I'm talking about the massive amount of government entities are. Ever seen how many departments of the federal government there really are?
if you didn't think bush was an idiot before...
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I'm talking about the massive amount of government entities are. Ever seen how many departments of the federal government there really are?
This doesn't change the fact that the government you just hammered about jobs was actually the only thing saving the job market in the past two quarters.
Have you seen the number of people in the country? The government is quite complex and since it spends an unlimited resources (our tax dollars) it will rarely be as effective as a private corporation.
Capt. Orygun
Win the Day
Bush knows that a recession before the general election will play bad for the GOP's white house hopes.
While the 01 recession had nothing to do with Bush the blame for this one falls squarely on him as the seeds were laid when Bush implemented tax cuts without reducing government spending in 2001, that's why McCain voted against them.
Now, to treat a debt based recession he's going to put the country further into debt buy issuing tax rebate checks... "Sorry I was President, here's some money foks"
While the 01 recession had nothing to do with Bush the blame for this one falls squarely on him as the seeds were laid when Bush implemented tax cuts without reducing government spending in 2001, that's why McCain voted against them.
Now, to treat a debt based recession he's going to put the country further into debt buy issuing tax rebate checks... "Sorry I was President, here's some money foks"
This recession has nothing to do with government spending. Its consumer debt that describes your "debt based recession" not the debt of the government. The general public foolishly over-leveraged themselves when banks were worried about generating mortgage fees and selling the risk off to investment bankers in bond type mortgage bundles that were labeled with AAA+++ ratings.
The housing bubble burst and the teaser rates on ARM mortgages spiked. These events then caused the market to begin to fail as people defaulted on mortgages causing those mortgage bundles that were sold as investments to be worth practically nothing. Now we're in the middle of financial firms writing down billions from these poor investments and banks tightening the lending standards in an attempt to block the writing of more poor loans.
it's a horrible cycle. the companies got greedy and were giving loans to everybody and their dog. now they are upside down and defaulting. home prices are dropping, debt is increasing, companies are losing money. shit is fucked right now.
when i was at fidelity, i worked with a guy that was doing homeloans in texas. he said they were doing loans on doublewides for 18 year old couples that worked at grocery stores. it didn't matter to him because he got paid. the company would just foreclose. the only losers here are the customers who get over financed.
when i was at the software company, i was making $70k and got financed for $350,000 home loan. it would have been something like 70% of my after tax pay. who authorizes this shit? anybody who wants to make a sale. fuckers.
Capt. Orygun
Win the Day
it's it is by and large consumer debt, my point was that it's ahappening on all levels to include the government
we have a 120 billion dollar a year war that we can't afford and dem's want a 1 trillion dollar a year healthcare plan which they somehow think we can afford
fuck that, & fuck bailing out stupid consumers. That type of socialism is the reason American's are starting to lack the drive for success, why work hard when the government will take care of you?
we have a 120 billion dollar a year war that we can't afford and dem's want a 1 trillion dollar a year healthcare plan which they somehow think we can afford
fuck that, & fuck bailing out stupid consumers. That type of socialism is the reason American's are starting to lack the drive for success, why work hard when the government will take care of you?
You've completely... COMPLETELY missed my entire point as usual. I don't give a fuck about what you're rambling on about, it has nothing to do with what I stated. I simply stated I'd never get laid off working in the federal government, where as in 05 I got the axe several different occasions.
nothing wrong with that.
i make a little more than that and my house cost a little less than that.
and i still manage to afford an m3 and a truck, plus pay extra princ on my home every month.
you can handle, i could have handled it, but you know how many retards out there that cant budget. they think, "oh 70% i still have money left".
then they get the loan and have bills, utilities, phone, gas, unexpected bills etc. then they are spending about 98% and saving $20/month.
I think there should be a legal limit on how much can be financed. say 50% of annual income or something. shit, some people put 50% into car/insurance payments. I had this discussion with my gf. people SHOULD be able to realize it's bad to take out that much, but they aren't. I feel the companies and trained professionals should make the final decision, but then they would lose money. they want to make a sale so they approve it.
Well, I look at it like this.
Car = necessity.
House = not necesarily a necessity, but renting = wasting my money.
Sure, between my bills for the house, the house cost itself, my car, misc crap I can save maybe 10-20 a paycheck (if that sometimes), but I have everything I need and as long as I pay for them MY car and MY house are MINE and nobody elses. Sure I can't (and don't want to really) go out and spend 100 bucks on a big steak dinner every night, but I can afford to feed myself none the less.
renting doesn't always mean wasting money.
i can rent for $1400 what would cost me $2800 in mortgage. lets just say our interest rate is at 7%. if i pay interest only, and the house gains an annual 7% in appreciation, i will only break even.
if i rent that house for $1400, I can take an extra $1400/month for whatever I want.
to make buying worthwhile, the value of the house has to appreciate more than the cost of payments+interest+maintenence.
Sabz5150
FALCON PUNCH!!!
Switch "Since voting in a Democratic Congress in 2006" with "Since voting in Bush in 2000" and it all works the same.
the mortgage is less than that disincluding the utilities, however I make less than 30k a year.
AND ONCE AGAIN YOU MISS THE FUCKING POINT. THE FEDERAL GOVERNMENT CREATED A FUCKTON OF JOBS, YOU CAN BE THANKING THEM INSTEAD OF BEING A DOUCHEBAG, CRYING, AND POINTING YOUR FINGER LIKE YOU KNOW WHAT THE FUCK YOU'RE TALKING ABOUT...
If you knew your ass from a hole in the wall I would honestly be surprised. I think you probably have a good heart, but you're an idiot when it comes to any concept that is even remotely complex. Its black and white to you without a care as to why things actually happen the way they do.
...believe me, there will be legislation coming down the pipe. After the market crash of 1929, the fed. stepped in and only allowed a certain percentage of stocks to be bought on margin because they felt a contributing factor to the market crash was over-leveraged consumers.
Hmmmm.... sound familiar?
Also Nick, the only losers aren't the consumers who were taking out the mortgages. Sure, the banks and the investment intermediaries were making all the money and sitting pretty, but the key word is were. Now they're knee deep in shit and need foreign investors to bail them out of their write downs.
Very few banks were intelligent when lending money during the housing boom. There's a bank in Hartford that only wrote down $110,000 in bad mortgage debt and is doing phenomenal now. Other new banks and small banks are also sitting pretty as they're beating up on the big name banks that wrote the bad loans. In the end, it all came full circle and everyone is getting the shaft as a result of poor decisions on everyone's part.
Dumb consumers who knew they couldn't afford homes, didn't put any money down, and took on mortgages with rates that would adjust astronomically, thinking that they would make more money in the future when the rate hikes came.
Dumb bankers who were only interested in the mortgage fees and selling the risk to investment bankers for a profit.
Investment bankers for not scrutinizing the loans that they were buying. They said, to the banks, "investors are loving these mortgage bonds, write as many loans as you can, we'll buy them from you and sell them off."
People just got caught with their hand in the cookie jar.
Very few banks were intelligent when lending money during the housing boom. There's a bank in Hartford that only wrote down $110,000 in bad mortgage debt and is doing phenomenal now. Other new banks and small banks are also sitting pretty as they're beating up on the big name banks that wrote the bad loans. In the end, it all came full circle and everyone is getting the shaft as a result of poor decisions on everyone's part.
Dumb consumers who knew they couldn't afford homes, didn't put any money down, and took on mortgages with rates that would adjust astronomically, thinking that they would make more money in the future when the rate hikes came.
Dumb bankers who were only interested in the mortgage fees and selling the risk to investment bankers for a profit.
Investment bankers for not scrutinizing the loans that they were buying. They said, to the banks, "investors are loving these mortgage bonds, write as many loans as you can, we'll buy them from you and sell them off."
People just got caught with their hand in the cookie jar.
Ding, ding, ding.
Dipshit Americans who are uneducated and don't know any better simply say, "Renting is bad!"
Renting is real terrible, when most of the putzes that overpaid for their homes, lost all of their equity. Sure the housing market will be back up in the future, but if you planned on moving anytime in the near future or are forced to move do to work or a change in conditions then look at that pretty investment you just made... losing all that cash, or just destroying their credit because they had no real down payment to speak of in the first place.
It may be the American dream to own your own home, but most don't even begin to understand the complexity of the issue. Renting vs owning always depends on the market and your personal situation.
Nick did a nice little basic analysis, which didn't even include the opportunity cost of what you could have done by investing the extra $1400 you have left over a month.
