www.fed.gov website not responding to browser inquiries.... did they take it down, just after the pronouncement that we (all in US) are collectively below the 50% equity valuation of our homes?, the lowest since 1945-1948.... wonder if they have figures for the 1929 - 1934 timeframe?
I heard on CNBC or the Radio, a Congressman (white) saying: "WE (the american people) were bamboozled, WE were hoodwinked"..... I couldn't help busting out laughing, hearing that quote from Malcom X (the movie, and from Malcom X, the person).. iow (in other words), with all that was arranged and perpetrated on the American marketplace, taking advantage of the natural desire to own a home and such, it is incredibly ignorant to make such a comment, that people brought all this down on themselves.... the fruad stops where the buck stops... remember that expression?
If your in debt, your fucked. Or should I say, if your debt load exceeds your income, your fucked. Much like a Elite Trader who has 5k but is leverged to trade 500, 000K, and he is caught long in yesterdays market....FUCKED. The US GOV. is not going to tell the truth. The "Banking" institution is not going to tell the truth. It is up to you to "READ" between the lines. If you can't figuer it out then the blame will be on you and you alone. The House is in talks of a "Second" bail out plan. Why? Because its an election year and they want to keep their seats? You figuer it out. BUSH says the economy is fine, no recession. (HEADLINES EVERYWHERE). FED speaks confusion. They have no idea what is going on. The consumer spends spends spends and gets more in debt at the same time "Crying" about their mortgage payments, gas prices and how they can't afford anything. They are like the Fat Kid who is eating a jelly donut but crying about why people pick on his "FATNESS". Fucking pathetic. There is going to be a huge shift in wealth. The middle class is about to be bitch smacked hard and find themselfs in the same ghetto neighboorhood as those lazy, poor, uneducated fuck ups that drain the "Capilatist" system. In fact, the lazy, uneducated poor and the "Middle Class" are just about the same parasite now. Of course, not all S is P, thus there are exceptions to every rule. The dynamics of the "Middle Class", starting in the 1990's or so, shifted. They could no longer stand the fact that they did not have the means to live like the "rich". Thus, the decided not to work harder, not to take risk be "Creating" something that would yield them more of a reward, they decided that "CREDIT" was the way to pretend to be rich". The Banks loved it, the FED RESERVED loved it and both pushed for more and more debt. BUY BUY BUY, who cares if you get in debt but at least you can pretend your "Wealthy". WHO WANTS TO BE A MILLIONAIR:eek: The Quote of our age.
hey, it reminds me of an expression that they kept chanting, like a religious conservative mantra.... 4 more years man, you said some powerful stuff.... blamed the wrong persons, because dumb people are too stupid to just know....so those doing the selling, uh, taking advantage are all there are to blame.... then there's the persons that signed on the line, oh, that means everyone, oh I forgot, just thought we were talking about trading... where are those consumer protection laws when you need them? where is the enforcement of those laws when the economy and the country needs them.... oh, too busy being conservative, and looting those budgets as unnecessary, so as to fund the tax breaks I got it, let's just grow the economy, never mind with what or how, just saying it should be enough, right? (reasonings of both mad men and D students)
where's Josiah Bartlett when you ned him? where's Sam Seabourn when you need him? where's Robert Reich when you ned him? oh, and we were talking bout trading, hmmmm man the lines between these things are blurring....
This is very telling.............. U.S. Consumer Borrowing Rose, Led by Credit Cards (Update1) By Vincent Del Giudice March 7 (Bloomberg) -- U.S. consumer borrowing rose in January as Americans spent twice as much on their credit cards as they did a month earlier. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ad.CTXk312Y0 Look on this as deferred bankruptcies.
The huge shift in wealth has already transpired - that's why the middle class is defaulting. Judging by your angry tone, maybe the transfer in wealth will go back to the middle class? Is that what you really fear? LOL
wow, if this proposed 50% forgiveness on one's mortgages, especially for those that are in zero and negative equity.... watch out..... here comes the Tax Man looking to collect this as undeclared income.... hey, what a conservative thought, hey, 4 more years.....
Doesn't matter if they even if they forgive 50% of the principal balance. Hell they could forgive 75% of the balance. The people in these situations will immediately figure out a way to get right back to where they are now. One way or another, they will totally and completely max out any and all lines of credit available to them. They plan to help cure the irresponsible of their credit addiction by...offering more credit? All this proposal would do is destroy the government and this country's economy even more, but take us right on back to the same place we are now. Except we'd all be (even) worse off than we are now. The problem is credit addiction and greed. You can't cure that unless you cut off the supply. Think of these idiots as you would a junkie. Same concepts apply (smack=credit)