Consumers drive 70% of the economy in the US. They are tapped out with all time low savings and all time high debt. The low interest rates and the housing boom inflated prices and allowed a lot of stupid people to run up the economy with home equity spending. Billy joe and Booby sue would see a $150K gain on their home sell it and move and buy a more expensive home, pull some equity and buy an Escalade and beamer and a 50" plasma. Or they would sit on their home and take out a heloc or a fixed HE loan and buy an RV and a baot etc. Now their homes have dropped $200k in value because no one wants to buy them and they sit on a 25 year payment plan for a depreciated asset and little to no home equity. They were pigs drunk at the trough and now they are staggering arround looking for a bail out.
The big R
With both sides of the House and the President in agreement that the country needs a boost do you think the country is headed for recession. They are talking about it over here and blame it all on the sub prime loan fiasco.
I was also surprised to hear that your banks are selling shares to Middle East Countries/India/China and Tiawan(sp). They are doing this to keep their heads above water. I bet you would be upset if China took over some of your banks.
I was also surprised to hear that your banks are selling shares to Middle East Countries/India/China and Tiawan(sp). They are doing this to keep their heads above water. I bet you would be upset if China took over some of your banks.
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We have entire law libraries filled will laws all in an attempt to legislate stupidity. What difference would one more law make? Throw a dollar on the floor in a room full of people and someone is getting screwed, cheated, lied too and bent over the chair everytime.
I bet the additons were housewives that wanted to say they were working so they could justify the Escalade or the Beamer driving around all day yakking on their cell phone between trips to the mall to shop for power suits. Isn't the avg sale less than 1 home a year for RE agents?
The problem is that the more someone credit sucks the more you can make off of them.
Most people beleive it is just poor people that qualify for sub prime loans. You would be suprised that every income group is highly represented in sub prime loans. Mike Tyson made $500 million and he is in the sub prime loan bucket.
Most people beleive it is just poor people that qualify for sub prime loans. You would be suprised that every income group is highly represented in sub prime loans. Mike Tyson made $500 million and he is in the sub prime loan bucket.
"the price of oil is still high and it is slowly pulling the economy down. The sub prime condition is just a scapegoat for what is really going on."
The well has gone dry most borrowers cannot borrow anymore money to fuel the economy and if they can they will not until the furture looks better. People can adjust their lifestyle to higher oil prices by not using they are sitting on interest payments with no cash on hand. They have maxed the credit cards the Hlocs and are starting to sell what assests they have at a loss just to stop the bleeding.
The well has gone dry most borrowers cannot borrow anymore money to fuel the economy and if they can they will not until the furture looks better. People can adjust their lifestyle to higher oil prices by not using they are sitting on interest payments with no cash on hand. They have maxed the credit cards the Hlocs and are starting to sell what assests they have at a loss just to stop the bleeding.
DB,
Do you honestly think if oil dropped this would all go away? How do you explain avg. credit card balances jumping $2000 since credit tightend 6 months ago? The analyst say it happened because people were robbing peter to pay paul because their number one asset devalued. Also how do you explain the PNW not being hit buy this bug since our gas prices are among the higest in the US?. Home values are strong here comparesd to the rest of the US. Not to worry we always lag by 6 motnhs to t year and stay down longer.
Do you honestly think if oil dropped this would all go away? How do you explain avg. credit card balances jumping $2000 since credit tightend 6 months ago? The analyst say it happened because people were robbing peter to pay paul because their number one asset devalued. Also how do you explain the PNW not being hit buy this bug since our gas prices are among the higest in the US?. Home values are strong here comparesd to the rest of the US. Not to worry we always lag by 6 motnhs to t year and stay down longer.
No such thing as predatory lending IMHO. Just a few genrations of the "ME" generation with little to no self control and the desire to have what everyone else has at any price. They operate like river boat gamblers in this pursuit. It s a basic human instinct and now laws or rules will ever stop it.
What I find interesting in this discussion is Webo's position. He thinks that the banks have been predatory and taken advatage of the little guy just trying to own a home. He thinks GW had a big hand in this screw job. Then on another thread he cheers on the housing slump because he hopes to pick up a steal on a rental property or two. Then he cannot wait until the intrest rates drop so he can partner with those very evil corportations the banks that are praying on little people for a refinance and most likely some equity out so he can snap up a bargain on a house that the predatory bank kicked the little guy out of. He is all for tax increase which make sense because he wants to see the govt. take everyones money to bail the little guy out so he does not have to feel guitly for taking advatage of someone when they are down. But he will act like a greedy robber baron and profit from someone elses misfortune. Seems to me that a real liberal would offer to transfer his wealth to the little guy and help him stay in his home rather than partner with the big evil corporate bank and stick a shiv in the little guy. What about the "we" culture Webo ? what about the evil corporations seems to be a bit two faced eh!
Webo has no idea what policies he is refering to. He heard that some where and like a good little parrot he repeats it. Webo what is factual and typical of the left is the hypocrisy . You bash greedy corps on one hand and conspire with them on the other when it is to your benefit and you can line your pocket. If you were the true socialist you claim to be you would never take advantage of a system where the little guy gets crushed for profit. Which is what you are crowing about doing. So you are a hypocrite or you do not really believe all the socialst shiat you push. Which one of the 3 faces of Webo should we believe?
A little too close to home Webo?
Also
" We're a nation where the majority of folks are barely getting by."
That has to be the stupidest thing you have ever said. I will indulge your idiocy and ask by what measure?
"I'd like to see a return to the prosperity we enjoyed in the 1950's... where the "American Dream" was being realized by the MAJORITY of folks... not the minority."
They probably could Webo with a little common sense. Back then the avg. home was less the 1200 SF, One car, only about half the people had TV. Eating out at restaurants was rare, packaged foods were not the norm,No dishwashers automatic washers and people only had a couple of changes of clothes and consumer debt did not exhist but savings accounts did.
Yep its all the gubmints fault and the GOP let the people down and the corporations have raped them no one has a choice.
Don't suck so hard on the bong Webo it's making you dizzy.
Also
" We're a nation where the majority of folks are barely getting by."
That has to be the stupidest thing you have ever said. I will indulge your idiocy and ask by what measure?
"I'd like to see a return to the prosperity we enjoyed in the 1950's... where the "American Dream" was being realized by the MAJORITY of folks... not the minority."
They probably could Webo with a little common sense. Back then the avg. home was less the 1200 SF, One car, only about half the people had TV. Eating out at restaurants was rare, packaged foods were not the norm,No dishwashers automatic washers and people only had a couple of changes of clothes and consumer debt did not exhist but savings accounts did.
Yep its all the gubmints fault and the GOP let the people down and the corporations have raped them no one has a choice.
Don't suck so hard on the bong Webo it's making you dizzy.
Apparently you don't bother you just ramble clown:
I will make that real easy for you Webo because it is clear you are emoting not thinking. Take food staples alone and compare the cost of food to the avg wages in the 50's to today.
Ask anyone Alive in the 50's which time they would prefer to live in economically Webo because either you were not even a thought in your parents mind or you were still crapping yellow. Now light up and turn on fnatasy Island again.
I will make that real easy for you Webo because it is clear you are emoting not thinking. Take food staples alone and compare the cost of food to the avg wages in the 50's to today.
Ask anyone Alive in the 50's which time they would prefer to live in economically Webo because either you were not even a thought in your parents mind or you were still crapping yellow. Now light up and turn on fnatasy Island again.
I suppose they never tried to better their life and the live of their kids because life was so good to begin with.
Webo watches too much Leave it to Beaver and thinks he is Ward!
Webo watches too much Leave it to Beaver and thinks he is Ward!
"If it TRULY were... WHY would the economy now be the number one thing on voter's mind's this election cycle... JUST like it was in 1992?"
It's human nature to want more. How many people have moved up out of the middle class vs down since the 1950's. Look that number up sparky. Also what was the opportunity for moving up or down in the 50's compared to today.
Thats the problem with extrapolating what you think you se and feel vs what is really happening. You earn your station in life it is not a product of the external forces in this country.
It's human nature to want more. How many people have moved up out of the middle class vs down since the 1950's. Look that number up sparky. Also what was the opportunity for moving up or down in the 50's compared to today.
Thats the problem with extrapolating what you think you se and feel vs what is really happening. You earn your station in life it is not a product of the external forces in this country.
Webo can't post a response. The snow has stopped the short bus from getting to his house so he cannot make it to school today.
Well thwe short bus did make it after all and I see Webo goes on offense with the usual drool. Are you Todd's brotha ?
"Ya gotta love it! Again... it's the liberal media's... environmentalist wackos... and the CLINTON'S fault that the state of the economy is the no. 1 issue on voter's minds right now.
It don't matter that Mitt, McCain, Rudy and Mike are concentrating their efforts on convincing voters' that THEY have the solution to our economic woes.
What are you Kool-Aid swillers gonna do when Hillary is President.
I fear for what minute shreds are left of your sanity"
Get back to defending your points re your middle class rant above. Please show your work as requested earlier clown:
"Ya gotta love it! Again... it's the liberal media's... environmentalist wackos... and the CLINTON'S fault that the state of the economy is the no. 1 issue on voter's minds right now.
It don't matter that Mitt, McCain, Rudy and Mike are concentrating their efforts on convincing voters' that THEY have the solution to our economic woes.
What are you Kool-Aid swillers gonna do when Hillary is President.
I fear for what minute shreds are left of your sanity"
Get back to defending your points re your middle class rant above. Please show your work as requested earlier clown:
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