HOUSE REPUBLICANS PUT UP HISTORIC FIGHT!

[Nilsen]

apparently, we do not need to borrow anything else... We cannot borrow anything because we are a 70% consumer spending based economy... It does not take a rocket science major to figure out that an economy like that cannot stand.  We have to retool the economy to re-energize manufacturing.  For years (with the exception of ONLY my home and I put 40% down on it) I have lived by the rule that if i cannot put my hand in my pocket and pay the money for it, in full, i do not need it.  I have done without many things and it hasnt hurt me yet.

Ive saved for things before buying them ever since i made my first $ Sure it has taken me longer to get a house of my own, a car and all the other things but when i got em it was mine and not on loan from a bank. Have never payed a $ in interest to any bank, but they have payed me for loaning my money. Im 33, debt free, fairly new house by the ocean, a car and two boats. Didint get either (incl a car that most kids borrow for as soon as they get their license) until i was 30 but thats the price I payed to owe money.

I dont spend what i havent got.

[Nilsen]

we don't need more regulations, we need the government to quit tinkering.  they made the mess by agreeing to back loans that should have never been made and would have never been made under normal RISK... the government, as i posted above, caused an orgy of irresponsibility

Yes to more regulations. Everyone knows that, even your government.

[Nwbie]

Are they going to go after the independent housing appraiser market?
Loans would never be approved if appraisers didn't go along with the ball game.

[WilldCrd]

glad I diversified my 401k earlier this year. I'm actually making money!!! 
I damn sure didn't want the bailout as written 

[Maniac]

Yall vote NO and i will make more money.  

Still think a yes with a healthy reform of wall street regulations will be the best long term, but as long as i can line my pocket with increased interest on my savings then so be it

Dude, if you indeed have alot of savings, then its time to get rich... Invest in houses or the stock market, take your pick. Let it fall another six months before you go in.

[Nwbie]

Not true! I'm closing on a loan this Friday...

Have you talked to your bank jaged?
Neighbor just got a call- his business short term loan up 3% this week - he won't make payroll. Will need to layoff 20 guys this week, he floats his payroll weekly on outstanding income from his clients. He said his banker said most banks are going to that position, can't count on the future, what if your clients go under? he was asked. Overnight paper market runs this economy, and it is dried up solid.
Don't be surprised if your bank backs out of the loan, hope not for your sake, but be prepared.

[Mr No Name]

Yes to more regulations. Everyone knows that, even your government.

no, they are the people that caused the mess - i do not trust them to fix it.  they need to get out of the way.

[Maverick]

LOL.. did you invest poorly?

The money is gone... the bill will not bring it back.

Actually no, I didn't invest poorly. I am also aware that the stock market has an impact on things far beyond just the day traders and stock brokers. I am also aware that the fall out can land a long ways away form the board room and the folks who stand to lose the most are those little guys who work for a living in any industry that has a tie to the market. That happens to be quite a few of them.

The losses to date are heavy. Refusing to stop the loses just guarantees additional losses of currently solvent operations due to the lack of liquid cash exchange possibilities and transactions. Business has to go on in order to have a market for anyone to be able to function. As soon as business starts to halt, the jobs will decline as we have already seen. A company that can't function makes no revenue, hires and pays no workers and provides no product. The market is more than just passing paper and counting stocks and involves more than just the stock of a single company or bank. All the other businesses related to that company will also take a hit further spiralling the impact outward. This situation will not stop at the NY stock Exchange property lines, it will continue for some time and spread accross the global markets. They are all integrated in the global economy and the impact of one will be felt in all of them.

It's all well and good to say the boat you are in sucks and we need a new one but if you don't stop the leaks you can't build the replacement once you are treading water. You might hate the captain and the engineering staff but that won't matter much when it sinks.

[Sixpence]

you made the wise choice and bought what you could best afford. i understand supply and demand... but by the government tinkering and opening up loans to people who should not have gotten them, they raised the price on your home significantly... or kept you from affording a better home that you could have had for the same price.  government interference with the free market nearly always ends in disaster

Oh, of course, I was trying to wait for the bubble to burst, but it was taking a long time, and I was starting to wonder how long it would be. So I bought low end(I worked for a contractor a long time and know a few I grew up with in other trades) and did some work to it.

It was what I called an equity driven economy. You see, a byproduct of all this was that people who owned their homes for a long time or were given one(inherit), all of a sudden had hundreds of thousands in equity to borrow. They put on additions, put up fences, bought a summer home, bought luxury vehicles(or two), bought boats, put in a new pool. They had all this equity to borrow and spend, and spend they did, like a wall street banker.

I think around here, at least in the nice areas, the values will rebound or stay the same. The places like Lawrence, Lowell, Brockton, the not so good areas where homes were really over valued, they will drop like a lead balloon, and already have.

[kamilyun]

Man where do you live!  I don't think there is a house anywhere near me that values even close to 600k.  I know of 1 that they want about 300k for, but its like 5bedroom 3 full bath, and has an inground pool with a 2 acre lot.

S. Florida.  Do a search on zip code 33157 and see what homes are selling for.  This is a fairly average neighborhood.  Anything in Coral Gables is about 40% more just because of the town name.  Drive down the street and you'll see 500K to 2 million dollar homes.  I walked through a 750K "fixer upper" just for giggles on an open house weekend.  It's shocking.

[Bodhi]

With all due respect, if this gets as bad as many think, YOU won't be paying your mortgage.  Your payroll will not go through.... credit/loans is where that comes from.  Your personal credit cards... they're loans remember?...won't work.  Try to buy a car.....nope.... house... nope....  money for school for your kids....nope.

If you are carrying ANY debt right now... you must call yourself PART of the problem.  Not just Wall Street investors caused this problem.

I don't think many of you understand the gravity of the situation.

My finances are in order.  How about yours?  I can pay my mortgage for four to five years based on what we have.  I will have work one way or another for another five years minimum.  If need be, one of us could work, and the other could concentrate on gathering, we would still be able to pay our bills.  I can assure you that my wife will always be working as she is in a needed industry.  

I understand the gravity of the situation quite well.  I also am able to rely on myself, my wife, and our family and friends to survive if need be.  Can you?  Will you be able to survive off the environment among the 30 million in your state?  I know we can especially considering the vastness of the west and our population density and the most important first culling if it is going to get as bad as I think.

[Bodhi]

Something else to think about and it's already happened. People that spread their money across several accounts to get the 100k protection on each account were out of luck with indymac. The FDIC only covered the first 100k, reguardless if they had seprate accounts or not.

Can you provide a link to that?

[Nilsen]

no, they are the people that caused the mess - i do not trust them to fix it.  they need to get out of the way.

No it was the lack of regulations that allowed rotten loans to be pushed around the system. The warning lights have been flashing for a pretty long time but the financial market was left to do what it did because it was not correctly regulated and looked at.

[Chalenge]

This is going to get passed one way or another. The problem is our politicians are in a fit to do something ANYTHING before they recess for elections so they are not engaging any brain matter on this.

You know our economy would heal itself with just twelve months of no income taxes. Congress isnt smart enough to see it though.

[Nilsen]

Dude, if you indeed have alot of savings, then its time to get rich... Invest in houses or the stock market, take your pick. Let it fall another six months before you go in.

Im happy with the way im standing right now. Does not feel like the best time to get into the market again now. I will however have a look at the prices on appartments in Oslo closer to christmas. Prices are still falling abit and will continue for some time. The preassure on housing in central parts of Oslo will always continue to rise in the medium to long term, but i dont think the bottom has been reached just yet. If some interesting objects comes my way i may still take the chanse though. Not with borrowed money though.