Originally posted by ditch: Difference between you and me is that I'm not going to let one or a few stories convince me that all the banks out there are crooks.
Yes.... and the difference between you and me is I don't like to watch crooks get away with scamming and violating the public trust.
Lawsuit claims the lender insisted she offer rosier housing outlook so risky mortgages could get approved. From Money Magazine's Stephen Gandel
NEW YORK (Money) -- A former real estate appraiser for Washington Mutual is suing the bank, claiming she was blacklisted last year for providing a housing market forecast that was too gloomy.
again, if all it takes is a couple banks doing it to convince you the entire industry is guilty of the same thing then so be it. I'm above that kind of reasoning
Originally posted by ditch: again, if all it takes is a couple banks doing it to convince you the entire industry is guilty of the same thing then so be it. I'm above that kind of reasoning
Follow the money trial. Those who are losing their asses big are the most guilty.. and so on and so on. The entire banking industry was in on handing out those ARMs. They got too greedy and this is what happens when you take too much from the geese that lay those green gold eggs. They milked the system too hard.
But you are right, probably not all of them took enough to get run into the dirt but the ring leaders have red written all over their books
------------------ "In a time of universal deceit, telling the truth becomes a revolutionary act." - George Orwell
Yes.... and the difference between you and me is I don't like to watch crooks get away with scamming and violating the public trust.
I see, so I do? Haha. Thanks for confirming for me that you have made little if any effort to read my posts. The fact that you believe this about me proves that, but with your tunnel vision I doubt you'll see it.
I would really like to discuss this more, but talking to a wall is pointless.
I see, so I do? Haha. Thanks for confirming for me that you have made little if any effort to read my posts. The fact that you believe this about me proves that, but with your tunnel vision I doubt you'll see it.
I would really like to discuss this more, but talking to a wall is pointless.
Tunnel vision is a two way street but thanks for admitting it. I guess you didn't read my previous post?
Yes.. I get the feeling that if walls could talk.. well you get the idea.
[This message has been edited by 84Bill (edited 01-17-2008).]
Just a couple of questions for all of those who have been saying all along that the economy is just fine.
Why if it is just fine is the government dropping interest rates, pumping BILIIONS into failing Banks?
Or doing and saying things like this?
Bush to Lay Out Stimulus Ideas Friday Friday January 18, 8:37 AM EST
WASHINGTON (AP) — President Bush is putting together his first public call for a "robust" emergency fiscal stimulus bill to get cash quickly into the pockets of consumers and jump-start a sagging economy, his treasury secretary said Friday. Bush planned to lay out his position later in the day, but he wasn't expected to go into specifics. Press secretary Dana Perino said Bush would demand that any package be effective, simple and temporary — mirroring calls by Democratic lawmakers for a "timely, targeted and temporary" stimulus measure. Taxpayers could receive rebates of up to $800 for individuals and $1,600 for married couples under a White House plan. Although lawmakers were considering smaller rebate checks and more money for food stamp recipients and the unemployed, Bush told congressional leaders that he favors income tax rebates for people and tax breaks for business investment.
If the economy is just fine why do they need to do things like this? ------------------ Technology is great when it works, and one big pain in the ass when it doesn't. Detroit iron rules all the rest are just toys.
[This message has been edited by 84fiero123 (edited 01-18-2008).]
The average American household with at least one credit card has nearly $9,200 in credit card debt, according to CardWeb.com, and the average interest rate runs in the mid- to high teens at any given time.
Yes.... and the difference between you and me is I don't like to watch crooks get away with scamming and violating the public trust.
Aren't you the one who bragged about "sticking it to the man" ( public) by taking welfare and not working because you didn't want to not because you actually needed it. Yeah that was you. Oh the hypocrisy or irony or what ever you call it when bill posts something like the BS above.
Originally posted by Phranc: Aren't you the one who bragged about "sticking it to the man" ( public) by taking welfare and not working because you didn't want to not because you actually needed it. Yeah that was you. Oh the hypocrisy or irony or what ever you call it when bill posts something like the BS above.
How about answering my questions Phranc? If the economy is so good why would the government need to do all the things I just asked about?
------------------ Technology is great when it works, and one big pain in the ass when it doesn't. Detroit iron rules all the rest are just toys.
Your question has already been answered in this thread. It was a great answer too. You didn't get it then and you wont get it now so why bother. Its not the answer you want.
Your question has already been answered in this thread. It was a great answer too. You didn't get it then and you wont get it now so why bother. Its not the answer you want.
If the fiero is such a great car, why are you always changing the oil, replacing the brakes, flushing the cooling system, charging the air conditioning, replacing the plugs, wires and rotor cap? And every once and awhile, you replace the engine or overhaul the engine? Yet, it's a great car and does fine for you?
Now, ask yourself why the government is doing these things and we say the economy is fine, Mr. Bitter.
Show me where it was answered that what the government is doing is because the economy is in GREAT shape.
It’s not, it’s going down and they are trying, very badly to save it.
Why do they need to save anything if its doing great?
You're a big boy find it your self.
They need to save it because of people like you who regurgitate the doom and gloom. All they are going to do mess it up more. Like they did when then deregulated lending. Housing != economy.
It doesn't need saving it needs to run its course. But people like you don't understand that slowed growth is still growth and you can't keep up a boom forever. At some point it will slow and level off.
Now you're talking yourself into believing that the U.S. is going into a depression.
Maybe he needs a refresher in the meaning of word. You know since we haven't even seen a full blown recession. Which is two straight quarters of negative growth. hell we haven't seen one quarter of negative growth.
In the eyes of the government, people are expendable. There are three hundred million Americans all possessing the will and a tenacious desire to survive. This makes for an easy target and easy money so all one has to do is set the proper bait and collect the rewards of souls just wanting to live in a "free" society, that in reality is no so free.
However, there are those who do not want to be lead around by the nose and will instead act as a drag by protesting the systems desire to use them as fuel to generate revenue. The desire to survive then takes on a whole new meaning. As the yolk becomes less of a burden the system has less of a grip. The ability to maneuver through the masses and morass of regulation eases, it is often referred to freedom.
The price of freedom is not less convenience, rather more of it with less regulation defining it.
Americans: Recession near - or already here More than three out of four Americans believe that a recession has already started or will hit in '08. Half have cut their spending, which could make a slowdown worse.
The first step to fixing a problem is to admit the problem exists.
------------------ "In a time of universal deceit, telling the truth becomes a revolutionary act." - George Orwell
Sprint dials up more pain The wireless giant is closing stores and cutting jobs. Analysts believe a deeper restructuring is just around the corner. NEW YORK (Fortune) -- The cutbacks are only beginning at Sprint. With customer defections hitting a new record, the nation's No. 3 wireless carrier said Friday it would cut 4,000 jobs, or about 7 percent of its workforce, on top of the 5,000 pink slips handed out early last year. Sprint (S, Fortune 500) also said on Friday that it would close 125 stores as its monthly subscriber losses mount.
IndyMac cutting work force: 'Painful' 24% The mortgage lender will lay off about 2,403 employees, on top of the 1,600 who 'voluntarily' resigned in 2007, as it tries to cope with lower home loan demand.
Disastrous Dow tumbles again Wall Street caps another tough week. Dow falls to 10 month low. Nasdaq sinks to lowest point in over a year. Upbeat earnings; fiscal stimulus plan fail to soothe investors.
Economic activity ticks down in December Key index falls by 0.2 percent in December - third straight month of declines - after tumbles in previous months. NEW YORK (CNNMoney.com) -- A key measure of economic activity dropped for the third straight month and declined slightly more than expected in December.
The Conference Board said Friday that its index of leading economic indicators fell 0.2 percent last month. Economists were expecting a 0.1 percent drop.
The December measure indicates some easing of economic pressures, since the index fell 0.4 percent in November and 0.5 percent in October.
"I think the message of the LIE report is slow growth but not recession," said Michael Darda, chief economist at MKM Partners.
Wall Street is not likely to be surprised by that message, Darda added. "The equity market has already priced that message in."
Investors watch the index for signs of economic activity. It is a compilation of data on new orders, jobless claims, money supply, average workweek, building permits and stock prices, among others.
Wall Street has struggled this year with pervasive fears that an economic recession is pending or has already struck. The Dow Jones industrial average lost 307 points Thursday, leaving the blue-chip barometer at a 10-month low.
Major indexes opened higher Friday amid signs that Washington is close to a decision on how to stimulate the economy
[This message has been edited by 84Bill (edited 01-18-2008).]
TOKYO (AP) -- Asian and European stock markets plunged Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession.
India's benchmark stock index tumbled 7.4 percent, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks. -----------------------------------------------
[This message has been edited by 84Bill (edited 01-21-2008).]
Still say we are in great shape? New Home Sales Fall by Record Amount
Email this Story
Jan 28, 3:51 PM (ET)
By MARTIN CRUTSINGER
(AP) A realty sign swings in the wind outside an existing home on the market in the south Denver enclave... Full Image
WASHINGTON (AP) - New home sales plunged in 2007 by the largest amount on record while home prices tumbled sharply in December. Analysts forecast more trouble in 2008 as housing tries to emerge from its worst slump in more than two decades.
The Commerce Department reported Monday that sales of new homes dropped by 26.4 percent last year to 774,000. That marked the biggest decline on record, surpassing the old mark of a 23.1 percent plunge in 1980.
The government reported that the median price of a new home barely budged last year, edging up a slight 0.2 percent to $246,900, the poorest showing since prices fell by 2.4 percent during the 1991 housing downturn.
And the slump in sales and prices appeared to be worsening at year's end. December sales fell by 4.7 percent, a bigger-than-expected drop, while the median price of a home fell by 10.4 percent last month, when compared to December 2006, the biggest 12-month decline in 37 years. http://apnews.excite.com/ar...80128/D8UF42100.html
Or how about this?
Bush Speech Focuses on Sagging Economy
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Jan 28, 6:13 PM (ET)
By TERENCE HUNT
(AP) Texas State Sen. Leticia Van de Putte, D-San Antonio, tapes the Democrats response to President... Full Image
WASHINGTON (AP) - President Bush, focusing on gnawing recession fears in his final State of the Union address, said Monday that Americans are troubled about their economic future and prodded Congress to urgently approve a $150-billion rescue plan.
On Iraq, always a main topic of his annual addresses to Congress, Bush said his troop buildup is succeeding after five years of a long and costly war that has claimed the lives of 3,940 members of the U.S. military. "Al-Qaida is on the run in Iraq and this enemy will be defeated," Bush said.
With his approval rating near its all-time low and less than a year remaining in his presidency, Bush lacked the political clout to push bold ideas before a hostile, Democratic-led Congress. Offering modest new plans, Bush proposed a $300 million "grants for kids" program to help poor children in struggling public schools pay for the cost of attending a private school or a better public school outside their district.
But what do I know right? The only ones who are still saying we are in great shape are those who don’t know what they are talking about.
Edited to ad
It hasn’t even been 6 months since I started this thread. It will be 6 months the 27th of this month. ------------------ Technology is great when it works, and one big pain in the ass when it doesn't. Detroit iron rules all the rest are just toys.
[This message has been edited by 84fiero123 (edited 01-28-2008).]
So new home sales "plunged" after record growth in sales.
How much of that is because people bought there houses already. How much is because it wasn't a buyers market because prices got to high? How much is because people bought already made homes? Now that rates are going back down along with house prices how many people who are waiting will buy a new house? There are plenty of houses out there for sale already. Looks like the market was flooded and now house builders have to much stock. I also like they make sure to point out how bad Dec. sales were. Dec. sales are always bad. Winter is a bad time for house market. It always is. Where was the doom and gloom in Dec. 06?
quote
focusing on gnawing recession fears
Fears beset by fears beset by fears. And not one negative quarter.
quote
The only ones who are still saying we are in great shape are those who don’t know what they are talking about.
We're off to see the Wizard, The Wonderful Wizard of Oz. You'll find he is a whiz of a Wiz! If ever a Wiz! there was. If ever oh ever a Wiz! there was The Wizard of Oz is one becoz, Phranc says Becoz, becoz, becoz, becoz, becoz. Becoz of the wonderful things he does.
So we've seen two quarters without seeing negative growth? OUTSTANDING! You can talk recession all you want. We haven't seen it. And "experts" state that if we do see it, it'll be mild. Not Biblical, Steve.
We're off to see the Wizard, The Wonderful Wizard of Oz. You'll find he is a whiz of a Wiz! If ever a Wiz! there was. If ever oh ever a Wiz! there was The Wizard of Oz is one becoz, Phranc says Becoz, becoz, becoz, becoz, becoz. Becoz of the wonderful things he does.
Don't mention my name retard we don't need your dumb ass taking down another thread.
Now maybe you can offer more then cartoons and stupid songs. Maybe you can actually refute my post. If not then shut up. No one needs you.
Originally posted by Phranc: Don't mention my name retard we don't need your dumb ass taking down another thread. Now maybe you can offer more then cartoons and stupid songs. Maybe you can actually refute my post. If not then shut up. No one needs you.
Damn.. he got me.
[This message has been edited by 84Bill (edited 01-28-2008).]
The data on new homes followed earlier reports that sales of existing homes dropped 13 percent last year, the biggest decline since 1982, while construction of new homes and apartments fell by 24.8 percent, the largest drop since 1980.
Housing is slumping now after a five-year boom. Demand for both new and existing homes hit all-time highs for five straight years, ending in 2005, the peak of the boom. New home sales fell by 18.1 percent in 2006. The sales level last month is now down by 56.5 percent from the monthly peak hit in July 2005.
The 26.4 percent drop in sales for 2007 represented weakness in every part of the country except the Northeast, where sales posted a small 1.6 percent advance. Sales recorded declines of 32.2 percent in the West, 26.7 percent in the Midwest and 26.3 percent in the South.
------------------ Technology is great when it works, and one big pain in the ass when it doesn't. Detroit iron rules all the rest are just toys.
New home sales: Biggest drop ever Weak December sales caps 2007's record slide, with prices for the month off sharply from a year earlier.
NEW YORK (CNNMoney.com) -- New home sales posted the biggest drop on record in 2007, according to the government's latest look at the battered housing market, as a year that saw a meltdown in the mortgage market and a drop in home values ended with yet more signs of weakness.
December sales came in at an annual rate of 604,000, the Census Bureau report showed, down from 634,000 in November, which was also revised lower.
The reading was well below the consensus forecast of 645,000, according to economists surveyed by Briefing.com.
The weak December sales left full-year new home sales at 774,000, down 26 percent from the 1.05 million sales in 2006. That was the biggest drop since the government started tracking new home sales in 1963, surpassing the 23 percent decline posted in 1980.
------------------------------------------------------ Foreclosures spike - and will get much worse Defaults are on the rise according to a new report, and the trend could last for years. NEW YORK (CNNMoney.com) -- The risk of foreclosure is on a rapid rise nationally, and could last for years.
A report released Monday by First American Core Logic rates foreclosure risk for 381 metropolitan areas, and found that the risk of foreclosure has jumped 22 percent from January 2007, and 9 percent from three months ago.
The risk scores are calculated based on economic factors such as job growth or loss, as well as incidences of fraud and other risks. Home price trends are especially important.
"Before, it was all about the economy. Now, price drops are overcoming economic conditions [in driving up foreclosures]," said Mark Fleming, Core Logic's chief economist.
The Core Logic report speculated that foreclosure risks may get a lot worse, and stay that way for a long time.
In the wake of recent speculation that the United States economy may be entering a recession - or is already in one - the report stressed that defaults continued rising for almost 2 years after the end of the last recession in 2001.
Based on that history, Core Logic expects that foreclosure risk will continue to increase over the next 18 months, at least.
Love Eeyore. 
