Falling dollar.. Good or bad?

[wez]

And the lesson that you can just do whatever you want and never have to answer for it continues. Run a system or bank into the ground. No worry, the American taxpayer will foot the bill.I wonder what the downside to mortgaging the future of America could get you? Oh, yea...

 

Millions of dollars and even a bonus check worth $2.2 million. I really wonder what the criteria for earning a bonus is at Fannie? Most companies only give those if you perform well in your job and company thrives. :confused:

The bonus was prolly for stroking their buddies in congress for a "risk - free" business plan... They did perform well and apparently will continue to thrive.. You wont mind working 120 hours per week to live your entire life in debt, will ya? I know I wont...

[eddo]

And the lesson that you can just do whatever you want and never have to answer for it continues. Run a system or bank into the ground. No worry, the American taxpayer will foot the bill.

You are absolutely right,and it sucks. So because I am current in my mortgage, haven't overspent my means, and take care of my finances- I get screwed.

 

Others get free money and assistance to keep their houses, all the while my house devalues itself because they couldn't pay the bills in the first place. nice.

 

phuckers.

[wez]

Saw some steaming pile of dog sh*t being lauded on CNBC this morn claiming 50 year mortgages are the answer to our problems...

 

f*ck me...

[eddo]

Saw some steaming pile of dog sh*t being lauded on CNBC this morn claiming 50 year mortgages are the answer to our problems...f*ck me...

50 year mortgages? Holy hell batman...

[wez]

What a ****ing genius.... We should listen to more senile communists.

 

Greenspan: Economy 'on the brink' of recession - CNBC TV - MSNBC.com

[Old Salt]

And who brought us to the brink? Alan Greenspan and his policies.

[wez]

And who brought us to the brink? Alan Greenspan and his policies.

Surreal, is'nt it? :confused:

 

Calling the current crisis in the financial markets a "once-in-a-century phenomenon," Greenspan said the Treasury had no choice in its recent moves to backstop the two government-sponsored mortgage finance giants, Fannie Mae and Freddie Mac. But he said the government will probably have to nationalize the two companies, calling them a "major accident waiting to happen."

Nationalize? What's that? Unreal....

 

Communalize? So will I own one of "our" McMansions?

[IWS]

And who brought us to the brink? Alan Greenspan and his policies.

Of course when he was in charge of th Fed, he did get us through the S&L bubble and the .com bubble, without the widespread economic problems we are having with this mortgage bubble.

 

I don't know if it was coincidence, but I don't think he ever dropped interest rates and continued to print unbacked currency like Bernake is doing, and we didn't have the inflation that goes with those practices.

[Old Salt]

I may be wrong, but didn't this mortgage problem start under his watch?

[Old Salt]

Of course, Bernanke has totally screwed the pooch in his handling of the mess.

[wez]

Of course when he was in charge of th Fed, he did get us through the S&L bubble and the .com bubble, without the widespread economic problems we are having with this mortgage bubble.I don't know if it was coincidence, but I don't think he ever dropped interest rates and continued to print unbacked currency like Bernake is doing, and we didn't have the inflation that goes with those practices.

The jackass used the mortgage bubble to "get us through" the others... He printed so much freaking money..

 

Just a few years ago when the collapse was obvious he was on TV recommending adjustable mortgages.. He caused all those bubbles.. As well as the mortgage bubble. Seems like an arsonist fireman to me.

[IWS]

I may be wrong' date=' but didn't this mortgage problem [i']start[/i] under his watch?

Yea, but I think that was more from pressure from Congress to allow more loans to those who were less qualified. Kind of a, look at us, we got you out of renting and into owning homes, pandering.

 

The Fed chief isn't elected and Greenspan was trusted throught many administrations, from Reagan to W, so he must have done something right.

[Old Salt]

Yea, but I think that was more from pressure from Congress to allow more loans to those who were less qualified. Kind of a, look at us, we got you out of renting and into owning homes, pandering.The Fed chief isn't elected and Greenspan was trusted throught many administrations, from Reagan to W, so he must have done something right.

Of course he did some things right. Accidents do happen. I don't remember him ever bowing to congressional pressure. That's one of the things about his position - its autonomy.

[wez]

He's a commie... This is the end result of trickle down Reaganomics.

 

Trickle down is right.. sh*t always flows downstream.

 

He bowed to Wall Street time and time again.. Kept interest rates ridiculously low for years and his policies created every boom/bust cycle in the last 20 years so his buddies could prosper.

 

Debt is not wealth.. it is the opposite.

 

Broke is better than debt.

[wez]

Why are taxpayers responsible for the well being of Fanny and Freddy executives, employees, and shareholders in a free market? The new "housing bill", is bad for everyone but them..

[snafu]

Why are taxpayers responsible for the well being of Fanny and Freddy executives, employees, and shareholders in a free market? The new "housing bill", is bad for everyone but them..

Because they hold half of the mortgages in the country. They are insolvent. Pisser but a fact.

[wez]

Because they hold half of the mortgages in the country. They are insolvent. Pisser but a fact.

They are also the reason the real estate market is in the shape it is. A free market lets the dead, die. Fact is, a house needs to be affordable for the wages a person makes. There's something seriously wrong when teachers, nurses, and police officers can't afford a modest home.

[wez]

Large U.S. bank collapse seen ahead | Reuters

 

How about it being Freddy and Fanny? Shoulda already happened.. Naaaahh.. lets wait til they own 100% of mortgages in this country, then there's no way their little commie piggy bank can go under, right?

 

Can I get in on a company with private profits and socialized losses? Sounds pretty good...

 

http://www.msnbc.msn.com/id/26273144/

[wez]

And as tuition soars... "private" lenders are getting out of the student loan biz too...

 

Congress cut subsidies to private lenders, making these loans less profitable. Now, with the credit markets still tight, many private lenders have retreated from the student loan market altogether. Many of the lenders that students may have used last year are no longer in the business,” he said. “And your lender may be leaving and give you no notice.

Appears no one likes to do biz without subsidies.. Strange.

 

Credit squeeze hits college students, families - Personal finance - MSNBC.com

[wez]

Why isn't Washington aiding savers? - Personal finance - MSNBC.com

 

Good question...

 

WASHINGTON - Two giant mortgage companies get into hot water over risky investments. The government steps in to throw them a lifeline should they need it.Hundreds of thousands of Americans buy homes more expensive than they can afford. Congress approves a rescue package.

 

Troubles erupt at a Wall Street investment firm that made bad bets on mortgage investments. The Federal Reserve steps in and provides financial backing for the company's takeover.

Meanwhile, tens of millions of people pay their mortgages on time, don't max out their credit cards and put money into retirement funds. They may even save a little extra on the side.In return, they get rates on their savings that don't even keep up with inflation. They also are witnessing the horror of their nest eggs shrinking as the value of their homes plummets and the stock market tumbles.

 

Washington policymakers seem more focused on rescuing those who behave badly by putting at risk taxpayers who've played by the rules and shunned the get-rich-quick schemes of Wall Street croupiers.

[wez]

Just saw on CNBC that a house in Detroilet is for sale for 1$.. Just want the tax bill paid.. Bet the neighbors are estatic they spent their entire lives paying for theirs.. Viva La "Free Market"! American style..

[IWS]

Just saw on CNBC that a house in Detroilet is for sale for 1$.. Just want the tax bill paid.. Bet the neighbors are estatic they spent their entire lives paying for theirs.. Viva La "Free Market"! American style..

I'm guessing it's an area of town that you wouldn't want to live in. Christ, it's Detroit. It's in a city noboby would want to live in. :D

[wez]

I'm guessing it's an area of town that you wouldn't want to live in. Christ, it's Detroit. It's in a city noboby would want to live in. :D

They showed a pic of the front and it looked like any neighborhood USA to me.. But like you said, the whole city is neighborhood nobody wants to live in. :D

[eddo]

And as tuition soars... "private" lenders are getting out of the student loan biz too...

I'm not sure that isn't a good thing. College degrees are a dime a dozen now a days, and thus don't mean as much as they used to, to the business world. It used to mean something to work your way though college.

[Old Salt]

They showed a pic of the front and it looked like any neighborhood USA to me.. But like you said, the whole city is neighborhood nobody wants to live in. :D

Saw the same article on Fox or CNN (can't remember which - getting old :( ). The outside didn't look that awful bad, but the inside was pretty much gutted.