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| Stealing 50 Billion Dollars; AKA-The shortest DNC majority in US history? | |
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| Tweet Topic Started: Dec 13 2008, 10:12 PM (208 Views) | |
| Franko | Dec 13 2008, 10:12 PM Post #1 |
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Shower Moderator
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Source
As if the market melt-down wasn't bad enough. Such a lovely year for investors, many of them who thought their stake was pretty secure and safe with reputable investment firms and brokers. You wonder just how the investment world, including communities, organizations, and ordinary people are ever going to recover their confidence in investment after all this stuff that's gone on. We still need the markets and investment to make our world work, but it seems we need to come up with a renewal of method. Edited by Franko, Dec 13 2008, 10:14 PM.
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| Sgt. Jaggs | Dec 13 2008, 10:59 PM Post #2 |
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How about a Voyager Movie
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Wow. Which comes to mind first in the "Old Sayings"? Robbing Peter to pay Paul? P.T. Barnum's "There's a sucker born every minute." Maybe the delight of such things can be found with the concept of a Bank. The Banker: Give me your money. The Citizen: Why? The Banker: You can't handle all that trouble of handling or managing it. Just give it to me and I'll let you use it whenever you want to. The Citizen: Okay......... Later on down the road. . . The Citizen: Hey I would like to but a house, do you think I could get a loan? The Banker: No. The Economy sucks right now. Normally we would ripp you off with an obscene interest rate but right now even that is out of the question due to fear in the markets. Besides, you credit is not perfect. The Citizen: No its not, but my credit to debt ratio is great. I have no student loans, no bankrupcies, no child support and no repossesions EVER. Also you have been my bank for over eleven years and I have been gainfully employed since I was 17 years old and now I am 39. The Bank: You were late on something one time. The citizen: Yeah but I paid a late fee.The Bank: There was also that time you had that overdraft. The Citizen: Yeah but I paid you another huge overdraft fee.You still earn interest off handling my money all of my life. The Bank: You are a loser. Go yourself, actually translated. . . we cannot extend you a loan at this time.People with money who do not need credit can get it and people who NEED credit can't get it, credit becomes useless. Good Bye Bank! Add to the mix the ARMs which suckers sign and banks pass to other suckers and some banker gets stuck with the pooch.Would this all happen in Mayberry? Nope. But it will in Wall street. Edited by fireh8er, Dec 14 2008, 12:58 AM.
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| Dwayne | Dec 15 2008, 09:14 AM Post #3 |
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Profanity deleted by Hoss
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I came across this article recently. Surprisingly, I had never heard of this scandal until I read about it this morning...
With all the new DNC scandals, it's really hard to keep track of them all. Let's see, we have; * Blago - Pay for Play * Rangal - Tax Cheat * Dodd - Quid Pro Quo * Numerous DNC pols (plus a few RINO's) - Freddie Mac and Fannie Mae And that's just the beginning. |
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| HistoryDude | Dec 15 2008, 09:38 AM Post #4 |
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Shaken, not stirred...
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Mod Action Two threads on same topic combined. |
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| Dwayne | Dec 15 2008, 09:53 AM Post #5 |
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Profanity deleted by Hoss
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Cool... didn't read that post. One thing though, Franko's article doesn't explicitly (or otherwise) spell out Madoff's connections to the DNC. Simply put, this is way bigger than Enron, and we know how the left beat that dead horse. |
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| Dandandat | Dec 15 2008, 10:13 AM Post #6 |
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Time to put something here
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Actually ARMs historically on average save the lendee on interest as opposed to fixed rate loans. They do however require more maintenance than a fixed rate loan which make fixed rates more appealing to many home buyers; the money they would save in an ARM is not worth the hassle of having to refinance every few years when interest rates are low. Those "suckers" you are referring to where by and large not suckered by the banks at all; they bit off more than they could chew; that makes them stupid not suckers. They attempted to use ARMs to buy more home than they could afford with the wish full thinking that in the future they would be making more money (through raises and better job prospects) and would be able to cover the payment when the ARM reset. Edited by Dandandat, Dec 15 2008, 10:14 AM.
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| Dandandat | Dec 15 2008, 10:21 AM Post #7 |
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Time to put something here
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This may change the face of hedgefunds – that would be an interesting thing to see. |
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| Admiralbill_gomec | Dec 15 2008, 11:43 AM Post #8 |
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UberAdmiral
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Agreed. |
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| Admiralbill_gomec | Dec 15 2008, 11:56 AM Post #9 |
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UberAdmiral
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I wish Jag would sit down and think this through rationally. His invective is not helping to get his point across. ARMS are NOT a bad thing. If you plan on living in a home for four years, selling it, and moving somewhere else, an ARM is a good thing. You have lower payments due to lower interest rates. The only problem comes when you try to sell. If the market is not strong you could have difficulty selling your home, meaning that your low rate expires. You have to either negotiate another ARM at a higher rate or find a fixed rate mortgage that won't break you. As Dante said, suckers were not taken in by evil, predatory banks. They were taken in by a climate of continually rising home prices, fueled by a media (no, not a liberal media, just the entire media) that raved about how real estate was the best way to invest, further fueled by a raft of television programs showing people just how easy it was to make huge amounts of money by flipping houses, et cetera, et cetera, ad infinitum, ad nauseum. Read up on the Tulip Craze. I watched a program a few weeks ago. I think it was on the Home and Garden network. Some dingus from Dallas moved to California for the explicit purpose of flipping homes. This d***he was the typical cocky know it all late-20-something with the three day scruff, Ben Stiller in There's Something About Mary hair, and the untucked shirt who bought some dump for way too much money. He spent his budget in renovations, went a touch over, and then asked way too much for it. Realtors came in and told him to drop his price by 40 and 50K, but he wouldn't. He got a mite frustrated until he did drop his price. Realtors were warning that the market was peaking, but he wasn't listening. He wound up making his money back and about a $5000 profit, and he then announced that he had found his calling and was going to stay there and do what he did and make the big bucks. My wife laughed most of her way through the program until the credits. The copyright date was 2006. Oops. Wanna bet he's back in Dallas living with his folks? |
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| Dandandat | Dec 15 2008, 12:12 PM Post #10 |
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Time to put something here
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I was having a conversation with a fellow on another message board I use, Help.com. This guy was asking people for monitory help because the bank was about to foreclose on his home because he wasn't making his payments on what he called his "investment" property. He couldn’t understand why the bank would take his living home away from him just because he couldn’t make good on his "investment" property and went into tirade about how crooked the banks where. He also went into a tirade about how the government needed to help him out because it wasn't his fault that the housing market was doing so bad and he was losing his shirt. He didn’t like the fact that I told him that a person in his position should never have had an "investment" property in the first place, that in order to get it he obviously signed his first home over as collateral which is why the "crooked" banks are taking it from him now, and that quite latterly it was his fault that the housing market was not doing too well. He also didn’t like it that I jokingly suggested he owed me something in compensation for devaluing my homes value through his risky "investment" practices, rather than him being helped by anyone. |
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| Admiralbill_gomec | Dec 15 2008, 02:05 PM Post #11 |
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UberAdmiral
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Just shows how greedy some people can be. He made his bed, and now he must lie in it. |
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2:12 PM Jul 11