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The big R

8030 Views 94 Replies 15 Participants Last post by  fishinfoolz
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.
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Sko it is not only the media, even your beloved leader is talking about it. Throwing money at it does not always work. From what I hear if they give handouts to some of the people they will just bank it and then you will still be in trouble. Maybe your beloved leader could sell off Alaska to the Russians.
DB I saw on our TV, yesterday that houses were being lumped together and sold as a lot in an auction. Do speculators buy these lots or are they bought by the city councils and then rented out as low cost housing. Over here Charities and City Councils are buying houses at auction and then renting them out as low cost housing. Also just how long does it take from folk agreeing a price to them moving in to a new house. Over here it usually takes six weeks but it can be done in only three weeks if they are buying a brand new house and have nothing to sell themselves.
You just wish Sko that your many relatives could take over the Island.

Your new name surprises me.
He was a rabid fascist and also anti Semitic, a friend of Arafat who he trained. Is this really the name you want to be associated with, your standing will go down with a lot of folk on the site. Even some Reps do not like being associated with Fascists. Are you know claiming that you are a closet Fascist. Not forgetting that he was responible for the deaths of American troops in WW11, but there again you seem to have glossed over this part. Typical Rightie, gloss over the bad parts and just stand up and sing Zing H... You fill in the dots.

All right I forgot to put an S on the Island.
Once again another Rightie is trying to change the subject. I will say it clear so that even a thick 5od like you can understand. You can keep and bring to trial all of Binny's men. As for the others prove that they have done something wrong to America or free them.
I just wonder why all those Jewish folk settled over here before the WW's must be because we are anti Semetic. There was a lot of them here before your place got established. I will say one thing I was totally opposed to Tony agreeing to the building of a Holocost(sp) building in London. I could never understand this and I think he did it to score political points.

Just read my link Jabba and you may then change your name back again. Until Traut mentioned it I did not know of Sko apart from the Italy job and then I did not remember the guy's name. Google is a good way of finding info on folk you do not know.
Over here this is the way they say you can afford a house. Say if you want to buy a house over 25 years, after reckoning your earnings they say you cannot afford it. But if you were to take the loan out over 40 years then you could afford it at present interest rates. When the rates go up you find that you cannot afford the loan and so you hand back the keys. Then the morgage company sells your house at auction if it cannot sell it thro the normal estate agent route. This brings in less money and you are then responsible for the loss. So lets say the loss is $10,000, you have to pay that amount to the morgage company plus interest which is higher than the normal interest rate. Usually 5 to 7% above the base rate.

Around Christmas time the Reps were saying their was no problems and the economy was strong even tho the dollar was weak. Three weeks later the 5hit has hit the fan and George is having to give out some cash to stop you slipping into a deep recession. Funny thing is that the dollar has improved since then, I would get 10 cents less per pound today than if I had changed my money around 20th December.

So is it just a bribe, you voted us in 2000 and 2004 and we are giving you a hand out to vote us in again in 2008. When was the last time a Dem President had to do this. I heard tonight that the last time was when Daddy Bush had to do the same thing. I could be wrong, please correct me if I am.
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This old man paid his house off in 99 and when I moved last year I made sure that not only was it a smaller place but I also got to put lots of brass in the bank.

You Righties will dread this bit of news. I am already looking at coming out and pestering you once again in Sept for a month. Just have to know when I can keep the Kings and of course I must head for Everett for the Derby if I can get a ride along on a boat.
There you go again Jabba, it is NOT God's country as you lot like to label it. THere are lots of beautiful places around the World and not just in America. Have you been on the Swiss/France/Italian border, now that is also a beautiful area.
Today our Footsie 100 lost 77bn pounds in share trading the biggest loss since 9/11. The other stock exchanges around the World have also dipped as they reckon the actions George is going to take will not be enough to stop the rot in America.

Seeing as I live on a fixed income and have no stocks or shares these dips will not affect me.

Looks like after your holiday the shares over there will also be taking a dive.
They are not blaming George, they talk mostly of the sub prime morgages getting you into the mess. They do not think the response by Congress and George is enough to stop the slide over there. You know the saying if America sneezes the rest of the World catches a cold. Like I say it does not affect me but I know a lot of you are into saving on the Stock Exchange for your retirement. Now do you think this could have been foreseen about two months ago when this mess first broke out????

Somebody must have made a lot of money by selling these policies, whether they were right to do so is another question. Seeing as I do not know your system I cannot comment on it. Were the sellers just looking at the bonuses they would be getting and not at what the people who took out these policies could afford.
If the early cut of 3/4 of one per cent cut in your interest rates in an emergency meeting of the Fed does not work then it will be seen as a desperate measure and the American economy is really in a terrible state.

This is what is being said over here.

I am sure when you woke up this morning this is not the news you expected to hear.

Remember the US economy is not just in the PNW.

I do hope things improve as I do not want the World to go into reccession as this will cost me more money to buy food which is my main worry. Also my ciggies would go up in price.
King you may be surprised but I agree with your last statement. Folks do want the best of everything just because their neighbour has it. They forget to notice that their neighbour has a better job than them and can afford to spend more without it affecting their lifestyle.
Most of the major banks do not use standard real estate appraisals for a large percentage of their residential loans. In the last 10 years or so, most large lenders have gone to a system called an AVM (Automated Valuation Model). In a nutshell it is a computer generated value for your home and the banks love them because it saves them about $400 per loan. That's a lot of cabbage. Another habit the banks got into was ordering what we call a 2055 Drive By appraisal. In this appraisal there is no interior observation of the home, it is from the street only. So in their attempts to save money the banks have probably cost themselves more in the long run.

Thank you for that DB. I was under the impression that the Estate agents and their agents were just raking in the money. I had heard of some bad apples but not what you have just explained. If what you say is true then the banks have bought this on themselves. Over here not every bank is a morgage lender but they do buy up morgages and hope to make money on them. An old lady took out a loan on her house to see her thro to her old age, the house already was hers, but she thought that if she remorgaged it then she would have spare cash. The firm she borrowed from went bust after failing to pay the true loanee the money the old lady was paying them each month. The true loanee called in the courts and she was evicted. The TV company traced the loan and the old dear was surprised to find out the true loanee was a little bank in the Mid West.

The house went to auction and the bank ended up with less money than it first forked out. Multiply this by the number of foreclosures and you can then see how they lost out big style.

But like I have said before folk got greedy and tried to live upto their neighbours way of living.
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