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  1. #1
    Senior Member Lateralus's Avatar
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    Default Go to hell Bernanke!

    Stop lowering the federal funds rate already! If we're going to have a recession, we're going to have a recession. You can't stop it. Stop postponing the inevitable. You're only making it worse when it finally does come.

  2. #2
    Oberon
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    I get very tired of market manipulation. It's self-correcting, if the Fed would just leave it alone.

    ...and quit inflating the currency while you're at it...

  3. #3
    The Black Knight Domino's Avatar
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    I read the business paper almost every day, and I think Bernanke is attempting to stop the nasty rabbit-punch of the housing market falling through. If subprime lending had been controlled before hand, we might not be seeing such a mad scramble now. If folks aren't buying cars and houses, overstuffed white men in expensive suits give the collective financial body heart palpitations. I hate a speculator with fat pockets.

    People aren't happy with the war. They aren't happy with the oil situation. They aren't happy with uncontrolled credit card interest rates. They haven't got enough in their retirement funds because they get gouged on health care.

    They feel threatened. Why would they spend money? Especially on big ticket items that may or may not appreciate in the present climate. You can have a house appraised at $125,000, but will sell only at $105,000 because of slow down. Who wants to get into THAT shark tank?

    Financially speaking, there are so many little leaks in the dike, Bernanke's contortions may not work. The dollar's been taking a beating against the euro anyway.
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  4. #4
    Free-Rangin' Librarian Jae Rae's Avatar
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    For the first time in 20+ years, there's a house for sale on our street that the bank owns due to a defaulted loan.

    Jae Rae
    Proud Female Rider in Maverick's Bike Club.

  5. #5
    The Black Knight Domino's Avatar
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    *nods* NC is getting reamed.

    It's a terrible mess. Hitting people in low income brackets with variable rate interest is like sending them to the slaughterhouse. I'm beyond disgusted. It's the same level of disgust I get at the idea of people making money off of peoples' illnesses or suffering. I understand the angle of capitalism and business, but there's some things that shouldn't be dickered around with or left up to privatization driven by moneyed carrion-feeders.
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  6. #6
    Oberon
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    Quote Originally Posted by PinkPiranha View Post
    *nods* NC is getting reamed.
    Not a bad time to buy, though. Bank-owned foreclosures represent an opportunity if you're positioned to take advantage of it.

    Over a year ago, some friends of mine and I sat around a table and discussed the folly of people buying half-million-dollar homes on interest-only mortgages, counting on the market to make up the difference in equity. "The market is acting like a pyramid scheme," I said. "It has to go bust sometime, and sooner rather than later."

    Now, if four forty-year-olds with bachelor's degrees in non-financial disciplines can figure this out, surely the moron lending institutions could figure it out as well. They're the ones that made the stupid lending decisions, as if all the rules of sensible financing had suddenly gone out the window. Now they're strung up by their own genitalia.

    As for the borrowers, they'll find cheaper places to live. Some will go back to renting. Their credit will take a big hit, but deservedly so. That happens when you make a dumb choice.

  7. #7
    The Black Knight Domino's Avatar
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    Default

    Many people in low income brackets don't fundamentally understand money or how it works. I see that as less "dumb" than ignorant and naive.

    People who over-extend themselves with McMansions don't get my sympathy.
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  8. #8
    Oberon
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    There's a saying in finance: "Money always returns to its rightful owners." We're watching it in action.

  9. #9
    Per Ardua Metamorphosis's Avatar
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    Quote Originally Posted by oberon View Post
    As for the borrowers, they'll find cheaper places to live. Some will go back to renting. Their credit will take a big hit, but deservedly so. That happens when you make a dumb choice.
    There's the real deal. People shouldn't over reach themselves on hope. And why does anyone use adjustable rate mortages? They obviously weren't intended to adjust down. Too bad you don't get that $600 or whatever if you reported less than $3,000 income or I'd be sure to help the economy out and blow it on useless crap. I know I'm slightly off topic here.
    "You will always be fond of me. I represent to you all the sins you never had the courage to commit."

    Reason is, and ought only to be the slave of the passions, and can never pretend to any other office
    than to serve and obey them. - David Hume

  10. #10
    Senior Member Lateralus's Avatar
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    The people in the low income brackets will be fine. No one is going to be homeless. There isn't a lack of housing. We actually have too much. Worst case, their credit rating will take a hit and they'll just go rent an apartment, or maybe they'll rent a house from a speculator who got in over his head (I know several people renting out homes, covering only about 50% of their expenses).

    It's not the end of the world. People need to bite the bullet and just accept that they made poor financial decisions, learn from them and move on.

    I agree about most people being naive, financially. I think at least the basics of personal finance should be taught in high school, because it's obvious even parents aren't capable of teaching it to their children.

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