the economy - XDTalk Forums - Your HS2000/SA-XD Information Source!

quixdraw · 03-14-2008, 08:25 PM

It's So Much Worse Than You Think
i hope this isn't a repost

JeffXD · 03-14-2008, 08:38 PM

Nope, thats about how I thought things were going. I am a Realtor and its a really sucky job right now. I used to work for a company that did flood zone deterninations for lenders. Even 4 years ago my boss was telling me that the mortgage business was going to be the next Savings & Loan type fiasco. Too many people given loans based on thier ability to fog a mirror was bound to result in a mess. Well, it has.

XDConvert9mm · 03-14-2008, 08:48 PM

I agree that there's a good bit more pain to come, particularly in the Real Estate market. Jingle mail will rise and more financial institutions will pull a Bear Stearns and run to the Fed for cover because "We're just too big to let fail. Think of the impact to the banking system!" If this continues the Fed will have to buy all this garbage mortgage paper. That means we as taxpayers will be the ones ultimately buying it.

FrankRizzoXD40 · 03-14-2008, 08:58 PM

In every economic slowdown there is opportunity.

I hope that it gets worse so that the FED keeps lowering interest rates. Then it will be easier for me to afford a new house!

The free-market will learn from these mistakes (loans granted with poor judgement) as long as the government doesn't get too excessive with its bailouts. If the government just bails everyone out, then what's to keep lenders from doing the same thing again?

Frank

Delija · 03-14-2008, 09:01 PM

Hey Quix......very long time no see. Welcome -

Is the economy bad? Anyone happen to see that Bear Sterns equity issues were down $27 TODAY????? Stock dropped by more than 50%.

Credit problems....sort of like the country as a whole.

So.....Quix, where you been hiding? South of the border? The island on "Lost"? Where could you be with no Internet access, and why haven''t you invited me to go there with you??? LOL

Peace,
D.

FrankRizzoXD40 · 03-14-2008, 09:02 PM

Quote:

Originally Posted by Delija

Is the economy bad? Anyone happen to see that Bear Sterns equity issues were down $27 TODAY????? Stock dropped by more than 50%.

That's definitely the first indicator I'd look at when determining if the economy is "bad" or not.

Frank

**AZXD** · 03-14-2008, 09:04 PM

Quote:

Originally Posted by FrankRizzoXD40

In every economic slowdown there is opportunity.

I hope that it gets worse so that the FED keeps lowering interest rates. Then it will be easier for me to afford a new house!

The free-market will learn from these mistakes (loans granted with poor judgement) as long as the government doesn't get too excessive with its bailouts. If the government just bails everyone out, then what's to keep lenders from doing the same thing again?

Frank

What the heck are you smoking Frank.

FrankRizzoXD40 · 03-14-2008, 09:11 PM

Quote:

Originally Posted by AZXD

What the heck are you smoking Frank.

In regards to which part of my post?

Frank

Delija · 03-14-2008, 09:13 PM

Quote:

Originally Posted by FrankRizzoXD40

That's definitely the first indicator I'd look at when determining if the economy is "bad" or not.

Yes, well I would expect such a response from an economic expert such as yourself.

When/if you educate yourself on the effects of perception....the "psychology of the markets", you might understand the significance.

But ignore me.....what do I know? I just got my securities licenses very recently ...1984, so certainly it's far too soon for me to have a clue about anything.

Keep on hoping things get worse. Yeah, you will probably be able to pick up a house at a great bargain basement price, but you very well may have some issues with furnishing it or heating or cooling it.

Peace,
D.

XDConvert9mm · 03-14-2008, 09:17 PM

Quote:

Originally Posted by FrankRizzoXD40

In every economic slowdown there is opportunity.

I hope that it gets worse so that the FED keeps lowering interest rates. Then it will be easier for me to afford a new house!

The free-market will learn from these mistakes (loans granted with poor judgement) as long as the government doesn't get too excessive with its bailouts. If the government just bails everyone out, then what's to keep lenders from doing the same thing again?

Frank

Herein lies the problem. So far it's financial intitutions that are getting bailed out. As we hve seen in the past (the S&L Crisis, Long Term Capital Management) they know that ultimately they will get bailed out somehow. They just come up with new names for the same old game.

The IMO small percentage of individuals that truly deserve a bailout due to deceptive practices or outright fraud are going to have the hardest time getting one. Countrywide and Bear Stearns will not.

03-14-2008, 08:25 PM	#1
quixdraw XDTalk 100 Member Join Date: Mar 2003 Location: M.I.A. down Mexico way Posts: 467	the economy It's So Much Worse Than You Think i hope this isn't a repost __________________ ain't it great to live in the good ol' U.S.A. justice without power is nothing- power without justice is just violence

03-14-2008, 08:38 PM	#2
JeffXD XDTalk 1K Member Join Date: Oct 2005 Location: The Great State of Texas Posts: 1,504 Blog Entries: 1	Nope, thats about how I thought things were going. I am a Realtor and its a really sucky job right now. I used to work for a company that did flood zone deterninations for lenders. Even 4 years ago my boss was telling me that the mortgage business was going to be the next Savings & Loan type fiasco. Too many people given loans based on thier ability to fog a mirror was bound to result in a mess. Well, it has. __________________ This is a perilous time, and more than ever, the world needs a united and strong America. If, God forbid, we live to see Mr. Obama president, we will live through a socialist era that America has not seen before, and our country will be weakened in every way. - Jon Voight

03-14-2008, 08:48 PM	#3
XDConvert9mm XDTalk 3K Member Join Date: Jan 2008 Location: NW Atlanta Suburbs Posts: 3,581	I agree that there's a good bit more pain to come, particularly in the Real Estate market. Jingle mail will rise and more financial institutions will pull a Bear Stearns and run to the Fed for cover because *"We're just too big to let fail. Think of the impact to the banking system!"* If this continues the Fed will have to buy all this garbage mortgage paper. That means we as taxpayers will be the ones ultimately buying it. __________________ "There's no way to rule innocent men. The only power government has is the power to crack down on criminals. When there aren't enough criminals, one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws."

03-14-2008, 09:01 PM	#5
Delija XDTalk 4K Member Join Date: Dec 2004 Location: South Florida Posts: 4,046	Hey Quix......very long time no see. Welcome - Is the economy bad? Anyone happen to see that Bear Sterns equity issues were down $27 TODAY????? Stock dropped by more than 50%. Credit problems....sort of like the country as a whole. So.....Quix, where you been hiding? South of the border? The island on "Lost"? Where could you be with no Internet access, and why haven''t you invited me to go there with you??? LOL Peace, D. __________________ Our service men and women get little more than lip-service from the candidates themselves. Unsure of of who to vote for? ASK A US SOLDIER, SAILOR, AIRMAN or MARINE. Regardless of who they pick, VOTE FOR THEIR CHOICE - Sarge (Invssgt). (Interesting and relevant tidbit related to Sarge's contention) - http://biz.yahoo.com/ap/080814/military_donations.html No opinion meant to be implied here......just an observation that seems apropos to the whole thing. D.

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