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Old 02-18-2009, 05:34 PM
 
Location: Near the water
8,219 posts, read 11,255,977 times
Reputation: 3847

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ani,


it's never to late is what they say!
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Old 02-18-2009, 05:39 PM
 
Location: Charlotte, NC
2,193 posts, read 4,450,017 times
Reputation: 1072
Quote:
Originally Posted by Weedydidi View Post
Why don't they cut taxes?
They could stimulate us by giving each household 5K-10K rather than wasting billions in pork, but that doesn't serve the bankers' interests.

Quote:
Originally Posted by Chromekitty View Post
and the congregation said...AMEN!

but note, that slowly but surely this household is losing the need for a bank.
Seriously, the money will be gone if left in the bank.

Quote:
Originally Posted by anifani821 View Post
After the Civil War, it was common practice to hide one's money. All those stories about Great Grandma hiding her $$ in a coffee can and digging a hole were NOT myth. Also, I was taught . . . invest in gold and silver and put it in the safety deposit box, cause you can always melt it down.

Maybe I should have followed that advice . . .
Don't put it in a safe deposit box as the government can seize it. Look at what happened during the Great Depression, FDR seized all gold. You'd have to hide it in your house.
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Old 02-18-2009, 05:41 PM
 
677 posts, read 1,980,992 times
Reputation: 201
Quote:
Originally Posted by sheenie2000 View Post
You'd have to hide it in your house.
I'm just going to start hiding it in my teeth.
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Old 02-18-2009, 05:59 PM
 
Location: State of Being
35,885 posts, read 65,297,484 times
Reputation: 22274
Quote:
Originally Posted by MrConfigT View Post
I'm just going to start hiding it in my teeth.
I could have bought a sizable quantity of gold w/ what I have paid several dentists . . . Only thing is . . . can't melt down bridgework . . .

Back to topic . . . I heard on either CNN or CNBC today that the next move Obama's administration wants to make is underwriting (somehow) loans that are upside down. I didn't hear the whole discussion. The comment was - that Americans are angry about people who took out huge subprime and ALT-A loans and now can't pay them and can't refinance b/c they are upside down - but that we are all gonna have to accept that the only way to get this country out of the economic mess we are in is for the government to bail out people who have made bad decisions and took out loans they were not qualified for.

Anyone else have more info on what is being discussed????
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Old 02-18-2009, 06:36 PM
 
2,341 posts, read 3,947,929 times
Reputation: 1667
They are trying to say this, but it is still wrong. ;-)
Quote:
Originally Posted by anifani821 View Post
I think what the posters may be saying - and someone correct me if I am wrong - is that the community reinvestment act proposed lending guidelines (I believe 20% of a bank's mortgage holdings) = that forced lenders to approve mortgages to what amounted to unqualified buyers - people w/ low incomes, poor work history, bad credit, no down payment, etc. and led to the creation of a variety of subprime and ALT-A loans that now have gone belly up.
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Old 02-18-2009, 07:06 PM
 
Location: Wouldn't you like to know?
9,113 posts, read 15,306,834 times
Reputation: 3661
Quote:
Originally Posted by sheenie2000 View Post
They could stimulate us by giving each household 5K-10K rather than wasting billions in pork, but that doesn't serve the bankers' interests..
Govco has been giving us money for years...its called the mortgage deduction, Earned Income Credit, Child Tax Credit, Additional Child Tax Credit, etc....

In the new bill, many of these credits are increased (along w/increased unemployment benefits, wic payments, etc.)

So essentially, the government is giving money out to people who pay little in taxes.
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Old 02-18-2009, 07:10 PM
 
Location: Wouldn't you like to know?
9,113 posts, read 15,306,834 times
Reputation: 3661
Quote:
Originally Posted by anifani821 View Post
You know, if the President and Congress really wanted to do something that would have helped Americans across the board . . . why didn't they quit kissing up the banks and put a ceiling on interest rates on credit cards? Why didn't they pass legislation that would ban credit card companies from suddenly, on a whim, raising interest rates when the cardholder had never missed a payment?

In my situation, I have medical bills on one card - a goodly sum. I was able to find a "deal" on a card several years ago at 3.99 % for life of loan!!! YEA!!! SO I have faithfully made those payments (more than minimum every month) and yet, what do I get? A notice saying that since CITIBANK has taken over this particular account, they are no longer honoring the terms of credit and are raising the interest rate to 17 % on my account.

My FICO score is high; I have never missed a payment on any credit card, loan, mortgage, etc . . . yet I have now received notices from 3 cards that they are arbitrarily raising my rates - just cause they can.

Plus, it used to be that we could deduct credit card interest on our tax returns.

So you tell me . . . one little piece of legislation - capping interest rates and allowing us to deduct the interest - would have helped many of us out here. But did Congress do that? HELL NO -because that would have been MEANINGFUL and the banking lobby has whined that they need all the FEES they can get off credit cards so Congress won't do a damn thing to impede the FINANCE SECTOR from gouging us all with insane usury rates.

What a crock.

Ani, I'm going to respectfully disagree w/your suggestion and here's why.

When you encourage government to intervene in something like this, think abouit all the non-responsible people who ran up their c cards. If your proposal went through, I would be paying for those people financial bad behavior.

Just like what we're doing (paying for bad behavior) right now w/this mortgage mess. The overwhelming majority of people in trouble now bought way more than they could afford, and you and I are paying for their mistakes....
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Old 02-18-2009, 07:39 PM
 
Location: State of Being
35,885 posts, read 65,297,484 times
Reputation: 22274
Quote:
Originally Posted by CouponJack View Post
Ani, I'm going to respectfully disagree w/your suggestion and here's why.

When you encourage government to intervene in something like this, think abouit all the non-responsible people who ran up their c cards. If your proposal went through, I would be paying for those people financial bad behavior.

Just like what we're doing (paying for bad behavior) right now w/this mortgage mess. The overwhelming majority of people in trouble now bought way more than they could afford, and you and I are paying for their mistakes....
But Jack . . . there used to be caps in place and also - we used to get to use the interest as a tax deduction.

Congress DID put a cap on usury rates - credit card interest (last year) but specified it didn't go into effect until June of 2010, if I remember correctly!

So that was just a signal to credit card companies to hike up the rates NOW b/f that law went into effect next year!!!!

That is my whole point - they have already passed legislation but not MEANINGFUL legislation, cause they delayed the effective date til next year!!!!

By adding an amendment to that already existing reg . . . and changing the effective date to TODAY . . . well . . . that would have meant something and given responsible people like ME a break.
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Old 02-18-2009, 07:41 PM
 
Location: State of Superior
8,578 posts, read 13,464,769 times
Reputation: 2708
Quote:
Originally Posted by CouponJack View Post
Ani, I'm going to respectfully disagree w/your suggestion and here's why.

When you encourage government to intervene in something like this, think abouit all the non-responsible people who ran up their c cards. If your proposal went through, I would be paying for those people financial bad behavior.

Just like what we're doing (paying for bad behavior) right now w/this mortgage mess. The overwhelming majority of people in trouble now bought way more than they could afford, and you and I are paying for their mistakes....
The Credit card companies have the high rates because of the risk. It is unsecured loans. EVERYONE who has a card pays for those defaults. Still , the CC companies make a huge profit on it. They don't want any restrictions , or interference. Its time to bring back usury laws on these robbers.
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Old 02-18-2009, 07:43 PM
 
Location: Charlotte, NC
7,041 posts, read 12,818,152 times
Reputation: 2320
Quote:
Originally Posted by anifani821 View Post
I could have bought a sizable quantity of gold w/ what I have paid several dentists . . . Only thing is . . . can't melt down bridgework . . .

Back to topic . . . I heard on either CNN or CNBC today that the next move Obama's administration wants to make is underwriting (somehow) loans that are upside down. I didn't hear the whole discussion. The comment was - that Americans are angry about people who took out huge subprime and ALT-A loans and now can't pay them and can't refinance b/c they are upside down - but that we are all gonna have to accept that the only way to get this country out of the economic mess we are in is for the government to bail out people who have made bad decisions and took out loans they were not qualified for.

Anyone else have more info on what is being discussed????
No, but, I would LOVE to know more about it (and how I can get a job doing this!! )
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