the GREAT DEPRESSION 2?

Discussion in 'General Discussion' started by Nuteshack, Sep 25, 2008.

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  1. Nuteshack

    Nuteshack Guest

    Financial Armageddon? ..whatever u wana call it. it's getting kinda spooky out there ...:frown:

    check out the hit list ->

    Accredited Home Lenders
    Bear Stearns
    Countrywide
    IndyMac
    Freddy and Fanny
    Lehman Brothers
    Merrill Lynch

    and in the midst of this 700 billion plus bail out proposal -> Washington Mutual

    any thoughts or concerns u all would like to share?
    :confused: 
     
  2. Don't think WAMU is in the bailout picture so much by the gov't as it was just purchased by JP Morgan...
     
  3. I'm getting my resume ready for the CCC if that tells you anything, Nute.... :biggrin:

    Sean
     
  4. Tosh

    Tosh

    May 6, 2005
    NY
    Wish my mattress was a bit more lumpy now. :frown:

    I hope the employees of WAMU find a new home. I used to do a lot of legal work for one of the banks that eventually became WAMU.
     
  5. Welcome to the fallout from the New Gilded Age.
     
  6. Actually, the process was this: Wamu started the day as an independent company --> then it was seized by the FDIC --> then sold to JP Morgan.

    There are way too many demons here to point a finger ... LOTS of folks are "responsible" but none will take the blame. They will ALL point to someone else. If you want to get a good grasp on what's really happening ... look at a LOT of sources.

    Much like Fox's Bill O'Reilly (who is really well informed on this one) ... this is personal with us now and I'M MAD AS HECK!!

    And I'm really @#$%^ed that the CEO of Wamu was "fired" a few weeks ago and walked out with $8 million or so in cash. I seriously doubt my VP level wife will get much at all.

    Ken
     
  7. Bill N

    Bill N Guest

    I haven't seen too many of those get rich quick infomercials about buying property for zero down lately. I wonder why??

    My grandpa used to tell me, if you don't have the money to buy it, you don't need it! This old dog can't wrap his mind around 1 million dollars. 700 billion is defiantly out of my radar range...
     
  8. Nuteshack

    Nuteshack Guest

    remember our last conversation after the bear stearns melt down? think i said something along the lines of -> "Lehman Brothers is next". it's just one shoe dropping after the next.
    too bad i wasn't properly staked for all this,,,could have been my best year ever. however, the bigger picture has me EXTREMELY concerned and i still see NO fix for all this!
    but really, no regrets. going clientless was a matter of priority, my little girl lives!
    :Love:
     
  9. No body wants to take the blame which really sucks, and it was one heck of a ride while it was all good... but now the repercussions are more than anyone ever imagined... unfortunately there were so many hurt in the process, those that bought homes and weren't informed when they were loaned the money to those that took advantage of all that... I worked for a real estate company while the times were high and now I am out (corporate level!!!) and let me tell you I don't think the company will survive if things continue the way they are right now for very long... The country needs help no doubt, but i have mixed feelings on how it's to be done.. The executives getting these huge parachutes is definitely not one in my books.... but then again nobody asked me...
     
  10. Nuteshack

    Nuteshack Guest

    Exactly, kinda ..lol

    this was a deal of destiny, of sorts. Wamu was actually thrown in JP's lap last Jan but JP wouldn't have it without a gov takeover first. the common and prefered had to doink first. well, someone just flushed the toilet!
     
  11. JeffKohn

    JeffKohn

    Apr 21, 2005
    Houston, TX
    One thing that bugs me about this whole thing, is how these poor innocent home-buyers on the brink of foreclosure are being portrayed as victims. Gimme a frikkin' break. When you buy far more house than you can afford by putting no money down on an interest-only or adjustable-rate loan, you're asking for trouble and you deserve what you get.
     
  12. tamplum

    tamplum

    300
    Feb 15, 2008
    Sacramento
    WOW, that is a pretty agressive look on that situation. Many "home owners" got into loans they COULD afford. But with the declining economy, other businesses (like my husbands) is not doing as well as it did 3-5 years ago. IT is not that they are in more house than they can afford, but that the trickle down of the economy is finally hitting people in ways, NO ONE.. could have forseen.

    Sorry you feel this way, but this generalization is REALLY uncalled for. :Curved:
     
  13. You know, after all these years, maybe this system does not work as well as we have all been led to believe.

    So many social problems with no answers in sight and a government and big business power base with no accountability and no remorse, only more greed.

    Where does the money really go? Who keeps getting richer? Why do we put up with this nonsense?

    Perhaps it is time for another revolution. A little anarchy, anyone?
     
  14. Well, one might argue that remembering Mom's advice about "life having it's little ups and downs" should be good enough to prepare a person for situations when the future not all that bright. But even if a downturn catches someone by surprise, that's not an excuse for expecting a well prepared citizen to insulate a less prepared citizen from experiencing any pain at all.

    I've had to sell cars, boats, houses, etc. more than once in my lifetime in order to adjust my situation to suit the reality of working for a poorly managed company, a bad economy, losing my job, or some other outside force that changed all the rules of the game. Never once did I think my fellow taxpayers should be responsible for paying my bills or somehow arranging for me to own a house I could no longer afford.

    Sometimes things are good and sometimes they're not so good, but it's the responsibility of the head of household to look out for his/her family and adjust accordingly. Unfortunately, as the USA tilts more and more towards socialism, neither the people nor the government are willing to step up to the plate and take responsibility for their own actions.
     
  15. Lurker

    Lurker

    Jul 21, 2007
    NJ
    In the end it all came down to greed. Sadly the ones that didn't profit from the housing/cheap credit boom are the real victims. Those who saved money instead of racking up debt are the one that are truly hurt by this. The dollar is going down the toilet and so is the value of their savings and investments.
     
  16. Lurker

    Lurker

    Jul 21, 2007
    NJ
    That is a generalization that is uncalled for. People DO take responsibility for some of their actions. They only expect the government the step up when their actions would result in a loss.

    Privatized gains, socialized losses.
     
  17. Rick

    Well said. Ditto for life in the great white north........I have a few fixes in my head but they'll stay there....No thought police here yet but I'm sure they're working on it......:biggrin:

    Cheers

    Ted:smile:
     
  18. Ted, the Thought Police are not far behind.....

    http://www.foxnews.com/story/0,2933,426485,00.html
     
  19. Samaritan

    Samaritan

    300
    Dec 29, 2007
    Buckeye State
    One word GREED, of the buyer of the seller and ALL the way up the ladder...
     
  20. The way I see it...

    The way I see it... There was a recession in the 80's.... Did not affect me... Then there was a recession in the 90's and I was not affected - after which the dot.com bubble burst ... Did not feel a thing but went back to my old job as such it was an improvement and did not affect my wallet ...

    If there is a depression - it will not affect me what does affect me is the huge spike in oil prices and its effects on everything I buy starting with food which is not more expensive than ever across the board...

    So if those institution do crash well ... too bad so sad they played with fire and got burned - if the U.S. Government bails them out... Now the Government plays with fire and you know what they say... Well I will not get into politics.

    Anywho all this to say that when some institution does something they should not after clamoring for less regulation and market intervention on the part of the Government they should sleep in the bed they made for themselves... 700 Billions... You can possibly put any sort of control on that kind of numbers.

    People made bad decisions - I say pay for them and learn then regulate the heck of what's left once the dust settles... And that's my 2 Canadian cents soon to be worth way more than its U.S. equivalent but then again we only have 5 big banks in Canada which are under heavy Government regulations... And what do I know?:rolleyes: :wink:
     
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