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Huge Bailout Proposal--$700 billion--Suck the bad debt out of the financial system

Discussion in 'Politics & Religion' started by earlpearl, Sep 20, 2008.

  1. bogart

    bogart Notable Member

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    #121
    If the top 20 banks stop paying dividends they can save $40 billion a year.
    SEMrush
    New home prices are down 11.4% from July 08 to August 08 and 1st time claims are 493,000 this week.

    Home prices could decline another 30% in the bubble markets. Even with a $700 billion bailout we will have another crisis 6 months from now.
     
    bogart, Sep 25, 2008 IP
    SEMrush
  2. Divisive Cottonwood

    Divisive Cottonwood Peon

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    #122
    Divisive Cottonwood, Sep 25, 2008 IP
  3. Divisive Cottonwood

    Divisive Cottonwood Peon

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    #123
    I was listening to an economist on the radio this morning saying, Actually the bad debts are probably about double the $700b...
     
    Divisive Cottonwood, Sep 25, 2008 IP
  4. oregonthunder2

    oregonthunder2 Active Member

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    #124
    oregonthunder2, Sep 25, 2008 IP
  5. oregonthunder2

    oregonthunder2 Active Member

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    #125
    I have been watching two sides of opinions on this thread (mainly between HomeBiz and PioneerGold). First, I will tell you my situation and then make some comments on your interactions.

    I am one of the people who bought my first house in the year 2007, when housing prices were at it's highest. I am a disabled veteran who rely's solely on Compensation from the government to survive.

    My whole life, I wanted a piece of ground to call my own, to have the pride that so many others take for granted...to be a home owner. To have the ability to customize your living space around you without having to ask somebody else for permission is a great freedom that should be available to anybody in America who has a right to live here.

    I has taken 10 years, applying for home loans about once a year. Watching my credit like a hawk. Buying credit by getting a few credit cards. Anyways, I have fought tooth and toenail in the hopes that one day I might be able to get a loan.

    I have never been late on a payment, however, inflation is out of control and each year I get poorer because my income will only get a 2.5% increase for the coming year. While inflation for 2007-2008 was 6% and even will be even more for 2008-2009. Which is why I am building websites to help cushion this economy.

    Check the Dept of Labor for some interesting stats on inflation.

    Here are some stats that I pulled off various areas of the site.

    These are stats of inflation from Jan to Aug 2008

    Gas Prices rose 22.1%
    Food Prices rose 7.5%
    Natural Gas Prices rose 47% (This is going to be a tough winter for a lot of folks, expect higher energy bills)
    other forms of energy rose 33%
    Ironically, Rent Prices have rose 4.6%

    Okay let me address HomeBiz:

    I think you should thank your luck stars, that you are intellegent enough to be able to invest wisely and to be a good stewart of your money. I am not bashing (let me explain).

    Even poor people dream of owning a home. Sometimes their lack of intelligence, circumstance (such as myself being a 100% disabled vet), or other factors may keep good Americans from living the American dream.

    As a white person, let me now address PioneerGold,

    What I am about to say may sound racist, but it is not. (I want to state this before you jump on the racist bandwagon).

    As a white person, who has in the past had extreme work ethic, have worked besides minority people (mainly blacks). Some black people work very hard, but...in my experience around 80% I found to be lazy. And it really pisses off a person who works hard (no matter what color they are) that has to pick up the slack of others.

    I have talked to other whites (that are not racist), they have just observed the same thing. I have never had a preconceived notion about anybody, and take them as they come and make my judgements based on the individual no matter what color they are.

    However, I believe minorities (whatever that really means, because on the other hand, I have observed that Hispanics usually have a very good work ethic, especially field workers.) have made a name for themselves based on their race and people tend to look at the stereotype.

    My basic rule is to take every person one at a time, because I have also met a handful of lazy white people also. So this is not a bash on one race.

    Minorities tend to be on social services much more than whites, which is why we tend to suspect that minorities are looking for free handouts. Statistics don't lie!

    fyi White people hate when others play the race card. What HomeBiz said came straight from the whitehouse, he provided documented proof! And I don't think it was a deliberate attack on minorites.


    As far as this 700 Billion Dollar Bailout I am totally against it! The problem is with those wanting to raise the prices of homes faster than the rate of inflation and turn a quick easy buck.

    This country has been in trouble for a very long time, and it will only get worse!

    I say get rid of the federal reserve and make this country a Republic again.
     
    oregonthunder2, Sep 25, 2008 IP
    debunked likes this.
  6. pizzaman

    pizzaman Active Member

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    #126
    [​IMG]
     
    pizzaman, Sep 25, 2008 IP
  7. Firegirl

    Firegirl Peon

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    #127
    PioneerGold: have you been watching any of the hearings that have been going on during the day?

    I have been listening/watching them via CNN while at my desk, and boy oh boy, you would have been so pissed today. Most of the discussion at the beginning of the meetings had to do with WHY the housing crisis happened. They had this one lady on (didn't catch her name because I was interrupted and CNN is so bad at not showing the names of who is speaking) that was being asked why this came about. Her answer (a summary of what she said, mind you): "well, we had this bright idea that everyone should have the American Dream, even the poor and MINORITIES that can't normally afford a home...." She went on and on about how we had to give minorities the same American Dream that everyone else has, so that's how we got stuck with these wonderful subprime loans.

    I guess my point in telling this is that you can be pissed at people in this thread all you want but it's not going to change the truth. These loans were created under the guise of helping the poor and minorities afford a home, although we all know that it was greed that really had control (they just wanted to screw anyone and everyone, including the poor and minorities, out of as much money as possible). So I really don't understand why you are crapping on Homebiz for stating the truth. He's not racist, just truthful. If you want to go huff n' puff and beat your chest at someone, go bitch at the people that created this mess (that are now going to be $700 billion richer because of it, too).....
     
    Firegirl, Sep 25, 2008 IP
  8. smatts9

    smatts9 Active Member

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    #128
    No more bad talking about Comrade Paulson, you don't know his abilities.

    [​IMG]
     
    smatts9, Sep 25, 2008 IP
  9. Bernard

    Bernard Well-Known Member

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    #129
    email from Ron Paul:
     
    Bernard, Sep 25, 2008 IP
  10. alstar70

    alstar70 Peon

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    #130
    Exactly the point I was making - $12 Trillion!!! $800 billion is just a pay off for rich interests. Bush who got the country/world into this mess with his obsession on oil - and hence the middle east - failed to look after the home economy. They now are trying to "Buy Off" a recession - to save Jobs and avoid a depression - or maybe just give the fat cats time to position themselves to take advantage of the coming recession/depression - I've said in other threats/posts that the US debt has to be paid sometime or have a mass bankruptcy, sometimes it is better in certain circumstances to swallow the bitter bill and start again - juggling the credit cards isn't going to fix the underlining problems.
     
    alstar70, Sep 25, 2008 IP
  11. pizzaman

    pizzaman Active Member

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    #131
    it seems that republicans are offering something like this but WH is rejecting it.
     
    pizzaman, Sep 25, 2008 IP
  12. PioneerGold

    PioneerGold Well-Known Member

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    #132
    At least we both agree the problem is the Federal Reserve and these bailouts.

    Forget race, minorites, black/white/Hispanic for a moment.

    What irritates me is when people try to point fingers for their own screwups.

    When things were going great, it's because the system works. When things don't, let's blame (insert some powerless, arbitrary group).

    This group could be immigrants, it could be the poor, it could be minorities, it could be Arabs, etc.

    This is more cowardly scapegoating that has been a part of this government for quite some time. And nothing ever improves because people keep buying into the lies instead of trying to find real solutions and solve real problems.

    Oh, yeah. Wall Street really wants to help the poor and minorities.

    I guess they couldn't just give the money away, they had to arrange it so these people are SWAMPED with debt.

    Why not invest in the poor and minorities through job creation, job training, home construction cooperatives, infrastructure investment programs, and the like.

    Why did they only choose to enslave these people with mountains of debt?

    Yeah, putting another man into debt is such a noble gesture.

    And, all of you are making the assumption all minorities have sub-prime loans.

    How racist is that?
     
    PioneerGold, Sep 25, 2008 IP
  13. WebdevHowto

    WebdevHowto Peon

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    #133
    I am soo screwed. I live in Europe and all my income is based on the US dollar.
     
    WebdevHowto, Sep 25, 2008 IP
  14. bogart

    bogart Notable Member

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    #134
    The prices are coming down but no one paying their mortgage is losing their home. People that bought at the height of the market back in 1987 saw their recover in price by 1995 and in some markets triple by 2007.

    In the long run, you have a place to live in and enjoy. That's the best reason to own a home.

    I've spent a lot of time south of the border. Believe me campesinos (field workers) south of the border are lazy. Perhaps it's the ones that come here that are looking to work. Immigrants of any race tend to be hard working. The Irish were said to be lazy by the English but the Irish that came to America made a good name for themselves as hard working.

    The same 'predatory lending' logic applies to 'rent to own' cars and funiture.

    Buy American :D I used to buy European beer and wine but now I drink domestic.
     
    bogart, Sep 25, 2008 IP
  15. earthfaze

    earthfaze Peon

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    #135
    Simple solution for the future. Teach economics and how to calculate the interest on a mortgage in the 8th grade.
     
    earthfaze, Sep 25, 2008 IP
  16. bogart

    bogart Notable Member

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    #136
    When the economy is good nobody cares.
     
    bogart, Sep 25, 2008 IP
  17. WebdevHowto

    WebdevHowto Peon

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    #137
    Lol, I buy domestic because even the crap US Beer is twice the price here and they have local beer that is much better. Not better than the micro brews, I do miss those. I also miss the value of my freaking dollar. Where the heck did that go?
     
    WebdevHowto, Sep 25, 2008 IP
  18. earthfaze

    earthfaze Peon

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    #138
    Apathy is an epidemic in this country especially with young people. I don't have a solution for that though :(
     
    earthfaze, Sep 25, 2008 IP
  19. bogart

    bogart Notable Member

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    #139
    A lot of people are going to learn the hard way.
     
    bogart, Sep 25, 2008 IP
  20. pizzaman

    pizzaman Active Member

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    #140
    pizzaman, Sep 26, 2008 IP