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Yep. First Citizens is lending like crazy and Ford is doing the zero percent interest thing. Lots of lending happening. The doom & gloom media just does not want to point that out.
Sorry but it's not about the "doom and gloom media." It's about reality. It's nice that we know someone who recently got a loan. But we're not talking about Aunt Sally or our next door neighbor. We're talking about nationwide numbers that are measurable and not subjective. And the reality is that credit markets have dried up. This doesn't mean nobody is lending, but significantly fewer people have access to credit. And this is a major problem.
Many businesses are laying off workers. Unemployment numbers are going up alarmingly fast. My company has a hiring freeze, as do most IT companies now. This is not the media. This is reality. Objective reality.
Wow, do us all a favor and don't comment on topics where you have not knowledge. First Citizens, at least in the commercial arena, makes some of the least viable loans in the region.
Actually, I have more knowledge about that particular bank and their lending practices than you might realize.
Sorry but it's not about the "doom and gloom media." It's about reality. It's nice that we know someone who recently got a loan. But we're not talking about Aunt Sally or our next door neighbor. We're talking about nationwide numbers that are measurable and not subjective. And the reality is that credit markets have dried up. This doesn't mean nobody is lending, but significantly fewer people have access to credit. And this is a major problem.
Many businesses are laying off workers. Unemployment numbers are going up alarmingly fast. My company has a hiring freeze, as do most IT companies now. This is not the media. This is reality. Objective reality.
--JC
But YOU did say that "nobody is lending". I have to disagree with that as I know differently.
So I ask you this...how many people do you know in the last month that have applied for credit and didn't get it?
I am sure there were some but how many do you KNOW since you KNOW that nobody is lending?
I had 3 clients apply for mortgage loans and 3 clients got mortgage loans. shhh...don't tell them that nobody is lending...they may think I'm making it up when I tell them that they CAN buy a home!
It simply isn't that everything is doom and gloom and it simply isn't that everything is peaches and cream but somewhere in the middle, lies the reality. I can only tell you what I see on a daily basis and I think I may have more experience with helping people get mortgage loans than you do.
But YOU did say that "nobody is lending". I have to disagree with that as I know differently.
So I ask you this...how many people do you know in the last month that have applied for credit and didn't get it?
I am sure there were some but how many do you KNOW since you KNOW that nobody is lending?
I had 3 clients apply for mortgage loans and 3 clients got mortgage loans. shhh...don't tell them that nobody is lending...they may think I'm making it up when I tell them that they CAN buy a home!
It simply isn't that everything is doom and gloom and it simply isn't that everything is peaches and cream but somewhere in the middle, lies the reality. I can only tell you what I see on a daily basis and I think I may have more experience with helping people get mortgage loans than you do.
Vicki
Vicki, no offense, but sit back, wait, watch, listen and learn. What is coming will sober you up like a bucket of cold water poured over your head on a cold winter day. You might assist people with home mortgages, so you see it from one perspective. I play the markets and follow every single aspect of our economy 14 hours per day. There is NOTHING good on the horizon. No matter whom Obama appoints (and I like whom is he picking so far), no matter how low they cut the prime rate, no matter how low oil goes, we are in for a VERY tough road ahead. Again, what is coming has not yet hit us. We are only seeing the beginning signs. You will have at this time next year, 3-5 million more unemployed Americans then you do right now and it won't be slowing then either. This does not even count the small business owners who go under as they are not on the reocrds. And their benefits will be running out. We will have printed and devalued our dollar more by then, during the next 12 months, then all other times combined in our history. I could go on for days, but it gets boring and is depressing. We, as a nation have dug ourselves into a hole we can not print, tax, or BS our way out of this time. We are in for 10-20 years of very bad economic times, at the very least. It will make the 70s under Carter look like an economic boom.
If you need other examples, looks at Venezuela, Russia, or Japan to a lessor extent. We are going to get ours and in my opinion, WE ASKED FOR IT!
Vicki, no offense, but sit back, wait, watch, listen and learn. What is coming will sober you up like a bucket of cold water poured over your head on a cold winter day. You might assist people with home mortgages, so you see it from one perspective. I play the markets and follow every single aspect of our economy 14 hours per day. There is NOTHING good on the horizon. No matter whom Obama appoints (and I like whom is he picking so far), no matter how low they cut the prime rate, no matter how low oil goes, we are in for a VERY tough road ahead. Again, what is coming has not yet hit us. We are only seeing the beginning signs. You will have at this time next year, 3-5 million more unemployed Americans then you do right now and it won't be slowing then either. This does not even count the small business owners who go under as they are not on the reocrds. And their benefits will be running out. We will have printed and devalued our dollar more by then, during the next 12 months, then all other times combined in our history. I could go on for days, but it gets boring and is depressing. We, as a nation have dug ourselves into a hole we can not print, tax, or BS our way out of this time. We are in for 10-20 years of very bad economic times, at the very least. It will make the 70s under Carter look like an economic boom.
If you need other examples, looks at Venezuela, Russia, or Japan to a lessor extent. We are going to get ours and in my opinion, WE ASKED FOR IT!
The MAIN fact is that Obama is inheriting these problems from the current administration. We can thank GWB for this mess.....and a mess it is.
Realtors opinions are never to be taken seriously.
There are 2 Realtors on this board that I do take seriously. These 2 always have excellent information and are usually spot on. Their input is greatly appreciated and very helpful. Sometimes people just don't want to hear ALL sides of the situation.
I've had the opinion that we were in for a long deep recession for quite a while. That seems to be the consensus now, when I look at what Nouriel Roubini is saying, he makes me look like an optimist. Nouriel has been pretty much dead on in his predictions....
Some seem to think this area is immune to economic forces, it's not, it just may lag the rest of the country. Economics is sort of like thermodynamics, it can't tell you when or how fast something will happen, only what will inevitably happen...
Actually, I have more knowledge about that particular bank and their lending practices than you might realize.
I think it is a little more representative of what is going on to look at Bank Of America, JP Morgan Chase and Citibank (which represent approximately 30% of the banking nationwide) than it is to look at one tiny little bank that you might be familiar with. And to keep spouting nonsense that some poor person might actually rely on as fact is pretty bad behavior!
Oh yeah, and who was it that fought like heck not to regulate the Hedge funds? That would be your buddy GWB!
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