Rythos Posted November 13, 2008 Share Posted November 13, 2008 http://money.cnn.com/2008/11/12/news/economy/paulson/index.htm?postversion=2008111218 This as CNN reports that over 85,000 homes went into foreclosure in October alone, and a total of 936,439 homes have been lost to foreclosure since the housing crisis hit in August 2007. Silly liberal media and their focusing on nearly a million people loosing their houses. Lets keep the focus of the 700 million on keeping the banks liquid, that way we can avoid being classified as Secret Socialists or Dirty Wealth Re-Distributors! Well, maybe not..... Ry Link to comment Share on other sites More sharing options...
Beavah Posted November 13, 2008 Share Posted November 13, 2008 Yah, I think right now da Federal Reserve and Treasury are conductin' one great big uncontrolled experiment, eh? With da competence typical of the current administration. B Link to comment Share on other sites More sharing options...
evmori Posted November 13, 2008 Share Posted November 13, 2008 Wonder why there are so many foreclosures? Link to comment Share on other sites More sharing options...
Aquila calva Posted November 13, 2008 Share Posted November 13, 2008 "Lets keep the focus of the 700 million on keeping the banks liquid" Shouldn't that read "700 BILLION?" A little difference! The legacy will be ..... "Bush bankrupted America." Hang in there folks. It's going to be a rough ride. Link to comment Share on other sites More sharing options...
scottteng Posted November 13, 2008 Share Posted November 13, 2008 There are so many foreclosures because they were selling houses to people that did not have the track record or the income to buy the house. They had teaser rate adjustable that people were stretching to pay the introductory payments then the mortgage adjusted and they could not afford the payments anymore. The other foreclosures were people that ratcheted up their debt thru consolidations to the point where there was no equity left then the market went south and they walk away. Some of the foreclosures are on people that have purchased another house in the same neighborhood paying substantially less due to market conditions. There is no reason to be bailing most of these people out. The majority of home owners are paying their mortgages as difficult as that can be sometimes. Link to comment Share on other sites More sharing options...
evmori Posted November 13, 2008 Share Posted November 13, 2008 Good answer scottteng. I would also add there are a lot of elderly you bought into the reverse mortgages & out-lived them! Link to comment Share on other sites More sharing options...
SR540Beaver Posted November 13, 2008 Share Posted November 13, 2008 Let's not forget another factor that we have lost a ton of middle class manufacturing jobs to other countries. Those lucky enough to find another job usually do so at a lower salary. Link to comment Share on other sites More sharing options...
scoutingagain Posted November 13, 2008 Share Posted November 13, 2008 Forget the $700 Billion. Over the last 3-6 months the current administration has committed to the redistribution of over $3 Trillion of our money and our childrens money. A rough ride is putting it mildly. I don't think any of us under the age of 80 have ever lived through what's coming. At one point I figured we be in a typical deep recession similar to the early 90's. Now I'm not so sure. It's likely to be worse than any of us have ever experienced. SA Link to comment Share on other sites More sharing options...
Beavah Posted November 13, 2008 Share Posted November 13, 2008 Yah, at one point I was tryin' to keep track of all da odd things the Federal Reserve was doin', and how much it was intervening not only in our market but in foreign markets. I confess I lost track around $1.5 trillion. Anyone know of a site that's keepin' score by listing all of the "Treasury or Federal Reserve hundred billion dollar programs of da week" that have have hit the streets in the last few months? B Link to comment Share on other sites More sharing options...
scoutldr Posted November 13, 2008 Share Posted November 13, 2008 Yeah...we're just going through some Class 4 rapids right now and getting soaked...it's that roar in the distance around the bend that concerns me. Link to comment Share on other sites More sharing options...
Rythos Posted November 13, 2008 Author Share Posted November 13, 2008 Sorry about that. It should say billion but I was too late in getting back to edit it. As an unofficial spokesperson for those people paying our bills on time, I would love for this housing market to swing back around. I've had a house on the market for over two years after we moved across the state. My wife and I both work and we are barely able to tread water (not without serious budget cut backs) but you begin to wonder how long you should keep putting 1300.00 a month into a house that I owe 87,000.00, have put 10,000.00 in improvements into it for the last 8-9 years, and I can't get someone to buy for 49,000.00. We were excited to be told we could short sell use our mortgage insurance and end with no house and a 22,000.00 bank loan to pay back (which should give you some idea of how sick things are) However with so many banks failing and credit restrictions tightened down, the buyers financing offer (The only offer we have had in two years) was retracted and the sale fell through. I'm a little tired of hearing about how we have to rush to save more banks who are paying dividends to share holders and exorbitant CEO compensation with government infused capital. There seems to be no end of these stories, while the number of forecloses in my area continues to drive the market prices down to the point where no one is interested in looking at a house that is listed at nearly half of what I paid when I bought it (our first house ) 9 years ago. Some days I feel like Im the idiot because I was raised to take care of my obligations. After all at some point it would probably make more sense to just dump everything into bankruptcy and start saving my cash every month towards rebuilding things. But I guess that would just make one more foreclosure on the market for someone else to deal with Ry Who has a little 3 bedroom piece of the American dream to offer you at a bargain basement price Link to comment Share on other sites More sharing options...
scoutingagain Posted November 13, 2008 Share Posted November 13, 2008 The $3 Trillion figure I gave came from an article I can't seem to find now. There are several sites trying to track the $700 Billion, BailoutSlueth.com is one. The floodgates seem to have been opened with this. I've read some 1800 banks, many who don't need the money, have lined up for a piece of the redistribution. AMEX has applied to be reclassified as a bank to get their share. Genworth was told no, so they're in near bankrupty. They must not be tight with the right people which seems to be the primary criteria as to who gets bailed and who gets to fail. The Auto manufacturer's want in as well. Now I'm reading the parts manufacturer's and dealers also want a piece. While I'm pragmatice to believe things are in a sufficient mess some government involvment may be necessary, but these companies and their executives are just slurping this up like it's free money. No pain, no consequences and there's no end in sight. As Beavah note, socialism isn't coming, it's here. Link to comment Share on other sites More sharing options...
packsaddle Posted November 13, 2008 Share Posted November 13, 2008 Rythos, man I really sympathize and in our region things aren't nearly as bad as what you describe. We are also paying two mortgages, hoping the previous house will sell this coming spring. I'm bracing for a bloodbath. While Beavah is correct about the dive into socialism that this administration has taken us along, the situation is far more profound than simply an experiment in socialism. Because of the obscene debt that we have accumulated (and a huge chunk of that came from Reagan), we are experimenting on behalf of generations yet unborn. To me that is a gigantic lie that we've perpetrated on them - either that or intergenerational theft. Link to comment Share on other sites More sharing options...
TheScout Posted November 13, 2008 Share Posted November 13, 2008 I think the real culprit is the Federal Reserve itself. The country did pretty good for itself before the Fed was created, huh? Came across a good quick explanation of the value of abolishing it recently written by Llewellyn Rockwell: "Abolishing the Fed would put a huge brake on the planning state. Without the ability to expand the money supply at will, the federal government would become about as threatening as state or local government. That is to say, the federal government would still be an intolerable imposition on life, liberty, and property; but we wouldn't be worrying about hyperinflation, large-scale bubbles in specific sectors, crazy business cycles, trillion-dollar bailouts, controls that reach into every nook and cranny of our lives, a cradle-to-grave welfare state, or a global empire that invades any and every country at will, and makes America the enemy to whole regions of the world. That's only the beginning of what the end of the Fed would mean. It would dramatically change the political culture in this country. Bureaucracies would tumble. Trade would stabilize. The investment-risk calculus would accord with the free market. The Left could no longer live out its pipe dreams of socialist utopia at our expense. The Right would have to give up its wacky notion of a world police state. The power ambitions of whole sectors of society would be scaled back." Who can disagree with any of that? Link to comment Share on other sites More sharing options...
Aquila calva Posted November 13, 2008 Share Posted November 13, 2008 The rich would get richer, the poor would get poorer, and the middle class would disappear. Sort of like the last eight years, but in faster motion. Link to comment Share on other sites More sharing options...
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