roosmom
Almost Self-Reliant
Congress has not passed the bail out.
congress passed and now intnl stock market...#2
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the simple life
Yard Farmer
Just saw that on BYC, big thread going on there right now about it.
enjoy the ride
Sufficient Life
Congress will have at it again- hopefully with less give aways for the rich and more for homeowners and people hoping to borrow for a home now. And people who need business loans.
Wall Street's hysteria will mean a rough ride for a little while though til adjustments are made. I just hope that people's pension plans and annuity holders have already stashed most of the money somewhere more safe than the stock market. There was enough warning about this.
Wall Street's hysteria will mean a rough ride for a little while though til adjustments are made. I just hope that people's pension plans and annuity holders have already stashed most of the money somewhere more safe than the stock market. There was enough warning about this.
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roosmom
Almost Self-Reliant
Yes congress will have at it, and I certainly pray that they stand their ground. There is a lot that I want to say, but I have a headache. LOTS, and I dont really want to piss people off, I enjoy belonging to this forum. So I will shut up and bear my pain...
FarmerChick
Super Self-Sufficient
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HA HA roosmom---you probably won't piss people off...we probably all feel the same way!!!!
wall street dropped 778 points.....lowest in history (I think) they said....walking thru the living room and caught that on the news..LOL..while making dinner..LOL
more worse times are coming...this is far from over just yet. recovery has not started. hmmm....everyone hang on and be frugal and self sufficient as possible! We are doing alot more than others taking responsibility for our own life as much as we can!
wall street dropped 778 points.....lowest in history (I think) they said....walking thru the living room and caught that on the news..LOL..while making dinner..LOL
more worse times are coming...this is far from over just yet. recovery has not started. hmmm....everyone hang on and be frugal and self sufficient as possible! We are doing alot more than others taking responsibility for our own life as much as we can!
i don't want to see a bailout where the big bosses still make their big paychecks but i can imagine the breakdown and panic that a run on the banks would cause. i think that they are just delaying the collapse of a screwed up system.
enjoy the ride
Sufficient Life
There will be some pain with this but no where near as much as chicken little has been saying when interviewed by the national new.
The idea that was street investment firms have cobbled together investments out of thin air- derivatives, or threw lent their money to people they shouldn't yet expect recover all the money they squandered at taxpayer expense is offensive to me. They will just go at it again.
If they were really honest people they would have been negotiating with home owners to keep them in their house, if at all possible, while being willing to take some loss for their own bad judgement.
I had made a suggestion that Congress should have the homeonwers get their houses appraised by the holder of the note. The holder of the note then converts the loan to a normal fixed rate plus a small amount for expenses on the old appraised value. Then Congress would cover the difference in interest due between the current and the old value of the loan as a tax credit to the home owner for a period of 2-5 years. Then a new appraisal at the end of that time is done, the holder of the note agrees to finish the loan out with the re-evaluated value at the fixed rate.
The advantage is that the housing market has a cooling off period, the homeowner is given the money to keep his house and the note holder is guarenteed to get most of his money back (full value for 2-5 years and the rest of the note at a rate that is payable) but not all and the cost to the govenment is minimal.
But instead they decide everyone is a loser.
There will be some pain while the markets decide who is a good risk for lending money and who is not. But Wall Street's whole purpose is to make money on speculation and they will find a way to do it again.
These is still an awful lot of money floating around to be invested and it won't be long before the complaints will be about low return rather than risk of capital.
Hopefully banks are still well enough capitalized that most can stand through this and FDIC will be able to cover the rest.
Notice the news media said largest point drop-not greatest per centage drop. A 600 point dsrop in a 6000 market is a higher per centage than a 770 drop in an 11000 point market.
The idea that was street investment firms have cobbled together investments out of thin air- derivatives, or threw lent their money to people they shouldn't yet expect recover all the money they squandered at taxpayer expense is offensive to me. They will just go at it again.
If they were really honest people they would have been negotiating with home owners to keep them in their house, if at all possible, while being willing to take some loss for their own bad judgement.
I had made a suggestion that Congress should have the homeonwers get their houses appraised by the holder of the note. The holder of the note then converts the loan to a normal fixed rate plus a small amount for expenses on the old appraised value. Then Congress would cover the difference in interest due between the current and the old value of the loan as a tax credit to the home owner for a period of 2-5 years. Then a new appraisal at the end of that time is done, the holder of the note agrees to finish the loan out with the re-evaluated value at the fixed rate.
The advantage is that the housing market has a cooling off period, the homeowner is given the money to keep his house and the note holder is guarenteed to get most of his money back (full value for 2-5 years and the rest of the note at a rate that is payable) but not all and the cost to the govenment is minimal.
But instead they decide everyone is a loser.
There will be some pain while the markets decide who is a good risk for lending money and who is not. But Wall Street's whole purpose is to make money on speculation and they will find a way to do it again.
These is still an awful lot of money floating around to be invested and it won't be long before the complaints will be about low return rather than risk of capital.
Hopefully banks are still well enough capitalized that most can stand through this and FDIC will be able to cover the rest.
Notice the news media said largest point drop-not greatest per centage drop. A 600 point dsrop in a 6000 market is a higher per centage than a 770 drop in an 11000 point market.
i'm afraid that the fdic will be run bankrupt. they can't back up the big banks so they have seized them and then sold them off. if a panic happens and the public makes a run in the bank i am afraid that will start a chain reaction. most folks don't keep cash on hand or couldn't live without an atm. some don't realize the number in their acct is not backed up with real bills. from what i have seen of the la riots and katrina, panic is easily spread.
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roosmom
Almost Self-Reliant
Now you all know that all they are going to do is reword it and send it thru again, and it'll pass. DISILLUSIONED, thats me. No I do not want to see people lose jobs, money or houses. Nor do I want to see people go hungry. We ALL need to wake up and do something that will not be pleasant. Like stop eating out all the time, renting movies constantly, running to the store on a whim, drive that new car for a few extra years, shut the lights off when you leave the room, make your kids go out and play, realize that kids dont need all the stuff they have, we can go out and mow the lawn, rake the leaves, we dont have to have a riding lawn mower or garden tractor, we can shovel snow, we can do more preserving, canning, and the list goes on. I am losing my retirement like everybody else. I am worried about the job cuts here also. I am worried about my insurance. BUT, I am holding out the hope that this is the begining of a new start. We all know that there is something wrong with the whole ******** works. We need to try to fix this screwed up mess we have gotten ourselves into. WE, as in WE THE PEOPLE.
My hubby probably will lose his job. WE WILL SURVIVE. Maybe not well, but we will. I wish I had time to type more on this but I dont, not at work anyway. Anyway this is JMO.
My hubby probably will lose his job. WE WILL SURVIVE. Maybe not well, but we will. I wish I had time to type more on this but I dont, not at work anyway. Anyway this is JMO.
