U.S. economic collapse? WTH? - Hot Rod Forum : Hotrodders Bulletin Board
Hotrodders.com -- Hot Rod Forum



Register FAQ Search Today's Posts Unanswered Posts Auto Escrow Insurance Auto Loans
Hot Rod Forum : Hotrodders Bulletin Board > General Discussion> Hotrodders' Lounge> Off-Topic
User Name
Password
lost password?   |   register now

Reply
 
LinkBack Thread Tools
  #1 (permalink)  
Old 09-24-2008, 07:54 PM
4 Jaw Chuck's Avatar
Hotrodders.com Moderator
 
Last photo:
Join Date: Mar 2002
Location: Manitoba, Canada
Age: 46
Posts: 4,905
Wiki Edits: 0

Thanks: 0
Thanked 73 Times in 61 Posts
U.S. economic collapse? WTH?

Ok ok I know, its a strong title to a thread...

but after just watching the presidential address where Bush says that he is going to use taxpayer dollars to buy out U.S. mortgage securities to "bail out" the market...you have to wonder where he's going to get the money?

The government is going to own your home mortgage? WTH?

Supposedly this is going to be short term until the securities settle down and can then be sold again on the open market for what they are worth? Aren't they unsaleable and worthless now?

...yea sure and I have this bridge for sale...

Have to say guys, this is very scary looking in from the outside in another country, especially since my employer is based in the U.S. and after having the best year for business in the last 20 or so our stock is down 30%? WTH?

As one economist said yesterday to an elderly gentlemen caller into his call in show;

"I wouldn't blame a person who wants to sell all his stock now and put it in gold"

Time to open the mattress and stuff it with my cash!

Somehow you just know that there are going to be a bunch of bankers making out like bandits on this one.

FYI: The former Soviet Union used to own everyones homes, and we all know how that turns out!

P.S. Don't shoot the messenger!

    Advertisement
Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
  #2 (permalink)  
Old 09-24-2008, 08:25 PM
302 Z28's Avatar  
Last photo:
Join Date: May 2003
Location: North Texas
Posts: 10,837
Wiki Edits: 0

Thanks: 1
Thanked 86 Times in 73 Posts
The bail needs to happen, but I sincerely hope the exec's do not get their golden parachutes. Congress could have prevented this in 2005 when it was brought to their attention and they failed to act.

Vince
Reply With Quote Quick reply to this message
  #3 (permalink)  
Old 09-24-2008, 08:32 PM
Registered User
 
Join Date: Sep 2007
Location: In The Garage
Posts: 334
Wiki Edits: 0

Thanks: 3
Thanked 6 Times in 6 Posts
The bailout is one of those situations where you're damned if you do, and damned if you don't. There's no easy answer. If the financial institutions are allowed to fail, then the US economy goes belly up.

But then spending 1 trillion of taxpayers dollars to shore up private investment corporations is wrong too, in a free market system.

It's a lose - lose situation, and Americans are mad as hell about this.... .
Reply With Quote Quick reply to this message
  #4 (permalink)  
Old 09-24-2008, 08:37 PM
Rob Keller's Avatar
AKA:"SLOWRIDE66"take it easy!
 
Last wiki edit: How to post pictures on a forum
Last journal entry: 85 Suburban
Last photo:
Join Date: May 2004
Location: Central Florida U.S.A.
Age: 48
Posts: 4,297
Wiki Edits: 38

Thanks: 0
Thanked 1 Time in 1 Post
Its a crap shoot

Better off buying lottery tickets .


More US debt on top of Debt.

Sounds like a set up for China & all of the others to jump in & finish off the U S of A




R
__________________
"SlowRide66"

"Illegitimis non carborundum"
Don't let the bastards grind you down!

Crankshaft Coalition Master List of Hotrodding Forums
Reply With Quote Quick reply to this message
  #5 (permalink)  
Old 09-25-2008, 06:55 AM
1ownerT's Avatar
Home School Valedictorian
 
Last wiki edit: Health and safety in the shop or garage Last photo:
Join Date: Dec 2004
Location: Iowa
Age: 53
Posts: 1,645
Wiki Edits: 4

Thanks: 0
Thanked 3 Times in 3 Posts
This is a case, along with some others, that more government oversite was needed.
When no one is watching the hen house, the foxes have their way.
Reply With Quote Quick reply to this message
  #6 (permalink)  
Old 09-25-2008, 07:38 AM
Member
 

Last journal entry: frame build
Last photo:
Join Date: Apr 2005
Location: sioux falls, sd
Age: 68
Posts: 601
Wiki Edits: 0

Thanks: 0
Thanked 0 Times in 0 Posts
I fail to see why we should supply the foxes with more chickens after they have eaten all that were available. Let them starve with the rest of us.
Reply With Quote Quick reply to this message
  #7 (permalink)  
Old 09-25-2008, 07:52 AM
Irelands child's Avatar
Registered User
 
Last wiki edit: Ford engine specifications Last photo:
Join Date: Jan 2005
Location: Upstate New York
Posts: 4,870
Wiki Edits: 8

Thanks: 13
Thanked 185 Times in 166 Posts
I made a mistake this morning - I looked at my investments!!!

Grief, tears, gnashing of teeth - and my wife saying that maybe she ought to rescind her retirement that she submitted on Tuesday. I missed my company 12% pension increase by 24 days, based on my birthday, SS for next year is only increasing by 2.8% and my wife is taking early retirement so that means that her SS will be reduced. It ain't pretty. My GE investment is down 19%, with the rest down 5% and that's just in the past couple of weeks. The bailout - we are dammed either way. If we don't, chaos, if we do, more national debt. I think that I have to side with more debt.

Then there are the national politicians - at a 9% approval rating this week and people like Nancy Pelosi and Harry Reid causing major Congressional roadblocks, then adjourning Congress simply because they don't like Bush. Uhhhhh what happened to national interests over personal vendettas. I don't give a dam' about your politics, make sure that the nation's economy runs correctly. Your party has been the majority leadership for several years now - and we are TANKING - big time. Fix the economy, then have your spite!!!

Dave W
__________________
Irelands child
Reply With Quote Quick reply to this message
  #8 (permalink)  
Old 09-25-2008, 10:18 AM
1ownerT's Avatar
Home School Valedictorian
 
Last wiki edit: Health and safety in the shop or garage Last photo:
Join Date: Dec 2004
Location: Iowa
Age: 53
Posts: 1,645
Wiki Edits: 4

Thanks: 0
Thanked 3 Times in 3 Posts
Quote:
Originally Posted by Irelands child
I made a mistake this morning - I looked at my investments!!!

Grief, tears, gnashing of teeth - and my wife saying that maybe she ought to rescind her retirement that she submitted on Tuesday. I missed my company 12% pension increase by 24 days, based on my birthday, SS for next year is only increasing by 2.8% and my wife is taking early retirement so that means that her SS will be reduced. It ain't pretty. My GE investment is down 19%, with the rest down 5% and that's just in the past couple of weeks. The bailout - we are dammed either way. If we don't, chaos, if we do, more national debt. I think that I have to side with more debt.



Dave W

At the beginning of the year, I moved all of the money I had in one of my accounts (the only one of three that I could) into a 3.5% guaranteed interest account. My last statement didn't have a lot for earnings in that account, but it wasn't a negative either.
Reply With Quote Quick reply to this message
  #9 (permalink)  
Old 09-25-2008, 10:49 AM
Registered User
 
Last photo:
Join Date: Oct 2007
Location: Portland,Or
Posts: 838
Wiki Edits: 0

Thanks: 0
Thanked 43 Times in 37 Posts
Too many people buying things they do not need, to impress people they do not know, with money they do not have.
Then too many people willing to make risky loans, and driving a huge pyramid scheme until it collapses.
And it all was propped up by overinflated real estate prices, and subsidized growth, because "growth is good"
Now we all pay.
Reply With Quote Quick reply to this message
  #10 (permalink)  
Old 09-25-2008, 10:55 AM
MARTINSR's Avatar
Brian Martin,Freelance adviser
 
Last photo:
Join Date: Jun 2004
Location: San francisco bay area
Age: 55
Posts: 13,013
Wiki Edits: 0

Thanks: 715
Thanked 1,082 Times in 965 Posts
Quote:
Originally Posted by DanielC
Too many people buying things they do not need, to impress people they do not know, with money they do not have.
Then too many people willing to make risky loans, and driving a huge pyramid scheme until it collapses.
And it all was propped up by overinflated real estate prices, and subsidized growth, because "growth is good"
Now we all pay.
You said it all on two simple paragraphs.

Brian
Reply With Quote Quick reply to this message
  #11 (permalink)  
Old 09-25-2008, 11:15 AM
dinger's Avatar
Hotrodders.com Moderator
 
Last wiki edit: Health and safety in the shop or garage
Last journal entry: 36 Ford painting
Last photo:
Join Date: Jan 2002
Location: Visalia, Ca.
Age: 61
Posts: 2,707
Wiki Edits: 1

Thanks: 102
Thanked 108 Times in 74 Posts
Quote:
Originally Posted by DanielC
Too many people buying things they do not need, to impress people they do not know, with money they do not have.
Then too many people willing to make risky loans, and driving a huge pyramid scheme until it collapses.
And it all was propped up by overinflated real estate prices, and subsidized growth, because "growth is good"
Now we all pay.

AMEN! When homes in my neighborhood were reaching values 3 times what was paid for them when they were built 3 years earlier, I could not understand why anyone would buy a house and saddle themselves with the house payments in the thousands, every month. It was like a panic, supply exceeded demand, wth? Modesto, Ca. was slammed in the market, homes there are worth 1/3 of what they were worth a year ago. WTH? I just don't get the overall picture, I believe those that took the chances of getting rich quick should pay the consequences. I am no genius, my redneck neighbors and I chuckled over this a few times, surely someone somewhere was saying "We're headed for a huge meltdown." The sad part of all this are the folks that have lost everything based on their wanting to aquire the American dream of owning their own home.
Reply With Quote Quick reply to this message
  #12 (permalink)  
Old 09-25-2008, 02:29 PM
Kevin45's Avatar
Just one of the guys
 

Last journal entry: Garage Toys
Last photo:
Join Date: Jul 2002
Location: Urbana, Ohio
Age: 57
Posts: 3,058
Wiki Edits: 0

Thanks: 1
Thanked 15 Times in 15 Posts
If they go through with it, it will be one of the dumbest things this government ever did. It won't help out. Bush stood right there in front of the cameras and said that if this goes through, then banks can start loaning monies again and people will start to buy houses, etc. A bank will not loan out monies to people that do not have jobs. We need industry in the US to get the ball rolling again. Leases on cars are done, so a mother of two working at Mickey Dees sure as in the hell is not going out to buy a new car, let alone run to the bank and get a loan to buy a house. A bank will only loan if you have collateral. To have collateral, you need to have a job to be able to purchase goods. A $700 billion relief to Wall Street will only make a lot of them take the money and run. And t pay back the $700 billion, it will come out of every taxpayers pocket. This is the same thing he tried a few month back by giving everyone a few hundred to get the economy rolling. Well you see how well that worked. It bought some people one more month on a car payment or one more month on a mortgage payment. Others had to pay on some other type of debt. But we are in a hell of a lot worse shape now than we was then. When Bush became President, I told ones that we were in trouble. Now that he's got us in the toilet, the $700 billion will only pull the handle to take us the rest of the way down the toilet
Reply With Quote Quick reply to this message
  #13 (permalink)  
Old 09-25-2008, 08:20 PM
schnitz's Avatar
Member
 
Last wiki edit: Building a new shop
Last journal entry: Christmas 2008 came early!!!
Last photo:
Join Date: Jan 2004
Location: Wausau, Wisconsin, in a house...
Age: 39
Posts: 1,163
Wiki Edits: 54

Thanks: 8
Thanked 1 Time in 1 Post
Quote:
Originally Posted by 1ownerT
This is a case, along with some others, that more government oversite was needed.
When no one is watching the hen house, the foxes have their way.

If I'm not totally wrong (PLEASE correct me if I'm wrong...), I believe the federal government was watching. By way of the Federal Securities and Trade Commission (I think that's the government red tape maker that watches the Wall Street traders....). If that's the case, I really don't think that we should let the government have another $700,000,000,000 in our money. Good thing I've been investing in lead....


Quote:
....so a mother of two working at Mickey Dees sure as in the hell is not going out to buy a new car, let alone run to the bank and get a loan to buy a house. A bank will only loan if you have collateral. To have collateral, you need to have a job to be able to purchase goods.
Kevin, I see exactly where you are coming from, but I have to respectfully disagree. I have been bombarded at work on the radio (between presidential crap ads...) about how you can stop in at the Rib Mountain Chevy/Ford dealer and they will put you in a new car for no money down and no payments for 3 months. That's sad, but it's true. Furniture stores do the same thing right now.

Ultimately, it's the 6 million idiots in this country who think they need a $435,000, seven bedroom, 4 bath home and a couple $75,000 SUV's, coupled with bankers who loan out that kind of money to people who work jobs that pay $10 an hour that caused this. I'd love to know at what point we as a society quit thinking.....


In a while, Chet.
Reply With Quote Quick reply to this message
  #14 (permalink)  
Old 09-25-2008, 08:27 PM
coldknock's Avatar
Member
 
Last photo:
Join Date: Feb 2004
Location: Social Circle, Ga.
Age: 42
Posts: 1,528
Wiki Edits: 0

Thanks: 0
Thanked 1 Time in 1 Post
Quote:
Originally Posted by schnitz
Ultimately, it's the 6 million idiots in this country who think they need a $435,000, seven bedroom, 4 bath home and a couple $75,000 SUV's, coupled with bankers who loan out that kind of money to people who work jobs that pay $10 an hour that caused this.
I don't understand why the Regulatory body didn't put a halt to that before we reached this point.


Quote:
I'd love to know at what point we as a society quit thinking.....


In a while, Chet.

I think it was about 30yrs ago, maybe 40 depending on the percentage of people used to qualify as the whole of society in this country.




Larry
Reply With Quote Quick reply to this message
  #15 (permalink)  
Old 09-25-2008, 08:35 PM
schnitz's Avatar
Member
 
Last wiki edit: Building a new shop
Last journal entry: Christmas 2008 came early!!!
Last photo:
Join Date: Jan 2004
Location: Wausau, Wisconsin, in a house...
Age: 39
Posts: 1,163
Wiki Edits: 54

Thanks: 8
Thanked 1 Time in 1 Post
Quote:
Originally Posted by coldknock
I don't understand why the Regulatory body didn't put a halt to that before we reached this point.

I think it was about 30yrs ago, maybe 40 depending on the percentage of people used to qualify as the whole of society in this country.


Larry

Me neither Larry, me neither....


I'll admit that I overspent what I wanted to spend on our house, by about $20,000. However, I was not going to stay where we were any longer, and you just don't get much of a house in this area for $35,000. So I spent more. But I didn't go $150,000 over what we could afford either. Too many idiots did just that, and now it'll be up to you, kevin45, Rob, cboy, and the rest of the thinkers of the world to figure out how to fix it.


In a while, Chet.
Reply With Quote Quick reply to this message

Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Hot Rod Forum : Hotrodders Bulletin Board forums, you must first register.
Please enter your desired user name (usually not your first and last name), your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Kiplinger Report on U.S. Automakers edge Hotrodders' Lounge 1 09-13-2005 08:12 PM


All times are GMT -6. The time now is 11:44 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0 PL2
Copyright Hotrodders.com 1999 - 2012. All Rights Reserved.