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United States Heading towards a Depression?

Discussion in 'Politics & Religion' started by decoyjames, Dec 27, 2007.

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  1. domainer_10

    domainer_10 Peon

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    #3001
    Im south of Modesto. But its about the same distance from the bay area. It's crazy how far people were commuting. Actually thats how my dad moved out here originally, to commute, but he quit doing that after 9 years.

    Thats one reason how the housing bubble got so big in california, people were willing to move miles outside of town just to buy a house.
    SEMrush
     
    domainer_10, Nov 18, 2008 IP
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    SEMrush
  2. Mia

    Mia R.I.P. STEVE JOBS

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    #3002
    Understood. Thanks for clarifying. I was starting to get the impression the area had turned to complete crap. The stereotype is pretty dead on though.

    Its ironic that they would use solar panels to power their grow lights though.

    I think you hit the nail on the head with your "stupid people have internet access" comment. Pretty much sums it up. That's sad really because it leaves an impression in ones mind that is generally to the contrary of reality.

    Case in point. There was a guy from the UK on the VROD forums I am on the other day that asked if he would be safe in a bar in the US if he got in an argument. He asked if it was still ok to shoot a person if they tried to start a bar fight.

    You really have to wonder if adding more BBC 1 2 and 3 channels really did anyone any good over there. Scary.
     
    Mia, Nov 18, 2008 IP
  3. debunked

    debunked Prominent Member

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    #3003
    I was kind of mixing a few guys together (sarcasm to get a point across) but it wouldn't surprise me if guys who want "off the grid" can't because the grow lights take too much power. On the other hand you need to be careful when hunting because the traps they set can be deadly. Don't go investigating what may look like an abondoned shack unless you can see the daylight through it, or there may be daylight shining through you.

    They have made so many busts in this area the last few years. Most of it is grown on federal land that backs someone's private property. That way if "they" get caught, it wasn't theirs.



    I thought the USA had all exclusive rights to stupidity. (And things like debt, bad financial decisions, housing crash, etc....)
     
    debunked, Nov 18, 2008 IP
  4. Mia

    Mia R.I.P. STEVE JOBS

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    #3004
    No, we've been exporting that for some time now.
     
    Mia, Nov 18, 2008 IP
  5. leandar

    leandar Well-Known Member

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    #3005
    in India i don't get house loan if i am not 2 year income tax person, how about US ?
     
    leandar, Nov 19, 2008 IP
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  6. Mia

    Mia R.I.P. STEVE JOBS

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    #3006
    It used to be in the US you needed 20% down and some decent credit. The problem in the US is that some dimwit Jimmy C and another nutball, Billy C decided to start and continue the CRA.

    This mean, Nothing down, nada...

    When you have no vested interest in your home, how can the bank trust that you will continue to pay your mortgage.

    People in the US need to be made to put their own interests at risk as well as others when borrowing. That used to be the way, and is slowly becoming the norm again.

    There are and should be exceptions to this rule, GI Bill for one. But CRA? It should be shit canned along with ACORN, FANNIE, FREDDIE, and any other lousy crap hole government created abortion.
     
    Mia, Nov 20, 2008 IP
  7. Jackuul

    Jackuul Well-Known Member

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    #3007
    When that bank is Bonanno Bank and Trust.
     
    Jackuul, Nov 20, 2008 IP
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  8. earlpearl

    earlpearl Well-Known Member

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    #3008
    Despite you're repeated comments on this issue, which have been proven to be false, politically motivated statements, again and again.....there is brutally strong evidence that CRA specifically was not the cause of the mortgage meltdown....and Fannie and Freddie had only partial responsibility as this article with research shows.

    The mortgage industry went hog wild making sub prime loans and making loans with nothing or virtually nothing down.

    From the article....
    Even as Fannie and don't make loans...they buy the loans and either hold them or sell them. Most of the bad loans were not resold by Fannie or Freddie. They were sold by private institutions.

    Fannie and Freddie did loosen regs...but they are not the primary cause of millions of bad loans that you reference....loans with nothing down....or something you didn't reference...sub prime loans with teaser rates and adjustable rates.

    The business environment went nuts with loans.

    In fact state banking regulators wanted to investigate the sub primes for predatory lending practices and were blocked by the Bush administration.

    Of anecdotal interest I was reading how Chevy Chase Bank, a DC/Virginia/Maryland bank is having problems. Why....a mortgage department they have since shut down that was going hog wild making loans in California and Nevada.

    Nothing CRA oriented about that bank.

    I'd suggest you look to some other sources besides CRA, Fannie, and Freddie to spread blame for this fiasco.

    Financial institutions love making loans and making fees. The like it when nobody looks over their shoulders.

    Maybe some regulatory bodies should watch them and measure their output.
     
    earlpearl, Nov 20, 2008 IP
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  9. LogicFlux

    LogicFlux Peon

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    #3009
    This is a complicated crisis with many contributing factors. It's clear that pretty much everyone offering a simple cause of the problem are motivated by partisan politics.

    I watch Charlie Rose every night. He has Wall Street CEOs, economists, politicians, all the big brains on the subject and I hardly ever hear them talk about the GSEs or the CRA. It's not because they didn't play apart but it's because they're not the things that loom large in the expert's minds. What most of them do mention, however, almost invariably if they talk long enough, is all the money in the system.

    Good example, Ted Forstmann, head of private equity firm Little & Company, talks about easy money starting at about 2:40 here.

    Here's another good source citing a lot of the important occurrences that lead or contributed to the problem.

    Paul Krugman won the Nobel Prize in economics this year and he said Freddie and Fannie didn't cause the crisis.

    Krugman is not unbiased, but neither are the people offering the simple and politically convenient explanation for the cause of the problem. But what Krugman has that the ones on the other side don't have is his renown as an economist.
     
    LogicFlux, Nov 20, 2008 IP
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  10. gworld

    gworld Prominent Member

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    #3010
    This is true.

    debunked
    mia
    Gtech
    little willy
    ....
    ...

    :D:D
     
    gworld, Nov 21, 2008 IP
  11. Agent_Dweeb

    Agent_Dweeb Peon

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    #3011
    ^ Weren't you banned?
     
    Agent_Dweeb, Nov 21, 2008 IP
  12. smatts9

    smatts9 Active Member

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    #3012
    With a strengthening dollar and demand destruction watch oil continue to knife lower.
     
    smatts9, Nov 21, 2008 IP
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  13. Agent_Dweeb

    Agent_Dweeb Peon

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    #3013
    And gworld gets banned.

    Aha.
     
    Agent_Dweeb, Nov 21, 2008 IP
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  14. debunked

    debunked Prominent Member

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    #3014
    Funny, when you have someone on ignore the line is so small you skip over it and not realize there was a post there. You should put him on ignore as well. Something tells me he ranks in the top 10 of those ignored on DP.

    Hey does a mod have that list of the top 10 ignored? (I hope I am not on there.. LOL)
     
    debunked, Nov 21, 2008 IP
  15. smatts9

    smatts9 Active Member

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    #3015
    smatts9, Nov 24, 2008 IP
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  16. bogart

    bogart Notable Member

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    #3016
    For the short term the stronger dollar is helping China.

    China will be in bad shape in the US goes into a severe recession unless they can divert their economy to improving infranstructure and domestic consumption.
     
    bogart, Nov 24, 2008 IP
  17. Mia

    Mia R.I.P. STEVE JOBS

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    #3017
    I have a feeling they will resort to eating their young to survive.
     
    Mia, Nov 25, 2008 IP
  18. bogart

    bogart Notable Member

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    #3018
    Chinese food is cheap :D China will be o.k.

    It's getting real bad already in California (8% unemployment)

    I know a contractor that s looking for work and I let him use my pc for a few minutes to look for a job. The only thing that he could find was a posting on craiglist for a plaster/dry wall/painter @ $10/hr in Hoboken, NJ. A few months ago this guy was getting $200 a day for the same kind of work. Anyways, he called them and they have already received 100 calls. :eek:

    I'm glad I don't work in construction. ;)
     
    bogart, Nov 25, 2008 IP
  19. Mia

    Mia R.I.P. STEVE JOBS

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    #3019
    Maybe some of those overpaid Hollywood actors should spread some of their wealth around and help out.
     
    Mia, Nov 25, 2008 IP
  20. bogart

    bogart Notable Member

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    #3020
    The US government's financial bailout potentially will cost around $7.5 trillion

    In comparison, the total U.S. cost of World War II adjusted for inflation was $3.6 trillion. The bailout will cost more than the total combined costs in today's dollars of the Marshall Plan, the Louisiana Purchase, the Korean War, the Vietnam War and the entire historical budget of NASA, including the moon landing

    http://abcnews.go.com/Business/Economy/story?id=6332892&page=1
     
    bogart, Nov 25, 2008 IP
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