Is anyone else mad?

[randlemanboater]

Correct me if I'm wrong cause I am not the brightest guy.

A bunch of rich guys decide to start loaning money to people who cant pay it back, (making a bunch of money off of the upfront fees) the rich guys, knowing the people cant pay back the money, sell the loans to others defrauding them into thinking that the loans will be paid back, making MORE money. Then these guys sell it again and again, kinda like a hand grenade, don't be holding it when time is up.

People stop paying cause they cant and the government says, "don't worry rich guys, here's $700 Billion (which they have to borrow cause we dont have it), we will buy all the loans that people cant pay back.

WTF!!!!!!!!!

And I don't see anyone from any party sticking up for US!

[nipper]

I'm with you. Middle class getting stuck paying for the bailout once again.

[THEFERMANATOR]

I understand it's a balanceing act and all, but either we hit a down slump now or later. I personally would rather get it over with and get beyond it and let things work there way out. We have let our government grow into an entity that is too full of itself, we need to bring it back down to what it should be again and let the economy correct itself.

[C YENSEN]

i am with you Randle....and I also agree with you Ferm, lets get this down time done and move on

[cterrebonne]

this all comes down to the push from the liberals who forced fannie and freddie to make crap azz loans to those who couldnt afford them in order to push a socialist campaign tool to get more votes. how do we know this, they gave tons upon tons of money to the democrats via campaign contributions. ok, now that they fan and fred made these crap loans they need to create real estate backed bonds to sell so they can again have money to lend out. this brings us to our next leg that was broken. fan and freddie created these mortgage backed loans including interest only loans, arms, and other exotics, well when moody's, standard and poors, and the other bond rating agencies saw these mort backed bonds they said, "mortgage backed bonds, they get an auto AAA rating" when infact they were mostly junk bonds. they those who invested in these bonds thought they were investment grade now do not get didly squat from them. they fail safe rating system failed.

to explain lehman bros., bear sterns, and merryl lynch. that comes down to greedy gambling executive officers. they all owned these mortgage bond portfolios, these port. then are seperated into parts starting from AAA bonds all the way to junk bonds. what these E.O.'s did was they sold all the good bonds AAA - Bb and kept the majorit of the junk bonds expecting to gain huge money b/c we all know the riskier the inv. the more return. well guess what. when the loans do not get paid back and all your eggs are in one basket you loose.

to sum it up, GREED, both corporate and political (dems and reps). and its a shame we cant just let them all hang out to dry so they can learn a lesson. if we were to not bail these companies out other companies would buy them out maybe for .25 on the dollars a much better deal that for us tax payers b/c we well buy them out at a much higher rate. i.e 75-80 cents on the dollar.

[spareparts]

a while back I read an aritcle that explained the eeconomy has been fueled by dept for the last 30 years. I hear about people rationalizing the cost of operation(payments) rather than the cost of ownership, I see monthly payments advertised rather than how much it actually cost. Kids today don't even understand ownership, its all monthly service.Seems to me everybody has been riding the credit train too long. Don't misunderstand me, I can't afford to buy a house outright, but the one I have is resonable, and affordable, I'd love to have a new car, but I own two dependable 10 year old cars that are gong to be here for a while longer. People ask me whats wrong with the economy, i tell them $50,000 pickups, $90,000 cars, $500,000 homes, and $5000 TVs. No one actually owns those things when they are worth anywhere near what they cost, and you end up paying 4 times what they are worth if you keep them, while depreciation makes them worthless. Who really needs a 5 year payment plan on a freaking TV? We have been living in a dept fueled economy too long, now its time to reap the benifits of it. Thats why I like my V and my McKee, I don't owe anyone a dime on either one

Couldn't agree with you guys more. Spareparts, you hit the fffinng nail right on the head. People don't save up and buy what they can afford and the teenage generation is learning to live this type of lifestyle as well.

My 17 year old step-daughter had a crying fit yesterday because her computer monitor (17" in tube style) was too big for her new (to her) computer desk. She wants a flat panel!

I explained to her that we have two other computers in the house that work well and there is no urgency for me to buy a flat panel. In fact I told her she should save for it from the tips she makes working at Dunkin Donuts. "But what am I suppose to do for spending money, you keep all my paychecks?"

My wife and I do not keep them by the way. We put them in her savings account so she can have some money to put towards college. Just trying to teach her how to save. Not to mention my wife, the catalyst, bought her three new skirts yesterday.

She even asked if I could put the monitor on a credit card and she would make payments.
They don't know how to SAVE!!!!!!!!!!!!!
Of course mean old step-dad said absolutely not, you have to save it out of your tips. I even sweetened the pot by saying "I will add $1 for every $2 you save".
I will now have to keep you posted on how long this takes.

It is attitudes like this that got us into this mess.

Sorry, guys had to get this off my chest. My old man spoiled me rotten, but he also found a way to teach me the value of a buck! And the value of being able to say "I own that", not the fffing bank.

Okay I am done now.............I think