Damn Obama!!!!!!!! Look what he is planning next!!!!!!

[Guns]

But I blame the consumer is responsible for 80% and 20% banks. Just b/c the funds were easily lent doesn't mean they needed to borrow. Just b/c there is shitty food pumped out by McDonalds doesn't mean you are forced to eat there. If the borrowers were more responsible, the loans the banks were offering would have been irrelevant.

I disagree. The average consumer relies on advice from certain professionial advisors...including their banker. If you have a banker shoving money in your face, often loaning on inflated appraised values, most consumers are going to accept the terms, and sign the loan in good faith. Often times interest only was the repayment term. Doesn't get any more irresponsible than that.

Once the loan closes, the responsibility is with the consumer. They should be able to control spending, but many can't. Often family emergencies occur. Others take extended vacations. Either way they end up over extended.

Both are equally responsible in my mind.

[Jamaicanman]

The consumer and the banks are both at fault. If you had a pulse, you qualified for a loan. The banks aren't blameless here.

The Great Depression was caused by many factors, primarily the borrowing on margin of overpriced stocks. October 1929 came, and people were bridge jumping. Same scenario, except this time it is real estate instead of stocks.

Consumers for the most part rely on the advice of their bankers, and the bankers weren't exactly closing the vaults.

Now the average person or business is being shut off by these same bankers that were welcoming them with open arms 2 years ago.

But I blame the consumer is responsible for 80% and 20% banks. Just b/c the funds were easily lent doesn't mean they needed to borrow. Just b/c there is shitty food pumped out by McDonalds doesn't mean you are forced to eat there. If the borrowers were more responsible, the loans the banks were offering would have been irrelevant.

[Spark]

Now the average person or business is being shut off by these same bankers that were welcoming them with open arms 2 years ago.

[Guns]

Everyone (homeowners) is affected by this unfortunately. But you rarely, if EVER, hear about the person who is underwater b/c they bought their house for 200k, shot to 400k during the insane times, cashed out 150-200k in equity, essentially treating their house like an atm, and are now whining or walking away. Guess who gets stuck with that lost money they stole? But I have never seen anyone (and it's a lot) like that used as an example of one of the causes of this problem.

The consumer and the banks are both at fault. If you had a pulse, you qualified for a loan. The banks aren't blameless here.

The Great Depression was caused by many factors, primarily the borrowing on margin of overpriced stocks. October 1929 came, and people were bridge jumping. Same scenario, except this time it is real estate instead of stocks.

Consumers for the most part rely on the advice of their bankers, and the bankers weren't exactly closing the vaults.

Now the average person or business is being shut off by these same bankers that were welcoming them with open arms 2 years ago.

[Jamaicanman]

Everyone (homeowners) is affected by this unfortunately. But you rarely, if EVER, hear about the person who is underwater b/c they bought their house for 200k, shot to 400k during the insane times, cashed out 150-200k in equity, essentially treating their house like an atm, and are now whining or walking away. Guess who gets stuck with that lost money they stole? But I have never seen anyone (and it's a lot) like that used as an example of one of the causes of this problem.

[Spark]

Continue on men ...




I get sick when I think how much my house dropped in value over the last 2 years ... it is horrible on everyone ...

[Spark]

Thanks Spark, that dude had an agenda, just look at his first post.

I ain't fraid of no ghost. Spark = Ghostbuster.

I banned him out of a thread yesterday for doing the same thing ... he did not take that hint ... now he is banned from the site ... he had one and only one reason for being here ...

Nothing worth writing....

I agree

[buddyluv1968]

And I mised it.Now it's killing me to see what the moron said.

Nothing worth writing....

[Guns]

Thanks Spark, that dude had an agenda, just look at his first post.

I ain't fraid of no ghost. Spark = Ghostbuster.

[vols fan]

Oops, I spoke too soon.

Cody could not contain himself.

And I mised it.Now it's killing me to see what the moron said.

[vols fan]

You have jobs, health and a roof over your head. You have peace of mind. I hope you know that is worth more than anything else....

Buddy,I have to hire and fire people so I agree 100% about peace of mind.Nothing worse than having to let someone go that is a good guy and has a family. I know some of the people at home without jobs have worked there ass off and none of my posts are a shot at them.I hope anyone reading any of this knows that. Like the woman you are dealing with.Thats bad luck.My dad is a big dog in my company and been there 25 years. 5 years ago he was ready to retire and ready to buy a condo on the beach.Now he is 61 and is waiting for another 2 years to get that. He will tell you that lot of people are way worse off than he is.He got put back a couple years.Alot of people are being put back decades.

[flarendep1]

Oops, I spoke too soon.

Cody could not contain himself.

[flarendep1]

Good thread Buddy, very informative without any bickering.

Good luck with your business.

[vols fan]

Vols you and your wife is very blessed. You have jobs, health and a roof over your head. You have peace of mind. I hope you know that is worth more than anything else....

Thanks buddy and me and Dixie thank God everyday for what we have.It ain't much but BY GOD it's ours.

[buddyluv1968]

Hell buddy I don't have an answer for what would stop the bleeding either.I agree that it's an attempt to fix things but it sucks for all the people who have struggled and made it to see people sit back and get bailed out.That should bother every person who has ever wondered how they are going to make the next bill and buckeld down and did it.Lif ain't easy and it's time people learn that

Vols I see your point, it bothers me too. I remember working at my first job at Nations Bank in the mid 90's and I only made 20k per year. I worked hard, did the right things but at tax time I had to always pay. I had no kids, lived right and I always had to pay taxes at the end of the year. I remember the single women with kids that I worked with always got back thousand of dollars from taxes but they did not pay as much as I did. Looking back I'm glad I was not in the positions that they were in. My upside was so much better because I did not have the pressures that they were going through.

Vols you and your wife is very blessed. You have jobs, health and a roof over your head. You have peace of mind. I hope you know that is worth more than anything else....