-700

[TournyFish001]

Whoa -700 on the Dow today

[FishingBuds]

somethen else isn't it

[=Matt 5.0=]

You mean -777....

Time to put the money under the mattress again.

[Gatorbassman]

I guess 700 billion wasn't the solution to the problem.

[BrianinMD]

It dropped because the 700 billion bailout was rejected. It will, and needs to happen.

[FishingBuds]

My oppinion is changing on it.

[Catt]

Quote

It dropped because the 700 billion coverup was rejected. It will, and needs to happen.

Fixed it for you  

[Gatorbassman]

When the economists were asked how they came up with the 700 billion number there answer was unbelievable.

"We just picked a really big number."

If someone gave me that answer I would fire them.

They need to make sure it has a chance to work before passing the the bill.

[Gatorbassman]

Take that 700 billion and devide it evenly among all the home owners and those who have lost their homes and most of us would be able to pay our houses off.

The result would be the strongest economy in years.

[Gatorbassman]

In 2006 and 2007 about 674,000 homes were forclosed on. Devided up, the 700 billion would pay out 1,038,500 per person.

[tyrius.]

Take that 700 billion and devide it evenly among all the home owners and those who have lost their homes and most of us would be able to pay our houses off.

The government wouldn't do that because it makes sense and everyone would benefit...

Everyone except those that actually lived within their means.  

[Pitchinkid]

i might be able to afford that BASS CAT i was wanting

[FishingBuds]

When the economists were asked how they came up with the 700 billion number there answer was unbelievable.

"We just picked a really big number."

If someone gave me that answer I would fire them.

They need to make sure it has a chance to work before passing the the bill.

one of the reasons why I'm changing on it. >

[Catt]

This bail out is nothing more than a cover up and that's way congress wanted it passed through without hesitation. Yea it a problem alright but throwing money at it aint the total solution some people need to go to jail and some on that list are on the Hill.

[Bankbeater]

When it was only the middle class home owners being effected the Gov't said that the economy would correct itself. Now that their friends are feeling it, the Gov't wants to hand out $$$$.

[Gatorbassman]

Quote

When it was only the middle class home owners being effected the Gov't said that the economy would correct itself. Now that their friends are feeling it, the Gov't wants to hand out $$$$.

It reminds me of the story of the Dust Bowl Days. The government refused to admit it was a problem until the dust started falling on the steps of the Capitol Building.

 

[FishingBuds]

They knew what they was doing, they are trained to let you know if you could afford the house.

They played on peoples emotions, heck who wouldn't want something bigger or newer.

So they just kept handing out these loans, Thats what makes me upset is they knew they was doing this and knew it wasn't gonna work, so the emotional new homeowner was high on -LOOK WHAT I WAS ABLE TO GET!! and off they go

adjustable intrest rates > :

They should pay it back, they lured the buyers in with this easy payments that you CAN afford, don't worry about it down the road-just refinance >

Back in 1997 I bought my first house after I got married, I remember being pushed for an adjustable rate or a 15 yr balloon mortgage over a traditional fixed rate one. I went round and round with this, I wanted the house but, wasn't sure of thses new loan Ideas, I guess I won it over with willing to walk away unless I got a fixed mortgaged but, thats what I finally got

Man oh man if he(loan officer) only knew how close I was on accepting one of those disasteres loans

He worked it on me for so long and almost won, that sucker he was good. no telling how many he did lure in >

This in no doubt in my mind should have been caught, they new it was going on

[Tokyo Tony]

Thank God for the rally today - that was depressing yesterday.

I think the bailout is the last thing we need - it's a temporary solution, not a long-term solution. Sure, the economy would immediately recover if the government bailed out Wall Street, but down the road it wouldn't be in our best interests. It would mean increased government control and a serious burden on all of us taxpayers, which in turn would be a burden on the economy.

I was actually proud when I heard that the bill was rejected. It would have been a serious blow to democracy if the legislators passed the bill in direct opposition to their constituents.

This is a temporary problem caused by scumbag brokers, overly optimistic and unrealistic people allowing themselves to be duped by said brokers, and the government (starting with Clinton's 70% homeowner plan, not Bush - I know saying that is political, but it's true) allowing freddie, fannie, and any other companies, to run wild. Several politicians, I won't name any names, warned congress of this problem several years ago when it could have been prevented, but their warnings were ignored.

It's a sad situation, but this is America. F'in A, we'll come through, no doubt about it. We don't need the government bailing us out.

Now, or in the near future, is a great time to invest. I just wish I had some money  

[Catt]

How Much is $700 Billion?

Based on the U.S. Census Bureau's estimate of the current population of about 305 million people, each person would have to pay $2,300 to fund the $700,000,000,000. If each American (including children) paid a dollar a day, it would take more than six years to pay the money in full.

[basser89]

it would take more than six years to pay the money in full.

OUCH!

[llPa1nll]

How Much is $700 Billion?

Based on the U.S. Census Bureau's estimate of the current population of about 305 million people, each person would have to pay $2,300 to fund the $700,000,000,000. If each American (including children) paid a dollar a day, it would take more than six years to pay the money in full.

I think I just threw up in my mouth a little bit. Thats a sad thought there Catt. I dont think this is a great plan from the get go, just my 2 cents of 700 billion.

[TournyFish001]

They say it's all optimimism over a potential bail-out plan.  Why don't they keep the optimism and ditch the plan...

[fish-fighting-illini]

I like the split the money deal

Maybe weight it, 80% to the people who lived within their means and the 20% for fallout from the lone sharks.

Plenty of business majors in college and out who can take over for the guys that fall by the way side.

I did hear a unique perspective on what happened. This came from the finance co that runs our 401k. His take was that this was caused by a poorly written software ( 2 different packages no less). The lenders wrote the software to ssave themselves money on researching loans. The home buyer inputs his data into the software. The software calculates and says go or no go. The second software checks the first. In no instance does a human check the data input by the buyer. If the buyer put in he made $75K instead of $50K then the computer said ok. I can maybe believe bad software but I find it difficult to believe that somewhere along the way that lenders or agents didn't know what was going on. I also find it difficult that buyers didn't know they were on a very thin limb.

FFI- AKA Matt Crum