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Thread: weekend commentary - Experian-Gallup poll of US consumers ...

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    Default weekend commentary - Experian-Gallup poll of US consumers ...

    the skeptics will tell you that sheep deserve to get shorn ...



    (snip)"55 percent believe the federal government should pass new legislation helping subprime borrowers keep their homes and avoid foreclosure.

    Overall, about 52 percent of consumers surveyed feel the average price of homes in their area will increase over the next year, while 29 percent believe prices will remain about the same. Eighteen percent of consumers expect that prices in their area will decrease. Among homeowners, 50 percent believe that average prices will increase, while 32 percent feel they will stay about the same."(snip)

    (snip)"89 percent of consumers do not plan to apply for credit in the next three months."(snip)

    (snip)"Number of Americans who are comfortable with making a major purchase such as a home, car, major appliance or significant purchase in the next three months:

    Very Uncomfortable 29%
    Somewhat Uncomfortable 21%
    Don't Know 3%
    Somewhat Comfortable 24%
    Very Comfortable 23% "(snip)

    (snip)" 30 percent of households having annual incomes of less than $40,000 a year are uncomfortable with their debt burden, while only 16 percent of those with annual incomes of $75,000 or more are uncomfortable

    17 percent of consumers know someone who has been turned down for credit during the past three months.

    Looking ahead to the next three months, 86 percent of the public report they are very (55 percent) or somewhat (31 percent) comfortable in making their monthly payments on their current overall debt. "(snip)

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    Default Re: weekend commentary - Experian-Gallup poll of US consumers ...

    Quote Originally Posted by Melonie View Post
    ...(snip)"55 percent believe the federal government should pass new legislation helping subprime borrowers keep their homes and avoid foreclosure...
    I'm one of those who believes this. Simple fairness dictates if the government is going to bail out the corporate banking industry from this situaltion, then the federal government should be ethically obligated to bail out individuals as well. This no matter how foolish those individuals have been in the past. If the federal government is unwilling to do this, I see no reason why the banking industry should br bailed out of this problem either. Since most corporate CEOs claim they believe in a totally free market, why should they be bailed out by the government? But I also didn't believe Chrysler should have received a bailout when it was having problems.
    Last edited by PhaedrusZ; 08-22-2007 at 03:51 AM. Reason: typos

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    Default Re: weekend commentary - Experian-Gallup poll of US consumers ...

    i don't mind a bailout as long as the gov't (taxpayers) get control or shares for the bailout money. i.e. privatize these financial morons.

    i can't imagine them claiming gov't interference or socialization when they're begging for aid. beggars can't be chosers.

    maybe...maybe if they get their act together later, the gov't can sell off the portion and recover some of our tax money.

    yeah, it's definitely a slippery slope but bailing these free-spending morons out ain't? can i have some free money too? or do i have to prove my level of stupidity and greed?

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    Default Re: weekend commentary - Experian-Gallup poll of US consumers ...

    ^^^ problem is that the Fed is buying up CDO's, MBS's etc. (actually the Fed is accepting these as collateral for loans to banks, and at FACE VALUE). Thus if the Fed attempts to sell these to cash out, A. the market price will wind up being a tiny fraction of the face value, and B. the sale itself will devalue more CDO's and MBS's that other banks are still holding, forcing them to join the bailout list too !!!

    I see no reason why the banking industry should br bailed out of this problem either. Since most corporate CEOs claim they believe in a totally free market, why should they be bailed out by the government?
    me either !!! If the gov't would only let everything 'crash and burn' , we could get onto the road to recovery that much sooner. But the true problem isn't with the corporate types ... they already have their millions from stock options and bonuses salted away in the Cayman Islands !!! The problem is with the REGISTERED VOTERS ... who would be very unhappy if the money in their savings / checking / MM / CD accounts winds up being frozen for 5 years while the FDIC attempts to sort out the bankrupt bank and pay off the depositor claims. Those registered voters would also be very unhappy if the value of the stock shares in their 401k / IRA were to be cut in half as banks go bankrupt plus US corporations go bankrupt as well due to lack of sales volume and lack of affordable financing.

    Ultimately, none of these gov't bailout programs are free ... neither the liquidity injections, nor the subsidized refi's for low income homeowners stuck in ARM's, nor the acceptance of 'toilet paper' CDO's and MBS's as collateral. But your proposal to bail out low income homeowners would amount to a direct wealth transfer from the middle class (who are struggling to make their own mortgage payments or save up their first down payments) to the poor (who are living in houses they really could have never afforded). Your proposal is fraught with 'moral hazard' because it penalizes those who work their butts off and rewards those who do not.

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