McCain has fogotten the stock market crash, mortgage/credit crisis,
Posted By: and the bank foreclosures, the on 2008-10-11
In Reply to: Well, since you want to talk nitpicking.... - sm
unemployment rates, job losses, stagnant wages, rising prices in gas, food, health care, etc, etc, etc.
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No need to wonder...current mortgage bank crisis...
brought to you courtesy of greedy democrats on Congress and greedy Democrats at the top of Fannie Mae. The handwriting is on the wall. This one's on you. McCain saw it coming in 2005 and the dems shut him down. Well, we are reaping what they sowed. To quote Toby Keith...how do you like them now?
stock market
Everybody was playing on the fear factor. Panic sets in and everybody starts selling. According to what I have heard, there are now great stock buys and that is what they are seeing.
Everybody gets so wrapped up in this "sky is falling" mentality and that is what the government hopes.
All their little nay sayers trying to scare the sense out of everybody but what they are hearing from their constiuents say do NOT say yes to the bill. The people do not believe that everything is going to h@ll in a hand basket if they vote NO to the bill.
I'm sure a lot more votes would have been yes yesterday if it had not been for their constituents faxing, calling, and e-mailing telling them they oppose such bailout.
Well here we go. Stock market -411.30 plus
Barney Fife writing proposal now to bail out the automakers with $25B stipulating GOVERNMENT OWNERSHIP.
The government is backing away from buying troubled mortgages and now are going to put it in an investment program taking capital. The facts changed. His approach is to give banks enough cash to keep homes on the books and keep cash in the banks.
They will not bail out those people who shouldn't have taken out the loans in the first place.
American Express is jumping on the bailout wagon requesting $3.5B.
They really opened a can of worms here.
So the stock market's down.... sm
How bad is it? According to the article linked below...........
With Thursday’s rout, $8.3 trillion in stock market wealth has been erased in the last 13 months. 
For more info...... http://www.nytimes.com/2008/11/21/business/21markets.html?pagewanted=1&_r=1
So what!!!! Where were you when the stock market went down
Haven't you learned your lesson yet. You only comment on a good day and remain silent with the rest of the crats on a bad day.
How many people on this board have been telling you to quit commenting every time the market hiccups. But you feel this need to only comment when it goes up.
Your post is not worth the time reading.
Hm-m-m. Anybody notice the stock market is up, and
financial gained 16% today. That's curious. Can someone explain why?
I just think it's because the stocks were so low yesterday that it was a buyer's market.
The stock market went from +250 to -150 after the vote. nm
.
Have you noticed how the stock market goes up
or how the media has been fueling that engine by pushing and pushing and obsessing over the cabinet appointments in search of dirt to dig up on them?
Obama has been trying to give voters a little reassurance, but I supposed lots of folks will find something wrong with that too.
The stock market will never, ever, see another dime of
Bush is NOT in charge of the stock market
Wall Street,. Nancy Pelosi, Barney Fife, and the others are making it worse with all their stupid ideas.
They WANT this to happen and give more stimulus checks to people so the people will think they are the greatest since apple pie.
I don't see any of them trying to figure out what to do that will help us except throw money away to the groups that are keeping the money to pay their bonuses and take trips.
who cares about the stock market anymore? it's
my stock-based 401K is all but gone, and even if i had the money next year, or ever, not a cent of it will ever go back into the stock market's house of cards. so i personally dont give a rip what happens to it from here on out.
And the stock market LOVES it while Boy Wonder flits around!
//
Guess that 1-day stock market rally didn't exactly
x
Stock Market diving since Obama spoke today.
nm
McCain's mortgage plan
Did anybody understand when McCain brought up plan to buy bad mortgages and renegotiate, etc. Would that be with the $700 billion we are already shelling out or would this be an additional $300 Billion the taxpayers have to pay. If I can get my mortgage renegotiated with the government, maybe I'll just stop paying my mortgage and get something out of this after all!
McCain suspending campaign due to crisis
...sm
John McCain is looking like a leader today. I wonder if Obama will follow his lead.....
McCain suspending campaign due to crisis
Email|Link|Comments (0) Posted by Foon Rhee, deputy national political Editor September 24, 2008 03:07 PM
Saying that the Wall Street bailout plan is in jeopardy and the US economy at stake, John McCain said today that he is suspending his presidential campaign on Thursday and called for postponing the first presidential debate on Friday night.
"It has become clear that no consensus has developed to support the Administration’s proposal," he said in New York. "I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.
"Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.
"I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem."
Obama spokesman Bill Burton just issued a statement: "At 8:30 this morning, Senator Obama called Senator McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal. At 2:30 this afternoon, Senator McCain returned Senator Obama’s call and agreed to join him in issuing such a statement. The two campaigns are currently working together on the details."
"We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved. I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night’s debate until we have taken action to address this crisis."
http://www.boston.com/news/politics/politicalintelligence/2008/09/mccain_suspendi.html
The present crisis was not caused by Bush or McCain...
both approached the Democrats a total of 4 times trying to get Fannie/Freddie regulated. We can't afford Reid, Pelosi, Dodd, Frank, AND a Democratic president. Whatever else Bush is or is not, he is NOT responsible for this current financial MESS.
How about that larger refundable tax credit of McCain's?
x
The 2008 credit has to be paid back (no interest), but not the 2009 credit.
nm
SP's war on terrorism crash course
Unbelievable that someone who aspires to US VP displays such "kitchen table" understanding of the war on terror. Islamic terrorists do not attack the US because "they don't like" our democracy and freedom. Bin Laden was very clear on his reason for 911 attack/act of war in his letter to the US. Agree or not, in his view and that of his followers, these are his expressed reasons attacking US:
1. You attacked us.
2. You attacked us in Palestine.
3. The occupation of Palestine.
4. America's support of Israel.
5. The creation if Israel is a crime.
6. You believe the Jews have a Biblical right to Palestine.
7. His eye for eye perception of revenge for Palestine.
8. You attacked us in Somalia.
9. You supported Russians in Chechnya.
10. You supported India's aggression in Kashmir.
11. You attack us on a daily basis and war against Sharia law.
12. Governments of our countries act as your agents. They steal the Muslim community's wealth and sell it to you for paltry price. They support Israel.
13. Your military forces occupy our countries. They corrupt ouf lands and pillage our treasures.
14. You kill the children of Iraq.
15. You support the Jews in their efforts to establish capitol in Jerusalem. The would destroy Islam's most sacred Al-Aqsa Mosque.
16. Your oppression is aggressive.
17. You kill civilians and charge them with crimes they did not commit.
18. Your claims that American is the land of freedom are hypocrisy.
19. American people support US policies in Palestine.
20. American people's taxes fund planes that bomb Afghanistan.
21. Americans do not understand the language of manners and principles. They understand war, so we address them in these terms.
What are his demands?
1. We call you to know the meaning of Islam.
2. We call you to stop your oppression.
3. He goes on to list the ways America's government is not in compliance with Islam and with Sharia law.
4. Your law is the law of the rich and wealthy.
5. Your freedoms and democracy are for yourselves only and only for whites.
6. You do not respect international law.
7. You create a court for war criminals and then declare yourselves immune.
8. You torture at Guantanamo.
9. Abandon support for Israel.
It's going to go a further way down, to crash status.
Got it on good authority.
Investors are not fools. It's only left-wingers who get it to up tick for a day or so, that's all. The rest of America ain't buying Obama's sudden "positive" attitude. They know it is a calculated and phony positive. Fools rush in, you know. Ain't nothing more foolish than a left-winger Obama worshiper.
1929 crash saw a loss of
The high point for us was last year at 14,164 in October and an 89% loss is 1,558.
It is hard for me to see where shoring up the banks is helping anybody. We are already down almost 50% from this time last year.
credit for safety = credit for 9/11
If Bush wants takes credit for keeping us "safe" from terrorist attacks since 9/11, then he has to take credit for the fact that we experienced the largest terrorist attack in US history under his presidency, as well. He can't have it both ways!
I gave credit where credit was due.
I think Obama did a good job not saying anything about the hostage situation with the captain and I commend him for giving the order to the Navy Seals to do what they did. But still.....I think the heroes and the biggest thank yous need to go to the ones who risked their necks to save the captain.....and that would be the Navy Seals.
All in all, I don't like a lot of things that Obama has done. I know Bush didn't do us any favors in his 8 years either, but Obama is now in office and I do not like the way our country is heading.
As for not giving Obama any slack....how many of you people gave Bush slack on anything even when he did something good....cuz believe it or not.....he did some good things too. It goes both ways.
Well, Mcsame saw this crash coming and tried to avoid it...
unlike some others. That is one of the reasons I trust him.
It's like watching a horrible car crash in really slow motion.
No dupa - the shrub caused the crash and burn.......
Memory loss can signify medical issues which need to be attended to. Also, delusions can spell multiple significant issues which need to be addressed ASAP. Go with God.
The whole country would crash and burn. Do you know how many jobs in Michigan alone are auto related
Michigan might as well hang a sign on the door saying last one out, turn out the lights. But then if Obama has his way, we won't have any electricity either because the coal companies will be bankrupted too. Domino effect in my opinion.
Why should we pay your mortgage?
Why on earth should the people who were smart enough not to jump on the bandwagon and buy a bigger house than they could afford give a 30% mortgage decrease to the people who went hog wild and spent above their means? I am not a homeowner, by choice, and I am totally against giving anyone a decrease on a mortgage that they agreed upon when they purchased their home. You make a mistake, you pay the consequences!
Mortgage
Somebody who cannot afford to buy a house should not buy a house, bedasue they do not want to lose out on the rent money.
There are people out there who buy a house, rent it out and expect the tenants to pay the mortgage. If something goes wrong, who pays the mortgage then?
Wrong speculations!
about that fixing your mortgage --
are they going to go back and fix everybody's mortgage that has already had their house foreclosed?
DH and I should get our mortgage fixed....
we have no debt but our home, have never missed a payment or been late, pay a few hundred dollars extra every month towards the principal, have never taken out a HELOC or used our equity (quite a bit) for anything and have a fantastic credit score. We should have our rate lowered below the 5% it is now for doing a great job. But no, we'll give a break to those who bought too much house, had to compete with the Jones' and who took out foolish loans to begin with.
The Mortgage Failure......
Check out the mortgage failures.
Tell me which failed more, prime or subprime
Tell me what is the rate of failures under the CRA or even Bush's ADDI (which i attack alll the time)
Once again, REALITY AND THE DATA doesn't fit ya'lls claims.
Basically what happened was.. we reformed bankruptcy laws.. so that people who ran into dire straights could not restructure.
We packaged the loans into commodity derivatives. These are sorta mirror bets on the loans. Sorta..as the same loan will be sold many times in many derivative packages.. that's why the housing derivatives are worth more than all the real estate in the US. Derivatives are actually not that bad.. when a market is stable and only has to deal with natural forces. The housing market was bubbled.. partially due to low interest rates that encouraged everyone to buy, even the rich, and partially due to the CRA and the ADDI.. which did add customers to the market (helping form the bubble was the extent the CRA and the ADDI had in this mess)
All it took was a few failures to pop the bubble..and make real estate prices drop,. and mind you, it was mainly prime loans (READ not loans given to poor people and not loans under the CRA) that failed. The derivative market.,.which like I said, is really mirrors of the same loans.. cause the defaults to explode with ten times the ferocity, because one loan could effect the price of dozens of derivatives.
Really the poor and even irresponsible people .. simply did not have the economic ability to cause this mess. Pool all their money together and waste it on hookers.. it would have zero effect without help from the rich elites and their magnifying packaged derivatives.
THE CRA and ADDI both had stricter requirements than loans you got from normal banks.. both required income data.. where many prime loans did not.. they also greatly limited you on how much home you could purchase..whereas private banks did not care if you tried to buy something you could not afford.
Don't believe me?.. Look in the phone book.. call your own housing authority - you can get a loan for 106% the purchase price of a home even today.. if you're poor enough.
Ask to hear the red tape and hoops you must go through.. Heck, it is probably easier to just get a real job and earn real money than go through the FHA.
I don't think we should bail out anyone's mortgage.
Anyone who took out a mortgage and signed a contract to repay the loan and needs to do so. I don't care if they are illegal aliens, legal aliens, space aliens, or United States citizens.
That's how the mortgage cookie crumbles!
I am still against bailing out homeowners only!
the whole mortgage thing upsets me...sm
I have a subprime mortage and have had for over 3-1/2 years, but I make my payments on time every month. I can't even get a refinance to go through with almost $40,000 in equity in the house and only needing a loan for $85,500, as I put down a big down payment when I bought the house, but if I had an ARM or was in foreclosure there are programs that would put me in a new mortgage. So, here I am trying to take care of my bills, be a productive citizen, and I get no help. Makes lots of sense don't it.
Citi is my mortgage holder too. sm
They are just downright nasty when you call, can never post things on time, and then have the nerve to call and ask me when I am going to send my check when I have my bank statement in front of me saying they processed the check 3 days before they called me.
I am with you...LET THEM ALL TANK. Why should I give ANYBODY more of my hard earned money. And that includes Obama and his "redistribution of the wealth" schtick.
Disagree. Mortgage lenders FM/FM
and sub-prime mortgages did it, along with all the money certain senate leaders got for sticking up for for FM/FM. It's called GREED.
Dear Crabby, about the mortgage
Yes, American people were also greedy, but there were predatory lenders who got higher commissions for giving out those certain types of ARM mortgages. Do you know what an ARM is? Even if people qualified for conventional mortgages, the mortgage brokers didn't offer them because there was more money in it commission-wise for them if they brokered the ARM loans. We can thank Bush and the repubs because they did not want to regulate any of this.
You really should educate yourself.
Fugget about Uncle Tom's Cabin. Is that your claim to fame? aww shucks.
I have my mortgage throught CitiCorp.....
I wonder if I will see any of that largesse....NOT. Guess you have to be on the letter head. Oh well....LOL
Not sure I'd put much stock in
a not-very-scientific poll of under-18s. I imagine they think it's...like... totally way-cool to be a hyphenated-American, whether they actually are, or not. African-American, Asian-American, Hispanic-American, Native-American, Vulcan-American..ya' know? What ever....
Back in the ླྀ's a friend of mine spent one summer with a mission group on an Indian reservation, and thereafter tried to pass herself off as full-blooded Sioux (which is unlikely when you're a blonde.) It was just more interesting than being a white chick.
And why don't Caucasians get to use the hyphen? Hardly anybody claims to be Irish-American, German-American, French-American, British-American (that sounds weird).
Maybe we should march and demand our rights. Two! Four! Six! Eight! We wanna hyphenate! Whitebread! Whitebread! Yeaaaaah!
Rush just said the same thing....give everyone with a mortgage...sm
something like $75,000 to pay down their mortgage.
Do you agree with him also?
Yes, slimy mortgage companies who have no oversight....they don't ask anything
just selling 'em as fast they could and packed them all up into nice little derivatives to drive up the bubble and make fast money - at our expense.
You don't mind paying for an illegal mortgage?
nm
I don't put much stock in polls....
however, McCain is the first to break the 50% mark. And I trust Gallup and rasmussen more than I trust Fox polls, CNN polls or other media outlet polls. Although CBS did show McCain with a lead too. Still, it is encouraging, and a pretty big whoop...lol
Stock Surge
March 13, 2009 8:42 AM
Citi Execs Make Killing On Stock Surge
Citigroup's recent upbeat news about its profitability has driven Wall Street's surge this week, but it also generated $2.2 million for four executives who bought millions of shares of company stock nine days ago, reports Bloomberg.
According to regulatory filings, director Roberto Hernandez bought 6 million shares on March 2 for an average price of $1.25. The stock touched a record low of $0.97 on March 5, but five days later CEO Vikram Pandit issued an internal memo saying the bank turned a profit over the first two months of the year. That news drove Citi shares up 47 percent to its Thursday close of $1.52, giving Hernandez a $1.7 million profit on paper, reports the news agency.
"You’re supposed to buy when everyone else is selling,” Bruce Foerster, a former Lehman Brothers Holdings Inc. managing director who now runs South Beach Capital Markets in Miami, told Bloomberg. He said banks have internal monitoring systems to keep an eye on executive trades and prevent abuses.
Other executives include Latin America CEO Manuel Medina-Mora, who bought 1.5 million shares on March 3 at an average price of $1.24, Vice Chairman Lewis Kaden with 100,000 shares and controller John Gerspach with 65,000, reports Bloomberg.
In the last year, Citi's stock value has plummeted 95 percent as the company has suffered five straight quarters of losses.
Hernandez said he plans to step down from Citi's board after the bank's annual meeting in April but will keep his non-executive chairmanship of the company's Mexican bank, Banamex, reports Bloomberg.
If the current mortgage securities plan prevails,
come out of it all smelling like a rose. They are proposing to refinance the mortgages based on inflated appraised values that existed BEFORE the mortgage crisis, not the current lower values. In this way, the homeowners will still end up owing more on their mortgages than their homes are actually worth....they will just be paying for it for a longer term with more accumulated interest on the loan. Those terms are the ones we need to keep our eyes on and see how it plays out, but it looks to me like it is not going to make it into the next session of Congress.
BT, I am sooo with you, we also finally paid the mortgage, the cars are ours....sm
and no more credit, bad debts and loans killed the economy and Wall Street. Just providing for our 3 kids and making ends meet is the daily challenge, but we have each other and a good extended family, I so hope that the good thing that comes out of this crisis is LESS MATERIALISM in this country, back to simpler living and being happy with less!
I'd be happy if they just reduced everybody's mortgage rate to a fixed 3%. sm
Then everyone is still responsible for the debt they took on, yet they're still getting a break. It would free up a couple hundred bucks a month for me, which I could then use elsewhere to stimulate the economy. Fewer foreclosures, banks are still getting their money.
Yeah, but wouldn't it be great if they paid your mortgage?
Apparently, you have no problem with charity if it begins at "home."
There IS no constitutional crisis.
Recession teetering on the brink of depression. WAKE UP, will ya?
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