Posted on 08/03/2007 2:29:53 PM PDT by Sleeping Freeper
Rex Nutting & Nick Godt?!
Banks need to drop their interest rates on homes. Credit card companies need to lower their interest rates also and be controlled by our government. Both are ripping our people off.
Centralized economic control by the government????
Are you out of your mind?
It would be nice if someone regulated the government instead. That way the invisible thirty percent that is funneled away from every working Joe would be returned to its rightful owners.
It would be nice if the federal and state governments actually mimicked working families and spent only what they could afford. Oh well; we’ll have to make sure the next government does that.
I hope people will remember that financial institutions were bullied into dropping credit requirements for sub prime customers in response to charges of ‘redlining’, that is, credit standards that were considered to have a disparate effects on minorities. Jesse Jackson and other race baiters led the charge to subvert strict credit requirements although the standards were clearly unrelated to race. You reap what you sow.
I agree, it’s madness to call for government controls on interest rates. That way lies Zimbabwe.
Super Metaphor Power Go!
Your recollections are correct. In my lifetime, this cycle has repeated several times. It will happen again.
Is that you, Robert Mugabe? Bob, long time no see? How are the price controls on your stores in Zimbabwe working?
Interest rates on homes are still pretty darn low. My first mortage in 1990 was 9.625% and I had pretty good credit. To get that high of interest rate now you would need to have "killed and ate last collection agent who asked to be paid" on your credit report. The bigger problem is that banks are getting scared of giving any loans at all to people with less than stellar credit. A government mandate to reduce interest by a couple percent will stop all loans from being made.
Credit card rates are lousy, especially if you miss payments and the bank puts you on the default rate. But the normal rate was probably 18%-21% when you signed up, so if you are using them to borrow money or support your lifestyle you already have "Chump" written on your forehead. Someone has to pay for people like me who use the card, keep the money in the bank and pay off in full at the end of the month.
Neither would be improved by the government's Greedy Hand getting involved. If that does happen, it is time to take your money out of the bank and buy guns, gold and groceries.
Jackson and Sharpton and other professional racial grievance mongers did the sowing, but they are not going to be the ones who reap the bitter harvest.
In fact, I can safely assume that Jackson and his ilk will be front and center in pointing fingers and casting blame for the crisis on the Bush Administration.
-ccm
Socialism 101 (redux)
You left off the sarcasm tag.
LOL !
We'll know there is a problem when this sh't ceases.
I think I remember 11 or 12% in the Jim Bo Carter years. But I paid it, beat an apartment or trailer.
“turned down by 2 lenders in the past two weeks after having been pre-approved.”
Why was she turned down?
There are lots of good programs out there, especially if her credit is good.
It was 17%+ in the Jim Bo Carter years...
Prime hit 21.5% in the Jimmuh Carter years.
The real estate industry was in the tank. That industry has historically gone through huge cycles.
It's rare to see socialists posting on FR. Welcome -- I guess.
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