Housing Rescue Bill - Your thoughts

M

mythosx

Guest
Mooseman said:
1) What whole new problem would that be?
2) How do you deflate housing prices prudently?
Click to expand...

Just like Ron Paul, I don't have the answers. The new problem is one of monopolies and oligopolies. There have been incidences in the world history which rival in the magnitude of what we are seeing today. There is a rumor about the Rothschilds' rise to power and fortune where they came in and swept up everything in the midst of a albeit fake crisis. I don't know if something like that were to occur again if we would be better or worse off.
 
Mooseman

Mooseman

Isengar Tussle
Well the government may become the financial monopoly, but I don't see anyone else doing it. Who would be able to get a monopoly on the real estate biz?????

This is a crisis, just one generated by the greed of banks trying to make a fast buck in the speculative market of finance.....

The thing that really gets me is this selling of mortgages..... If I take out a loan o from bank A, they can sell it to bank B and then package it with other crap to bank C...... The borrower has no say in it.... So why would you care about the bank you get the loan from, except to get the best deal you can?
 
E

EricBess

Guest
Mooseman - I agree about selling of mortgages. I think that this has been part of the problem. The banks were told they needed to make sub-prime loans by government because too many people couldn't afford housing. They knew that it would be a problem, but they didn't care too much because they could just bundle a bunch of crap with a few good loans and then it would be someone else's problem.

But my suggestion is to shop around. There are a few banks that keep their own mortgages. My mortgage has been with Wells Fargo for five years now. Interestingly enough, Wells Fargo is doing fairly well at the moment.
 
Mooseman

Mooseman

Isengar Tussle
But the government didn't tell them to lend with nothing down or the stupid interest only loans, or loans to people who had no way of keeping up with the payments. It was pure and simple speculative lending.... the speculative part was that the housing market would never go down.... or at le4ast not until they could get their money out of the system.

If and when I do take out a mortgage, it will be with my credit union.....They don't sell off members loans or speculate in any market.
 
TomB

TomB

Administrator
Staff member
EricBess;272893 said:
But my suggestion is to shop around. There are a few banks that keep their own mortgages. My mortgage has been with Wells Fargo for five years now. Interestingly enough, Wells Fargo is doing fairly well at the moment.
Click to expand...
That's the same story for my wife and I with Chase - they've kept our mortgage for years (even refinanced us once) and they're doing really well I hear...:)
 
Killer Joe

Killer Joe

New member
NOT!


AP
updated 4:07 p.m. ET, Thurs., Oct. 9, 2008
NEW YORK - The Dow Jones Industrials fell through the 9,000 level Thursday and continued racing down in the last hour of trading. It was the seventh consecutive session markets closed down.

Trading remained volatile, with the major indexes like the Dow Jones industrial average and the Standard & Poor's 500 index bobbing up and down. The Nasdaq composite index, with a bevy of tech stocks, showed more lasting gains because of advances by companies like Intel Corp. and Microsoft Corp.

But worries about General Motors Corp. capped the periodic advances by the Dow and the S&P as investors grew concerned that weakness in U.S. vehicle sales may emerge elsewhere in the world. GM, one of the 30 stocks that make up the Dow industrials, fell $1.14, or 17 percent, to $5.77. The stock fell earlier by as much as 21.7 percent to $5.41, its lowest level since December 1950.
 
Mooseman

Mooseman

Isengar Tussle
What? It's not stopping the free fall of the stock market?
But, the stock market was the holy grail of retirement..... good thing our SS money wasn't invested in GM or something like that..... :eek:

DJIA down almost 40% in 1 year
GM goes from $40 to $5 in same time period....

When will we see the bail out bounce?
 
Killer Joe

Killer Joe

New member
Not sure if I got all the facts straight but England has bought preferred stock in the banks over there and implemented it already. We passes the 700billion dollar bill before the Brits did that and the money was supposed to go to who? Now we re-thought about it and now we're going to do the same as England, right?
 
Mooseman

Mooseman

Isengar Tussle
There it goes again..... 200+ fall.......

Does anyone know how to make soup from leather shoes? :D

Edit: 500+ fall

Edit again: 700+ fall
 
M

mythosx

Guest
The sky is falling, the sky is falling!

If you were properly diversified before this meltdown your portfolio would have lost around 30-40% of its value. Eeeks...That means if you were doing everything right, you would have lost a third of all your investments!
 
Mooseman

Mooseman

Isengar Tussle
I lost 23-25% of my portfolio..... I guess I'm doing it wrong.......

This should make everyone feel better...... Stay calm, the government will handle this correctly......:rolleyes:

Production at the nation's factories fell into a virtual tailspin in September, declining by the largest amount in nearly 34 years, according to a report released by the Federal Reserve on Thursday.
 
You must log in or register to reply here.
Top