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| The economy, is it good or bad. (Page 169/181) |
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84Bill
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JAN 16, 06:20 PM
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Dow Jones Industrial Average
12,466.16 -34.95 / -0.28%
Kinda fell short of my expectations today but then again I didn't see any mention of the Industrial Production or Consumer Price index Indicators.
There are only two reports or major indicators left for the month of January
Consumer Confidence. Jan. 29
Leading Indicators...... Jan. 18[This message has been edited by 84Bill (edited 01-17-2008).]
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ditch
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JAN 16, 07:04 PM
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| quote | Originally posted by 84Bill:
If enough people already lost enough houses and those that remain are in bad shape then I don't care how many you convert to fixed rate mortgages because that wont solve the problem of a faltering economy due to mortgage crisis. Adding to it by devaluing the doller will only amplify the effects.
Those who lost their houses also lost their ability to buy on credit.. The wind comes off the economic sails...
Tightening up lending practices AFTER the fact isn't going to help as it will put others out of reach of obtaining more credit until the crisis is over.... Yet more wind coming off the economic sails...
Give the crooks more Fed money and cause the dollar to deflate means... Even more wind comes out of the economic sails...
It gets to the point where people cant buy during the biggest sales month of the year and EVEN MORE wind comes off the economic sails...
When only 17,000 jobs were created in the month of December?.... I dont even think I need to say it.
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A couple comments I wanted to make:
1) concernning refinancing of ARM's: there are still countless numbers of them out there that will reset this year and also in 2009, so refinancing those people into fixed rate loans would be a good move. It won't help anything now, but stop further problems from developing when those loans reset. We need to fix what is going on now, but must look ahead as well.
2) you said that those who lost their house have also lost the ability to buy on credit, but the fact is that most of those who got ARM's had poor credit to begin with, that's why they got into the ARM in the first place.
3) tightening lending practices isn't going to fix things at the moment, but it is necessary. You fix the leak then you clean up the mess it made. Again, we need to look ahead if we want things to start changing
So you disagree with my ideas on how to help the economy, that's cool. Like I said, I'm no economist. So what are your ideas on fixing these issues and getting the economy going in the right direction?
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84fiero123
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JAN 16, 07:20 PM
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Famous last words of famous crooks, and liars,
“I am not a crook.” Richard Nixon.
“I did not have sexual relations with her.” Bill Clinton.
See a pattern yet ?
Enron was just the tip of the iceberg as far as CEO’s screwing there own people over. They recommended that their people reinvest in their own company.
Here’s another good example of a CEO screwing over people and keeping money for himself.
Ex-Brocade CEO Sentenced to 21 Months
Email this Story
Jan 16, 2:49 PM (ET)
By JORDAN ROBERTSON

(AP) Former Brocade Communications Systems Inc. Chief Executive Gregory Reyes leaves the federal...
Full Image
p {margin:12px 0px 0px 0px;}
SAN FRANCISCO (AP) - The former chief executive of Brocade Communications Systems Inc. (#HYPERLINK "http://money.excite.com/jsp/qt/short.jsp?symbol_search_text=BRCD"BRCD) (#HYPERLINK "http://money.excite.com/jsp/qt/short.jsp?symbol_search_text=BRCD"BRCD) was sentenced Wednesday to 21 months in prison for orchestrating a scheme to tamper with the company's records of stock option grants.
Gregory Reyes, Brocade's CEO from 1998 to 2005, was also ordered to pay a $15 million fine.
He is going to get months in jail, just a few months if that.
Keep sticking up for these people who are nothing but thieves.------------------
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.
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84Bill
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JAN 16, 07:49 PM
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| quote | Originally posted by ditch:
A couple comments I wanted to make:
1) concernning refinancing of ARM's: there are still countless numbers of them out there that will reset this year and also in 2009, so refinancing those people into fixed rate loans would be a good move. It won't help anything now, but stop further problems from developing when those loans reset. We need to fix what is going on now, but must look ahead as well.
2) you said that those who lost their house have also lost the ability to buy on credit, but the fact is that most of those who got ARM's had poor credit to begin with, that's why they got into the ARM in the first place.
3) tightening lending practices isn't going to fix things at the moment, but it is necessary. You fix the leak then you clean up the mess it made. Again, we need to look ahead if we want things to start changing
So you disagree with my ideas on how to help the economy, that's cool. Like I said, I'm no economist. So what are your ideas on fixing these issues and getting the economy going in the right direction? |
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1) Sure that might save a few more from losing their homes but that doesn't mitigate the fact that these loans were given in violation of the publics trust since the banks are the final step in approving these loans. The banks SHOULD have given the people who owned those homes "squatters rights" until a solution could be found given the magnitude and scope of this mortgage debacle.
2)Since their "contribution" to the promissory note is now an anchor chain around their necks AND they don't have a house to live in and have an even worse credit problem than they started with, I feel the proper course of action would be to forgive the loan 100% or at the very least set them back where they were prior to the sale of a bad bill of goods. Not all those who took those loans did so becasue they had bad or no credit but because someone said "Trust me" this ARM is a GREAT deal..... right now. 
The solution is defiantly not to hand the criminals who were the ultimate cause of this problem more money ESPECIALLY the peoples money.
In order to re kindle the economy and restore vigor faith in the economy as well as the slimy banks, the best solution would be to write off the bad loans on the individual level and not let the banks "write them down" as quarterly profit losses... Thats just insane because the bank writes off the loss but the people still owe the full amount of the loan.
The banks will still hound the people for the money they "paid" for a product that isnt worth the price they people got the loan for. Theres nothing to back it up and about the only recourse available is bankruptcy... automatic 7 year hitch. Thats if they even qualify for chapter 7... I have no doubt the changes in the bankruptcy laws were no accident either. It's an all to convent coincidence.. and who were the primary lobbyist for the changes? Y it was the banks... who else?
If the fed is going to hand out billions in cash it would make sense to give it to the PEOPLE who really need it to clear their debts who will then spend it in the market place, pay off those debts and keep the economic fire alight.[This message has been edited by 84Bill (edited 01-16-2008).]
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84Bill
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JAN 16, 08:18 PM
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Congress must act fast to fix economy - Experts
Capitol Hill panel is warned that policymakers must not get bogged down in debate over stimulus measures.
At this point congress might just as well piss on a spark plug.
1) if they move to fast they will undoubtedly pass something stupid like increase taxes.
2) if they move to slow they will likely prolong the agony.
This is why banks should not be allowed to alter laws regarding money and lending. It's like handing the fox the keys to the hen house.
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84Bill
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JAN 16, 08:27 PM
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U.S. industrial production indicator shows no growth in Dec.
2008-01-17 00:33:01
WASHINGTON, Jan. 16 (Xinhua) -- U.S. industrial production was unchanged in December 2007, the poorest showing since industrial output dropped by 0.5 percent in October, the Federal Reserve reported Wednesday.
Still, industrial production, an indicator of the output of mines, factories and utilities, was 1.5 percent above its year-earlier level last month.
The unchanged output in December came after industrial output had been up by 0.3 percent in November.
Output of utilities fell by 0.2 percent in December, following a flat showing in the previous month.
Mining output, a category that includes oil production, however, increased by 0.1 percent last month. But the growth pace was slower than the 1 percent rate recorded in November.
Output in the manufacturing sector was unchanged in December after an increase of 0.3 percent in November.
Capacity utilization for total industry was 81.4 percent in December, a rate below its year-earlier level of 81.6 but 0.4 percentage points above its 1972-2006 average.
The December rate was down from the 81.6 percent pace in the previous month.
The weak report for industrial production was seen by analysts as evidence that the U.S. economy was slowing at the end of last year, reflecting continued troubles in housing and credit markets.
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Government data released Wednesday is forecast to show consumer prices in December rose at a slower pace than the prior month when high energy costs helped prop up prices.
The Labor Department's Consumer Price Index, the federal government's primary inflation yardstick, is expected to show a 0.2 percent gain from the prior month, according to the consensus estimate of Wall Street economists surveyed by Thomson/IFR. However, economists' latest estimates ranged from 0.1 percent to 0.6 percent increase.
The data will be released at 8:30 a.m. EST.
The CPI measures the average price change in a basket of goods and services that the typical household likely buys monthly, excluding income taxes, stocks, bonds and life insurance. The department collects prices in 87 cities from 50,000 residential units and 23,000 retail and service establishments across the country. Rent data is collected from about 50,000 landlords or tenants.
The index helps the Federal Reserve measure the rate of inflation.
In November, the agency reported a 0.8 percent surge fueled by huge hikes in prices of gasoline, clothing, airline ticket and prescription drugs. November's leap was the largest one-month increase since a 1.2 percent uptick in September 2005 when energy costs rose in the aftermath of Hurricane Katrina.
The November increase followed identical 0.3 percent increases in September and October.
A gallon of unleaded gasoline hit a nationwide average of $3.061 on Tuesday, according to AAA and Oil Price Information Service. A month ago, it was $2.998; the year-ago average was $2.233.
Core CPI, which excludes the volatile energy and food prices, is also expected to increase 0.2 percent in December, according to the Thomson/IFR poll. The core index rose 0.3 percent in November.
On Tuesday, the Labor Department reported its Producer Price Index -- which measures the costs of goods before they reach stores shelves -- fell by 0.1 percent in December from the prior month. The drop in overall prices reflects a 1.9 percent drop in energy and 1.3 percent increase in food costs. Core inflation -- which excludes food and energy prices -- posted a moderate 0.2 percent rise.[This message has been edited by 84Bill (edited 01-16-2008).]
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84fiero123
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JAN 16, 08:45 PM
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Wasn’t me.
But to those who say they are right, here’s your sign.
http://money.cnn.com/video/...themole.one.moneymag------------------
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.
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84Bill
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JAN 16, 08:48 PM
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I know it wasnt you... It was just a twist of fate how this video appeared while we were discussing that very subject. Hence You were on CNN. 
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cliffw
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JAN 16, 08:51 PM
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| quote | Originally posted by 84Bill:
1) if they move to fast they will undoubtedly pass something stupid like increase taxes.
2) if they move to slow they will likely prolong the agony.
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If they move at all, we are screwed.
Let the economy work. You can not manipulate the weather.
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84Bill
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JAN 16, 08:56 PM
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| quote | Originally posted by cliffw:
If they move at all, we are screwed.
Let the economy work. You can not manipulate the weather. |
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LOL
I'll go along with that!
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