The coming financial crisis

[Phanatic]

There are so many bad loans out there that no loans will be allowed. Worst case scenario is that something like auto loans can't be handed out. The car industry fails. All those jobs and any jobs related to making cars fails. Unemployment way up and people can't earn a living. Just one example. Do the same thing for any industyry that depends on loans like realestate or small businesses. All because some financial guru decided it was a good idea to go after people deemed a high risk because all they cared about was their commision.

So the true bail out plan would be to let no one off the hook, however you can make sure that a certain segment of those high risk folks make their payments by converting them to a fixed rate they can handle. That puts some value back into those junk morgages and saves the entire system. No one gets out of paying their bills and we all go about watching the Eagles suck on a Sunday afternoon.

While there is something to be said for scrapping the whole thing and starting over it's just not all that desirable for the big picture. Someone in a position of power should be out there making sure that responsible people like you and I have the opportunity to support ourselves and our families.

[rjs246]

How dare you refer to me as a responsible person.

[PoopyfaceMcGee]

I needed a car a couple of months ago and found a good deal on a used ride and paid cash.

I sold it for a 20% profit last week.


Eat that, debt lovers.

[Phanatic]

Both my cars are paid for.

[ice grillin you]

mine too


and since both me and my girl have govt jobs you all paid for them

[PoopyfaceMcGee]

I'd never sold a car at a profit before, though.  That's the novel part.

Kudos to both of you, though.  I'll bet rjs didn't pay cash for his Prius.

[rjs246]

I paid in semen. And promises of more semen to come.

[Geowhizzer]

One's paid for, the other has a year left.

The fact that my car is paid off is probably the only thing keeping me from trading it in to get something more economical on gas.  Mine gets about 25/26 mpg (I drive about 60 miles per day to and from work), but I don't want another car payment.

I will drive that thing into the ground, then buy a cheaper car with good gas mileage.

The one we're paying off was a 2006 Kia Sedona (when we had child #2, plus my wife sometimes drives students) that we were able to get brand new for $13,000 because they were leftovers.  Got it in a 3-year loan to keep interest fairly low, and will drive that one into the ground as well.

[Seabiscuit36]

More federal debt is not the answer.  All the talk about soup lines and great depression may actually come to pass and it may not.  I don't know.  I don't think it's as bad as Bush Co. says. but call me crazy, so what if it is.  The country survived the Great Depression and it will survive the next one. 

We've got to get off the teat of the money lenders.  A federal bailout only postpones the crisis by getting us deeper in.  We're crack heads saying to ourselves..all we gotta do is smoke the biggest rock ever and our jones will go away forever.

The FDIC is what's preventing the Great Depression part 2. First thing people did when the market tanked was run to the bank and take all of their money out. No need to do that now.

you really think 100k is sufficient?  People with under 100k are safe, but the big boys out there are taking their cash out, thats where you have problems.  +

And you all owe me money more than likely

[SD_Eagle5]

Sufficient enough to prevent another great depression, yes.

[fansince61]

Well Osama Bin Laden was right.  America is much weaker than we thought we were.  I haven't really trusted Washington but I had no idea that it was this corrupt (on both sides of the isle while leaderless from the whitehouse)).  Absolutely astonishing.  Next big Washington perk..bullet proof limos

[rjs246]

No dude. Bomb and missile proof limos. Get with the times.

[ice grillin you]

i wanna know where osama bin laden is gonna live once the bushes have to leave the white house

[Father Demon]

I've paid cash for my last three cars over the past 11 years - and continue to make the "payments" to my savings or money market accounts while I have them.  Well, that used to be true, but that practice stopped this year for obvious reasons.  But doing that has always allowed us to pay cash.

I also sold a car for profit once after owning it for 8 months.  I can't remember the specifics, but because it was a lower end car I got a great deal on, I was able to "flip" it for a healthy percentage, although not real big bucks.  It is a cool feeling.  Congrats, FF.

[fansince61]

i wanna know where osama bin laden is gonna live once the bushes have to leave the white house

It will be sweet to get the Bushes out of public housing