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OT: Government bailout ?s

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gun guru

09-21-2008 16:50:40

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I see that uncle sam is going to bailout the big banks cause of bad home loans. I understand that uncle sam doesnt want another great depression. However..... If the big banks get bailed out by the taxpayers then that just opens a pandoras box of more bad loans later, IE: more interest only loans, people that get home equity loans just before defaulting on the home. Unless new regulatory rules are put in place then it will all happen again. In short- if your a big enough corporation (and you line the pockets of the politicians) you can get your super big bank bailed out cause you loaned money to people that couldnt (or wouldnt) pay the loan back. Is Ford and GM going to get that $50 billion loan from uncle sam? I havent heard any news in several days. I hate to say this but who cares if some banks fail, why should I have to pay for defaulted mortgages? Are all the banks in bad shape. I dont think so. A mile from where I work a brand new 5th 3rd bank is being built, it looks like a palace too. The very essence of a bank makes money, loan money at 8% and pay the depositors 3%, the bank makes 5%. Simple--right? What is the deal with AIG insurance company? What did they do to get bailed out? Can somebody chime in and add to my loss of understanding. Please dont turn this into a elephant/jacka$$ issue okay. Both political parties are responsible for the economic problems in this country.

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1936

09-21-2008 18:24:00

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

The other Bush had the savings and loan problem with one of his sons out west in CO not sure of state in the stew and walked. So no one really got spanked them so why now.

The gready loan people and the gready home loan types should eat the sh!t sandwish and move on.

Toyota will take over GM in a short while by just doing an unfriendly take over with the GM stock price at the present. Will be a money maker with all the foriegn sales at the present for GM. The GM new Volt electric that can get a whooping 40 miles on a charge and runs about 40 grand ready in two years. Again the rice burners are eating Ford and GM lunch with hybrids on line now.

The bail out is a closed loop with no exit in sight. Jobs are in deep trouble even with the bail outs. When a take over happens like we saw last week jobs are lost by the thousand by the failed company.

Talking to a retired United airline worker to day. He lost 800 per month with the restructure approved by the courts. He did keep his health card. He had a stand at a flea market. Major health problems due to booze so the pay cut should not be a future problem for him.

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09-21-2008 18:04:08

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

Gov't is bailing out banks,etc. Who is going to bail out the U.S.A.? Who indeed? The gov't is so far in debt they could'nt raise taxes enough,they can't cut back enough,they just plain lost their mojo.It should be clear to anyone the U.S.A. IS BROKE.What,shoot the big gun? Ha,ha. Bunch of facsists.Scary scenario.It's not deflation,it's deleveraging.You guys that are always scoffing me when I write like this,please open your eyes and take care.

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redtom

09-21-2008 17:58:14

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

I had to laugh on the nat'l news tonight they said this bailout could be a big BOON for the taxpayers! And Great for the homeownwers. Because now the ones who "can't" afford their ARM mortgages can refinance at lower rates, all ON OUR BACKS! First they're not homeowners, they're home buyers. As long as they're making payments they're "buying". Whats wrong with what I did, Built a house thats within my means. Lived like a human for 15 years, No $50,000 Hummer or Escalade in my driveway. Made my payments and as of 2 weeks ago made my last payment. Now as a special treat I get to "bailout" all the wonderful people making $30,000 a year that thought they should buy a $275,000 home. Of course the banks shouldn't have lent it either.

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tlak

09-21-2008 17:51:31

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

Bail out is all about who paid the congress people the most. Rip off the little tax payer, same as the gas/oil prices.

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Buzzman72

09-21-2008 17:50:38

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

Conservatives--the truly honest ones--got taken in by the psuedo-conservatives. The psuedo-conservatives were the ones who pushed for the deregulation of the banking industry, and who "deregulated" away the wall between conventional banks, brokerages, and investment bankers. So we have banks selling stocks and insurance, and insurance companies selling stocks and doing banking, and so forth.

So let's deregulate some more, and then bail out some more folks who were simply doing what deregulation told them was now legal [if not smart], and leave the taxpayer on the hook once again. It happened in the 1980's with the savings and loans, and yet we didn't learn our lesson about deregulation...and we probably never will, until the entire country goes completely bankrupt.

The reason for the bailouts was that without them, there'd be a domino effect, and the end result would make the 1930's look like we'd all won the lottery at once, in comparison.

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oldmax

09-21-2008 17:35:54

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

I saw this coming a long time ago . With the big banks taking over small ones or "Local ones" the home town bank that your word was good enought for loan . I use to walk in bank ,Tell loan offcer I needed X amount He would slide papers across desk and say sign this I had my money and was on my way . Try that now . The old saying is the bigger they are the harder they fall . in the last few years the banks have went after loans and made them that the local banks wouldn't touch . Some time everthing that goes up must come DOWN . I think it's about to fall I hope not there will be a lot of people loose . But not the ones that caused the hole mess.

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White E

09-21-2008 17:50:18

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Re: OT: Government bailout ?s in reply to oldmax, 09-21-2008 17:35:54

The greed of the banks to get "any" loan to make money was real stupid. I have heard of people actually getting a home equity loan that puts the base mortgage and the home equity loan higher then the worth of the house. Super Stupid on the part of the banks, that just lets a guy default and make out with cash to spare. I agree that Private mortgage insurance is a good thing. I now know why it is needed.

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x22

09-21-2008 17:32:26

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

Wall Street caused the problem, they should have to pay the 700 million. Maybe a $5 charge on every transaction.

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Buzzman72

09-21-2008 17:57:19

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Re: OT: Government bailout ?s in reply to x22, 09-21-2008 17:32:26

Wall Street didn't deregulate the banking industry, or take away the "wall" created in the 1930's to separate banking, insurance, and investment firms.

Congress did--allegedly "conservatives,"--a Congress that was bought and paid for by lobbyists whose companies are now getting bailed out by taxpayers.

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Grundy

09-21-2008 17:30:00

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

AIG is the company that insured those no down payment loans. Used to be, you had to put down 20% of the homes value to get a mortgage. When borrowing became easier,banks started selling "mortgage insurance" that the borrower paid until their home equity reached that 20% worth. AIG set themselves up to buy those mort. ins. policies to free up banks, getting banks out of insurance business. When home values began to drop, the buyers began to see they'd never get their insurance dropped plus their house payments rising cause of Adjustable Rate Mortgages, caused a meltdown of historic proportions.

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730 virgil

09-21-2008 19:03:54

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Re: OT: Government bailout ?s in reply to Grundy, 09-21-2008 17:30:00

i sold my house in town after we moved out here 3 years ago. the people that bought it should have never got a loan and they lost the house after living in it less than a year. i had put almost all first year tax money in escrow and they couldn't come up with the rest. it seems the buyer some how got their hands on tax money and spent it. i gave them $1500 for roof repair with they didn't do. again they used money for something else.
when they first got the idea of buying my house their realtor asked me if i would give them $1000 so the buyer could find a loan broker. i said fly a kite to that idea.

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rodgernbama

09-21-2008 17:28:52

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

I feel kinda like you do gun guru. I got a conventional loan on my home,borrowed no more than I thought I could pay each month(even though the mortgage company said I could qualify for more) and now I"m supposed to help bailout these crooks. Let the investors lose money, they new the risk of these type loans. They should reduce the pay or fire the lenders.

Untitled URL Link

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36 coupe

09-21-2008 17:16:57

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

I had a reply going but the forum dropped it.I said just turn off the damn tv.I have plenty of things to do,no time to fuss over a bunch of crooks that are getting what they deserve.

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Buzzman72

09-21-2008 17:36:41

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Re: OT: Government bailout ?s in reply to 36 coupe, 09-21-2008 17:16:57

So...since the taxpayers are getting the bill...you're saying that the TAXPAYERS are the crooks who are getting what they deserve?

Because the damn bankers who made the bad loans to begin with sure as he11 aren't taking the loss.

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everybody

09-21-2008 17:15:26

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

No body was paying attention cause they were all looking at a stupid war in Iraq.

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plow hand

09-21-2008 16:59:52

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Re: OT: Government bailout ?s in reply to gun guru, 09-21-2008 16:50:40

Look at which presidential party has been in office for the last 8 years?never had to work for their money so why should they give a sh-- about us.(take some more)

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ldj

09-21-2008 17:02:37

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Re: OT: Government bailout ?s in reply to plow hand, 09-21-2008 16:59:52

what congress majority?

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DRS

09-21-2008 17:19:08

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Re: OT: Government bailout ?s in reply to ldj, 09-21-2008 17:02:37

"what congress majority?"
The same ones that have done NOTHING but shame this country since the took control. Pelosi & Reid and their cohorts are an embarrassment to this country.

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tlak

09-21-2008 17:46:13

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Re: OT: Government bailout ?s in reply to DRS, 09-21-2008 17:19:08

Last I remember it was about 50/50. Got to have a majority for most things. So you think 2 years of Demos is the cause of all this? Just keep on voting Repug, all the way to the poor house.

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