Posted on 09/23/2008 8:11:47 PM PDT by proudtobeanamerican1
How is it going to affect us in our every day lives? Your thoughts?
I have to agree with you. There may be no alternative but to pass the best legislation we can under the circumstances.
...then bring criminal charges against all the people who caused this to happen, and all the people who accepted hush money til the perfect time.
that second would of course be Kerry and Obama.
Completely agree with you.
"We are going to be raising premiums in early October, not shockingly but significantly," FDIC Chairman Sheila Bair said during a discussion on housing and financial markets.
Bair repeated her view that the Deposit Insurance Fund, which stood at $45 billion at the end of June, has sufficient funds to withstand an expected increase in bank failures.
"I think, actually, the banking sector is holding up pretty well," she said.
So, either
(1) Sheila is lying through her teeth, or
(2)They cut off the interview early, and missed the part where she said "but it'll be Black Death time around here if Henry doesn't get a number with eleven zeroes after it, toot sweet.", or
(3) you are overreacting.
“A few banks that would be left standing would be able to charge anything they want for morgages or loans”
Durring the last depression that wasn’t the case.
My parents built their home durring the last one and the loan they had for a portion of the construction was 4.3%
The question was what would happen should the bailout *not* occur. I think your answer was what would happen to you should the bailout occur :)
People assume their taxes will go up to pay for this. Well, that's one way. And it may very well be what will happen.
If I can take a step back from this and ask a question - they keep talking about a trillion dollars worth of mortgage defaults. I don't know about anybody else's neighborhood but I don't think I've seen any foreclosures in mine. Anecdotal evidence, yes, but they are all talking like all these defaults have already occurred. So people are living homeless in the streets? Is it too much to ask for the media to do their job instead of pointing fingers?
Granted, the only way you would take assets to pay off your home loan would be you have equity. Should you have purchased your home in the last 3 to 5 years, without say 20% down here in Seattle you would want to look around, should you have been in you home for a longer time period, and have more equity, then you want to look to use your money to your best option. My point being is that these folks on wall street, will rob you blind if you let them. The FDIC is broke, the only way they can cover all the banks is to have the fed print more cash, we all know where that leads!
That's what I did...I now don't have to pay $800 a month for the next 27 years.
Well, I may be overreacting, but since WaMu has 145 Billion in deposits, and the FDIC has only 45 Billion, let’s hope there’s enough money to go around, especially since there are a lot of other banks that the FDIC will need to also cover. Also, based on the events of the past few years, we can all believe everything a Chariman, politican, or CEO has to say, right?
Or maybe, we stand on our principles of smaller government AND have faith in our country and the free market and don’t indulge the self-fulfilling prophecies of doomsday run-on -the banks-fire-in-the-streets-Armageddon-hellish-nightmare scenarios.
That’s what I would do. I’m heartened to see I’m not alone. America is great and you’ll see why over the next couple of months.
Good, don’t you sleep better? More people should look at this. Mutual funds are not paying that well, nor t-bills, ect. Why would you pay someone 2,3% or more to use your money. Where do people think the money comes from that these banks have lost.
Back than $ was backed by gold.
I assume that to stem deflation, government would print money like crazy.
Also, high interest rates would last 3-4 years, not longer.
Uhm..you mean guns and ammo right? Xacly.
Both of us will be fine.
Someone who was sounding the alarm bell loud and clear about lending standards that were too lax
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The Wall Street Journal editorial staff comes to mind.
I’m no expert, but I’d go for semi-precious industrial metals - they will fall, but not as far as most other holdings because industry will continue. Don’t know what will happen to T-Bills, but the US will weather the storm. Most other govt bonds won’t, at least not as well. That, and if T-Bills get junked, the world economy collapses, and we have bigger problems.
You can try to play the Gold Game and the Platinum Game, but there are so many factors involved that you have to be GOOD or have GREAT advisors (not me).
An alternative is find one of the good banks who didn’t write or hold bad paper. They will make a mint. Won’t toss names here - still researching it myself.
Just my opinion. Could be dead wrong.
That will be much easier said than done.
Good point. Also, why does anyone think the Donks gave up on offshore drilling so easily? In 6 mos to a year, we could well see a multi-hundred-billion injection of wealth into our economy, which would change (i.e., pay for) everything.
Don’t make that play at this time, though, because The Obamanation will gut that if he gets in (which is now unlikely for that very reason).
Again, just my (barely informed) opinion.
Given that I have great flexibility I’m staying with my 401k. I’ve invested in precious metal yet last bought in 2004, (due to my brokers seeing the run-up in print). I’m going to go real estate next month and hope that is bottoming out about now.
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