Mortgage Meltdown -- American Capitalism at its Worst

re: Mortgage Meltdown -- American Capitalism at its Worst

Freedom — Tue, 25 Nov 2008 22:41:59 GMT

Here in the UK I watched on Television the boss of Lehman's Bank being interrogated by the select committee and being asked why he had taken a quarter of a billion dollars in salary in the last few years. To see this man about to choke before he murmered an answer told all.

Thankyou America for buggering up my business, my house prices and my country.

Time to take those out and make an example of them and when found guilty; jail them.

re: Mortgage Meltdown -- American Capitalism at its Worst

Swish191 — Sun, 06 Apr 2008 12:51:14 GMT

Watch the movie "Maxed Out" - that's a REAL horror flick! Showed how the worst kind of lenders targeted the poorest and least educated people. Yes I agree, people need to take personal responsibility, but people need to be educated first! Stay out of debt it probably the easiest thing to remember - Anyone can learn that! It took my husband and I 15 years to figure it out, now we have a nice nest egg, no debt, and are renting in a nice neighbourhood for now. We're in Canada, the bubble hasn't popped yet here, but it can't last much longer!

re: Mortgage Meltdown -- American Capitalism at its Worst

not fooled — Sat, 05 Apr 2008 16:59:27 GMT

It is refreshing to know many others out here are not buying the lines fed to us by the main stream media. When is anyone going to address the fact that individuals spending habits, lack of saving and overwhelming debt is also contributing to the state of our economy? In the 1970's the average home for a family of 5 was just over 1000 ft - nothing extravagant, affordable for most people. The average home in this decade is 2500 sq. ft. How can you compare apples to oranges? The middle class has been spending more and saving less than their parents which is also adding to the problem.

It is not the government's responsibility to bail out people who made bad decisions and if they do not suffer the consequences, we will see more of the same, not a change in behavior.

It was approximately 10 years ago that our representatives voted and put pressure on the lending market to make funds more available to those who previously would not have had access because they really were not in a position to own a home. This was so more Americans could own homes?! Yes they bought them but they cannot keep them. Making the payment is not the only responsibility. There are taxes, repairs, and unexpected things happen in life but no one is planning on them. Historically, the real estate market will fluctuate - it has never been a sure thing. Ask those in Texas in the 1980's!

No one has mentioned that the automobile industry is experiencing the same. Auto repossessions increased in 2006 30%, 2007 another 40%. Another example of buying what one cannot afford.

Yes, funds have been made much too available and we should change the lending process. It will mean some people will not be able to access credit but it will actually protect them and our economy. PERSONAL RESPONSIBILITY cannot be left out of the discussion or solution.

re: Mortgage Meltdown -- American Capitalism at its Worst

Auntie Evil — Sat, 05 Apr 2008 12:20:14 GMT

Greed is not just with the politicians. At one time families lived in small houses, small cramped houses. I know because I live in one now. Now these same families live in huge homes, with all the toys TV has encouraged us to "need". I am guilty of having more than I need and am trying to reduce this through time.

We chose to sell our $400,000 dollar home and buy a $30,000 home with acreage, well away from any city. A place to raise animals for food, vegetables and fruits and perhaps reduce our environmental and economic foot print. We still use "bought" electric, but off set this with wood heat and hope to have solar and wind generating as we can afford it.

We knew the economy was going to drop. Anyone who didn't see this coming has their head in the sand.

My heart goes out to all those people who will find themselves without work, without homes, without hope while the people who helped create this mess enjoy the benefits. Let's hope someone comes up with a real plan soon to help turn this around, but it surely won't include 1600 sq ft and larger homes for small families any more. And it will likely be many years before anything "real" happens in US or other political systems....

re: Mortgage Meltdown -- American Capitalism at its Worst

tarkaygivon — Sun, 20 Jan 2008 22:44:53 GMT

URGENT... PLEASE SUPPORT THE BOYCOTT

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re: Mortgage Meltdown -- American Capitalism at its Worst

ems779 — Sun, 20 Jan 2008 20:30:21 GMT

Pure hogwash. And it begs the question - what is meant by "American Capitalism". Are there national flavors of capitalsm? Is there a definition of what American Capitalism is? It anyone wants to know what capitalism is - I would refer them to the Mises.org website. It isn't capitalism that created the subprime mess - it is government interference in the market place - i.e. the Fed that created the conditions that let to the mess. This article is worthless - it is inflamatory and filled with misinformation.

re: Mortgage Meltdown -- American Capitalism at its Worst

tarkaygivon — Sun, 20 Jan 2008 17:33:45 GMT

Don't Abandon Those Whose Votes Were Stolen, Ron.

Jim Condit Jr. of Citizens for a Fair Vote Count spent 12 hours of very hard work to put together the following 10 minute You Tube in an effort to communicate a very sobering message to Dr. Ron Paul that I am hoping in all sincerity that the good doctor will be able to truly hear and fully embrace before our Republic gets sucked down the tubes via election fraud which he is currently doing nothing to address.

Dr. Paul can't have it both ways. He can't claim to be a bonafide Champion of the Constitution if he's just going to pay lip service to defending it. We need his leadership RIGHT NOW in the face of the RAMPANT election fraud we're witnessing right now in this country. Its all spelled out, right here.

As reported by Bev Harris, who is also risking HER life there on the ground in NH to monitor the recount, flagrant tampering has already occurred with numerous cardboard ballot boxes that were slashed open by black ops goons who are not surprisingly striking at the heart of our Republic, and the (criminal/traitor) Secretary of State of New Hampshire (William M. Gardner) is not even keeping the ballots locked up in a vault (!!!)

They're in an unsecured room inside the State Archives building at 71 S. Fruit St., Concord, New Hampshire where it would be all too easy for a Black Ops team to move in on them between now and tuesday morning when the recount resumes after the Martin Luther King monday holiday. If this pisses you off as much as it does me, please call the New Hampshire State Police at 603-271-3636 and tell them to do two things: 1) Arrest the Secretary of State, and 2) Guard that building with their lives. See Bev's field report from 1/17 at http://www.blackboxvoting.org

Its very important you forward this widely, Condit is asking hard questions here that Ron Paul, and all of us, must ponder because if we all don't work together NOW against this phony rigged, hacked election- we're just going to havanother dictator installed on us like the last time. Its time to stop buying into the obvious ILLUSION that we're witnessing a bonafide "election" right now. Its time to call a spade, a spade because with rigged voting machines, NONE of our votes count- the election is being stolen by computer programmers and hacked voting machines that should never have been used.

If we fail to do so, we'll be digging our own graves- but if we ACT, and ACT NOW, we just MIGHT save our country from its planned destruction, and snatch VICTORY from the jaws of DEFEAT. Ron Paul must stop fostering the illusion that we're witnessing a bonafide election. What we're seeing unfold here is an obvious SCAM, and he MUST blow the whistle! This is NOT some PR game, this is REALITY, and its NOT a drill:

WHAT YOU CAN DO: Please call every state campaign office for Ron Paul plus his National Campaign office and ask them to urge Ron Paul to stop pretending we're witnessing a bonafide election when its so painfully obvious that we're not. Please ask him to stand up for all of us against this fraud. If you know anyone who knows him personally and who can deliver this message to him personally, please utilize those contacts immediately before its too late. I have been doing my best in that regard myself but its very hard to get any message to someone who is as snowed as Ron is. You'll find all the numbers and email addresses of the campaign here: http://www.ronpaul2008.com

He must take the bull by the horns and face the situation head on, on National TV.

re: Mortgage Meltdown -- American Capitalism at its Worst

tarkaygivon — Sat, 19 Jan 2008 23:40:17 GMT

First they came for the Communists, and I didn’t speak up, because I wasn’t a Communist. Then they came for the Jews, and I didn’t speak up, because I wasn’t a Jew. Then they came for the Catholics, and I didn’t speak up, because I was a Protestant. Then they came for me, and by that time there was no one left to speak up for me. by Rev. Martin Niemoller, 1945

RON PAUL

HOPE FOR AMERICA

BE A PART OF IT

re: Mortgage Meltdown -- American Capitalism at its Worst

tarkaygivon — Sat, 19 Jan 2008 14:28:01 GMT

Paper Ballots- The Only Means of Voting We Can Trust--

The South Carlina Primary was stolen before it even began, and there will be no way to verify any of the votes because they're being cast on ivotronic touch screen voting machines that have been banned in Ohio and Colorado due to being hackable. The League of Women voters in SC has agreed that their primary will be invalid before its even taken place (!) Watch this CNN News Report: www.youtube.com/watch

Please listen to this song "I Lost My Vote" ncel.w4sp.com/.../THEY%20LOST%20MY%20VOTE-1.wma Everyone in this country needs to hear this song and really spend some time thinking about its message.

re: Mortgage Meltdown -- American Capitalism at its Worst

Freedom — Fri, 18 Jan 2008 22:20:35 GMT

The knockon effect has hit the UK and now house prices are falling. The Labour government have had to step in to support a large Building Society; Northern Rock, where over £50,000,000,000 that's Billion pounds of Taxpayers money has had to be used....that equates to £2,000 two thousand pounds per head of the UK.

All this has come about because of what is happening in the USA.........thankyou all.

The new Prime Minister is also heavily in national debt......a few years ago; as Chancellor Yhunder Blair, he sold off the UK's Gold reserves, that was a stupid and dangerous thing to do. in times of need, everyone turns to Gold as a security.

The UK is bordering recession, with retailers crying out for customers with huge sales, rock bottom prices and little profit.

Woolworths last week were in trouble and as one report stated, while they have the high street positions, they have been left behind by competitors.

Do not believe what you read or hear about the UK being a prosperous industrial nation; that's all New Labour spin and imagination.

The facts are: the UK has already lost its manufacturing base, big companies have laid off workers and gone to Eastern Europe and China for cheaper ways to produce goods and the UK has now become a nation of carpet cleaners, service agents, unskilled people who now rely on an influx of anyone who wants to go to the UK.

Everthing is slowing down and now with todays news: enerby companies now are going to charge 15 percent for gas electricity because Europe controls the supplies to the UK.

This will have one effect only, to deepen the mess we are in now and people will not spend in the high street and the knockon effect will be disasterous.

The UK is not great anymore we are the beggars of Brussels and our leaders are selling us down the river to anyone and everyone.

re: Mortgage Meltdown -- American Capitalism at its Worst

prd725 — Fri, 18 Jan 2008 18:58:27 GMT

In a gov't study of three million mortgages in default, 70 % were based on fraudulent documentation. Mortgage brokers working on commission helped create this mess along with their clients who knew they could not qualify, no less pay these mortgages, but signed and processed fraudulent applications anyway. The banks were so busy they could not keep up with the applications. No honest tax payer should have to subsidize criminals who bet on an unrealistic never ending rising real estate market. Let the gov't set up a program to help people in trouble who did not lie on their applications and prosecute any who did.

re: Mortgage Meltdown -- American Capitalism at its Worst

Aurelia64 — Fri, 18 Jan 2008 14:18:59 GMT

In October 2007, I retired. Since then Gas prices have doubled, food prices have doubled. and my health insurance has doubled(with a deductable so high I can't afford to go to the doctor). I have to sell my house because I can't make the mortgage payments as I thought I would be able to. When I retired, I had plenty of money. In 2006, widows pension started, and money was still good. Now I am living for my house instead of enjoying retirement. Rent is cheaper then house payments, property taxes, maintance, and all of the other expenses associated with home ownership. I'm sure I'm not the only person who is loosing their home because of income not keeping up with the cost of things.

re: Mortgage Meltdown -- American Capitalism at its Worst

grouaaso — Fri, 18 Jan 2008 05:46:54 GMT

I read the comments that the taxpayer should not bail out the mortgage mess we are in. In a way I agree. However, there is a problem that could have massive consequences for allot of people that are not even involved in it in any way. What I am talking about is the 401k's people are in on their jobs. People are flocking to the money market funds and exiting the bond and stock market funds in droves. What these people don't realize is that money market funds are not federally insured and are based on mortgage backed securities. There was an article in the news about a week ago that stated that all these funds could be in jeapordy. It's sad because they are about the safest investment there is in most peoples 401ks. What's really scary is that allot of companies won't let you touch your 401k unless you quit your job. I have not seen any 401ks that have any federally insured investments in them. Imagine if you have been with your company for 15 years and are making a six digit figure. Now imagine you have 800,000 dollars invested in your 401k and you put it all in the money market fund because all the stock and bond funds start to drop drastically. Now imagine your money market fund for the first time in history drops in value. You call corporate and they tell there is nothing they can do and you will have to quit in order to get your 401k money. You decide not to quit because you would not be able to find another job that pays near as much as you are currently making or has as good of benefits. The next thing you see in the news is a run on the money market funds. You call your 401k provider and they tell you your money market account is now only trading at 37 cents to the dollar. When all is said and done, your money market fund is trading at 4 cents on the dollar as your company hands you a pink slip. Wake up people!

re: Mortgage Meltdown -- American Capitalism at its Worst

Brandee — Fri, 18 Jan 2008 05:23:56 GMT

Ron Paul....you must be kidding!

re: Mortgage Meltdown -- American Capitalism at its Worst

JRTX — Fri, 18 Jan 2008 04:27:24 GMT

I think a lot of people are overlooking the predatory lending practices of credit card companies and their indirect impact on this situation. In many cases, it has been reported that families defaulting on home loans will still make their credit card payments. What they don't mention (and I've unfortunately seen first hand as a therapist) is that despite years of good payment history, some of the big name companies will jack up your rate to 29.99% the FIRST time you miss a payment deadline, and call you 3-4 times a day until you make good on the late payment. The increased minimum payments resulting from the increased interest rates can make it nearly impossible for families to catch up, let alone pay for necessities.

The other thing I find interesting is that these finance companies can take BILLION dollar losses and still pay out dividends to shareholders while they fire workers by the thousands and borrow money from foreign investors.

It's disappointing that these questions aren't being raised by larger numbers of people.