31

"Deregulation" What you over looked is in the Clinton Adminstration banks were required to hold a certain % of their loans to be subrime. If they didnt complie to this standard there feberal rates would be higher than that of banks carrying these subrime mortgages. Many of these banks were forced to operate under these terms and conditions. You have to have a Completely Regulated Society or a Completely Deregulated society....You are either a Socialist economy or a capitalist society....there is no in betweeens and that is what we are discoveringg......NO wellfare, no medicare, no bail outs......or you are going to have to give everyone equal treatment and to do this you have to go as far as redistribute wealth because if you regulate one thing it is a trickle effect and everything must be regulated....that is why this country is about to adopt socialism and elect Barack Hussien obam as are leader....and we will love every minute of it!...just like We did under FDR's New deal....then one day...it will all be scratched off and started over because the socialism didnt work!

Permalink Reply by Bill G on October 13, 2008 at 6:34

Hopefully I will be dead and gone to my maker before we do start over this socialist economy that we are starting cause it want be done with the slap of a hammer and a couple of votes........it will be done the same way this constitution was first started....the slam of a gun hammer and the shead of some of our sons blood....

Permalink Reply by Dorcheated A1 on October 13, 2008 at 8:34

Aren't most of the major credit card companies headquarters located in Sen Joseph Biden's state of Delaware. Joe must be turning is head to all these problems sounds like Joe is in bed with Corporate America. In 1988, laws in Delaware protecting credit card companies were made even stronger what was Joe thinking. Sweet dreams little Joey.

Permalink Reply by Dorcheated A1 on October 13, 2008 at 9:10

You don't think a Senator uses his influence to get state laws passed that favor his party. Who needs the civic lessons.

Permalink Reply by Bill G on October 13, 2008 at 9:15

KB...De Nada....who ever you are...I didnt know you could get a Mortgage on a CC...."I think I was refering to the Housing lending in that particular part of my thread" Thank you for interpreting that...You know my thoughts better than i do! THANK YOU!

Permalink Reply by Skip Peel - Mineral Consultant on October 13, 2008 at 6:49

Bill G., in regard to their being plenty of blame to go around, I agree. As to the Bankruptcy Reform Bill specifically, I will respectfully disagree as it is definitely a GOP law and an example of the extremes that can occur when one party (either party) holds a majority in Congress and the White House. Credit industry lobbyists made their case to a receptive Republican leadership that up to half of personal bankruptcies involved fraud or were being used in ways that were contrary to the spirit of the original bankruptcy legislation. Almost two years later, statistical data indicated the real number "gaming the system" was about 12%. There were an addition 6-8% who were deemed to have made incredibly dumb decisions but did not intentionally attempt to take fraudulent advantage of the law. As for the "outstanding" 30% who were no longer eligible to receive bankruptcy protection under the new law, an appalling number were members of the National Guard and Reserves who lost income because they were called to active duty and were the sole financial support for their families. And more widely, average Americans, unable to afford medical insurance, who experienced catastrophic health crisis. I was a terrible law. And I heard very few of my contemporaries complain at the time. I am sorry to say that I hear far too many of them now. Regards, Skip

Permalink Reply by Skip Peel - Mineral Consultant on October 13, 2008 at 6:28

Welcome back KB. You go. That is a spot on analysis. It is a real shame that voters were not paying attention when the credit card industry rewrote the bankruptcy laws. Former LA. U.S. Rep. Billy Tauzin and much of the congressional staff responsible for the language of the bill and shepherding it through committee and the floor vote now work for .........., yeah, you guessed it, the Credit Card Industry! It would seem that the apathy of the American voter is responsible for a boomer rang on a long arc. And we forgot to duck. Maybe we will be a little more thoughtful and engaged now. A good idea since the bankruptcy law is not the only boomer rang whirling around out there.

Permalink Reply by Bill G on October 13, 2008 at 5:22

Cramer said the other day that American express was about to take a serious lick and didnt know if it was going to be able to sustain the blow. They have no asetts to back there outstanding debt...they strictly borrow money to lend money!

Permalink Reply by P.G. on October 13, 2008 at 5:29

The home owners who haven't stopped paying on their mortgages may find themselves in a hard spot if they try to sell their homes. I heard that 1 in 6 were top heavy on their mortgages (owe more than what their home is worth).
Those home owners who will get bailed out and had their principles adjusted will be able to put their houses on the market for a lower price, thus undercutting responsible folks. Could become the norm as well for someone to have a house built cheaper than buying an existing home.
Kind of makes being responsible foolish, huh?

Permalink Reply by Bill G on October 13, 2008 at 5:31

P.G.

SOCIALISM!

Another way to buy votes and at the same time adopting a socialist economy while we are loving every minute of it!

Permalink Reply by Bill G on October 13, 2008 at 9:17

Who De Nada???

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