Main Street America Angry Over Credit Crisis.....

[redgtxdi]

http://www.reuters.com/article...&virtualBrandChannel=0


I first started to get upset reading that the first guy in the article was bummed that his customer couldn't get his truck. (Needed $5,500 down instead of $3K to qualify for the loan). Of course my thinking is that..........THIS IS THE WAY IT'S SUPPOSED TO BE. YOU CAN'T WALK AWAY FROM A DEALERSHIP UNLESS YOU HAVE INCENTIVE TO KEEP MAKING YOUR PAYMENTS!!!!

But after reading the rest of the article, it seems as though the guy actually feels the way I do. I really don't care if the bailout happens or not. I listened ad nauseum yesterday as the media tried to convince me the bailout can actually MAKE us money, but I'm not sold yet.

On top of this, I think the punishment needs to be severe enough or we won't ever learn. I've never lived my life over leveraged and I won't do it. Problem is it's all this "without consequences" crap that people want but that's just wrong.

As I said before.......folks in this country would starve to death in a BREAD LINE wearing their Northface jacket with their ipod in their ears and Nike Airs on their feet complaining they don't have enough.

 

[AstroManLuca]

I hate this new obsession with the term "Main Street."

 

[Craig234]

Originally posted by: AstroManLuca
I hate this new obsession with the term "Main Street."

I love it. The bulk of Americans have too long been absent from the political agendas.

Until two weeks ago, if you tried to say *anything* about Wall Street versus Main Street, you got a response that it was 'class war' and you shouldn't say that.

Now, it's becoming a bit clearer for most Americans, and 'ok' to discuss the different agendas of Wall Street and Main Street, and that's good for policy (and democracy).

 

[nixium]

Originally posted by: AstroManLuca
I hate this new obsession with the term "Main Street."

Yes, I now absolutely detest the term.

It's worse than Palin's "Executive Experience"

 

[BeauJangles]

Originally posted by: Craig234

Originally posted by: AstroManLuca
I hate this new obsession with the term "Main Street."

I love it. The bulk of Americans have too long been absent from the political agendas.

Until two weeks ago, if you tried to say *anything* about Wall Street versus Main Street, you got a response that it was 'class war' and you shouldn't say that.

Now, it's becoming a bit clearer for most Americans, and 'ok' to discuss the different agendas of Wall Street and Main Street, and that's good for policy (and democracy).

Except it still creates the Us vs. Them dynamic, which will paralyze the government's ability to aid in the financial crisis.

 

[AstroManLuca]

Originally posted by: nixium

Originally posted by: AstroManLuca
I hate this new obsession with the term "Main Street."

Yes, I now absolutely detest the term.

It's worse than Palin's "Executive Experience"

Which is especially funny since John McCain doesn't have any more executive experience than Obama or Biden either.

I'm not opposed to the new avenues of discussion that the term has opened up, but as a buzzword it's really annoying and overused already.

 

[TheSlamma]

These stories seem to be leaving stuff out.. like the guy buying the truck.. was he upside down on his other vehicle? What is his debt to income ratio? Did he also have a house with a $1600 a month payment? If so.. then hell yes he should be turned down.

They need to get a more complete story if they want me to feel sorry for this guy.

 

[shabby]

There was an article couple months ago in the paper, a woman walks into a bmw dealership and says "i only get $2500 a month, can i have this $100k car?"
She leaves with the car and in a month its gets taken back because she cant pay the bill, her excuse was that she wasn't told that her payments would be so high or something like that...

 

[Kadarin]

Originally posted by: shabby
There was an article couple months ago in the paper, a woman walks into a bmw dealership and says "i only get $2500 a month, can i have this $100k car?"
She leaves with the car and in a month its gets taken back because she cant pay the bill, her excuse was that she wasn't told that her payments would be so high or something like that...

I remember that.

Remember kids, someone has to populate the left side of the bell curve.

 

[mxyzptlk]

Originally posted by: shabby
There was an article couple months ago in the paper, a woman walks into a bmw dealership and says "i only get $2500 a month, can i have this $100k car?"
She leaves with the car and in a month its gets taken back because she cant pay the bill, her excuse was that she wasn't told that her payments would be so high or something like that...

me + a shiny new v10, 500+HP M5 = a very fun and probably ticket filled month. It just might be worth the negative impact of a repossession on my credit rating.. You only live once right?

 

[Mani]

No bailout means credit freezes and business ceases. Which means you will be one of those out of a job and in a bread line. Make no mistake, the free market will correct itself, but it could set our economy back 30 years with an worst-case scenario of plunging us into a 3rd world state. If people feel it's worth the risk to punish the irresponsible, then I guess that's their prerogative.

 

[StageLeft]

As I said before.......folks in this country would starve to death in a BREAD LINE wearing their Northface jacket with their ipod in their ears and Nike Airs on their feet complaining they don't have enough.

Haha, so fvcking true.

 

[ChunkiMunki]

why don't the wizards of wall street, the greatest financial minds of the country, bail themselves out? That's the best they have, extorting the taxpayer..."give us your trillion, and you won't lose your job" The average homeowner can't make the payment and wall street says "tough shit" and forecloses on your home. What a bunch of assholes...

 

[smack Down]

Originally posted by: BeauJangles

Originally posted by: Craig234

Originally posted by: AstroManLuca
I hate this new obsession with the term "Main Street."

I love it. The bulk of Americans have too long been absent from the political agendas.

Until two weeks ago, if you tried to say *anything* about Wall Street versus Main Street, you got a response that it was 'class war' and you shouldn't say that.

Now, it's becoming a bit clearer for most Americans, and 'ok' to discuss the different agendas of Wall Street and Main Street, and that's good for policy (and democracy).

Except it still creates the Us vs. Them dynamic, which will paralyze the government's ability to aid in the financial crisis.

Well with shit like that bailout bill it is us vs them.

 

[SP33Demon]

What boggles my mind is the alleged "urgency" to haphazardly pass a bill in a week that will affect our kids. FFS, take 3 weeks and deliberate to make sure that there isn't any other way possible that won't kill the taxpayers. No, the sky won't fall in 3 weeks contrary to what that fcktard Bush and some of the financial sector fcktards in this forum are proclaiming and predicting.

 

[A Load in My Pants]

NO TO BAILOUT

 

[Craig234]

Originally posted by: smack Down

Originally posted by: BeauJangles

Originally posted by: Craig234

Originally posted by: AstroManLuca
I hate this new obsession with the term "Main Street."

I love it. The bulk of Americans have too long been absent from the political agendas.

Until two weeks ago, if you tried to say *anything* about Wall Street versus Main Street, you got a response that it was 'class war' and you shouldn't say that.

Now, it's becoming a bit clearer for most Americans, and 'ok' to discuss the different agendas of Wall Street and Main Street, and that's good for policy (and democracy).

Except it still creates the Us vs. Them dynamic, which will paralyze the government's ability to aid in the financial crisis.

Well with shit like that bailout bill it is us vs them.

Exacty - the American people need to realize it is 'us vs. them'. That doesn't mean destroy Wall Street for the sake of it, it means recognize the real agendas involved, the real policies and their effects, and see the real effects of things like the bailout along with the alternative plans. Warren Buffet said there is a class war going on, and his side is winning - and he wasn't being cute.

It *does not* paralyze the government's ability to aid in the financial crisis to recognize the 'us vs. them' situation. It hopefully does slow a response that screws 'Main Street'.

We need some real input and debate from independant experts on the response, not to rush a response written by a former CEO of Goldman Sachs who stands to benefit hugely from his plan as he has a few months left in government. If this is the right plan, fine, go ahead, and if not, fix it, but this rushing through the plan that even the top government officials I've seen all but say is for 'psychological' comfort to Wall Street and may not be all that much a real solution, is not the way to do it.

 

[blackangst1]

This in the article is worth the whole thing: ""There has been a mad rush back to the basics and if you don't have the necessary documentation you cannot get a loan," Zugheri said. But he noted that not all credit is dead.

"If you have decent credit, a verifiable income and want a loan for under $400,000 it's business as usual."

 

[First]

Originally posted by: blackangst1
This in the article is worth the whole thing: ""There has been a mad rush back to the basics and if you don't have the necessary documentation you cannot get a loan," Zugheri said. But he noted that not all credit is dead.

"If you have decent credit, a verifiable income and want a loan for under $400,000 it's business as usual."

rofl, seriously. "Verifiable income" just kills me. Honestly, how the hell does this loophole still exist where banks don't have to do a check on income? I've never worked in a bank or bought bonds before, but as a loaner you'd figure that you'd check out the person you're loaning to thoroughly.