economy?

[COWonCRACK]

first of all, holy freakin jizzbomb generalwar thats alot of posts. , second of all, wtf is goin on with our economy? can someone explain in good detail what the hell is goin on? i dont have any channels that come in, so i cant watch the news..

[SgtJoeFriday]

Well America is a Capitalist society(Some liberals would have us move to a socialist society) but with that, certain "adjustments" need to be made, and when a large number of people live credit poor, or debt heavy, like they have been, the institutions which have been seeing a possibility of easy income gave too many loans to unfit candidate's who made their own mistakes by financing their new homes with an ARM to be known as Adjustable Rate Mortage, which now, is about the time that most of those ARM's that were let a couple years ago during the housing boom are adjusting up, and many people who were scraping by to begin with now have to find more money every month to cover their monthly mortgage are going broke. Which in turn is causing many of the financial institutions to struggle and even fold as we've seen.

 

SO load your guns and stock up on canned foods, the world is coming to an end.

[chris_pheonix7]

thats why i love bieng Canadian

[SgtJoeFriday]

Vengeance ]

thats why i love bieng Canadian

 

I see Canada's education system isn't much better then American. lol

[COWonCRACK]

Sgt.JoeFriday ]

SO load your guns and stock up on canned foods, the world is coming to an end.

 

it cant be that bad can it ???

[Deutscher75]

COWonCRACK ]

Sgt.JoeFriday ]

SO load your guns and stock up on canned foods, the world is coming to an end.

 

it cant be that bad can it ???

 

Better believe it

[Red0ctobeR]

Don't think that the Canadian Economy wouldn't suffer, because if the US falls into a recession or even worse a depression, the whole world would suffer.

[Xx-CHURCHY-xX]

Now there's gonna be a joint meeting between Bush, McCain and Obama.

 

McCain isn't gonna show up to his debate on Friday now because of this meeting, but Obama is committed to showing up because he feels that the people need to hear each of their takes on how to fix this crisis. Ah.. when will it all be over.

[COWonCRACK]

COWonCRACK ]

Sgt.JoeFriday ]

SO load your guns and stock up on canned foods, the world is coming to an end.

 

it cant be that bad can it ???

 

Better believe it

 

wtf zomg you cant be serious. that aint funny. how bad is it really? i mean i honestly need to know.

[Deutscher75]

COWonCRACK ]

COWonCRACK ]

Sgt.JoeFriday ]

SO load your guns and stock up on canned foods, the world is coming to an end.

 

it cant be that bad can it ???

 

Better believe it

 

wtf zomg you cant be serious. that aint funny. how bad is it really? i mean i honestly need to know.

 

Well more like as a precaution you should probably drop your pants, bend over and stick your head between your legs and kiss your ass goodbye...because it might be prettier than these next few months to 2 years :-\ ;D

[SgtJoeFriday]

I might have been closer then I thought. Last nights Presidential address some of the exact things I posted hours earlier were mentioned as causes. It basically came down to and well is coming down to people did some fiscally irresponsible things and instead of the country going under, the government is trying to rescue it with an infusion of capital in some key places to bolster trust in certain areas to get the economy rolling again.

 

As for "how bad is it really" economics wise we haven't seen the worst of it yet. Think somewhere between the stock market crash in the 1920's to the 80's recession. It'll fall between there. With any luck closer to the recession then the crash. We've already seen the stock market try and crash but we have stop gaps that keep it from plumeting out of control. So a major fall, or stumble is still possible but the all out crash can't or well shouldn't be able to happen again.

 

We all will feel this. Some it will hurt more then others. Just live on cash as much as you can, trust the banks only as far as you have to and don't make any major financial mistakes like financing a home with an ARM. My brother in law did that and is now royally screwed, If I would have known I would have stopped him but he was so hell bent on getting his place and not worried about the long term that he rushed head long into it and now, OMG his rate is jumping way past what he can afford and the company he was trying to refinance through went bankrupt.

[Red0ctobeR]

What a lot of people aren't talking about is that last Thursday the market completely FROZE. No one could get credit, no one could do anything. The government stepped in there too and gave it a "bump". That is when everyone started freaking out.

 

We are looking at VERY serious times, what the president and our government is doing right now is trying to give the economy a jump start. IT isn't meant to sustain us over a period of time, but merely try to get the engine going again and see if it will keep moving. If we trip and fall again, get attacked by terrorists, some country with a lot of oil gets bombed or vice versa we could be looking at the next Great Depression for the US. We will skip past Recession into full blown Depression. So all of you with any outstanding debt, me incouded with a house loan be prepared in any way you can. Things could get very scary.

[COWonCRACK]

X( im a college student and i just got a credit card? im smart enough to only use it maybe 2-3 times a month and pay it off immediatly in full. I should be ok as long as i keep goin as i have?

[HippieChik]

IMO, the biggest problem with all of this is the fact that our country LIVES on credit. If the government does NOT "bail out" Wall Street, then lending will cease to exist as we know it, people won't have the $ to spend, so people quit buying, businesses lose because no one is spending, MORE businesses fail, laying off workers, creating more financial crisis for Joe Blow, more foreclosures, and the cycle just continues to repeat.

 

Unfortunately, we've reached a place in our society where big financial businesses cannot be allowed to fail and so the government HAS to step in, clean up the mess, and put the burden on the taxpayers. Why? Allowing these businesses to fail would result in the biggest economic disaster you or I or even our parents has ever seen. The consequences of letting them fail are much more dire than not. THANK GOD for the Dems and their thinking of the taxpayers and wanting to make sure the fat cats who caused all of this don't retire rich as hell and the gov't. ultimately HELPS the people who are being foreclosed on. Yes, I know, some people PUT themselves in this situation based on their choice of an ARM over a fixed rate mtg., BUT, right or wrong, these people need help staying in their homes. If their mtg. rates weren't so high, then foreclosure may not be happening at all. (Ok, sorry, let me get back on track. I don't want to start on a mtg. rant.)

 

Thankfully, if you DON'T live on credit or you don't own a business that requires credit (bank loans) to run (which I think would have to be impossible) you shouldn't be in so much trouble as the rest of those who do. Yes, prices will sky rocket, but you trim the fat in your budget so you can buy groceries and pay your bills and all will be well. We'll all be affected in some way, but some won't feel the effects as much as others. The other biggest worry would be hoping you don't lose your job in all of this. When layoffs start happening, it won't matter if you live on credit or not ... you better hope you don't get caught up in the layoffs.

 

No, the world isn't coming to an end. Yes, things look grim, but I think if you play smart and FRUGAL then you will make it through this ok. Don't let the fear mongers ( ) around here freak you out.

[HippieChik]

COWonCRACK ]

X( im a college student and i just got a credit card? im smart enough to only use it maybe 2-3 times a month and pay it off immediatly in full. I should be ok as long as i keep goin as i have?

 

Yeah, you should be fine. The problem is when people RELY on credit cards to buy food, pay the electric bill, etc.

[[-VR-] Tool_Minion]

Our economy is failing mainly due to what has already been posted. We let it get to a point where we owed more than we had, plain and simple.

 

The People owed the bank more than they had.

 

The bank owed it's lender's more than it had.

 

Those lenders owed the Government more than they had.

 

The Government owes everyone more than they had.

 

Now we all sit back and suffer.

 

A friend of mine just had his loan bought out. The entity now has given him a deadline of half of what was still owed, or lose his house. The fact that the bank gets to forfieght this loan to an outside entity that my friend never agreed in principal with is utter fucking bullshit. This is what we have come to.

 

I still think Lil Bush has as much to blame here as anyone. Wartime USED to pull people together and create new jobs. He even fucked THAT up. Big oil has and always been the single largest stain on this presidency, and the fact that he is FROM big oil makes it that much worse.

 

Im done.

[BIGDANIEL]

HippieChik ]

THANK GOD for the Dems and their thinking of the taxpayers and wanting to make sure the fat cats who caused all of this don't retire rich as hell

 

This reads as though you're saying there are no Democrat "FAT CATS". That Republicans are solely to blame.

 

I don't agree with you on this.

 

I'm neither Democrat or Republican. I'm an American who is concerned about "FAT CATS", both Democrat and Republican, running our country and making decisions that affect our lives and the lives of our future generations.

 

We, the citizens of the United States of America, are the most powerful voice in the world. But yet we sit back and allow these things to happen. We voted to put these "LEADERS" in. We sure as hell can vote to take these "LEADERS" out. VOTE being the key word.

 

They pass laws that give them power. Power to do things we all know are wrong. Why do we just sit around talking about how wrong it is? Why don't we do something about it?

 

Back out to the main forum page for UF. Look at how many posts are put up here everyday. Think about what we could get started by posting just as much on the web sites of our congressmen. Or sending emails everyday, the same email everyday, letting our congressmen know what it is we want and do not want.

 

Think of us, the American citizens, as the "BOSS" and the politicians as the "EMPLOYEE". We are supposed to check on them from time to time. When was the last time, other than your local news, that you checked in on the work you're "EMPLOYEE" has been doing?

 

America is the greatest country in the world because of US. The VOICE.

 

 

 

[GOAT]

Yeah I can just imagine how that meeting is going...

 

 

Osahma- "Well George, What about the cost of the war?"

 

Bush- "Come on now you're not saying a measly 2.4 trillion dollars can affect the US economy are you? No way its them .. errr. err hmm err its the.. err idiotic home market speculators.. . yeah that's the ticket.. thinking they could buy a house slap some paint on it and make a profit!! why that's like spending a trillion dollars trying to find one guy in the desert.. dayam near impossible!

 

What we need to do now,, is buy up all dem houses dem idiots can't sell, ship em over to Iraq so dem terrorist will move in em and come out dat der desert .. then we can bomb the hell of dem houses.... kind of like killing two birds with one cruise missile. That's ma plan and I'm sticking to it! I's just need to talk both youz two presdantail err presidanttiall er hell.. BARBARA!! how you spell presidential again? never mind.. where was I? oh yeah! I just need to talk you two chiefe wannabe's into pitching in wit me! We can lick this economy thang in the butt."

 

McCain- "When I was in the Cong, the VC were... what's that? ... you hear that? INCOMING HIT THE DIRT!!...

 

Bush. "Dammit McCain that's just Barbara's hair blow dryer.. get up off the floor will ya!

 

Osama- "We need change."

 

Bush "you mean we need to change our policy?

 

Osama- "No I just reliezed you have a slot machine in your office"

 

Bush " oh that.. yeah one of dem Native mercians gave me that"

 

McCain "what's that rattling... it's coming from that box with the big 7's on it!!! its a bomb HIT THE DIRT!"

 

the following has been brought to you for entertainment only any relationship to any real person either dead or alive is purly coinky dink.

 

[HippieChik]

BIGDANIEL ]

HippieChik ]

THANK GOD for the Dems and their thinking of the taxpayers and wanting to make sure the fat cats who caused all of this don't retire rich as hell

 

This reads as though you're saying there are no Democrat "FAT CATS". That Republicans are solely to blame.

 

 

LOL! That's so funny. Guilty conscience?

 

You are reading more into that sentence than what is there. It means EXACTLY what it says ... THANK GOD the Dems are pushing to add legislation to the bail out that will keep the CEO's of the companies who are failing from retiring rich as hell. If the Republicans were pushing for this, it would have said, "THANK GOD the Repubs ... ." Now, how you got what you did from that is beyond me.

 

I think something needs to be done, but I think that we can't just blindly run into handing over trilliions of dollars without some kind of thought put into it to protect the taxpayers and somehow (no matter how insignificant it may seem), keep the greedy people who managed their companies (and the world, in reality) into this crap from walking (or private jetting) away to some private island to spend the rest of their life in luxury while the rest of America suffers.

[WARPIG]

Good post hippie chick... #13

 

 

 

[COWonCRACK]

lol. i have a FAFSA loan for college, its not huge, i think around 5k, is that gonna bite me in the ass? i have it deferred until i graduate.

 

[HippieChik]

COWonCRACK ]

lol. i have a FAFSA loan for college, its not huge, i think around 5k, is that gonna bite me in the ass? i have it deferred until i graduate.

 

 

You never know, it could. Rates aren't fixed. Do your best to pay your way as you go through college. I have a friend who went back to college, after being married, with 3 kids, and payed his way through a private christian university and graduated owing NOTHING! He paid his way as he went. (And he works as a supervisor for Wal-Mart Distribution, so he's certainly not wealthy or making beaucoup money.)

[COWonCRACK]

kk. tyvm

[Deutscher75]

COWonCRACK ]

lol. i have a FAFSA loan for college, its not huge, i think around 5k, is that gonna bite me in the ass? i have it deferred until i graduate.

 

 

Federal education loans are guaranteed not to exceed a certain interest rate, both subsidized and unsubsidized. Subsidized loans don't accrue interest until after you graduate, while unsubsidized do accrue interest while you're in school. The interest rate does fluctuate, but within a certain range that is not subject to change beyond what is stated in the original agreement of the loan.

 

You have nothing to worry about, but as HippieChick stated it's best to pay your way as best you can to prevent the collateral build-up of interest on your loans. It adds up. I just recently finished paying off the interest balances from my loans and have begun actually paying towards my principal balance and I did it all within 1 year. It's not that bad. Avoid private loans though, they're the ones that'll dick you in the end.

 

And if you can once you get out of school invest in 1 loan with a fixed rate to pay off all your student loans. You'll then only be paying interest on 1 loan instead of interest on multiple loans which is what the killer part is.

[SHANE23]

Back in 2001 or 2 my manager was saying the way things are going the US will no longer have a middle class. With all the outsourcing to 3rd world countries there will be no jobs for the middle class. He then brought up that there will be more crime with the fact that people will not be able to feed their family and so on.

 

I am lucky to have a job that pays well. Unfortunately 1/3 or more goes to the EX. I don't have a problem with paying Child Support BUT I do have a problem when I am paying their mortgage.

 

It is going to hit the fan, for some VERY hard. I just hope that the business I am in stays on track because we are seeing growth.