OT Financials, my god this is starting to scare me

[632 Regal]

this is serious no doubt, I read the first blank check plan whereas there will be no investigation into the plan, no one can be subpoenaed, no one can be looked into, no one or entity can ever be called to court, blank check for the team that walks out in a little over a month... spooky man!... this is the revised plan or statement of saturday at 10ish ET USA

let the bankers fail as with a passage of a bill like this over 30% of americans will default and the debt will go from 700BL to well ofer 2 Trillion!... My god!

praise the bankers. Oh and Jon K for blaming the poor sucker that bought a house for his family,

http://www.cnn.com/video/#/video/politics/2008/09/19/sot.paulson.economy.presser.cnn

[632 Regal]

I am just trying to enlighten the severity of what is happening to us as our elected officials are undermining this country within 40 days of their abandonment. Why right now? why not 12 months ago or 24 months ago as this all transpired? Watch the video... inbelievable that the media is banned from showing anything except what comes only from the closed doors on capital hill. My grandparents are rotating in their graves with sheets of newspapers and crumpled tin foil...

[RockJock]

When the dust settles there will be endless smokin' good real-estate deals; you'll be able to pick up **** for peanuts. Got gold?

[RockJock]

Get ready for the NAU and the Amero.

[Jon K]

"... lax lending practices earlier this decade lead to irresponsible lending, and irresponsible borrowing. This simply put too many families into mortgages they could not afford."

NO. This is the common interpretation of what happened. Lax lending did not put families into mortgages they could not afford - absolutely WRONG. Individuals took responsibility for mortgages that they could not afford. I am so freaking tired of hearing the words "put" and "subjected to" and "lead" and "resulted in" - NO. No one makes a person sign a loan at 2% interest with no down payment and possible varying interest rates up to 20% - if you sign up for that, you are a fool. As a young person who has done all in my ability to NOT make mistakes, its drives me over the edge to hear the typical "he was stuck with a bad mortgage." Its sickening - I am so tired of the citizens of our country expecting the government to wipe their ass if they **** their pants while messing up. What ever happened to "buyer beware"? Ok - so if the guy couldn't afford a fixed interest mortgage, then what's he supposed to do? It's easy - buy a cheaper house.

I have followed these foreclosed houses lately - we're not talking about 800 sq ft bungalows in Newark, NJ. We are talking people like me or my friends, buying 2800 - 4,000 sq ft single homes with no or minimum down payment and a varying interest rate. Surprise! The rate changes, your payment goes up dramatically and all of a sudden you can't afford the house - I am sorry, but I've always been raised that if you can't afford something you don't buy it. I know a lot of familiar are in bad situations, but who is to blame? Agents made offers that were too good to be true - its not difficult, my younger sister knew the risk in the varying interest rates... its not even hard to process. My step-brother had one of these mortgages, and factored in the "worst case scenario" for his payments - he is fine. He re-fi'd as soon as he could but he got played on the whole variable rate as well. The problem is people are trying to buy **** they cannot afford that, and I don't think its the governments responsibility to instruct people what the effing price tag is.

[632 Regal]

"clueless"


"... lax lending practices earlier this decade lead to irresponsible lending, and irresponsible borrowing. This simply put too many families into mortgages they could not afford."

NO. This is the common interpretation of what happened. Lax lending did not put families into mortgages they could not afford - absolutely WRONG. Individuals took responsibility for mortgages that they could not afford. I am so freaking tired of hearing the words "put" and "subjected to" and "lead" and "resulted in" - NO. No one makes a person sign a loan at 2% interest with no down payment and possible varying interest rates up to 20% - if you sign up for that, you are a fool. As a young person who has done all in my ability to NOT make mistakes, its drives me over the edge to hear the typical "he was stuck with a bad mortgage." Its sickening - I am so tired of the citizens of our country expecting the government to wipe their ass if they **** their pants while messing up. What ever happened to "buyer beware"? Ok - so if the guy couldn't afford a fixed interest mortgage, then what's he supposed to do? It's easy - buy a cheaper house.

I have followed these foreclosed houses lately - we're not talking about 800 sq ft bungalows in Newark, NJ. We are talking people like me or my friends, buying 2800 - 4,000 sq ft single homes with no or minimum down payment and a varying interest rate. Surprise! The rate changes, your payment goes up dramatically and all of a sudden you can't afford the house - I am sorry, but I've always been raised that if you can't afford something you don't buy it. I know a lot of familiar are in bad situations, but who is to blame? Agents made offers that were too good to be true - its not difficult, my younger sister knew the risk in the varying interest rates... its not even hard to process. My step-brother had one of these mortgages, and factored in the "worst case scenario" for his payments - he is fine. He re-fi'd as soon as he could but he got played on the whole variable rate as well. The problem is people are trying to buy **** they cannot afford that, and I don't think its the governments responsibility to instruct people what the effing price tag is.

[Jon K]

"clueless"

Yep - clueless at 23 doing well for myself making more than people 2 times my age and distinguishing between mistakes and good decisions - you know me well Jeff. Saving up to buy my house - ya know, I could have entered a "low variable interest" mortgage too :D Then I'd be like those fools crying about foreclosure. If you can't afford it, you don't buy it. PERIOD.

[632 Regal]

not only clueless, IDIOT is more what I meant.
Yep - clueless at 23 doing well for myself making more than people 2 times my age and distinguishing between mistakes and good decisions - you know me well Jeff. Saving up to buy my house - ya know, I could have entered a "low variable interest" mortgage too :D Then I'd be like those fools crying about foreclosure. If you can't afford it, you don't buy it. PERIOD.

[Jon K]

i won't stoop to your level or personal attacks but I will say its rather sad to see a grown man like yourself harassing a 23 year old because he has an opinion and hasn't ****ed up as bad as himself ;)


not only clueless, IDIOT is more what I meant.

[repenttokyo]

Edit: Not Worth Getting Involved In Again.

[Jon K]

Edit: Not Worth Getting Involved In Again.

Saw your post and you're right, you don't want to get involved there. Living at home saving up money for a house (because I feel a 10% down payment is stupid on a $300k house) is nothing to poke fun at. I am out of school 1 year and am doing well for myself in case you missed it. I pay for everything I own, eat, and use. I've paid for housing for my time at school as well, so whats your point? I have plenty of friends who force themselves to live on their own and scrape to get by - ironically 2 of my friends that do that are also without a means to afford where they live right now - surprise!

[632 Regal]

your paragraph is quite confusing. I will guess that you meant that you haven't ****ed up as bad as I have? Who ever said I ****ed up?

I only state that you have NO CLUE about what is going on in this economy. The only thing that you keep repeating is about people with ARM loans... That is 1 small factor in the issue and yes they bit more off than they can chew.... **** em.

I watched the value of my home drop 68% so far as of August when I had it appraised for tax purposes. It will undoubtedly drop another 20% or so in the next few months. This is why some people are walking away from their houses and going to apartments until this mess is over. Who wants to buy a house that will continue to drop in the future? Thats madness.

Believe it or not people below you high stature are blue collar workers and in case you havent turned the news on lately there is a thing called unemployment. This is where someone loses their job. They burn through their savings while looking for a job and since there aren't many jobs available Poof they foreclose.

I again reiterate.... IDIOT


i won't stoop to your level or personal attacks but I will say its rather sad to see a grown man like yourself harassing a 23 year old because he has an opinion and hasn't ****ed up as bad as himself ;)

[Jon K]

your paragraph is quite confusing. I will guess that you meant that you haven't ****ed up as bad as I have? Who ever said I ****ed up?

I only state that you have NO CLUE about what is going on in this economy. The only thing that you keep repeating is about people with ARM loans... That is 1 small factor in the issue and yes they bit more off than they can chew.... **** em.

I watched the value of my home drop 68% so far as of August when I had it appraised for tax purposes. It will undoubtedly drop another 20% or so in the next few months. This is why some people are walking away from their houses and going to apartments until this mess is over. Who wants to buy a house that will continue to drop in the future? Thats madness.

Believe it or not people below you high stature are blue collar workers and in case you havent turned the news on lately there is a thing called unemployment. This is where someone loses their job. They burn through their savings while looking for a job and since there aren't many jobs available Poof they foreclose.

I again reiterate.... IDIOT



Who is the idiot? Blue collar? Why do you think I don't know anything other than IT that I work in? Its probably the generation gap here with you picturing me as some stuck up paid-for school boy who hasn't seen a hard day in his life. Perhaps you forget I build engines, work in a machine shop on my weekends, powder coat in the "warehouse" of an plastic injection company, soda blast things covering myself in the grossest of gross **** ... for MONEY. Then on the week days I do my work which honestly isn't very white collar at all. I have no issues with classes. IN FACT if you weren't so stubborn and mindset, you'd realize i was laid off and couldn't collect unemployment as I wasn't employed long enough.. I was shafted by "the man" while the HR company at my job assured me I was eligible.

I grew up in a household with only my mother and sister because my father passed away - I've worked for what I have my entire life. You are very arrogant to sit there and judge someone by what you THINK you know... but then again thats what you've always been good at.

You don't know much about me - you probably see a 23 year old blowing the average workers salary in cash on a car, probably funded by mommy and daddy. What you don't know is that I work for everything I have - I've been a lot attendant, I've worked fast food, I've run network cable installs, I work in a machine shop on weekends, I powder coat peoples parts, etc.

I am NOT white collar and I KNOW what its like to be hung out without work. Try paying 2 cars insurance, gas, repairs, and paying for all your ****... and then not getting unemployment! Fortunately, unlike many people in the country, rather than sit on my ass about it I fired out applications the moment I got home from being laid off, and not only did I have 3 or 4 offers in 4 days, but the employer who laid me off called me back realizing what I do is worth them paying me for.

The housing market sucks - it always goes through a cycle. Who cares? If your house dropped 68% thats just bad luck of the draw - your area must be highly volatile. Where I live it costs too damn much for me to buy a house right now and I didn't want to get shafted by the retarded loan setup going on. Now its going to be even harder and more expensive for me to get approved, but I'd rather wait until I can afford something than expect the government to wipe my ass.

Unemployment went up from what 6 to 6.2% across how long of a span now? I watch the news, I just don't watch the same whiny crying channel as you apparently.

I have friends who went from houses to apartments - they're not doing it because their value dropped, they're doing it because they couldn't afford to be there the first place. Truth is, a somewhat average apartment goes for $1100 - $1250 a month ... thats mortgage territory on a small place. Anyone who leaves owning a house, regardless of immediate depreciation, and pays rent squandering money, pissing it into a bottomless hole of no return yield, are the idiots. Property is losing value - buy it up. Investment 101.

[tim eh?]

Saw your post and you're right, you don't want to get involved there. Living at home saving up money for a house (because I feel a 10% down payment is stupid on a $300k house) is nothing to poke fun at. I am out of school 1 year and am doing well for myself in case you missed it. I pay for everything I own, eat, and use. I've paid for housing for my time at school as well, so whats your point? I have plenty of friends who force themselves to live on their own and scrape to get by - ironically 2 of my friends that do that are also without a means to afford where they live right now - surprise!

i don't think there is anything to ridicule there either but like your friends there are plenty of people who have to go it alone and haven't been able to afford anything for a long time... no surprise no kidding - it's too hard to make ends meet for your average joe and this whole mess is making it way harder for the little guy, who might not have the same support network you do. it's outrageous what has been going on, some people are really getting screwed over...

[Jon K]

i don't think there is anything to ridicule there either but like your friends there are plenty of people who have to go it alone and haven't been able to afford anything for a long time... no surprise no kidding - it's too hard to make ends meet for your average joe and this whole mess is making it way harder for the little guy, who might not have the same support network you do. it's outrageous what has been going on, some people are really getting screwed over...

Right it is hard - I won't argue it. What I don't pay in a mortgage I do pay in other expenses. The problem is people don't make wise decisions. You think any of these people without a job have any sort of investment or savings? I think if HALF of the people who are "screwed" took the time to read or understand how savings and investments work, there wouldn't be so much negativity. Its no joke that the economy affects people - but its hardly a crash - theres no panic and discourse - its really not as bad as it has been in the past... and people don't want to hear that. They want to hear that everything is ****ed and the government is going to come and squeeze their cheeks for them. This is nothing new.

I guess I am "high stature" because I know how important it is to put money in non-volatile places. I guess I am white collar because I when I get laid off or out of work or my pay isn't making ends meet I go look for bigger and better. My mistake!

[repenttokyo]

Right it is hard - I won't argue it. What I don't pay in a mortgage I do pay in other expenses. The problem is people don't make wise decisions. You think any of these people without a job have any sort of investment or savings? I think if HALF of the people who are "screwed" took the time to read or understand how savings and investments work, there wouldn't be so much negativity. Its no joke that the economy affects people - but its hardly a crash - theres no panic and discourse - its really not as bad as it has been in the past... and people don't want to hear that. They want to hear that everything is ****ed and the government is going to come and squeeze their cheeks for them. This is nothing new.

I guess I am "high stature" because I know how important it is to put money in non-volatile places. I guess I am white collar because I when I get laid off or out of work or my pay isn't making ends meet I go look for bigger and better. My mistake!

i guess you are 23 and know more on this subject than people twice your age!

i defer to 632 and Blitz bc they have much more experience and knowledge in this area than I do.

[632 Regal]

Unemployment (Household Survey Data)

The number of unemployed persons rose by 592,000 to 9.4 million in August,
and the unemployment rate increased by 0.4 percentage point to 6.1 percent.
Over the past 12 months, the number of unemployed persons has increased by
2.2 million and the unemployment rate has risen by 1.4 percentage points,
with most of the increase occurring over the past 4 months. (See table A-1.)



Right it is hard - I won't argue it. What I don't pay in a mortgage I do pay in other expenses. The problem is people don't make wise decisions. You think any of these people without a job have any sort of investment or savings? I think if HALF of the people who are "screwed" took the time to read or understand how savings and investments work, there wouldn't be so much negativity. Its no joke that the economy affects people - but its hardly a crash - theres no panic and discourse - its really not as bad as it has been in the past... and people don't want to hear that. They want to hear that everything is ****ed and the government is going to come and squeeze their cheeks for them. This is nothing new.

I guess I am "high stature" because I know how important it is to put money in non-volatile places. I guess I am white collar because I when I get laid off or out of work or my pay isn't making ends meet I go look for bigger and better. My mistake!

[repenttokyo]

I have friends who went from houses to apartments - they're not doing it because their value dropped, they're doing it because they couldn't afford to be there the first place. Truth is, a somewhat average apartment goes for $1100 - $1250 a month ... thats mortgage territory on a small place. Anyone who leaves owning a house, regardless of immediate depreciation, and pays rent squandering money, pissing it into a bottomless hole of no return yield, are the idiots. Property is losing value - buy it up. Investment 101.

that's only true if you plan to spend 20 years in the house....renting does not piss money away, it frees you up from taxes, upkeep, maintenance, etc. It's a more complicated equation than you are making it out to be.

[tim eh?]

Right it is hard - I won't argue it. What I don't pay in a mortgage I do pay in other expenses. The problem is people don't make wise decisions. You think any of these people without a job have any sort of investment or savings? I think if HALF of the people who are "screwed" took the time to read or understand how savings and investments work, there wouldn't be so much negativity. Its no joke that the economy affects people - but its hardly a crash - theres no panic and discourse - its really not as bad as it has been in the past... and people don't want to hear that. They want to hear that everything is ****ed and the government is going to come and squeeze their cheeks for them. This is nothing new.

I guess I am "high stature" because I know how important it is to put money in non-volatile places. I guess I am white collar because I when I get laid off or out of work or my pay isn't making ends meet I go look for bigger and better. My mistake!

it's not your mistake and that is why you have a right to pissed off - it's just the reality is not everyone is as informed as you but they are still an integral part of the society that you live in and what happens to them will affect it - that is why you should care. the wealth gap is growing every day - there are laws against loansharking so that the sucker doesn't get suckered... look at it the other way... educated people with money shouldn't make high risk loans to poor people it's bad for everyone.