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Thread: The Stench is Getting Worse

  1. #1
    Banned Eric Stoner's Avatar
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    Default The Stench is Getting Worse

    Just for the hell of it, I've called around to my buddies in the banking biz and asked if I could get a mortgage and a car loan. The answer is YES. Without a 20 %
    down payment 30 year fixed rate mortgages are available. Car loans are ranging
    from 6 to 8 % with 10 % down on new cars. So just where is this lack of lending ?

    Then I called my bank and asked if I could expand my line of credit. "Yes".

    This debt crisis is looking more and more phony by the minute. The Libs love it because it expands government control overt the economy. Wall Street and the banks love it because they are getting more easy money. We are literally giving more money to the very people that screwed up the last time. More booze for the drunk; more heroin for the addict; MORE MONEY for the GAMBLERS to play with in Vegas ! More money for the borrowers who still haven't paid back the last loan.

    We're told the purpose of this is to prevent a recession. Yesterday's news made it clear we have been in a recession for the last couple of months.

    Look at who is pushing this - Hank Paulson. DEMOCRAT from Goldman Sachs. Knows how to move wealth around but NOT how to create it.

    Ben Bernanke- Academic. Never ran so much as a lemonade stand in his life.

    Chris Dodd - Recipient of sweetheart mortgage deal from Countrywide and campaign funds from Fannie and Freddie execs.

    Chuck Schumer

    BARNEY FRANK- Saturated with responsibility for the sub-prime lending mess.

    Warren Buffet- I like Warren but he's heavily invested in Goldman Sachs and owns GEICO outright. He lives and dies on Wall Street. Although in a moment of intellectual honesty he admitted that buying preferred stock at a discount and with certain concessions would work just as well OR BETTER than the current plan.

    Who does NOT support this ? Let's leave out doctrinaire Conservatives in both houses and cheerleaders like Gingrich; Limbaugh and Monica Crowley. Forget about 400 economists signing a letter saying: "don't do it." How about successful businessmen like Donald Trump ( who I heard PREDICT this mess 5 (FIVE) years ago ); Steve Wynn ; Arthur Laffer. They oppose this plan. Trump and Wynn both say- Buy preferred stock in the healthiest of the healthy and let them clean up the mess.

    Wall Street doesn't seem to like this plan all that much. As I type ( 2:15 EST) the Dow is down 283 points. The Asian Markets were down. The futures markets were down AFTER Senate passage.

  2. #2
    Featured Member minnow's Avatar
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    Default Re: The Stench is Getting Worse

    Credit crisis does not mean complete disappearance of credit- terms/rates just aren't as favorable compared to last several mos. If I were to call your freinds out of the blue, would I be offered the same terms as you? One effect of NOT passing bailout plan would be having real estate prices drop further, or at best, rise slowly. Such a scenario would help Mr. Trump buy more real estate, which makes his opposition to bailout self-serving.

    As for Dow drop- 283 points=~ 2.6%, there have been worse drops. Buying preferred stock in strong company sounds like as good an idea as any. How would I go about doing it??

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    Banned Eric Stoner's Avatar
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    Default Re: The Stench is Getting Worse

    Quote Originally Posted by minnow View Post
    Credit crisis does not mean complete disappearance of credit- terms/rates just aren't as favorable compared to last several mos. If I were to call your freinds out of the blue, would I be offered the same terms as you? One effect of NOT passing bailout plan would be having real estate prices drop further, or at best, rise slowly. Such a scenario would help Mr. Trump buy more real estate, which makes his opposition to bailout self-serving.

    As for Dow drop- 283 points=~ 2.6%, there have been worse drops. Buying preferred stock in strong company sounds like as good an idea as any. How would I go about doing it??
    Trump is NOT opposed to a rescue plan. Like Wynn, Zuckerman and many other prominent business people, he supports a discounted purchase of preferred stock to inject liquidity. It minimizes risk and enhances accoutability.

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    Banned Eric Stoner's Avatar
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    Default Re: The Stench is Getting Worse

    The House just approved the bail-out 263-171.

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    Default Re: The Stench is Getting Worse

    Quote Originally Posted by Eric Stoner View Post
    The House just approved the bail-out 263-171.
    They were against it before they were for it.

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    Default Re: The Stench is Getting Worse

    Quote Originally Posted by Earl_the_Pearl View Post
    They were against it before they were for it.
    Most of them have no willpower when it comes to pork.

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    Veteran Member stripperMBA's Avatar
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    Default Re: The Stench is Getting Worse

    "Can we read it on the Smoking Gun? "

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