I was reading a little on this last night and they were making special note of the people who's margins were being called. Heh, I just do not have any sympathy for these people, they are one of the reasons stocks can be over valued. I swear this lottery type mentality F's more people all the time.
My wife's Aunt really came on strong at my now wife to mortgage the house in the late 90's and buy stock because she was making money hand over fist doing that. I talked her out of it and of course we all know what happened after that. Just not prudent.
I would not be at all surprised if the market drops into the mid to high 11's before leveling off, Seams to me that is where it was the most stable before the rise, and was in that neighborhood before the last big fall. Margin calls and general panic by the short term investors always effect this type of thing.
Some people have goten so over their heads with ARMs and the plummeting real estate market that thay have resorted to stealing from the dead:
quote
Finances turned grim ST. PETERSBURG - Less than a year ago Angelo Cappelli was a hot newcomer on the local political scene, building key allies in his race for House District 52.
After a six-week investigation, police arrested Cappelli on Wednesday morning at his lawyer's office on Central Avenue. He faces grand theft and perjury charges, according to St. Petersburg authorities.
Cappelli, 37, is accused of stealing more than $100,000 from the trust of a deceased bank client. By Wednesday evening, Cappelli was out of jail on $55,000 bail. He could not be reached for comment.
Cappelli's personal financial picture became increasingly grim in the last several months. Details of his money problems are sketchy, but authorities said Cappelli had been complaining to co-workers about financial hardships.
In July 2006, Cappelli and his wife, Michelle, took out a loan with SunTrust bank for $880,000 and began building an almost 3,700-square-foot home in the Placido Bayou area of St. Petersburg, according to records. It was an adjustable rate mortgage.
WASHINGTON (AP) — Fannie Mae, the largest U.S. buyer and guarantor of home mortgages, reported Thursday that its profit dropped 36 percent in 2006 and said it expects higher delinquencies and credit losses this year from the turbulence in the mortgage market. The government-sponsored company, which finances or guarantees one of every five home loans in the United States, said it earned $4.1 billion, or $3.65 a share in 2006, down from $6.35 billion, or $6.01 a share, in 2005 and $5 billion, or $4.94 a share, in 2004.
NEW YORK (AP) — Oil and gasoline futures fell Thursday as investors turned their attention away from tropical storms and to the cooling economy and falling stock market. Natural gas prices fell after the government reported a slightly larger increase in inventories than analysts expected.
Or
Global Markets Keep Tumbling 
Thursday August 16, 10:24 AM EDT
LONDON (AP) — Global stock markets tumbled again Thursday on persistent worries about U.S. housing loan problems and potential damage to the global economy. The slides came even as the U.S. Federal Reserve dumped more cash into the U.S. banking system on Wednesday and Thursday, joining other central banks that have tried again and again to shore up investor confidence over the past week. In London the FTSE 100 Index dropped 2.7 percent to 5,945.50, trading below the 6,000 level for the first time since March. About 108.9 billion pounds ($216.9 billion) has been wiped from the value of Britain's leading stocks since trading closed last Wednesday.
By JOE BEL BRUNO  (AP) The sculpture on the facade of the New York Stock Exchange is a backdrop for a Wall Street street... Full Image
p {margin:12px 0px 0px 0px;} NEW YORK (AP) - Wall Street plunged again Thursday, extending an almost relentless downward spiral after problems at Countrywide Financial Corp. (#HYPERLINK "http://money.excite.com/jsp/qt/short.jsp?symbol_search_text=CFC"CFC) confirmed investors' fears that credit problems are spreading. The market shrugged off the Federal Reserve's injection of $17 billion into the banking system, and the Dow Jones industrial average fell more than 300 points. Investors' confidence, already diminished by months of bad news about mortgages and credit, took a further pummeling after Countrywide, the nation's largest mortgage lender, said it was forced to draw on an $11.5 billion credit line to fund operations.
We are headed for at the very least a recession, if not a depression.
Oh ya some people will still have money, those overpaid industry CEOs and executives who sent all of our jobs overseas so that they could make even higher bonuses for cost cutting.
------------------ 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.
Funny that’s what they said just before the stock market crash.
I'm curious, why is it so important for some to prove that the world financial markets are heading toward a recession, depression, collapse, or whatever?
http://us.rd.yahoo.com/fina...ll_street.html?.v=69 Stocks Stage Stunning Comeback AP - Wall Street pulled off a dramatic late-session turnaround to close mixed Thursday after bargain hunters lured by weeks of massive declines came back to the stock market. The Dow Jones industrials, down more than 340 points in afternoon trading, ended the day with a loss of just 13.
Sorry ole 123 why not wait till the end of the day to post your doom and gloom wishes! good god a lot of people made money today!
I only read these things when I come in for lunch. If it gained, it is still at a loss from previous weeks.
Those people that sold then lost money, mostly people who could not afford to loose that money. People who can afford to loose money don’t worry or care.
Funny thing is it took how many BILLIONS of dollars world wide to bring it up to just what they lost today.
Lets see what happens tomorrow.
------------------ 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.
I'm curious, why is it so important for some to prove that the world financial markets are heading toward a recession, depression, collapse, or whatever?
I'm curious, why is it so important for some to prove that the world financial markets are NOT heading toward a recession, depression, collapse, or whatever
Something I just found out about recently, there are actually a lot of people who make money when the stock market goes down and not up, by a process known as "short selling" (among others practices I don't know about, I'm sure).
[URL=http://us.rd.yahoo.com/finance/finhome/topstories/apf/*http://biz.yahoo.com/ap/070816/wall_street.html?.v=69] Sorry ole 123 why not wait till the end of the day to post your doom and gloom wishes! good god a lot of people made money today!
Did you happen to catch this part of the article?
"Federal Reserve's injection of $17 billion into the banking system, and appeared to be angling for a rate cut instead.
I'm curious, why is it so important for some to prove that the world financial markets are NOT heading toward a recession, depression, collapse, or whatever
You have to understand the market going down isn't always a bad thing. The market has to MOVE in order for people to make money. A flat market is a stagnant economy. Sure when everything is going UP UP UP it's all wine and roses, but eventually the bubble bursts or there's a correction. Not a catastrophic drop that wipes out the economy, but a marked drop, like we've seen. You see a lot of people selling right now, and that's causing the drops, but look at today... do you know why the DOW rallied at the end of the day? Because the big drops during the day meant there were bargains to be had, so people snatched them up and the market moves back up.
Money can be made in both a bull and bear market, if you're careful. Most of us don't have the business acumen to take advantage of all the opportunities. That's where a financial adviser comes in. Make them earn their commission.
I'm curious, why is it so important for some to prove that the world financial markets are heading toward a recession, depression, collapse, or whatever?
Just trying to keep people informed, why does it bother you that the economy is in the shitter?
------------------ 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.
Originally posted by 84fiero123: Fannie Mae Profit Down 36 Percent Thursday August 16, 11:15 AM EDT
WASHINGTON (AP) — Fannie Mae, the largest U.S. buyer and guarantor of home mortgages, reported Thursday that its profit dropped 36 percent in 2006 and said it expects higher delinquencies and credit losses this year from the turbulence in the mortgage market. The government-sponsored company, which finances or guarantees one of every five home loans in the United States, said it earned $4.1 billion, or $3.65 a share in 2006, down from $6.35 billion, or $6.01 a share, in 2005 and $5 billion, or $4.94 a share, in 2004.
Read that carefully, Steve. The media is portraying this as a horrid, terrible thing. They should. Blood and red ink sell papers. But read what I put in bold. It still earned $3.65 per share. That ain't shabby, especially in what I consider to be an over-cooked real estate market.
quote
Originally posted by 84fiero123: Energy Futures Fall on Economic Worries 
Thursday August 16, 12:36 PM EDT
NEW YORK (AP) — Oil and gasoline futures fell Thursday as investors turned their attention away from tropical storms and to the cooling economy and falling stock market. Natural gas prices fell after the government reported a slightly larger increase in inventories than analysts expected.
Uh, Steve, the Oil and gas futures falling is a GOOD thing for our economy. We import oil. That means money leaving our country. When the futures and cash prices of energy fall, that's a GOOD thing for us.
quote
Originally posted by 84fiero123:
Global Markets Keep Tumbling 
Thursday August 16, 10:24 AM EDT
LONDON (AP) — Global stock markets tumbled again Thursday on persistent worries about U.S. housing loan problems and potential damage to the global economy. The slides came even as the U.S. Federal Reserve dumped more cash into the U.S. banking system on Wednesday and Thursday, joining other central banks that have tried again and again to shore up investor confidence over the past week. In London the FTSE 100 Index dropped 2.7 percent to 5,945.50, trading below the 6,000 level for the first time since March. About 108.9 billion pounds ($216.9 billion) has been wiped from the value of Britain's leading stocks since trading closed last Wednesday.
Which is exactly what the Fed has cash reserves for. Nobody wants to see it happen and, to be honest, I think they got a little trigger happy, but not unexpected.
quote
Originally posted by 84fiero123: Or how about now?
Dow Industrials Plunge 300 Points
Email this Story
Aug 16, 1:07 PM (ET)
By JOE BEL BRUNO  (AP) The sculpture on the facade of the New York Stock Exchange is a backdrop for a Wall Street street... Full Image
p {margin:12px 0px 0px 0px;} NEW YORK (AP) - Wall Street plunged again Thursday, extending an almost relentless downward spiral after problems at Countrywide Financial Corp. (#HYPERLINK "http://money.excite.com/jsp/qt/short.jsp?symbol_search_text=CFC"CFC) confirmed investors' fears that credit problems are spreading. The market shrugged off the Federal Reserve's injection of $17 billion into the banking system, and the Dow Jones industrial average fell more than 300 points. Investors' confidence, already diminished by months of bad news about mortgages and credit, took a further pummeling after Countrywide, the nation's largest mortgage lender, said it was forced to draw on an $11.5 billion credit line to fund operations.
Which by the end of the day turned into a profit, not a loss, although it did close a few points lower. I'm not a die hard techinical analyst when it comes to markets, commodities or stocks and bonds, but to ignore the technical side completely is as much folly as to ignore the fundamental side.
Technical = chart watching, Fundamentals = watching the actual, day to day, supply and demand factors. Both have their place and neither are to be ignored. When the market touched 14,000 it was, technically speaking, about 500 points overdue for a correction. If you buy into the technical side, as a market goes up or down in "waves", it will retrace in those waves, just like an ocean surf. The general rule is that in the short to intermediate term, it will have a major correction of 66% of it's move. This most recent chart move started back the middle of March at 12,050, give or take. It peaked right at 14,000. The technician will tell you that at some point, a retracement of 66% of the difference between the two, or about 1,335 points, was inevitable. The higher the market went before beginning that retracement the more the retracement would be. So if we picked at about 14,000, and lost 1,335 points, that would put the Dow down to about 12,665 or so. What was our low today? 12,518, or pretty close to what was expected before there was a huge surge in the market, making it close at 12,845.
As I said, I'm not a die hard technician. Some people are, the live and die by their charts. But the technical side alone can't foresee an event like 9/11, for example, or some catastrophic natural event like the hurricane in Louisiana (although some technicians firmly believe that even the weather is accounted for in their charts since it runs in cycles).
The point here, is that over the last 5 years, the stock market has gone up 8,000 to 14,000, or about 75%. That's HUGE. It amounts to a 15% annual rate of return on money people invested. It is NOT going to do that forever. Never has, never will. Historically, the market will make the prudent investor about 9%, and that's pretty good, but not 15%.
quote
Originally posted by 84fiero123:
We are headed for at the very least a recession, if not a depression.
Oh ya some people will still have money, those overpaid industry CEOs and executives who sent all of our jobs overseas so that they could make even higher bonuses for cost cutting.
Keep repeating it over often enough and sooner or later you'll be right. GNasty on this forum was predicting the market to crash for about the last 3 years. Eventually he'll be right too. Even a stopped watch is right twice a day. That doesn't mean you see anything anyone else isn't seeing.
Just trying to keep people informed, why does it bother you that the economy is in the shitter?
No I think you are just being a doom crier like chicken little.
What bothers YOU is that most of us do not think it is in the shitter, or that there will be a WORLD wide depression. YOU are just flat hung up on this and after 9 pages of people that actually understand the market and actually HAVE money in the market explaining it to you, you just keep relentlessly spouting your doom and gloom. I think that not only do you not understand any basics, you are flat incapable of learning,,, or listening to anything that doesn't fit your disastrous scenario.
We ask again,,,,,,,why is it so dammed important to you that our market would fail?
I bet it is just as simple as George Bush. You libbs just cannot stand the thought of anything being positive during this administration, even if it means a total meltdown.
I said the same thing earlier as John did and I was basically called an pompous arrogant educated ass. I said the same thing as you did about the fact that 84fiero123 just wants to argue his wrong, uneducated view point. I got called arrogant on that post, too. I just call things as I see them and I don't try to be so PC, nice about it.
A. Look at historical average.. keep thing simple 2000 to now. Any normal, base/uber safe portfolio would still be up at least 6 points.. (about 4 over just stuffing it in a bank/mattress)
Sorry not seeing the down side here, even if the dow slips below 12.. just two years ago ppl were cheering about 10k.. you're still ahead ppl.
84, sorry.. the economy isn't in the shitt@r. It's making some adjustments but no reason to jump out windows or anything. Simple rules to investing A. don't follow points on a daily basis B. don't over invest in one market/stock
I'm not rich, I was the HS drop out if you remember correctly.. but I can still play the market. The biggest beating i've taken to date was read correctly.. $400.00 on northwest airlines Aside from that, everything I've picked, I've picked to be long.. best one of the bunch. JCPenny.. got them at about $2 a share when they were way down in the 90's.. hmm todays value is in the 60's
Sorry.. not just ivy league types make money in the market.. us hs dropouts do just fine as well.
BTW.. if you care/ or if it matters.. out of the last 10 picks I made for friends and relatives.. only one has underperformed that's right ONE.. in this horrible economy, little average joe investors made money.. almost sick isn't it
Maybe you should join Hillary isn't wrong post. I mean "anybody but Bush" post.. you'll be able to beat a dead horse all you like in there.
Originally posted by Uaana: 84, sorry.. the economy isn't in the shitt@r. It's making some adjustments but no reason to jump out windows or anything. Simple rules to investing A. don't follow points on a daily basis B. don't over invest in one market/stock
I live in a one story building so I dont have that far to fall.
Australia ASX 100 -29.30 -0.64% 4,584.60 8/17 5:00pm Australia ASX All Ords -41.90 -0.73% 5,670.30 8/17 5:00pm Australia ASX Mid-cap 50 -62.80 -1.09% 5,693.70 8/17 5:00pm Hong Kong Hang Seng -285.26 -1.38% 20,387.13 8/17 5:59pm Hong Kong HSCC Red Chip -52.88 -1.37% 3,802.54 8/17 4:26pm Japan Nikkei 225 -874.81 -5.42% 15,273.68 8/17 4:30pm
Europe
Belgium Bel 20 -16.39 -0.41% 3,972.67 8/17 1:32pm Europe DJ Stoxx -20.77 -0.59% 3,525.90 8/17 1:32pm Europe Euronext 100 -7.31 -0.78% 926.74 8/17 1:32pm Europe Euronext 150 -23.59 -1.35% 1,730.01 8/17 1:32pm France CAC -34.09 -0.65% 5,231.38 8/17 1:32pm France SBF 80 -52.72 -0.84% 6,246.06 8/17 1:32pm France SBF 120 -25.84 -0.67% 3,811.94 8/17 1:32pm Germany DAX -35.89 -0.49% 7,234.18 8/17 1:32pm Germany MDAX -195.70 -2.06% 9,312.43 8/17 1:32pm Germany TECDAX -34.03 -4.08% 799.07 8/17 1:32pm Netherlands AEX -7.33 -1.50% 479.73 8/17 1:32pm Norway BRIX +2.16 +0.06% 3,801.87 8/16 12:00am Norway OSE Industry -5.41 -0.32% 388.08 8/17 1:32pm Sweden OMX -38.02 -3.21% 1,145.43 8/16 12:00am Sweden OMSX All Share -12.84 -3.36% 369.49 8/16 12:00am UK FTSE 100 -29.90 -0.51% 5,829.00 8/17 12:32pm UK FTSE All Shares -15.36 -0.51% 3,016.55 8/17 12:32pm UK FTSE Eurotop -18.74 -0.62% 2,981.51 8/17 12:32pm UK FTSE Techmark -10.49 -0.67% 1,563.11 8/17 12:32pm
I read this crap first thing in the morning and at lunch. John and the rest. It is on my excite home page.
I have one stock, have had it since 73. GM one share just so I can get info and be allowed to go to stockholders meetings. I sold the rest of my GM stock when it was over $70 a share.
Personally I think it’s funny that all the people defend the market fluctuations as just that. Has this country become so numb that we just believe what we are told?
LONDON (AP) — European and Asian stocks slid again Friday amid persistent fears about subprime mortgage lending troubles in the U.S. and its potential affect on the global economy. The U.K.'s FTSE 100 fell 0.31 percent to 5840.50, as the benchmark index has lost 12.5 percent in the past month. France's CAC 40 index lost 0.43 percent to 5243.050 and Germany's DAX index was down 0.56 percent to 7229.510 as stocks failed to take a lead from a late rally on Wall Street on Thursday.
NEW YORK (AP) — U.S. stock futures faltered Friday, indicating a sharply lower opening on Wall Street as investors nervously eyed declines on overseas markets. Although stocks had a late recovery to finish mixed Thursday, there is no conviction in the market that could allow it to build on that momentum. The Dow Jones industrial average has lost 3 percent of its value since last Friday amid intensifying concerns about credit problems. The Federal Reserve on Thursday injected another $17 billion into the banking system, but the shot did little to ameliorate the market's unease.
WASHINGTON (AP) — The stock market is on a stomach-churning ride, the nation's once high-flying housing market is sinking deeper into gloom, and credit, the lifeblood of the economy, is drying up. If consumers get nervous enough, many economists believe, all of these troubles could become the perfect storm that will plunge the country into a recession. And the odds seem to be increasing with every new turbulent day on Wall Street. Since setting a record close of 14,000.41 just a month ago, the Dow Jones industrial average has shed 1,154.63 points in a string of triple-digit losing days that have raised anxiety levels not just on Wall Street but on Main Street.
Read all of the last link, it says a lot more that may be of interest to many.
Oh ya, and Aceman
quote
Originally posted by aceman: I said the same thing earlier as John did and I was basically called an pompous arrogant educated ass. I said the same thing as you did about the fact that 84fiero123 just wants to argue his wrong, uneducated view point. I got called arrogant on that post, too. I just call things as I see them and I don't try to be so PC, nice about it.
You did more than that, do you have a short term memory loss to?
You called our farm a hobby, I have pointed out that it is not a hobby. Showed and answered all of your questions.
You see this farm some years has made more money than I have working construction 9 month out of the year. Hell some weekends Melanie has made more money than I do in an entire month working as a welder in construction.
As usual you just don’t admit when you are wrong.
Will you ever?
That is the reason you are an ass.
------------------ 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.
IT'S A HOBBY FARM! You make less off that 25 acres than you do off your disability. The whole f-ing board would agree with me. The whole f-ing world would agree with me.
Japan's Nikkei dives 5% Tokyo benchmark suffers worst day since Sept. 11 attacks; Asian markets post biggest weekly fall in nearly 10 years as credit fears drive investors away.
IT'S A HOBBY FARM! You make less off that 25 acres than you do off your disability. The whole f-ing board would agree with me. The whole f-ing world would agree with me.
HOBBY FARM, Gardener Steve.
Funny, real funny Ace.
I make less on my disability a month than I did a week working construction,
Melanie has made more in one weekend than I did in an entire month working construction.
This farm pays for itself and then some.
Without the equipment that one of your so called large farms have.
You own 400 acres, do nothing with it, nothing. It is basically an investment, nothing more.
Oh ya and by the way I am not the farmer, Melanie is, I’m just the grunt. This has been her dream not mine, I love her and support her by helping her here on this farm by doing the fencing, maintenance, take care of the animals when she does the County Fairs and such.
Originally posted by 84fiero123: Oh ya and by the way I am not the farmer, Melanie is, I’m just the grunt. This has been her dream not mine, I love her and support her by helping her here on this farm by doing the fencing, maintenance, take care of the animals when she does the County Fairs and such.
Nice to see people still working the earth instead of using it. The rewards for hard work are surely more than the money it pays.
Japan's Nikkei dives 5% Tokyo benchmark suffers worst day since Sept. 11 attacks; Asian markets post biggest weekly fall in nearly 10 years as credit fears drive investors away.
Yup.. no big deal. If you're chasing points on a daily basis or a day trader.. it's a crappy market. Other than that is a great time to invest even more. You can grab some prime stocks at bargain prices and make even more in as little as six months.
Here's a little one for you JCP (JCPenny) purchased in 2000 for around $10 a share, currently valued at $64 a share. Yes it's off its high of $84 a share seen in april but still waaaay the hell up over inital investment.
Wow.. it's like some of you have never heard.. "buy low, sell high" 84123.. you own one share.. what do you care what the markets do? Unless you're buying property or getting a loan it should have almost no effect on your daily life. You already own property, or are locked in at a fixed rate. Not much the economy can do that will touch you. Bill.. you're safe unless someone decides to get a wild hair up their butt and actually decides to clean up the entitlement programs in this country.. and even if they do there will always be MN and CA that will beg you to come and take some assistance money.
it really all comes down to if and when the people with the $$$ use their $$$. that is it. the economy hinges on 3-7% of the population. the rest of us are at various levels of receieving that $$$ they spend. some get big bag fulls, and pass some on, some get little trickles on the side - but either way - it comes down to when the lords ejaculate out some $$$ for the rest of us. after all, where do you the $$$ comes from? it doesnt grow on trees, ya know. well, for Orange farmers, I guess it do.
and, of course, with now over 50% of the population having sold their future away thru credit cards, and now feeling strapped, there will be less "disposable income". what a decadant term. disposable income. even if we made credit cards illegal today - it'll be at least 5 years before the economy actually got some muscle behind it. but, as long as we keep getting more & more fresh young credit card recipeints, burying their futures in useless debt for clothes & going out to eat - we be doomed. yes, they are being good consumers. that is a +.
Read this from my local financial reporter's blog:
YOU CAN'T FEEL THE PAIN UNTIL IT HAPPENS TO YOU-THE WALL STREET WOES. THIS MAKES ME SICK. Aug 16, 2007 | 12:50 PM Category: News
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Featured On: MyFoxDetroit I have to tell you ..it angers me to see what's happening in the stock market. Major credit woes causing stocks to dive. .. because the nation's credit problems are hurting corporate profits. I understand that-and I understand that many small investors are watching their healthy stock returns sink.
But here's what really gets to me.
When American families were taking out mortgage loans for homes they shouldn't be buying no one stood up and said "hey..this is dangerous". (for the record I've been saying it in speeches I've given to various groups over the past few years-and I've reported it on FOX 2 NEWS).
No one said if we give a person a mortgage loan without proof of employment it could hurt them-or they could get hurt if they take on too much debt-or if their interest rate begins to adjust up as their home values fall. NO ONE CARED! Wall street actually stood up and gave a round of applause!!!!!!!
Big investors and corporations were overjoyed that more homes were being sold..more loans were on the books..more home improvement jobs were boosting the economy-more real estate sales were being rung up. As all of this was happening the poor American family that was fueling the economic boom was sinking in debt…and watching their American dream turn into a nightmare.
No one cared about them!!!!!! NO ONE SAID WE HAVE TO STEP IN AND HELP THESE FAMILIES BECAUSE THEY ARE LOSING THEIR HOMES!!!!!!!!!!
It didn't seem to matter until big corporations and investment funds that have money riding on these loans began to say 'HEY..THESE BAD LOANS ARE GOING TO HURT OUR PROFITS'. Ah..now it's a different story!!!!
So now that the damage is done..and the dirt is hitting corporate profits causing stocks to plummet… the federal reserve steps in and and dumps about 100 BILLION dollars into the financial markets to ease the pain. How nice.
Too bad they didn't do something to AVOID the pain-not so much on the big corporate guys..they can take care of themselves-I'm thinking about the faces behind all of the numbers and bottom lines. The faces of people who are now looking for a new beginning because their credit is ruined-they're homes are gone and in many cases so are their jobs. Only when it hit corporate profits did anyone seem to care.
While I certainly believe there are predatory and misleading mortgage lenders, I think the responsibility for deciding if you can afford something is your own. I can understand people's frustration, but what do they want - a government department that will tell you what you can and cannot afford? One that will tell you what you can buy and make your budget for you?
We have to make sure there's full disclosure from mortgage companies so the buyer is fully informed and aware of what they are getting into, but the ultimate decision on what a person can afford should rest with that individual.
Mortgage lenders need to set their criteria to manage their risk. If they choose to take on more risk then they are on their own if too many people default and they become insolvent. There should be no reason for a government buyout.
While I certainly believe there are predatory and misleading mortgage lenders, I think the responsibility for deciding if you can afford something is your own. I can understand people's frustration, but what do they want - a government department that will tell you what you can and cannot afford? One that will tell you what you can buy and make your budget for you? ......
I'd expect the fact that you dont have the money at the time - is proof enough that you cant afford it, eh? and, buying it on credit basicly insures you never will be able to afford it. but, the baby in us "must have it now". just look at all the other things there are laws about, because a few people cant control themselves. here we are looking at 50% of the population.
Originally posted by jstricker: Keep repeating it over often enough and sooner or later you'll be right. GNasty on this forum was predicting the market to crash for about the last 3 years. Eventually he'll be right too. Even a stopped watch is right twice a day. That doesn't mean you see anything anyone else isn't seeing.
John Stricker
Thanks for the reminder of G-Nasty's gloom and doom proficy 2004.
Oh no!! this just in! Stocks surge after Fed cuts discount rate
"NEW YORK — Stocks soared today, propelling the Dow Jones industrials up more than 300 points, after the Federal Reserve, acknowledging that the stock market's plunge posed a threat to the economy, slashed its discount rate by a half percentage point."
Trickle down.. half point off the discount rate.. may adjust some ARM loans down and keep ppl out of forclosure.. or fuel another home buying trend.
for those of you with weak hearts/minds.. stay out of the market and stuff your mattress with your cash. If you can't say "It's only money" and mean it.. you shouldn't play.. And no.. I'm not rich.. It's only money because I can make more, and I've never invested money that I "need"
Oh no!! this just in! Stocks surge after Fed cuts discount rate
"NEW YORK — Stocks soared today, propelling the Dow Jones industrials up more than 300 points, after the Federal Reserve, acknowledging that the stock market's plunge posed a threat to the economy, slashed its discount rate by a half percentage point."
Trickle down.. half point off the discount rate.. may adjust some ARM loans down and keep ppl out of forclosure.. or fuel another home buying trend.
for those of you with weak hearts/minds.. stay out of the market and stuff your mattress with your cash. If you can't say "It's only money" and mean it.. you shouldn't play.. And no.. I'm not rich.. It's only money because I can make more, and I've never invested money that I "need"
woohooo! party weekend!
and, I am quite sure most of here are not "rich". this is the Fiero Forum...not the Vette/Porsche/etc - tho I know there are some of y'all doin well. I am just hoping to have a home next summer....and if I dont get out of Detroit, I may not....it is quickly becoming worthless.....
Lost my degree in smoke and mirrors.... 
