Dumb Friday topic

We've become a nation where it's easiest to blame everyone else. I'm sure there were plenty of people that good sucked in by people writing stupid loans with great sales skills and the CEOs shouldn't have taken the kinds or risks that they did. There should be checks along the way, but, people have got to take responsibility for their own finances and make sure they understand what they're doing when they sign on the dotted line.



Maybe the next step will be for the people that got foreclosed on to sue the people that wrote the loans and the CEOs because it's their fault. Maybe I will sue because my house value dropped. Lawyers are definitely what we need to add to this mess. 🙄

I voted for the people that bought houses way out of their means and had no way of paying for it. Buying big houses and fancy new cars when you can't afford it is just silly. I know a bunch of people that have done it and I just have to shake my head 🙄



It just frustrates me that I waited 10 years to afford to buy another house. I drove a piece of crap truck too. Now, I finally get my house and nice truck, and I have to give my tax money to bail out all these people that made silly decisions just because they couldn't live without a 2500 square foot house and a Hummer H1 parked in front 🙄

I plugged in "the loan writers" but truthfully, I think it began with them, writing and approving loans to people who have never made consistent payments in their lives, which created the situation for opportunists to capitalize on "liars loan" where you don't have to prove income to get approved for a loan.



You had Gardner’s making 20k annually buying 500k homes, then 2nd homes, then 3rd homes, then taking equity lines of credit and wringing everything they could out of the home values before walking away.



There are a hundred more scenarios that have taken place. We had a gal here at my work who baught a new home last year for 550k, the value of that home is now 250k; when she called her bank, they said " lets finance a new loan for a a different home in the same new development, then just walk from the first loan".



It's madness!!!

I feel lucky...I bought my home at a good price...my value hasn't went down at all...the downfall is I'm not saving on the taxes.

this sounds like the perfect topic to take off topic!!!! 😏 😏



so sarah pailin is hot but i dont think that bikini pic of her is real! 😲

fred, can you change the colors on the forum. thanks.

"JohnDF" wrote: I feel lucky...I bought my home at a good price...my value hasn't went down at all...the downfall is I'm not saving on the taxes.

I've heard that in Nevada County they are starting to adjust taxes down due to falling home values. Mine hasn't fallen enough for it to matter. It's more in the areas where the commuters are driving to Sacramento.

I voted for people buying houses that were waaaay out of their price range. I mean come on, if you make $20 an hour and are living in a $500K house, something doesn't add up. I'm also sick and tired of all of this bail out crap, if the companies can't afford to stay open, then they need to close or be bought out, not bailed out. I don't see anyone coming to fill up my gas tank if I don't have the cash, and I damn well wouldn't expect them to.



We've become a nation that is so dependent upon bad credit, and that credit is crap. Sending billions and trillions of dollars to bail out private companies with Federal Tax dollars is complete crap. No one feels responsible for their actions anymore, hell even in our own state our law makers can't even do their job to get our budget passed on time and wanted to borrow against our future taxes 🙄





BTW, I'm starting a campaign to vote for absolutely anyone who is not currently holding a seat in the state legislature, hope everyone catches a ride on that bandwagon.

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A lot of analysts are saying:



"The same lending institutions that fund long term debt (home loans, etc) also fund short term debt (credit cards, business loans, car loans, etc.)



That being said, our nation’s economy truly depends on short term debt to thrive; businesses can invest in new infrastructure (equipment) in order to grow, stores can sell furniture and tv's, flights can be booked.



Short term debt is crucial to keep the economy healthy. If the banks that fund these credit cards and small loans go under, it will seriously cripple our economy." That's one of the major concern.



George's note - Besides, if we hadn't bailed Chrysler out in the 70's, we would never have gotten to enjoy the "K car"!!! LOL

"gamfam" wrote:
That being said, our nation’s economy truly depends on short term debt to thrive;

The economy thrives on the responsible use of short term debt. It's just gotten out of control lately.

Don't get me started on the Chrystler bail out 🙄

If losers didn't buy things they couldn't afford, we wouldn't be in this situation. That's why I think taxpayers should bail them out. 😉

"BKGM Jeepers" wrote: If losers didn't buy things they couldn't afford, we wouldn't be in this situation. That's why I think taxpayers should bail them out. 😉

🤔

"gamfam" wrote: [quote="BKGM Jeepers"]If losers didn't buy things they couldn't afford, we wouldn't be in this situation. That's why I think taxpayers should bail them out. 😉

🤔

Cool! I'm gonna get an equity line of credit, build up the Jeep; then Brad's gonna pay for it all!!!



WooooHoooooo!!!!!!!!!

One of many interesting viewpoints on how we got here:





http://www.macon.com/151/story/429090.html

Interesting that no one has voted for the CEOs. I guess they deserve their multimillion dollar paychecks. 🙄

Nice work — if you can get fired from it.

That's just what one Alan H. Fishman might have thought when he woke up Friday morning.

Fishman was the new chief executive officer for Washingon Mutual — WaMu — the nation's largest savings and loan, which was taken over Thursday night by federal bank regulators and quickly dumped in a fire sale to JPMorgan Chase for the Wal-Mart-like price of $1.9 billion.

But don't cry for Fishman, who reportedly was sky-high — literally — last night, on a flight from New York to Seattle, when WaMu collapsed. Even though he's only been on the job for less than three weeks, he's bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.

That's right, $20 million for 17 days on the job ... and his company failed.

Fishman, who formerly was chairman of Meridian Capital Group, apparently was much coveted by WaMu, which was counting on him to lead the failing thrift out of mortgage troubles that pushed the bank to a $3.3 billion second-quarter loss.

According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severence of $11.6 million — both of which he gets to keep.

He also was eligible for annual bonuses of up to 365 percent of his annual base pay — set at $1 million — to go with millions of shares of company stock.

Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009.

Documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired — all negotiated as the Seattle-based banking giant's loses climbed to an estimated $20 billion.

From here: http://www.foxnews.com/story/0,2933,428641,00.html

"Bender" wrote: Interesting that no one has voted for the CEOs. I guess they deserve their multimillion dollar paychecks. 🙄

I think when CEO's get fired we should raise taxes to cover their bailout packages. That way, the failing company's customers aren't soley on the hook...

Maybe I'll get a multi-million dollar bonus if I fail all my students 😎

I'm starting the see the light! I've been running my business ethics all wrong!!!

We could all learn a thing or too from Mr. Fishman. I'm going to start designing all my projects to fail. They may kill someone, but I figure that's worth even more!

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How do I report Alex?