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Originally posted by StarTrekCowboy
Originally posted by tdubz
we hear alot about the housing market and foreclosures. the reason there are so many forclosures is because people were stupid and thought they could afford more house then they really could. then when that payment bumps up after a few years, they are screwed. In reality, is all of these people who spent money they didnt have that are going to cause a recession because since they no longer have a house, job, etc because of their own stupidity, there is less money being put back into the economy.
My friend owned a business who employed 15 people on a regular basis, a out of town developer came to town ploped down 4 million to buy a mall Hire my friend GC firm to do a total remodel and completely screwed him out of everythig he had. My friend turned to the local DA's office and the Da even said he agree that these people were Credit thieves but they just had really deep pockets and had just spent millions in thier town and that the DA's office just didnt have the budget to take on someone with such deep pockets. MY friend lost everything his business his house everything. How's helping him? no one, he just doesn't have the Deep pockets to buy Justice. He wasnt stupid for loosing his house [snip]
Courtesy Is Mandatory
Civility and Decorum are expected.
Obviously, your friend got screwed, but people lose their houses like this everyday. What I am referring to are the mass foreclosures that are happening due to people buying more then they can afford while getting an ARM. Then two years later, when its time for their payments to go up, the cant afford the house anymore and lose it. And with all the people who wanted more, but didnt make the money to afford it, its causing the economy to go down. Its a horrible downward spiral. the people who were foreclosed on, now dont have house or job, so thats that much less money going into the economy. By all the foreclosures happening, home values are dropping, affecting the economy. This combined with gas prices rising is not a good combination, but if people were responsible with their money, they wouldnt be in the situations that they are in. Their is no one else to blame but ourselves. Like I said in my earlier post, my wife and I are probably classified as lower middle class, yet this year we've bought a house, a car, and a big screen tv. These are 3 of the biggest purchases ive ever made. And I actually have more money left over at the end of every month then I ever had before. If this is a recession, lets kept it that way cause im loving it right now. Except for the gas prices lol
[edit on 4-4-2008 by dbates]
Originally posted by LLoyd45
Instead of covering what's happening to our country, they have us all mesmerized by the feud going on between Clinton and Obama. When the bottom actually does fall out from under our feet, then they'll cover it..
Unfortunately most of us won't have electricity for our TV sets to watch it. Oh well.. It was nice while it lasted.
To those who play poker with the puppets and to those who prostrate to the lure of Illusion, People do not matter.......to them, people are just stock market commodities to be used and abused.
Ultimately, it will be the people who will have to unite and conquer this situation, .-on.
[edit on 4/1/08 by LLoyd45]
Originally posted by snatchypaws
US looses 80,000 jobs in March alone.
Its not looking good for those people who over stretched themselves.
Link: BBC - 80,000 US job losses
When the US is spending at such a high rate, when jobs are being axed and inflation goes through the roof - people who have money start to save it. This only makes things worse.
I fear the sprial of recession has already started and it will take the US many years to get out of it
THE EMPLOYMENT SITUATION: MARCH 2008
The unemployment rate rose from 4.8 to 5.1 percent in March, and nonfarm
payroll employment continued to trend down (-80,000), the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. Over the past
3 months, payroll employment has declined by 232,000. In March, employment
continued to fall in construction, manufacturing, and employment services,
while health care, food services, and mining added jobs. Average hourly
earnings rose by 5 cents, or 0.3 percent, over the month.
Unemployment (Household Survey Data)
The number of unemployed persons increased by 434,000 to 7.8 million in
March, and the unemployment rate rose by 0.3 percentage point to 5.1 per-
cent. Since March 2007, the number of unemployed persons has increased by
1.1 million, and the unemployment rate has risen by 0.7 percentage point.
Originally posted by HimWhoHathAnEar
reply to post by spaznational
We don't see those things on a large scale YET. This is just the beginning of troubles. Bear Stearns 13 Trillion of junk derivatives was transfered to JP Morgan. Raising their stake to 90 Trillion worth of OTC derivates, swaps, etc. This amount is Ten Times the National Debt, which is outrageous in and of itself. When the debt fails to perform the 'notional' value (90 Trillion) becomes the real value. The entire gdp of planet earth can't touch that number.
MBIA was downgraded by Fitch. This will cause another round of speculation on those junk derivatives. So just because we don't see the effects YET (which is debatable) really doesn't mean much. As to the MSM, I don't pay any attention to them either way. They were consolidated and bought long ago by the very money men who brought about the greedfest that we will all pay for.