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Out of the Blue

[Nov 05, 2008, 01:00 am ET] - Share - Viewing Comments

What? We know who is going to be the next president without recounts and court decisions? I guess that's democracy FTW.

Presidential Links: Thanks Ant and Mike Martinez.
Play: Dark Legion.
Splitter. Thanks Jay is Games.
Links: Struggling Americans Forced To Work Extra-Dimensional 4th Shift.
Stories: Teenager's new name is fantastic. Thanks OhGizmo.
Voting-line camaraderie reflects 'we' spirit, expert says.
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Chicken genome plucked bare by inbreeding.
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Auction: Pooh bear sketch sold for £31,000. Oh bother.
Images: Robots Turn on Humans, A Photo Essay by Robots for Robots.
Media: Pocket Bike Jumps Over River.
Follow-up: Bones confirm Steve Fossett death.

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17. Re: Out of the Blue Nov 5, 2008, 00:57 Paranoid Jack
 
Trickle down? It was a gush up. Corporate America (the banks and oil companies) are what caused this whole mess.

For the past ten years the banks went from making safe common sense loans to lending half a million to people who couldn't even afford the interest only loans on the house they were buying... let alone the hundreds of thousands of dollars cash out they were getting with the refinance of that huge loan six months or a year later.

Then a year or so later they would make them another loan to buy a second house they could afford before they went into foreclosure on the house and monster size loan they couldn't afford.

So while people like me who are staying within our means keep making house payments other people who bought mansions on interest only loans just let the banks take back a house that is now worth half of what they bought it for. And skate away from hundreds of thousands in debt. But get this... most are still living there in those same houses they can't afford. Living there free of the mortgage payment. Just paying the utilities because the bank would rather you keep up the house and yard then to let it fall apart and cause them more of a loss. And since there are no buyers there is no reason to force them out.

I know it sounds crazy but everyone I know here in Cali knows at least a couple people doing the things I just described to you.

So who gets left holding the bag? Surely not all those you're expecting a trickle down onto. And is it any wonder why the economy went nutts over the past few years? My house was going up an average of five thousand dollars a month for a couple years. I kept telling my wife we need to sell and rent an apartment until the bottom drops out. She wouldn't listen.

This comment was edited on Nov 5, 2008, 01:05. 		 
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  9. Nov 4, 23:55       Re: Out of the Blue Paranoid Jack
  13. Nov 5, 00:16        Re: Out of the Blue Warhawk
  14. Nov 5, 00:26        Re: Out of the Blue Bhruic
>> 17. Nov 5, 00:57         Re: Out of the Blue Paranoid Jack
  36. Nov 5, 06:34        Re: Out of the Blue vacs
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  15. Nov 5, 00:26 are these exit polls? shul
  16. Nov 5, 00:46  Re: are these exit polls? Bludd
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  73. Nov 5, 11:42     Re: Out of the Blue Creston
  26. Nov 5, 01:50 Congrats to Obama Creston
  104. Nov 5, 14:13  Re: Congrats to Obama Retired
  118. Nov 5, 16:48   Re: Congrats to Obama Cutter
  129. Nov 5, 19:40    Re: Congrats to Obama Retired
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  47. Nov 5, 10:27   Re: Out of the Blue deadgoon
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  49. Nov 5, 10:35     Re: Out of the Blue deadgoon
  50. Nov 5, 10:39      Re: Out of the Blue InBlack
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  88. Nov 5, 12:28   Re: Out of the Blue MMORPGHoD
  79. Nov 5, 11:50 At least the election is now over Creston
  80. Nov 5, 11:54  Re: At least the election is now over PHJF
  82. Nov 5, 11:58  Re: At least the election is now over Tehol
  98. Nov 5, 13:36 Re: Out of the Blue Ecthelion
  99. Nov 5, 13:43  Michael Crichton dies of cancer nin
  102. Nov 5, 14:05  Re: Out of the Blue sauron
  103. Nov 5, 14:10 MARRIAGE sinew
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  115. Nov 5, 15:45 Page load Problem .. Hoop
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  123. Nov 5, 18:10  Re: Out of the Blue Prez
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  141. Nov 6, 05:11        Re: Out of the Blue Kosumo
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  133. Nov 5, 20:10     Re: Out of the Blue Retired
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  143. Nov 6, 10:13 Re: Out of the Blue dryden555




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