WVU
EOG Master
Market is truly crashing. Down about 500 points since the announcement
http://money.cnn.com/2008/09/29/news/economy/bailout/index.htm?cnn=yes
http://money.cnn.com/2008/09/29/news/economy/bailout/index.htm?cnn=yes
Gov't bailout fails in the House
- Thread starter WVU
- Start date
Re: Gov't bailout fails in the House
can i borrow a dime from you wvu?
my bank is wachovia.....
what a day...
can i borrow a dime from you wvu?
my bank is wachovia.....
what a day...
AK
2
Re: Gov't bailout fails in the House
You have a legal right to withdraw your entire balance no matter what size it is within 72 business hours of notifying them.
Keep a million in cash might be the best thing right now.
You have a legal right to withdraw your entire balance no matter what size it is within 72 business hours of notifying them.
Keep a million in cash might be the best thing right now.
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
House of cards got exposed in the house. How ironic. Now what?
Best wishes...OF :+clueless
House of cards got exposed in the house. How ironic. Now what?
Best wishes...OF :+clueless
WVU
EOG Master
Re: Gov't bailout fails in the House
Wachovia here too. Cash is king, time to start stockpiling and buying up foreign currencies that are a bit more stable
Wachovia here too. Cash is king, time to start stockpiling and buying up foreign currencies that are a bit more stable
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
This plan bailed out the rich corps who lost thier bets and wrote bad paper. The bailout was financed by our children, and thier children. Not only did it fail to pass, it failed to pass badly. An incredible taxpayer financial burden that protected the bankers and money people. You could sort of say the buck stops here on that vote. This is going to get very ugly, fast.
Best wishes...OF :blink:
This plan bailed out the rich corps who lost thier bets and wrote bad paper. The bailout was financed by our children, and thier children. Not only did it fail to pass, it failed to pass badly. An incredible taxpayer financial burden that protected the bankers and money people. You could sort of say the buck stops here on that vote. This is going to get very ugly, fast.
Best wishes...OF :blink:
PassTheRock
EOG Master
Re: Gov't bailout fails in the House
Looks like the rich got cock-blocked.
They will re-write a few things and then try to pass it again.
Looks like the rich got cock-blocked.
They will re-write a few things and then try to pass it again.
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
They can rewrite all they want, this horse fled the barn long ago. This is a global disaster already, much like the great depression, was started by a failed bank in Austria. Well, it is our turn this time. Every European country now is either taking over, or bailing out thier biggest banks. We are teetering on a global disaster. The real estate holding groups, and mortgage backed security groups are toast. They loaned to our bad banks. We are completely screwed no matter what. They will pass something, just what or when. Every other country in Europe is already doing that. Without credit and money moving the entire world economy will crash and burn. The worlds biggest firms are scrambling to remain solvent. Wall street is all about greed.
Best Wishes...OF
op:
They can rewrite all they want, this horse fled the barn long ago. This is a global disaster already, much like the great depression, was started by a failed bank in Austria. Well, it is our turn this time. Every European country now is either taking over, or bailing out thier biggest banks. We are teetering on a global disaster. The real estate holding groups, and mortgage backed security groups are toast. They loaned to our bad banks. We are completely screwed no matter what. They will pass something, just what or when. Every other country in Europe is already doing that. Without credit and money moving the entire world economy will crash and burn. The worlds biggest firms are scrambling to remain solvent. Wall street is all about greed.
Best Wishes...OF
op:
ZZ CREAM
EOG Master
Re: Gov't bailout fails in the House
They're all crooks and scoundrels and should be in jail with their leader, King George!
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
I thought it was 12 votes? The government is going to end up owning everything. By hook, crook or vote. They want to insure profit on this bailout. The money people will sweeten the pot and get the needed votes. They in turn will help thier puppets, buy them off and get them to pass off all debts to taxpayers. Goodbye middle class.
History is repeating itself, see preNazi Germany. Central banking doomed us to this end game.
Best Wishes...OF 2938u4ji23
I thought it was 12 votes? The government is going to end up owning everything. By hook, crook or vote. They want to insure profit on this bailout. The money people will sweeten the pot and get the needed votes. They in turn will help thier puppets, buy them off and get them to pass off all debts to taxpayers. Goodbye middle class.
History is repeating itself, see preNazi Germany. Central banking doomed us to this end game.
Best Wishes...OF 2938u4ji23
cheapseats
EOG Master
Re: Gov't bailout fails in the House
For all that is going on, its a bit odd to me that gold is only up 6 an oz. You'd think it would be heading on a straight line to 1,200...not so, at least for now...odd...
For all that is going on, its a bit odd to me that gold is only up 6 an oz. You'd think it would be heading on a straight line to 1,200...not so, at least for now...odd...
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
That sucking sound you hear is middle class America getting sucked dry. What's left to take? Real Estate prices bottoming out, financial markets in global turmoil, wall street funds just crushed. I would say almost every American is going to take this in the shorts. Just how bad is the question. The world's net wealth is falling by the minute. Looks like I picked a bad week to quit dropping acid.
Best Wishes...OF :blink:
That sucking sound you hear is middle class America getting sucked dry. What's left to take? Real Estate prices bottoming out, financial markets in global turmoil, wall street funds just crushed. I would say almost every American is going to take this in the shorts. Just how bad is the question. The world's net wealth is falling by the minute. Looks like I picked a bad week to quit dropping acid.
Best Wishes...OF :blink:
WVU
EOG Master
Re: Gov't bailout fails in the House
Most of my assets are in real estate so I find it hard to pity those getting crushed in the stock market. If the real estate market has to correct itself to about 150k average worth then the Dow also has to correct itself to about the 7-8000 level.
Most of my assets are in real estate so I find it hard to pity those getting crushed in the stock market. If the real estate market has to correct itself to about 150k average worth then the Dow also has to correct itself to about the 7-8000 level.
O'Royken
EOG Dedicated
Re: Gov't bailout fails in the House
Real Estate prices will fall no matter what.
No more gimmick loans price out all customers. We are getting back to the days of 20% down, good credit and income verfication for home lending.
You cannot make a sale if you do not have a customer. There are no customers.
The housing market will crash and crash hard back to levels of the mid 1990's.
I say at least a 66% drop in Real Estate prices!
Good news for the young americans.
Better news for those sitting with cash and took their money out of the stock market.
Real Estate prices will fall no matter what.
No more gimmick loans price out all customers. We are getting back to the days of 20% down, good credit and income verfication for home lending.
You cannot make a sale if you do not have a customer. There are no customers.
The housing market will crash and crash hard back to levels of the mid 1990's.
I say at least a 66% drop in Real Estate prices!
Good news for the young americans.
Better news for those sitting with cash and took their money out of the stock market.
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
Apple could take a 20% hit. Wonder how many funds have that stock? Forget the domestic auto manufacturers. They were to apply for a $25 billion dollar bailout, since who cares when you are doling out 700 bil to the banking system. They are just about dead. They spent the past decades lobbying congress for lax fuel standards, instead of developing fuel efficient models and or hybrids. Watch the Japanese build quite a few new North American assembly plants to further drive the big three to thier ultimate deaths. I don't see any congressman voting for that bailout when a actual needed one can't pass.
They better stop the bleeding asap. They have to extend troubled mortgages with longer terms, and refi those jumpers into fixed, keeping whoever is left paying thier bills paying. When people walk away from thier debts the buck never stops. That's where we are at today. If they don't immediately keep the potential next wave from getting submerged, the show is over. Talk about a market correction, this is a loser only game. No one wins.
Best Wishes...OF :cheers
Meet you in the soup line.
Apple could take a 20% hit. Wonder how many funds have that stock? Forget the domestic auto manufacturers. They were to apply for a $25 billion dollar bailout, since who cares when you are doling out 700 bil to the banking system. They are just about dead. They spent the past decades lobbying congress for lax fuel standards, instead of developing fuel efficient models and or hybrids. Watch the Japanese build quite a few new North American assembly plants to further drive the big three to thier ultimate deaths. I don't see any congressman voting for that bailout when a actual needed one can't pass.
They better stop the bleeding asap. They have to extend troubled mortgages with longer terms, and refi those jumpers into fixed, keeping whoever is left paying thier bills paying. When people walk away from thier debts the buck never stops. That's where we are at today. If they don't immediately keep the potential next wave from getting submerged, the show is over. Talk about a market correction, this is a loser only game. No one wins.
Best Wishes...OF :cheers
Meet you in the soup line.
OMNIVOROUS FROG
EOG Master
O'Royken
EOG Dedicated
Re: Gov't bailout fails in the House
The worst is yet to come.
We may see it hit the levels of 1995 and that would mean a 60% drop at its worst.
And in turn the 66% in drop in Real Estate prices will follow.
Cash is King!
And if you didnt see this coming and kept your money in the stock market you have only yourself to blame.
The worst is yet to come.
We may see it hit the levels of 1995 and that would mean a 60% drop at its worst.
And in turn the 66% in drop in Real Estate prices will follow.
Cash is King!
And if you didnt see this coming and kept your money in the stock market you have only yourself to blame.
Publicsmoney
EOG Addicted
Re: Gov't bailout fails in the House
O Royken
You sound soo disgruntled.....Move on in life and quit watching the day to day ticks that the Market takes. Very unhealthy way of going about investing.
O Royken
You sound soo disgruntled.....Move on in life and quit watching the day to day ticks that the Market takes. Very unhealthy way of going about investing.
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
I don't see the real estate prices falling much further. Right now buyers are jumping in because rents are higher than payments. Anyone with any equity can get bought and let someone else pay for thier home. That is pretty much the farthest it can fall. The market is where the real beating always takes place. Housing and land are controlled by need. Speculation and paper money are subject to huge corrections not seen for several decades. A blue chipper like Apple just dodging a 20% hit in one day pretty much outdoes anything bad real estate will ever do.
Best Wishes...oF :smokesmal
I don't see the real estate prices falling much further. Right now buyers are jumping in because rents are higher than payments. Anyone with any equity can get bought and let someone else pay for thier home. That is pretty much the farthest it can fall. The market is where the real beating always takes place. Housing and land are controlled by need. Speculation and paper money are subject to huge corrections not seen for several decades. A blue chipper like Apple just dodging a 20% hit in one day pretty much outdoes anything bad real estate will ever do.
Best Wishes...oF :smokesmal
JC
EOG Veteran
Re: Gov't bailout fails in the House
I think this headline says it all:
Paulson to Use All Tools to Protect Financial Markets
http://www.bloomberg.com/apps/news?pid=20601087&sid=av7npHxu6eN8&refer=home
It's about protecting Wall St. interests. Any benefit or damage to anyone else is incidental.
I still predict Bush will figure out some obscure way to do this through executive order.
I think this headline says it all:
Paulson to Use All Tools to Protect Financial Markets
http://www.bloomberg.com/apps/news?pid=20601087&sid=av7npHxu6eN8&refer=home
It's about protecting Wall St. interests. Any benefit or damage to anyone else is incidental.
I still predict Bush will figure out some obscure way to do this through executive order.
O'Royken
EOG Dedicated
Re: Gov't bailout fails in the House
I am not disgruntled. I see opportunity when the market corrects itself. I tip my cap to the Shrink who sold. I sold out 3 years ago.
This is a great day for me. I put my money on the dont pass line 3 years ago and saw this coming!
There is opportunity with this crash if you saw it coming and acted.
Do you remember the .dot com crash? Go back and do the math and you see my numbers add up.
That taught me to get the hell out of this market 3 years ago my friend.
This is the scam mortgage crash. But there will be more opportunities with this crash because property is involved instead of paper.
I am not disgruntled. I see opportunity when the market corrects itself. I tip my cap to the Shrink who sold. I sold out 3 years ago.
This is a great day for me. I put my money on the dont pass line 3 years ago and saw this coming!
There is opportunity with this crash if you saw it coming and acted.
Do you remember the .dot com crash? Go back and do the math and you see my numbers add up.
That taught me to get the hell out of this market 3 years ago my friend.
This is the scam mortgage crash. But there will be more opportunities with this crash because property is involved instead of paper.
Re: Gov't bailout fails in the House
400 point drop in ten minutes today. That gets your attention.
400 point drop in ten minutes today. That gets your attention.
Re: Gov't bailout fails in the House
What's the deal with that. I saw a quick blurb that their banking operations were being taken over by Citibank. Is that correct? I have my car loan through them I wonder if that will be effected?
What's the deal with that. I saw a quick blurb that their banking operations were being taken over by Citibank. Is that correct? I have my car loan through them I wonder if that will be effected?
Re: Gov't bailout fails in the House
Like the left are all such angels.
I keep hearing that barney franks lover made millions
off of Fannie Mae and Freddie Mac.
Go figure.
Kinda like giving money to ACORN eh?
Like the left are all such angels.
I keep hearing that barney franks lover made millions
off of Fannie Mae and Freddie Mac.
Go figure.
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
Stop paying and see who contacts you.
Best Wishes...OF :smokesmal
Stop paying and see who contacts you.
Best Wishes...OF :smokesmal
Re: Gov't bailout fails in the House
I stopped paying a long time ago.::LMAO::I guess it doesn't really matter who I'm sending my money to.
The banks don't deserve to be bailed out. People will suffer for their mistakes either way. Either through tax dollars or less available money to lend out. Banks are the #1 lobbyist in the US. I would have sworn it was the medical industry but sure enough it's the banks. In turn the republicans have taken away regulations that allowed banks to be consumed by other banks making a situation where they are "too big to let fail". Make people have invested interested in your success and you'll never be allowed to fail? I say let them crumble and put the pieces back together. This isn't like the bailouts in the past that the government made money on. The airlines were bailed out but the government made a profit from the interest. This will never correct itself if we allow this bail out.
I stopped paying a long time ago.::LMAO::I guess it doesn't really matter who I'm sending my money to.
The banks don't deserve to be bailed out. People will suffer for their mistakes either way. Either through tax dollars or less available money to lend out. Banks are the #1 lobbyist in the US. I would have sworn it was the medical industry but sure enough it's the banks. In turn the republicans have taken away regulations that allowed banks to be consumed by other banks making a situation where they are "too big to let fail". Make people have invested interested in your success and you'll never be allowed to fail? I say let them crumble and put the pieces back together. This isn't like the bailouts in the past that the government made money on. The airlines were bailed out but the government made a profit from the interest. This will never correct itself if we allow this bail out.
The Prophet
EOG Dedicated
Re: Gov't bailout fails in the House
Always wondered how a friend of mine could smoke $30 cigars and sip the finest cognacs while sporting a few interest-only ARM’s on a couple homes with no equity, a couple auto loans and literally a half-a-dozen maxed-out credit cards.
I would consider my friend to be “main-street” American.
He has recently foreclosed on one home, is in renegotiations on the loans of his current residence, while successfully closing out several credit cards after negotiating payments for only a fraction of their outstanding balances.
Yeah, his FICA score is taking a tumble…
But how was someone who owns nothing be allowed to bury him self in so much unsecured credit debt?
Simple Answer: Because he was allowed to by a financial system of greedy substandard lending practices that provided a plethora of unsecured loans to those who didn’t have sufficient security (collateral) as well as the financial means/ability to repay their debt.
Such lending institutional practices were also orchestrated in collaboration with the construction/home building as well as the real estate industries.
Who’s “really” responsible? :+clueless
Consider what is going to happen when the in-debt "main-street" Americans' begin losing their employment due to this "Wall Street" credit crunch"?
.
Always wondered how a friend of mine could smoke $30 cigars and sip the finest cognacs while sporting a few interest-only ARM’s on a couple homes with no equity, a couple auto loans and literally a half-a-dozen maxed-out credit cards.
I would consider my friend to be “main-street” American.
He has recently foreclosed on one home, is in renegotiations on the loans of his current residence, while successfully closing out several credit cards after negotiating payments for only a fraction of their outstanding balances.
Yeah, his FICA score is taking a tumble…
But how was someone who owns nothing be allowed to bury him self in so much unsecured credit debt?
Simple Answer: Because he was allowed to by a financial system of greedy substandard lending practices that provided a plethora of unsecured loans to those who didn’t have sufficient security (collateral) as well as the financial means/ability to repay their debt.
Such lending institutional practices were also orchestrated in collaboration with the construction/home building as well as the real estate industries.
Who’s “really” responsible? :+clueless
Consider what is going to happen when the in-debt "main-street" Americans' begin losing their employment due to this "Wall Street" credit crunch"?
.
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
The Fed just made up another 700 billion. Those central banks can now currency exchange for 620 bil. Another 300 bil in short term loans. The Federal Reserve just bypassed congress.
Best Wishes...OF :blink:
The Fed just made up another 700 billion. Those central banks can now currency exchange for 620 bil. Another 300 bil in short term loans. The Federal Reserve just bypassed congress.
Best Wishes...OF :blink:
Re: Gov't bailout fails in the House
I wish people had the full scope of the meaning of this failure. It seems like most of you are talking like this shit wont affect you.
You think that because your house is paid off your car is paid off you are ok.
Some of you.(those who have regular jobs, dont even know that you could get fired in two days because your company no longer has any operating capital)
It is alarming how little most of the people making noise about this bail out actually know.
People, massive bank failures, will lead to unprecedented chaos in the entire economy not only in the housing market! Every single sector will be affected!
Many industries may come to a full halt..(that may not hurt too much since we already shipped our industrial jobs overseas)
I dont know what to say any more.
I wish people had the full scope of the meaning of this failure. It seems like most of you are talking like this shit wont affect you.
You think that because your house is paid off your car is paid off you are ok.
Some of you.(those who have regular jobs, dont even know that you could get fired in two days because your company no longer has any operating capital)
It is alarming how little most of the people making noise about this bail out actually know.
People, massive bank failures, will lead to unprecedented chaos in the entire economy not only in the housing market! Every single sector will be affected!
Many industries may come to a full halt..(that may not hurt too much since we already shipped our industrial jobs overseas)
I dont know what to say any more.
O'Royken
EOG Dedicated
Re: Gov't bailout fails in the House
The media is putting too much blame on Wall Street and lenders.
Government were partners in crime for this mortgage scam. A few criminal minds in Washington got togethor and figured out a plan how to bring in more tax dollars for the government and came up with their partners in Wall St with the mortgage scam.
Politicians looked the other way because of the tax dollars generated by this scam. The Government got theirs way in advance!!
The Government made tons of money taxing the builders, lenders and customers who bought all these homes they couldnt afford. Think about those taxes dollars that came in for the sale of all those artifically high priced homes? And why did Congress want to put every American into a home? So they can collect property taxes from them as well as earn tax dollars from the loan and sale.
This isnt a bailout. The government is just returning back some of the profits they made from the mortgage scam. The real issue is that Congress spent all the money and the investors took the hit.
The Government were partners in this crime!
The media is putting too much blame on Wall Street and lenders.
Government were partners in crime for this mortgage scam. A few criminal minds in Washington got togethor and figured out a plan how to bring in more tax dollars for the government and came up with their partners in Wall St with the mortgage scam.
Politicians looked the other way because of the tax dollars generated by this scam. The Government got theirs way in advance!!
The Government made tons of money taxing the builders, lenders and customers who bought all these homes they couldnt afford. Think about those taxes dollars that came in for the sale of all those artifically high priced homes? And why did Congress want to put every American into a home? So they can collect property taxes from them as well as earn tax dollars from the loan and sale.
This isnt a bailout. The government is just returning back some of the profits they made from the mortgage scam. The real issue is that Congress spent all the money and the investors took the hit.
The Government were partners in this crime!
The Prophet
EOG Dedicated
Re: Gov't bailout fails in the House
Indeed, as some can see, my cigar smoking, cognac indulging "main-street" buddy has simply taken a financial page from his governmental leaders who are quickly heading towards +11 TRILLION dollars in debt?a debt he and his leaders apparently welcome not only upon themselves but all of us.
.
Indeed, as some can see, my cigar smoking, cognac indulging "main-street" buddy has simply taken a financial page from his governmental leaders who are quickly heading towards +11 TRILLION dollars in debt?a debt he and his leaders apparently welcome not only upon themselves but all of us.
.
OMNIVOROUS FROG
EOG Master
Re: Gov't bailout fails in the House
NASDAQ got brutalized. Dropped through support at 2,000. 9.14% loss. All the tech selloff is recession bets. Nothing to do with financial selloffs. Tough times are ahead, that is the bet. This was a brutal domino.
Best Wishes...OFop:
NASDAQ got brutalized. Dropped through support at 2,000. 9.14% loss. All the tech selloff is recession bets. Nothing to do with financial selloffs. Tough times are ahead, that is the bet. This was a brutal domino.
Best Wishes...OF
op:
Re: Gov't bailout fails in the House
CNBC has spent the last few hours calling the general public "stupid", while threatening them with a return to the Great Depression if they do not force their representatives to vote through the 700 Billion.
Rick Santelli was the only one to stand up and call out Wall St. as a bunch of greedy bastards who led the American public off this cliff.
Meanwhile Alan Greenspan sits at home enjoying the New Year. He led the charge in continually lowering rates, igniting this bonfire of the economy, then handing it off when he saw it was growing out of control.
CNBC has spent the last few hours calling the general public "stupid", while threatening them with a return to the Great Depression if they do not force their representatives to vote through the 700 Billion.
Rick Santelli was the only one to stand up and call out Wall St. as a bunch of greedy bastards who led the American public off this cliff.
Meanwhile Alan Greenspan sits at home enjoying the New Year. He led the charge in continually lowering rates, igniting this bonfire of the economy, then handing it off when he saw it was growing out of control.