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He's an American ???

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  • #76
    Re: He's an American ???

    Originally posted by woodenstickers View Post
    It's much more complicated than that, and yes, many people got filthy rich and stayed filthy rich through these lending practices. CDO. Look it up.

    Mortgage brokers were lending money to people who they knew could never pay it back by borrowing money from the real banks. Then to make a very big buck they would sell the mortgages to Wallstreet as investments. The people started defaulting on the loans, the investors started to tighten the standards on the loans they would buy from the mortgage brokers, the mortgage brokers were stuck with whatever loans they couldn't get rid of after the standards started creeping up and then they defaulted on the money they borrowed from the banks and went belly up. They banks took a hit, they international market is just at the tip of the iceberg on the hit it is going to take, the people who can't afford to pay the loans they were granted are walking away so the housing market is plummeting and the brokers of these mortgages were making millions and millions during the frenzy. Where do you think all those millions went? They still have it.

    Honestly man, I respect your right to have a point of view on anything you want, but until you realize the world is not nearly as black and white as you think it is you do yourself a disservice. And you may not want to attack others with sarcasm based purely on your common sense gut feelings of a subject. It'll have you making with the "homina-homina-homina"



    Eli
    I respect your right to have a point of view also. If people would hone up to their responsibilities instead of blaming others things would be more black and white.

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    • #77
      Re: He's an American ???

      Originally posted by woodenstickers View Post
      It's much more complicated than that, and yes, many people got filthy rich and stayed filthy rich through these lending practices. CDO. Look it up.

      Mortgage brokers were lending money to people who they knew could never pay it back by borrowing money from the real banks. Then to make a very big buck they would sell the mortgages to Wallstreet as investments. The people started defaulting on the loans, the investors started to tighten the standards on the loans they would buy from the mortgage brokers, the mortgage brokers were stuck with whatever loans they couldn't get rid of after the standards started creeping up and then they defaulted on the money they borrowed from the banks and went belly up. They banks took a hit, they international market is just at the tip of the iceberg on the hit it is going to take, the people who can't afford to pay the loans they were granted are walking away so the housing market is plummeting and the brokers of these mortgages were making millions and millions during the frenzy. Where do you think all those millions went? They still have it.
      I think you've got a pretty good analysis of the situation regarding CDOs banks, etc. The only thing that is probably wrong is that those mortgage brokers still have it. A lot, even most, of them (Realtors too) thought it would last forever, spent it all and loaded themselves up with debt. Not that I feel sorry for them, I wouldn't mind having millions of dollars even if it was for just a little while.

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      • #78
        Re: He's an American ???

        Originally posted by cpw View Post
        I think you've got a pretty good analysis of the situation regarding CDOs banks, etc. The only thing that is probably wrong is that those mortgage brokers still have it. A lot, even most, of them (Realtors too) thought it would last forever, spent it all and loaded themselves up with debt. Not that I feel sorry for them, I wouldn't mind having millions of dollars even if it was for just a little while.
        That is true. I guess the luxury car, clothing, and nightclub owners got a lot of it. I think people like us in this discussion would probably have a problem with the dishonest part of the whole equation, but I bet most of us have worked harder in our lives than those who got rich by ruining the world economy with their greed.
        A good carpenter makes few mistakes, a great carpenter can fix his own.

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        • #79
          Re: He's an American ???

          Originally posted by Masterplumb View Post
          I respect your right to have a point of view also. If people would hone up to their responsibilities instead of blaming others things would be more black and white.
          Now you are talking. I agree whole heartedly with this. It's like when Edwards was saying there are two Americas, the poor working class, and the rich who feed off them. Colbert said there also a third like him who get rich by suing the second on behalf of the first.

          I can't remember the quote exactly, or who said it, but the point of it is that no Democracy will survive once the people realize they can vote themselves money from the public trough.

          We have muddied this puddle up way too much to ever get back to black and white I'm afraid. I do respect folks who live their own lives that way though, and I mean that, sir.



          Eli
          A good carpenter makes few mistakes, a great carpenter can fix his own.

          Comment


          • #80
            Re: He's an American ???

            Originally posted by woodenstickers View Post

            I can't remember the quote exactly, or who said it, but the point of it is that no Democracy will survive once the people realize they can vote themselves money from the public trough.

            Eli
            That was, I believe, Plato. He was discussing the problems with Rome's political system (The Republic).
            I put it all back together better than before. There\'s lots of leftover parts.

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            • #81
              Re: He's an American ???

              Back to Osama, I mean Obama. All you have to do is look at Illinois, and you will realize how the rest of the country will look if he is elected :
              -100% gun control
              -100% potholes
              -Welfare welfare welfare welfare
              -Jesse Jackson Jesse Jackson Jesse Jackson
              -His wife will be proud...of him
              -Dick Turbin will be VP
              -Highest gas in the world

              Barry Obama is a CHICAGO democrat...nothing else to explain.

              I have lived in this state all my life, its messed up and he has made it no better.

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              • #82
                Re: He's an American ???

                Originally posted by NorthernIllinoisPlumber View Post
                Back to Osama, I mean Obama. All you have to do is look at Illinois, and you will realize how the rest of the country will look if he is elected :
                -100% gun control
                -100% potholes
                -Welfare welfare welfare welfare
                -Jesse Jackson Jesse Jackson Jesse Jackson
                -His wife will be proud...of him
                -Dick Turbin will be VP
                -Highest gas in the world

                Barry Obama is a CHICAGO democrat...nothing else to explain.

                I have lived in this state all my life, its messed up and he has made it no better.
                But Osama will bring CHANGE & hope

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                • #83
                  Re: He's an American ???

                  Ted "hiccup" kennedy just found out that he has a cancerous brain tumor. I bet he feels like that woman in the bottom of that lake right now....or possibly feeling he's going to be in the same company.


                  I'm starting to think that's maybe why he was always spouting mad, spitting and yelling. Disturbing but I wouldn't wish that prognosis on anyone.



                  http://www.drudgereport.com/

                  Northern Kentucky Plumbers Twitter Feed | Plumbing Videos

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                  • #84
                    Re: He's an American ???

                    I'm not thrilled with the thought of Obama becoming our next president and you guys can call him osama all you want, but just look at the condition of our country with the good old boy Bush running it into the ground! Between the democrats and republicans we have lost tens of thousands of jobs, illegals have a free run at the services we pay for and forget about a recession we could easily be headed for worse. Do any of you really think a new president will do anything to help?

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                    • #85
                      Re: He's an American ???

                      Franki, if only what you have to say can reach the 304,131,754 Americans. Something just might change. But its not going to change, because of our politics, old time school politics. You scratch my back, I'll scratch yours, payoffs, blackmail, slander. By the time I finished this, add another 100 more born here and maybe 200 more illegal aliens just crossed over.....
                      Great Link for a Construction Owner/Tradesmen, and just say Garager sent you....

                      http://www.contractorspub.com

                      A good climbing rope will last you 3 to 5 years, a bad climbing rope will last you a life time !!!

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                      • #86
                        Re: He's an American ???

                        Originally posted by Frankiarmz View Post
                        I'm not thrilled with the thought of Obama becoming our next president and you guys can call him osama all you want, but just look at the condition of our country with the good old boy Bush running it into the ground! Between the democrats and republicans we have lost tens of thousands of jobs, illegals have a free run at the services we pay for and forget about a recession we could easily be headed for worse. Do any of you really think a new president will do anything to help?
                        Good point. One thing we must remember (a lot dont) is that the people run the country. The country is bigger than any president, and this country has seen a lot worse. The worst thing can do is want more government.

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                        • #87
                          Re: He's an American ???

                          Originally posted by garager View Post
                          Franki, if only what you have to say can reach the 304,131,754 Americans. Something just might change. But its not going to change, because of our politics, old time school politics. You scratch my back, I'll scratch yours, payoffs, blackmail, slander. By the time I finished this, add another 100 more born here and maybe 200 more illegal aliens just crossed over.....
                          Today I watched as a barrel of oil jumped three dollars, where does it end? I agree that the system got us here and unless it changes we don't stand a chance of turning things around. I was just watching my local news and they were talking about some billboard ad with some pretty models bare backs causing a big ruckus. Maybe it's just me but I think we have bigger things to be concerned about right now. I really don't know how I'm gonna fill my car, heat my house and afford food come next Fall? I watch a couple of those cable financial channels now and then and those experts don't have clue. How do they expect things to improve at this rate, they don't actually say. I apologize for the negative attitude, but I am real concerned for myself and those less fortunate.

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                          • #88
                            Re: He's an American ???

                            I just heard today that video games and systems were worth 1 billion dollars last month. That new game, Grand Theft Auto 4 made more money in it's first week than any entertainment opening ever. That includes movies, records--anything. Over $500,000,000 in the first week of sales!! I know there is an economic slowdown out there, but I'm not sure consumers have heard about it yet.

                            I went to the mall to visit my girlfriend, there was no parking. None. On a weekday. Mid-day. People are still spending around here. And this is where gas is now $4.27 for regular

                            I feel like I'm doing okay--sales in my company are way up, my girlfriend just got promoted to manage her own store (anyone need a mattress let me know, I'll get you a deal!) and I'm paying down my debt. I'm trying not to spend on anything extra, and doing okay so far, but as was stated by a smart man earlier in the thread, we all have to be accountable for ourselves.

                            I don't expect any president to do jack **** for us. Because they won't.


                            Eli
                            Last edited by woodenstickers; 05-31-2008, 02:58 PM.
                            A good carpenter makes few mistakes, a great carpenter can fix his own.

                            Comment


                            • #89
                              Re: He's an American ???

                              Originally posted by woodenstickers View Post
                              I just heard today that video games and systems were worth 1 billion dollars last month. That new game, Grand Theft Auto 4 made more money in it's first week than any entertainment opening ever. That includes movies, records--anything. Over $500,000 in the first week of sales!! I know there is an economic slowdown out there, but I'm not sure consumers have heard about it yet.

                              I went to the mall to visit my girlfriend, there was no parking. None. On a weekday. Mid-day. People are still spending around here. And this is where gas is now $4.27 for regular

                              I feel like I'm doing okay--sales in my company are way up, my girlfriend just got promoted to manage her own store (anyone need a mattress let me know, I'll get you a deal!) and I'm paying down my debt. I'm trying not to spend on anything extra, and doing okay so far, but as was stated by a smart man earlier in the thread, we all have to be accountable for ourselves.

                              I don't expect any president to do jack **** for us. Because they won't.


                              Eli
                              I agree, If there is a recession or whatever you want to call it, I guess most people around here haven't felt it yet. I just took my daughter and 2 friends to a concert last weekend and it was sold out, tickets ranged from $75 for nose bleeds to $315 for lower level. We sat 5th row

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                              • #90
                                Re: He's an American ???

                                Ditto to Eli/Woodenstickers & Masterplumb...no slow down in work here either.
                                I heard a report on new construction for last quarter in my state...apparently the permits are still being pulled, they DID say there were rental properties going up than personal homes, but no slowdown overall.
                                As for politics and who's right or wrong...I don't care.
                                It's supposed to be about whats right...not who.
                                Democrats and republicans spending vast resources to point fingers at eachother, while gas prices continually surge rediculously.
                                Makes me wonder if OPEC isn't just sitting back, snickering and loving the control we've allowed them.

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