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Thank God for no deal....I don't think it matters if you are democratic or republican..this deal was bad news for all. If people are dumb enough to get themselves into bad mortgage situations then so be it. If banks are dumb enough to get themselves into these situations then thats their fault. I feel no sympathy. CEO's are getting millions of dollars in bonuses so apparently these banks we're making bad financial choices. Loan officers work on commission so they were giving out loans and because of the CRA banks had to give loans to minorities and underserved sections which is not a great idea. I'm so glad this didn't pass and I hope it doesn't pass in the next proposal. The big wigs need to be held accountable and hurt not the American public.
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| posted by on 09/29/2008 07:49 PM
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I am sorry to disagree with you but the "no deal" will hurt the middle class and not necessarily the person who has nothing to loose anyway. Our economy is based on credit including payrolls.
If small size company can not borrow money they would be no salary.
I really believe that this crisis is not going to affect the CEO of the financial company who has make millions in bonus but the average person who is going to loose his job, his 401k plan and his savings!
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| posted by Francie on 09/29/2008 08:52 PM
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| I have to agree with you Francie, now I am worried I wont be able to get student loans to go back to school in January. No school for me=no education which means I can't pursue my dream in becoming a pre-school teacher or daycare provider. This is hitting the middle class hard and risks any plans we have for our children going to college in the future. |
| posted by Alisa on 09/29/2008 11:48 PM
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Beth,
This has nothing to do with people getting in over their head, I am sure you make your budget every month & never borrow & your home that you own is worth at least what you owe on it...Having said that, today my sons college fund that I have been saving at $45 per month since I was 6 months pregnant (he is now 14) is worth half of what it was worth, because the repubs didnt like Pelosi's "speech tone", my mother who lives on her retirement savings just lost most of it in one day! Both of us pay our bills, keep our homes in order as well as our finances..You might think of what you're saying before you say it... |
| posted by Angela on 09/29/2008 11:53 PM
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| Are you really going to argue that it is the republicans fault that your investments are lowering in value? When in fact as early as Oct. 7, 1991 republican representative Jim Leach warned congress that Freddie & Fannie Mac were starting to monoploize the financial industry because the government was cutting them too much slack on the financial standards & tax burdens that their competitors had to face. And if they were to fail the government would be forced to dig them out leaving the tax payers paying the bill. But did the democrat majority congress choose to listen? No, and now the republicans in congress & senate are being blamed for all of it some 16 years later. Let's be real about who has caused this problem to occur! |
| posted by Pamela on 09/30/2008 02:54 AM
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| I didnt say anything about placing blame on a party. Yes I expect leadership on both sides, & honestly dont care why things are broken, I just want them fixed. I only brought up the repubs because that was the excuse they used for voting no, & asked Beth why she had no understanding of my situation & actually felt we deserved it. |
| posted by Angela on 09/30/2008 08:20 AM
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| I'm glad this bailout didn't pass. I honestly believe they should give the money to homeowners to pay off their mortgages instead of giving it to wall street. Maybe that is ignorance on my part, but I'm tired of supporting greedy people who are only interested in padding their pockets, when hardworking people like my husband have to continue to struggle just to make ends meet. |
| posted by Bonnie on 09/30/2008 11:41 AM
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| if you read what I had written I said that they people who got in over their heads are to blame. If you can't afford a 250,000 don't go buy it. Why do loan officers give someone who can't afford a house a loan...because they get up to 80% commission and eventually get the money even if the homeowners default.I think ARM are the worst thing to get, yet many Americans are financing their houses through an ARM and now paying super high interest rates. I never said anything about people deserving to lose money through the stock market. As a matter of fact, my husbands college money is worth exactly what his mom has paid in when she was putting what she no longer paid for diapers in a month...he's 23 now. That money instead of being used for college 4 years ago is going to be part of our house down payment.My mil knew the risk she took when putting that money in stocks. My father in laws retirement money is half of what it should be. Thats at no fault to either party...it the economy which is not a a result of one man or party. I wish I had that much influence lol. I'm risk adverse so my husband and I put our son's money in a CD that cycles every 18 months. This economoic crisis has been coming for a long time. That bailout isn't going to do anything but pad some pockets not help middle America--I agree with Bonnie...give the money to the taxpayers. |
| posted by on 09/30/2008 11:52 AM
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| Well honey, after working for 25 years, & paying off 3 mortgages on 3 different homes, I am over my head. My hubby works 12 hours a day, I work 40 hours in 3 days to be home with my kids, I too wish they would give the money to the taxpayers, but we all know that wont happen. To be truthful I dont have the understanding of this complex issue you seem to have, and I cant give credit or blame to either side on a political front. My only point was that in your post you seemed to think that everyone who has foreclosures on their street reducing the value of their home was to blame, & I disagreed. I am a responsible 40 year old woman who has been married for 17 years & has stellar credit. I am able to make my mortgage payment, however my home is worth substantially less than I paid for it, & my neighbors are walking away, & my mother is at risk of losing her retirement savings after working 30 years at UPS because political parties cant agree on speeches. Perhaps that seems fair to you, but I personally think it sucks. I suppose if I were just starting out again, I might feel as you & Bonnie do, but I know better now.... |
| posted by Angela on 10/01/2008 10:22 AM
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| You gotta be kidding me!! They passed it!! |
| posted by Tammy on 10/03/2008 06:15 PM
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Not only did they pass it but they passed it after adding over 135 billion in pork barreling.
Angela, not being mean or snide, but what do you think of the bailout now? I can't believe how many changes were made to it and the type of changes. I really think that this bailout is going to hurt our economy even more. |
| posted by on 10/04/2008 11:24 PM
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I think once again the people lose. As I stated earlier Beth, I dont care about parties anymore, I just want a better life for my kids. I feel electing more of the same will further damage that wish. Gov Palin is cute, & Sen McCain is a war hero, but they offer 4-8 more years of exactly where we are today.
Perhaps I sounded angry in some of my posts, well I am angry. I have listened to my mother cry for 4 days now. I am fearful of what may happen to our savings, & our future. I watch my neighbors walk away from their homes as they proudly wave their flag. I think in times like these the right wing ideals of "sink or swim" may be antiquated & I feel we should act more like the Christians we claim to be & try more often than not to be our brothers keeper. Blame seems meaningless, as both sides have facts to absolve them. |
| posted by Angela on 10/05/2008 12:08 PM
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