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Post subject: Black Monday 9/29/08
 Posted: Sep 30, 2008 - 05:36 AM
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Joined: Aug 30, 2005
Posts: 9980
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Two men arguing in a house on fire 
An experiment 
I went to lunch today approx 1:30 EDT and instead of sitting
in my usual area, I sat in front of the TV because the place
was almost empty.
As I was having my roast beef, taters and black-eyes peas, I
saw on the TV screen, the split screen, the DOW numbers
and the House vote. The DOW was down 200pts, the vote
on the rescue package just ended in defeat. Within five minutes
the DOW dropped to 700pts down. Scary
The experiment:
Without placing blame for the past, what would you, as PREZ or Congress, do now, for the future, to
stabilize the economy right now in this crisis? |
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vampyregirl |
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Post subject:
Posted: Sep 30, 2008 - 07:12 AM
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Joined: Oct 26, 2002
Posts: 657
Location: Toledo, Ohio, USA
Status: Offline
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I'm just glad I still have 15 years until retirement!!! Hopefully the Dow will be back up by then!!! It's getting to the point where you are better off saving your money under the mattress!!!! You'd earn about the same interest as at the bank!!!!! 
I think we need to stop giving our money to foreign countries and take care of this country first. Yes, without trying to start a fight, that includes getting out of Iraq.
The government also needs to put regulations back in place on the loan companies. The banks and other lenders didn't care about the fact that a huge percentage of those folks that are now defaulting on mortgages, etc, couldn't really afford them in the first place. Then they were rather deceiving in the terms of the variable rates (DON'T ****EVER**** GET A VARIABLE RATE LOAN!!!!! You will always lose in the end!!!!). They should also stop approving people for such unbelievable amounts of money. I was approved for well over $100,000 for a home loan. If I'd have taken the whole thing, I'd be on the streets now!!! And very thin---I like to eat, and wouldn't have had any money left to do so!!!
I have mixed feelings on the whole bailout thing. It kind of encourages these companies to continue with "business as usual" because it sends the message that the government will swoop in and save you without any real accountability. On the other hand, if they don't do this, the economy WILL fail, and we'd be a 3rd world country overnight!!! It's such a double-edged sword...... |
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"I've hardly seen you at all this episode" -- Denny Crane
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Post subject:
Posted: Sep 30, 2008 - 07:20 AM
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Joined: Feb 12, 2005
Posts: 9896
Location: I destroy my enemy when I make him my friend.--Abraham Lincoln
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I cannot help but be puzzled as to why all this is happening in an election year. It just means that whoever gets elected is going to go in with a huge bullseye on his shirt from the start.
What would I do?
1. Find out where some of the big buck business folks are hiding their money and get them to pay their taxes like everyone else has too. I have heard some brag about keeping their money out of the country and in some far away place and hidden away so they don't have to pay taxes.
2. Find ways to encourage people to live within their means and not try to live up to some media-based image of what some guru thinks is supposed to represent success. This means cutting back on credit cards. There used to be a rule of thumb when planning a budget: House payment should be no more that one week's pay, car payment and utilities another week's pay. The other two weeks are for groceries and other household expenses.
3. Encourage community planners to consider creating better neighborhoods: ones where stores, jobs, and recreation areas can be easily walked to if needed.
These sound more like household remedies, but the economy woes of this country are not going to be resolved from the top down. It is going to take all of us working together as a nation to bring about a more stable economy.
I'll think of more things later. It is now past 1am and this old lady needs her beauty sleep..... and boy does she need a lot of it.   |
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Let's do it as a memorial to Joyce Mason
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ASB |
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Post subject:
Posted: Sep 30, 2008 - 07:24 AM
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Joined: Oct 13, 2003
Posts: 625
Location: Country NSW
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The bail out should never have been necessary but it is and there is no way around that. The package is not about saving the banks and Wall St its about ensuring the savings and Superannuation investments are worth what people put into them, everyone just about has exposure to the markets in one way or another either through shares or property, this package was more about ensuring they remain at their current levels and not allowed to free fall into a depressed economy.
If I was having to make the decision today I would be looking at the package, increased regulation and then a full investigation into cases of abuse and charging those that used less than legal practices of inflating asset values and on selling them as AAA Assets when they were never even a B- Asset.
Variable home loans are fine in a regulated market they ensure that the person with the Mortgage takes advantages of the ebbs and flows of the economy, A fixed mortgage over the life of the loan will always cost more as the banks hedge their bets, in general you can only fix for three to five years anyway.
On this issue Bush has suppressed me, he has supported a very unpopular plan and worked hard to make changes that are necessary. Fix the problem today before a few extra zero’s are needed on the package, the loss on the markets today were 1.2 trillion so not passing the bill already wiped an extra 500billion off the economy |
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When Hell Freezes Over I'll Ski There Too
E=M'Ski Squared.
Ausi Ski Bum (ASB)
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Post subject:
Posted: Sep 30, 2008 - 07:40 AM
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Joined: Feb 12, 2005
Posts: 9896
Location: I destroy my enemy when I make him my friend.--Abraham Lincoln
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I agree vampyregirl. We definitely need to start taking care of our own citizens. Jobs are being sent overseas because companies can hire them for cheaper pay. That just means that perhaps we, in this country are being paid higher wages, but are also getting overcharged for everything. Perhaps we need to bring both pay and costs down to a more manageable sum.
I know what you mean about home loans and such. We almost lost our home once. Bob needed surgery and we had to close our industrial electronics business. My little part time job was not cutting it. There came a time when we had a choice of making a house payment or going without electric for a while. I chose the latter. I figured I can live without electric if I have to, but I'd be damned if I was going to live without a roof over my head. I simply called the power company and told them to cut us off, because I was pulling the breaker as we spoke. We went three months without power. Luckily it was winter time in Florida which made it at least bearable. We did have a generator that we ran in the morning long enough to pump up the well. And, we had our camp stove. We also had our oil lamps and a small battery powered TV which I watched one program on Wednesday night (that was when "Enterprise" was on the air).
What is really bad, is several months after we were able to get our power back on, it was discovered that someone in our neighborhood had figured out a way to steal power from us and the other neighbors. We paid the price of their greed. 
This is probably getting a bit off the subject, but when it comes to the economy in this country, unless one actually works with community budgets, it is hard not to think of anything but our own family budget. |
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Let's do it as a memorial to Joyce Mason
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Nostromo |
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Post subject:
Posted: Sep 30, 2008 - 09:22 AM
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Joined: Sep 18, 2005
Posts: 1891
Location: Ottawa, Canada
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Spend your savings.  N |
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"Not bad .... for a human"
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Johnny_Turbo |
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Post subject:
Posted: Sep 30, 2008 - 04:56 PM
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Posts: 5587
Location: Chillville, PA
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The stupid thing to do is rush into a "bailout" without looking at the ramifications for future generations. The knee-jerk reaction is to "fix the problem today". That kind of self-absorbed, "my wallet" mentality is how we got into this mess in the first place.
Gorn, you know about macroeconomics and our free-market system. My answer is to create legislation that prevents banks handing out loans/mortgages to people who can't afford them, axe the golden parachute, make sure there's a really good chance for the govt. to actually make a profit in the long run and not to attach any earmarks or footnotes to this legislation.
Don't do it hastily, put a stop to the partisanship and stop the politicians who believe they're "saving the country". That's nonsense! They're voting to save their jobs and nothing more! |
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C'mon, The Tanner, check his I.D.
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AquinasWI |
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Post subject:
Posted: Sep 30, 2008 - 07:00 PM
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Joined: Sep 30, 2004
Posts: 5788
Location: Midwest
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| Amen, JT. Amen! |
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"I am the soul of honor, kindness, mercy, and goodness. Trust me in all things."
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Post subject:
Posted: Sep 30, 2008 - 08:10 PM
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Joined: Dec 09, 2002
Posts: 13810
Location: second star to the right
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I know this is a really stupid answer but I'd mint more money and pay off everything! LOL Why should we live with our national debt?? Am I right???  |
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Post subject:
Posted: Sep 30, 2008 - 08:52 PM
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Joined: Aug 30, 2005
Posts: 9980
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| Johnny_Turbo wrote: |
Gorn, you know about macroeconomics and our free-market system.. |
Sure I do...
| Tina wrote: | | I know this is a really stupid answer but I'd mint more money and pay off everything! LOL Why should we live with our national debt?? Am I right??? |
Tina is exactly right
that was fun |
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Nostromo |
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Post subject:
Posted: Sep 30, 2008 - 10:35 PM
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Joined: Sep 18, 2005
Posts: 1891
Location: Ottawa, Canada
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"Not bad .... for a human"
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Post subject:
Posted: Sep 30, 2008 - 10:42 PM
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Joined: May 28, 2003
Posts: 3013
Location: ohhhh here and there
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Pretend it didn't happen...
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Oh wait.. that already happened in DC.... well damn, there goes my idea!  |
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~When Words Are Not Enough~
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Post subject:
Posted: Sep 30, 2008 - 10:52 PM
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Joined: Oct 24, 2002
Posts: 8169
Location: CA
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IF I WERE PRESIDENT...even for one day....
I would IMMEDIATELY call for Monitary penalizations of those involved in ENRON, and the current Banking Situation, and ALL of the underhanded wrist-slapping Financial Cons of the last 10 years. I would call for all bonuses and pay of those involved to be forfeited to stabilize the situation. I would stop import/export to China of all the CRAP we do not need and begin production in the USA of needed clothing and everyday items, including the RICE fiasco.
I would stop the rediculous funding to the War effort...more money is being spent that can be audited of equipment and personell...Whose pockets are the funds going to ?
WE NEED A NATIONAL AUDITOR !!!!! |
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Post subject:
Posted: Sep 30, 2008 - 11:50 PM
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Member
Joined: Feb 12, 2005
Posts: 9896
Location: I destroy my enemy when I make him my friend.--Abraham Lincoln
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| We need a congress filled with housewives. Women who run households are great at stretching a dollar and are experts in balancing a budget. |
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Let's do it as a memorial to Joyce Mason
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vampyregirl |
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Post subject:
Posted: Oct 01, 2008 - 01:32 AM
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Joined: Oct 26, 2002
Posts: 657
Location: Toledo, Ohio, USA
Status: Offline
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| SMB wrote: | | We need a congress filled with housewives. Women who run households are great at stretching a dollar and are experts in balancing a budget. |
Amen to that!!!!! Coupons for everyone!!!! LOL!!!!
And for ASB, you may be paying more overall on a fix rate loan, but at least you don't have to worry about the payment going up $300 next month!!! I also must beg to differ on the fixed rate only being 3-5 years. I got a 30yr fixed rate home loan. I then refinanced at a 15yo fixed rate. The fixed rate loans are out there, I think it's just that a lot of people may not qualify because of their credit history. Since you now get penalized (i.e.: charged more interest) for having crappy credit, Americans should wake up and quit spending so much on crap they don't absolutely need!!!
BTW, I qualify for that last line. I am done using my credit card unless it's an emergency (car breaks down, furnace repair--that sort of thing). I won't be able to save much until I get it paid off, but then I will be saving as much as I can. In the meantime, if it can't be bought with cash, forget it!!!!
They need to start closing some of these loopholes in the tax codes too. Most (if not all) of the rich ARE NOT paying their fair share in taxes. They do hide their money where it can't be taxed and other things to get out of paying. Hell, some of them even get a tax refund check!!!!!
Start closing the loopholes for corporations too. Most of the big companies (Fortune 500 and such), don't pay any federal taxes. They also pay the minimum in state taxes!!! It's all a bunch of POOPY!!!! |
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"I've hardly seen you at all this episode" -- Denny Crane
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