| Author | Messages | |
lumberrick - 
Spike
 | | 09/18/2008 3:08 PM |
| | Everyday that I am fortunate enough to wake up, I am thankful for what I have. I start each day by thinking about all the good that is in this world, and don't dwell on the negative. This country is in turmoil right now. So many lying cheating people that want more of their fair share, at the cost of some real good people working hard for not that great of wage. All of these so-called crisis situatiuons are hard on everybody. But, what I have noticed, is no one is to blame. Every one blames someone else for the problem. I can't say I'm a Republican or a Democrat, because I am embarrassed by both political partys. But I know that I am a Patriot 1st, with Conservative values. I think back to what Kennedy said in one of his speechs. "Ask not what your country can do for you, ask what you can do for your country." What ever happened to that Idea? Are'nt we the good Ole U.S.A. because of our people and despite our Gov't. We might be the only country that has a set of rules called the Consitution that protects us from our Gov't. And yet, it is the cause of most of our headaches. One of the people running for the Presidency, wants to take money that someelse earned, and give some of it to me. I don't want it. I won't take it. I really don't mind earning my own money. What type of life will our children have, if they cannot have lofty goals, to acheive what ever of success that they want? "Middle class" is something to be proud of. "Middle class" is still something that should be earned, not handed to you. The Poor and the Middle Class are the backbone of this country. We don't need a Gov't that wants to remove our spine. Bush has his faults. But, you know what, I still respect the position of President. Because the truth of the matter is that congress is more to blame than our President. We are the United States, and these people fight against each other as if there are 50 seperate countrys, instead of working together for a common goal. We need to use our own resouces, both natural and workforce to help build this country up. The Liberal Enviromentalists are tearing this country apart. We can't drill, we can't mine, we can't cut down trees, on and on. But, a lot of other countrys are laughing at us, because they want our money, are willing to use there resources, and probably don't have the enviromental standards we do. We all need to keep our chins up during these tough times. And when it comes to the election, vote for someone that is going to shake our Gov't up a bit, instead of making it bigger. | | | |
| cb -
6-Pointer
| | 09/19/2008 6:48 AM |
| | HEAR, HEAR, WELL STATED | | | |
| tubby -
Record Book
Moundville,Alabama
| | 09/19/2008 1:25 PM |
| | Are you running for president ? You would have my vote.......well said | |
Tubby
The God of My Rock;He Is My Sheild;And The Horn Of My Salvation 2 Samuuel,Ch 22 | |
| KEVIN T -
Button Buck
| | 09/19/2008 1:51 PM |
| | I COULD NOT HAVE SAID IT BETTER! I think every member of congress needs to turn around and pull thier heads out of thier butts and wake up. | | | |
| AndyC -
4-Pointer
| | 09/22/2008 2:29 PM |
| I actually couldn't disagree more. It isn't the government that got us into this problem it is the lack of it. Without oversight a "free market" economy eats and spits out working men and women. Greed is a flaw of man and when that takes over there is no stoping the train wreck to awaits. Only goverment oversight can keep people honest.
All said this "bailout" will end up "costing" American's between $1.5 and $1.8 trillion. Putting this in perspective this is $5000 to $6000 for every man woman and child in America. The bailouts were announce today and Friday and oil has spiked up over $35 per barrel. Why...the $ is being dilluted down to penny's.
While Bush/McCain is busy "bailing" out people making $50 to $60 million a year who is going to stand up and fight for the everyday working man? Think about it.
This best thing in this situation would have been to just let people go bust. Banks, homeowners and everyone. It would all wash out and in a few years we would be a solid footing again. This will just keep this bad behavior going. | | | |
| lumberrick -
Spike
| | 09/22/2008 3:18 PM |
| Putting Gov't in charge is like letting the fox run the henhouse. This housing crisis goes back 30 years or more. In 1977 Jimmy Carter put through the Community reinvestment act, which required banks and savings institutions to make loans to lower income areas in the communities they served. It forced banks to make loans to uncredit worthy customers in order to recieve a CRA rating from the government. Failure to comply with these mandates meant the banks would not be able to expand there services into different markets. 4 years later interest rates on home mortages topped 17 percent. Age old banking practices were thrown out the window. Forced by the Gov't itself to make loans that were not backed by collateral. In 1992 Bill Clinton actually made more changes to this act. Allowing more questionable lending, despite protests from private enterprise and the GOP.
Democratically led congess gave Freddie Mac and Fannie may the O.K. to buy loans from banks and them putting them for sale on the open market. My mortage has been held by 5 different lenders in 28 years. And I had no say. With these changes, the sub prime lending rate took off from 35 Billion in 1994 to over 1 Trillion in 2008.
The requlations that were forced on private enterprise originally caused the snowballing effect that led us up to this problem, Now it is the chance for the Gov't to look like heros by saving us from the evils of capitalism. All the while leading politicians in the Democratic party have already padded there campaign contributions and pockets from these same companies that were bailed out.
If they would have just let private enterprise do there jobs, everything would have been fine.
In 2003, Bushproposed the most significant overhaul in the housing finance industry since the savings and loan crisis a decade ago. He proposed an agency to watch over Freddie and Fannie so they could'nt make loans to people that could'nt pay them back, but the Democrats shot it down. Now, it is his fault.
This could have been avoided if it was'nt for our wonderful Gov't. that is way to powerful. | | | |
| AndyC -
4-Pointer
| | 09/22/2008 10:59 PM |
| I grew up on a farm. On a farm if you leave the gate open and a horse gets out of a stall it is a real bad thing. Mostly becouse the horse will go to where the grain is stored and eat until he is almost busting at the seams. Since horses can't bealch this can kill them if to much gas builds up in the stomach. The horse needs oversight and keep him from gorging himself.
This experienceis like a free market.
For consumers...given cheap and easy access to capital they will drive up the price of assets to a point that is unreasonable. Look to asset bubbles in the past (internet stocks, tulips in 1600's Netherlands, Railways, Electric Utilities in the 1920's) and you will see that they are not suistanable. Consumers are not without guilt but in some areas of the country families had no choice but to "overpay" for a home b/c prices had been driven up their control. Some people were uneducated about what they were getting but for many they were just keeping up with the "Jones's" and living above their means.
On the other side you have people giving loans and those buying, packaging and selling mortage backed securities. They also were driven by greed. So long as there is someone to sell this "crappy" assets to then why not get the loans out the door without any confirmation that the people will be able to pay. The mortage originators had no long term interest the underwriting of loans so they just put whatever on the paper that got it approved. Greed was the motivation with very little downside.
Now the piper needs to be paid. The gas is swelling the belly and where does it all go. The inevitable end of this boom. The problem is excaserbated as intestment banks were able to borrow 20 to 30 times and buy these toxic assets trying to boost returns. As some of these assets soured they had some much debt riding on top that they were crushed.
This all took place b/c of a lack of oversight. Now the Republicans are rushing to save Wall Street and the access to capital. It seems expensive but I hope it is for the right reasons.
Hopefully we don't all end up in the breadlines. | | | |
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