solarmeter

(I agree with the Egg...SHHHHHHHHHHHHHH!!!!!!!!!!)

The holders of the bad debt need to eat it... just like you or I would if we loaned some idiot money. Or break their kneecaps like in the old days.

Credit should never have been given away to people who had no ability to repay.

That was mostly Barney Frank and company's fault.... but also the big investment bank company CEO's who "bought" it as tradeable "securities derivatives marked to market" whatever that means.

There - I finally railed against some capitalist pigs. FACKEM. But don't let them steal my cash positions that exceed FDIC insurance.... or I'll have to "get me a huntin' license" lol. I'll ask that lipstick pig to help me with her guns.

engfant

Enough with that crap. THE CURRENT ADMINISTRATION that walks all over the laws couldn't change this one eh?

I think in 1999 the economy was in a different state...as in NOT $9TRILLION IN DEBT.

If you must, why not go back to when WOMEN and BLACKS were allowed to get jobs as they caused all the jobs to dry up when they flooded the market.

solarmeter

Barney Frank & Co CAUSED this entire mess. He needs to be fired in total disgrace.

It is so obvious any 5th grader can see it. Why can't you? Oh - you are blinded by HATE Bush still.

engfant

No I'm blinded by DO NOTHINGS that have no problem taking away people's liberties for the sake of "security" but when they had YEARS to see this coming...ON TOP OF if it didn't exist we would have NEVER been bailed us out of the 9-11 economic nonsense... AND SOME OF US actually BENEFITED from these loans.

Hey, you are the one pointing fingers at ONE PERSON when we are BOTH IN AGREEMENT that it's the fault of the PEOPLE TAKING THE LOANS more than the people OFFERING them.

You take every phone deal you get via autodialer? You buying penis enlargement pills that don't work?

Neither am I but the deals are still on the table.

navigatin1

What's really scary, wait till the Asian & Europe markets open tonight, can you say BLOOD BATH????

I'm gonna roll the dice here, and say at this exact time tomorrow, the Dow will have lost at LEAST another 700 points! (I hope I'm wrong)

Hang on boys-n-girls, gonna be a real ruff ride!!!!

unity

Well I for one blame the ones offering the loans, sorry engfant. It was up to them to SECURE the loan and they failed to do so. The banks have experience, new home owners do not. Normally the scenario is that two WANT to buy a house (newly wed maybe?) and the bank says no - they know a kid may be coming. So these two continue renting and out pops a kid. They say "Gee, glad we did not buy that house just now!". They learn to budget for the expenses of raising a kid, etc.

But nope, now days anyone can get a loan that they can afford initially, but soon the house of cards falls.

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OMG! I made a post! :)

unity

Ya, the markets are not looking good. But I am betting there will be a rebound and stability within two weeks when action plans are made and the dust settles. I am sure it will not RECOVER in two weeks, just staying it should stabilize. Or your right and other countries will pull investments from under us and BANG, its all over.

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OMG! I made a post! :)

solarmeter

I know what you mean. My own kid (as I said before) got ropa-doped into an 80-20 interest-only mortgage 3 years ago. It took me (and him on 3-way) about 100 phone calls to fix that two months ago. His mortgages were sold twice to other companies (Countrywide and HBC)... so very difficult to re-finance via their "mortgage alteration" departments with no co-signing be me.

But it finally succeeded and now he can (barely) make it without default. That is what every other "in trouble" mortage-ee should do. NOT walk away and trash the house in the process..... leaving the property almost worthless for us taxpayers to bail out.

Barney is not the ONLY lib who demanded banks give away loans. But he is the main guy. The "administration" saw this coming in 2005-6 but every effort to fix it got voided by your favorite liberal lawmakers. Should the "administration" have tried harder? Put their foot down hard? YES. Bur Monday morning quarterback stuff now.

missmojorising

~sidebar -- Hiya Steve! I've missed you! xoxoxox~

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Step In To The Light, While Loving Derf.

www.simplytantexas.com

solarmeter

MoJo...How's things in Texas near the border these days?