My Predicitons.........

[BanginJimmy]

Another 410B spending bill passed in the house today. This brings Obama's total bill for his 5 week old presidency to 1.2T. Damn I wish he was my employer. To this point, Obama has spent $1,428,572,428.57 per HOUR of his presidency. That is more than everyone on this board combined will make in their lifetime.

It was this thread, not the other.

[Vteckidd]

Food for thought

"Owners of capital will stimulate the working class to buy more
and more expensive goods, houses and technology, pushing them
to take more and more expensive credits, until their debt
becomes unbearable. The unpaid debt will lead to bankruptcy of
the banks, which will have to be nationalized, and the State
will have to take the road which will eventually lead to
Communism.” -- Karl Marx 1867

sound familiar?

[SL65AMG]

i dont know if this is directed towards me or not. but i never said any of them are wrong. but at the same time. you doing all this wining over whats taking place isnt going to do anything about it. if anything you should try and look for a positive in all of this negative, cause all your doing is contributing to the problem. what your doing isnt helping people but making it worse.

the good thing is, is that people are starting to wake up to the fact that, "hey, were in some deep shit right now", and no longer living in denial, thinking that we are going to be fine.

our situation CAN and WILL be a lot worse.....

if you think were in some shit now, wait till all these baby boomers start drawing on their social security checks and that runs out.... then we will be in some real shit....

[blacknightteg]

the good thing is, is that people are starting to wake up to the fact that, "hey, were in some deep shit right now", and no longer living in denial, thinking that we are going to be fine.

our situation CAN and WILL be a lot worse.....

if you think were in some shit now, wait till all these baby boomers start drawing on their social security checks and that runs out.... then we will be in some real shit....

yeah its getting a lot worse. but what can you do. like i have stated multiple times its our fault not the governments, if we werent so caught up in ourselves and "keeping up with the Jones'" then we would have never been in the situation that we are in in the first place. this country as i stated before i has completely ran away from our original values. no one gives a fuck about the country as a whole anymore, they jsut give a shit about themselves, their money and their own lives. the only way that this will ever change is when we as a country fall or get so fucked in the ass by ourselves that there is not a thing left to do. I love this country, but damn we a bunch of fucking morans.

[Vteckidd]

yeah its getting a lot worse. but what can you do. like i have stated multiple times its our fault not the governments, if we werent so caught up in ourselves and "keeping up with the Jones'" then we would have never been in the situation that we are in in the first place. this country as i stated before i has completely ran away from our original values. no one gives a fuck about the country as a whole anymore, they jsut give a shit about themselves, their money and their own lives. the only way that this will ever change is when we as a country fall or get so fucked in the ass by ourselves that there is not a thing left to do. I love this country, but damn we a bunch of fucking morans.

The Government pressured the banks to lend to people that couldnt afford it. Ask Jamie about it.

BOth sides are to blame, the consumers for CONSUMING too much, and the sellers who didnt think about the consequences

[blacknightteg]

The Government pressured the banks to lend to people that couldnt afford it. Ask Jamie about it.

BOth sides are to blame, the consumers for CONSUMING too much, and the sellers who didnt think about the consequences

but at the same time who do you think is more at fault? it is us? the big banks dont give a fuck, i mean shit if they did this wouldnt have happened in the first place. i said this already but i will say it again. our society is still way to fucking caught up in ourselves and its fucking our country up. we are so fucking independent from one another we only want to make it on our own and not think about other people or our peers. the big business is not to blame, im sorry but their not. granted i dont agree with their practices and what not, but i mean seriously can you blame them for capitalizing on opportunity? i shure as hell cant. if i was in their situation, i sure as hell would probably end up doing the same thing.

[BanginJimmy]

but at the same time who do you think is more at fault? it is us? the big banks dont give a fuck, i mean shit if they did this wouldnt have happened in the first place. i said this already but i will say it again. our society is still way to fucking caught up in ourselves and its fucking our country up. we are so fucking independent from one another we only want to make it on our own and not think about other people or our peers. the big business is not to blame, im sorry but their not. granted i dont agree with their practices and what not, but i mean seriously can you blame them for capitalizing on opportunity? i shure as hell cant. if i was in their situation, i sure as hell would probably end up doing the same thing.

I agree with both of you. The banks were not using good business practices by balancing risk and reward. They are not at the heart of the fault though. That falls first on the people that bought houses they couldnt afford, then second on the govt for forcing banks to give loans to these people that shouldnt have qualified to start with.

[blacknightteg]

I agree with both of you. The banks were not using good business practices by balancing risk and reward. They are not at the heart of the fault though. That falls first on the people that bought houses they couldnt afford, then second on the govt for forcing banks to give loans to these people that shouldnt have qualified to start with.

exactly, this down fall was of our own doing. its not the governments, hell their doing their best to try and stop us for collapsing. granted i think that goes against the principles of the type of economy that we have. but their trying to do something right.

[BanginJimmy]

exactly, this down fall was of our own doing. its not the governments, hell their doing their best to try and stop us for collapsing. granted i think that goes against the principles of the type of economy that we have. but their trying to do something right.

Umm, the govt had a huge hand in causing the collapse. The day they got the CRA amendments of '93 passed they set the groundwork for subprime mortgages and high risk bundled loans.

[blacknightteg]

i didnt say that they had nothing to do with it, i said that they werent the big reason this shit started happening, it was the people.

[Verik]

lol the people make up the gov't. the gov't created incentives for financial companies to get people into homes even if they aren't capable of paying for. The financial companies knew this but the incentives from the government created a moral hazard and thus the ceo's simply pushed for the short term and then got out of it after making millions and millions on setting up people in a house they can't afford. without the government (democratic congress and president) creating this moral hazard, we would have never had the real estate bubble in the first place. We would have been able to achieve a smaller sustained growth but we wouldn't have crashed down like we did.

[white24d]

lol the people make up the gov't. the gov't created incentives for financial companies to get people into homes even if they aren't capable of paying for. The financial companies knew this but the incentives from the government created a moral hazard and thus the ceo's simply pushed for the short term and then got out of it after making millions and millions on setting up people in a house they can't afford. without the government (democratic congress and president) creating this moral hazard, we would have never had the real estate bubble in the first place. We would have been able to achieve a smaller sustained growth but we wouldn't have crashed down like we did.

The dems caused it .................................

[Vteckidd]

The dems caused it .................................

uhh yeah they did

The republicans call for oversight YEARS ago, only to have BArney Frank sit there an say "all is well"

The dems are the ones that passed the CRA and they are the ones that used community organizations to pressure banks to lend to people who werent qualified including minorities.

[Elbow]

OBAMA FTW.

[white24d]

So democrats are the ones that give you home loans. oh now i understand the ways of the world. Geez i never saw this before.


Pure BS


And guns kill people

[white24d]

uhh yeah they did

The republicans call for oversight YEARS ago, only to have BArney Frank sit there an say "all is well"

The dems are the ones that passed the CRA and they are the ones that used community organizations to pressure banks to lend to people who werent qualified including minorities.

They called for oversight my ass.
Remember, this is the party that wants government out of their lives.
De-Regulation is the key talking point of the right. Am i wrong?

[Vteckidd]

I'm not sayng the repblicans are innocent, by it's wildly known the dems pushed for the do some research. Barney frank should be hung

[Vteckidd]

And the republicans had hearings 4-6 years ago when we found out freddie was cooking it's own books and the dems assured everyone it was fine . It's public record look it up

[BanginJimmy]

They called for oversight my ass.
Remember, this is the party that wants government out of their lives.
De-Regulation is the key talking point of the right. Am i wrong?

MCCain sponsored a bill back in 02 and again in 05 that was killed off by both sides. The bill would have killed the market for subprime mortgages. The warning signs were there long before the bubble burst but no one wanted to listen.

Also dont forget that Fannie and Freddie were at the heart of this mess and they were controlled by Barney Frank, Chris Dodd, and even an Obam advisor during the elected Franklin Raines. I didnt bother to look at how it ended, but Raines got in alot of trouble for cooking Fannie's books.

[BanginJimmy]

So democrats are the ones that give you home loans. oh now i understand the ways of the world. Geez i never saw this before.

Actually banks give loans. The problem is, banks were forced to give loans that they knew would never be paid back. That is why "aternative mortgages" were created. It was a way for the banks to get some money out of poeple before they defaulted on those loans.

[white24d]

Actually banks give loans. The problem is, banks were forced to give loans that they knew would never be paid back. That is why "aternative mortgages" were created. It was a way for the banks to get some money out of poeple before they defaulted on those loans.

Yeah, I was just being a smart ass.

Well both sides are guilty of not doing anything.

[Verik]

Yeah, I was just being a smart ass.

Well both sides are guilty of not doing anything.

no... one side is guilty for causing it and supporting it until it collapsed (then blaming it on the other side), the other side is guilty of not pushing hard enough to stop it.

so in a sense, one side is guilty of doing too much while the latter is guilty of not doing anything.

[white24d]

no... one side is guilty for causing it and supporting it until it collapsed (then blaming it on the other side), the other side is guilty of not pushing hard enough to stop it.

so in a sense, one side is guilty of doing too much while the latter is guilty of not doing anything.

The left did not cause this meltdown.
Bankers did. I wish Rush Limbaugh would choke on a chicken bone so this would stop already.

[white24d]

Was Bill Clinton writing home loans, ummm not so much. Gore , no , Obama , no.
Stupid people trying to get rich caused it. Thats it.
Trying to help people get in to homes is not a bad idea. Greed is a hell of a thing.
Maybe if all of our money wasnt tied up in Iraq and this BS " war on terror". WE would have ahd the funds to fix this problem years ago.

[BanginJimmy]

Before you make an even bigger ass of yourself, read up on the Community Re-Investment Act, and more specificly the amendments passed by Congress in '93. I would have to check dates, but I believe they were lame duck at the time it was passed because republicans took control of both houses in '94 with the "Republican Revolution".

[NAMNORI]

W O W. Instead of having petty arguements can't we all just accept that we are EVENTUALLY royally screwed. I know a couple of people that are active military right now that have been told they are not going to Iraq or Afghanistsn but they are being stationed here in the us for "training". These are both theese guys are Rangers. They specialize in urban warfare ,and just finished thier last set of training exercises before deployment ,and now they are staying for more training and not being deployed? You can think what you like but the truth to the matter is we are headed for a severe downturn in this country, yes i have some ammo but need to get more, no i hope it doesnt happen but like a good boyscout im always prepared. Screw the conspiracy theories, the doom and gloom, im going to look at history and see that each and every powerful civilization before us has fallen and as each one fell it has gotten worse and worse. The pharos,greeks,romans,ottomans,british empires all fell due to thier unwillingness to help thier people. Sooner or later everyone revolts, its just a matter of time before enough people get tired of being used and abused by thier government. Shit happens so does life but one thing we know is everything is cyclical. Viva la Revolucion

[preferredduck]

yeah its getting a lot worse. but what can you do. like i have stated multiple times its our fault not the governments, if we werent so caught up in ourselves and "keeping up with the Jones'" then we would have never been in the situation that we are in in the first place. this country as i stated before i has completely ran away from our original values. no one gives a fuck about the country as a whole anymore, they jsut give a shit about themselves, their money and their own lives. the only way that this will ever change is when we as a country fall or get so fucked in the ass by ourselves that there is not a thing left to do. I love this country, but damn we a bunch of fucking morans.

thats what they want us to do, turn on the TV and watch paris hiltons reality after we have been taing weeks of ADD and anti depression meds. it's good to see the people are starting to not buy into the BS. if it gets too much worse a revolt and restructure maybe necessary.

[preferredduck]

I agree with both of you. The banks were not using good business practices by balancing risk and reward. They are not at the heart of the fault though. That falls first on the people that bought houses they couldnt afford, then second on the govt for forcing banks to give loans to these people that shouldnt have qualified to start with.

the banks made it easy to go overboard on your credit. i used to recieve dozens of offers a week saying, "Buy that new big TV"" etc etc. and no matter what you spent they sent a low interest check saying," ehy it's ok, use it for cash or whatever, even crack rock or meth". There were savings and loan scandals in the 80's i think under bush sr, and the card companies and mortgage companie has legislature written to "help them even more" and deregulate the mortgage business. i was a loan officer and had seen people less than a year out of bankruptcy buy a 300,000 house on a no doc loan, which provides no proof of income and employment verification. as you know the bankruptcy laws were changed in 05 so the companies could decide if you made to much money to go ch.7, instead you are put on a mandatory payment plan. as long as they were getting rich at the time it was ok, but now they are showing losses and i hear bank of america was suponead today about business deals after recieving tarp money.