PB, you are absolutely correct.. It is mute to argue political responsibility.. Your correct about Obama's (Osama's) advisors.. Yes Mr. Raines ran fanny may into the ground and made over 90 million doing so. He even recieved a 24 million 9get the hel out of here bonus)- it is what it is...
What I am trying to espouse and sadly with very little success (my personaliy is probaly the reason)... What I am trying to state is - it really does not matter to any individual what is hapening on wall street. Our own Choices Have Consequences!!! We are responsible for OUR OWN position in life.. It is TRUE- WE have to ASSUME such RESPONSIBILITY.. It is OUR Choice...
What hapens on wall street hurts those who live in that world- It Does NOT have to Impact Us on Main Street... I have a 30 year history with USAA insrance and banking / investment... I a have NO- NO NO Concern on a personal basis... That is MY PERSONAL CHOICE!!!
Yes, I do watch what I am being asked (FORCED) to BAIL out those rotten bankers and YES- those who took LOANS (many inerest only) to buy that bigger house).. It sucks that I am asked (FORCED) to bail them out.. The fact is my portfolio has not changed... My financial situation has not changed.. Some dummies actually think that the US Feds are insuring thier Mutual funds and 401K's... They need to talk to bankers- that is a joke...
Financial laws are written for financial officers- not for the average Joe.. It is the average Joe's responsibility to inquire as to such laws... I posted a number and extension... Jeff is his name.. He can actually explain what the laws mean and how they actually impact the average person.. He works for my CFO at USAA... If you have enough money invested they treat you with golden gloves- Jeff is a great guy who only serves those with a substantail amount of assetts- but will talk with those who have his extension... The mindset of USAA is wealth accumulation over years- not the get rich quick mentality that many wall streeters got themselves into trouble practicing...
Look, NO money down to under qualified buyers is foolish financial practices. The way it used to be- 20% down same lender/owner of loan.. Nothing down was reserved to us veterans backed by the DVA (they take your pension if you do not make payment).. Bankers gave loans with nothing down and failed to ACCURATELY acertain REAL income. No DVA to back the 20%- so was responsible? The states passed a law stating if you did not put 20% down you had to PAY monthly Taxes (actually mortage company deducted the taxes)... Again, the laws were written to benefit the TAX COLLECTORS not the average Joe.. I write a 4200 dollar check every 6 months to WA state- it probably pisses them off they can not collect it every month- in fact I usually wait till the end of the year and leave the funds in my own USAA Federal Savings Acct before writing check- so its actually every year- they fight to get it every SIX months... I own my house- the average mortage holder can not have such luxury in tax paying... NOW, ask yourself how many peopl do you know who pay thier taxes monthly vs annually?
Laws are Laws- We have a CHOICE to LEARN them and BENEFIT or Lose!
After only 4 years in the Senate, Obama managed to rake in more cash from the "Macs" then everyone but Chris Dodd. Over the same time period, '89-'08, McCain got zilch. But what makes this interesting, is how in just 4 years, he managed to get more, considerably more (chart already posted) than Senators who have spent almost their entire adult life in the Senate.
I don't have a problem with the money itself, just the appearance that Obama was doing something that attracted it in such a short time frame.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
A rather cogent assessment to my way of thinking. Now if they can just come up with a 12 step program for credit addiction.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Really like that analogy PB... I can not comment b/c I may be banned- lol-- so much for the first amendment.. That only means something to those who actually defended it..
I was referring to the general population sck5. If credit had not become a way of life, rather than a tool, there would have been a much lower demand and/or willingness by so many to assume so much debt. Bad lending doesn't force people to borrow, but it does make it easier to live a buy now, pay later lifestyle.
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John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Look, NO money down to under qualified buyers is foolish financial practices. The way it used to be- 20% down same lender/owner of loan.. Nothing down was reserved to us veterans backed by the DVA (they take your pension if you do not make payment).. Bankers gave loans with nothing down and failed to ACCURATELY acertain REAL income. No DVA to back the 20%- so was responsible?
This speaks to another problem with the credit bubble and that was that it drove housing prices so high to begin with. If only good borrows were able to borrow then bad borrows would not have been helping to force prices so high. Bad borrows were also bad buyers and seemed happy to bid prices up to unsustainable levels.
As I said in a post much earlier in this thread, all of this will have a lot of beneficial effects. Home prices may come back down to a level that an average married couple who wants children can actually buy a little nest to put them in. And that's a good thing. If they work and save up their 20% down they can probably even get a loan for it, even today.
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What are you pretending not to know ?
