View article at its original site
Showing comments 1—5 of 5
Posted 12/05/08 07:04 AM fadestyle Walnut Bottom, PA | where is the safety that the FED said it was designed to help protect against economic crashes? thats the whole reason they said they exist? so if they do not help the economy and only hurt it with out keeping 1929 style crashes... then WTF are they still doing here? thats what Americans want to know? It does not matter if its a national or international privately owned central bank. they are all known to be bad and Americans are on to the scam of private central banking, fractional reserve and income taxes that are used to pay for interest on our own money?
Why are they still around? OPEN MESSAGE TO CONGRESS: THE FED OBVIOUSLY DOES NOT WORK AS YOU CAN CLEARLY SEE. SO DO YOUR DOG GONE JOB AND PASS H.R. 2755 FOR ONCE IN YOUR RECENT EXISTENCE DO SOMETHING RIGHT FOR THE PEOPLE, YOUR COUNTRY, YOUR SANITY, AND VALUES OR THE PEOPLE WILL GET VERY MAD! if you dont believe me... heh, look at Iceland. ;) -Fadestyle |
Posted 12/05/08 09:00 AM Caleb Kinley Hot Springs, AR | Bair spewed a bunch of dog poo when she said; 'The FDIC does not urge that loans be made to people who cannot repay. Although the Community Reinvestment Act "isn't perfect," it is "not guilty of causing the financial crisis."
No, the Community Reinvestment Act (CRA) did not single handily cause the financial crisis, BUT, it did play a significant role in the housing bubble burst. I live in the 3 bedroom mobile home and pay almost $400.00 per month in rent. Why? Because that's ALL I can afford to pay in rent. Yes, I probably could have purchased a home through the CRA or some other government handout program, but I knew that if I did, my wife and I wouldn't be able to make the payments and we too would have been foreclosed on or would have to be bailed out by the taxpayers. Unfortunately, I do know quite a few people who decided to 'move on up' and purchased homes in which the payments would almost double the amount of income they had coming into the house. One of the people, living on a little less than $700 a month from Social Security and lived in a one room efficiency apartment at $65.00 per week, got approved for a new, 2 bedroom home at a cost of $935.00 per month. She was telling us that we needed to do it for our children; even though there's nothing wrong with our mobile home. She also told me that they didn't check her credit and didn't ask if she was employed. In her new home, her monthly light bill was higher than the entire monthly rent she paid at the one room efficiency apartment. So, as was expected by me, her payment went up to $1,157.00 a month. She was never able to even pay her rent even once in the new home before the poop hit the fan. Now, she's living in a homeless shelter. |
Posted 12/05/08 09:02 AM StatusQuoJoe Phoenix, AZ | I wish the gubnet would just get out of the way and let things take their course. The markets of course would crash but the bad debt would get cleared out of the system to re-build. The current policy will extend this for years and years bleeding us all dry and leaving a huge deficit and debt and with the maturing of entitlements like social security and medicare/medicaid its just not feasible in the long run. We would be much much better off allowing the crash, in the early 1920's I believe we had a crash and it was all over in 2 years, then I suppose the gubnet "learned" their lesson and when it happened again in 29 they decided to "fix" things. Well that turned out for the best, right? |
Posted 12/05/08 7:32 PM Andrew Sica Woodbury, CT | "I think we can agree that a complex interplay of risky behaviors by lenders, borrowers and investors led to the current financial storm," Bair said. "The lending practices that are causing problems today were driven by a desire for market share and revenue growth - pure and simple."
No, Sheila - you are a dolt and quite simply we do not have to agree simply because you waved your magic wand and stated it as fact. |
Posted 12/08/08 12:12 PM jbo5112 Kansas City, MO | I've been working my butt of for some time being underpaid while helping start a company. I'm trying to get my finances in complete order ASAP, which means minimal monthly expenses, house ownership and no loans on anything. I currently have a car loan I'm steamrolling through, which I bought so my wife could better watch our 4 month old niece in addition to our 14 month old daughter, and student loans. The company is hoping for raises next year, and I'm hoping for a house when the apartment lease is up.
Now, a solution is being proposed: steal my money and use it to keep house prices climbing out of my reach. That will sure fix my finances. At least a dropping stock market will help counterbalance all the new money that keeps materializing. A lot of people have money in the stock market, and a lot of it is quite liquid (e.g. ETRADE guarantees you the money in your account in 2 seconds and a transfer only takes 3 days). If someone invests $2 million for a couple of years before pulling it all out as $1 million, then a $1 million disappeared from his hands, and unless all the stock was constantly loaned out to be shorted, some of it disappeared into no one's hands. I don't think even M3 statistics track the market. |
You must be a member to post comments. [Become a member]
