How we got here.

[DJD]

COL,
I think the problem wasn't due to responsible americans but irresponsible americans and I'm not so sure they were all americans! I bet there is some illegal immigrant stench in this woodpile.

The greed of the people running these companies (democrats) and their short sighted business plans caused this problem. A successful private company without Gubment intervention would not conduct business this way. These guys did this to the tune of how the Democrats conduct their ideals and it doesn't work. All they did is take good money from responsible people like you and I and gave our good money to these subprime nonqualifing people with little to no way of paying it back. I believe we already established the problem on that one....irresponsible.

It might be a stretch but it sounds like they were taking money from the haves and giving it to the have nots? The basic Democrat economic plan. What do you think too thin?

I think the proposed bailout plan stinks and so do the Dems because they could pass this without any interference from the GOP. They have the majority why is it not passing? I think they want the GOP to help pass it so they don't go out on a limb by themselves. Remember misery loves company and as far as misery goes look it up you will see a pic of Nancy P. hagd

[Col Forbin]

I just don't understand how all of this lending was allowed. Thankfully, I took advantage of it. I got my first house in 2001 using a Fannie Mae loan. I had no down payment, and could barely afford the closing costs. The only thing making me feel comfortable about the situation, is being a competent special ed teacher means I have one of the most secure jobs in America. I did do the smart thing, and build up some quick equity and savings and refinanced in a year to a better loan, lower rates, and no PMI. I stuck with an ARM knowing I would be moving within 5 years (luckily I did just before the market slowed to a snails pace). I also took out a line of credit when I refinanced. Yet another problem for our economy- the extreme ease of a line of credit. The good thing is I bought a boat with my line of credit, paid some debts. Then sold the house and still made, paid off the line of credit, and made a 20% proffit after that, which I used to buy a house with my wife down here by Ky lake. I did all of this, except the final purchase on a single income, a teachers income at that. So to make a long story short - Did I intentionally make the right moves - no. I was extremely lucky in the decisions I made, I didn't have a clue what I was doing. So I can see first hand, how this whole mortgage situation was entirely out of control. Everything I did could have gone wrong, thankfully it didn't. But it was way too easy - and I can see how a great deal of people dug a hole to deep to climb out of.

[Devils Horse]

I just don't understand how all of this lending was allowed. Thankfully, I took advantage of it. I got my first house in 2001 using a Fannie Mae loan. I had no down payment, and could barely afford the closing costs. The only thing making me feel comfortable about the situation, is being a competent special ed teacher means I have one of the most secure jobs in America. I did do the smart thing, and build up some quick equity and savings and refinanced in a year to a better loan, lower rates, and no PMI. I stuck with an ARM knowing I would be moving within 5 years (luckily I did just before the market slowed to a snails pace). I also took out a line of credit when I refinanced. Yet another problem for our economy- the extreme ease of a line of credit. The good thing is I bought a boat with my line of credit, paid some debts. Then sold the house and still made, paid off the line of credit, and made a 20% proffit after that, which I used to buy a house with my wife down here by Ky lake. I did all of this, except the final purchase on a single income, a teachers income at that. So to make a long story short - Did I intentionally make the right moves - no. I was extremely lucky in the decisions I made, I didn't have a clue what I was doing. So I can see first hand, how this whole mortgage situation was entirely out of control. Everything I did could have gone wrong, thankfully it didn't. But it was way too easy - and I can see how a great deal of people dug a hole to deep to climb out of.

You definitely made the right moves Col. You are an example of what can go right with the macs. Unfortunately many others who used the macs don't have your determination and work ethic.

[DJD]

I just don't understand how all of this lending was allowed. Thankfully, I took advantage of it. I got my first house in 2001 using a Fannie Mae loan. I had no down payment, and could barely afford the closing costs. The only thing making me feel comfortable about the situation, is being a competent special ed teacher means I have one of the most secure jobs in America. I did do the smart thing, and build up some quick equity and savings and refinanced in a year to a better loan, lower rates, and no PMI. I stuck with an ARM knowing I would be moving within 5 years (luckily I did just before the market slowed to a snails pace). I also took out a line of credit when I refinanced. Yet another problem for our economy- the extreme ease of a line of credit. The good thing is I bought a boat with my line of credit, paid some debts. Then sold the house and still made, paid off the line of credit, and made a 20% proffit after that, which I used to buy a house with my wife down here by Ky lake. I did all of this, except the final purchase on a single income, a teachers income at that. So to make a long story short - Did I intentionally make the right moves - no. I was extremely lucky in the decisions I made, I didn't have a clue what I was doing. So I can see first hand, how this whole mortgage situation was entirely out of control. Everything I did could have gone wrong, thankfully it didn't. But it was way too easy - and I can see how a great deal of people dug a hole to deep to climb out of.

Col,
I knew you had it in you to be a Conservative! The moves you made were based on you being responsible for your actions so give yourself some credit(no pun intended)....your coming around buddy.

[Devils Horse]

Far as I can tell Nancy Pelosi's ONLY job is to publicly blame Republicans for every ill. Can anybody tell us about anything else she's done?

This whole mess vividly illustrates the FACT that the government is not competent. Politics of color clearly influenced basic common sense as it always seems to do.

I'm not a financial whiz, but it seems if you're looking to loan someone money and see that they don't have the income to pay it back, you don't make the loan. If they have a history of not paying debts and bad credit, once again no loan. Doesn't matter what COLOR the applicant is, a company cannot stay solvent and loan them money if they can't (or won't) pay it back. Seems pretty straightforward to me.

A load of politicians in Washington knew this was coming but didn't have the balls to do anything about it because they were afraid of the very powerful Congressional Black Caucus. A few, including John McCain tried, but that bill sits stuck in the Dem controlled Banking Committee. Did I mention the guy (Dodd) chairing the Banking Committee got more campaign contributions from Fannie and Freddie than any other politician? Obama got the second most.

Meanwhile those who ran the er...'companies' who triggered this mess got obscenely rich and moved on. Raines of course to Obama advisor, Mudd to his mansion.

Now the government wants us to finance more gutless ineptitude and stupidity.

Barack Obama wants you to vote him in so he give the federal government even more power. How anyone claiming to be in their right mind could vote for more government is beyond comprehension.

[Bobby Headrick]

How we got here? The answer is plan and simple, nothing but pure GREED. Greed from both parties, corparate greed just plan ole simple GREED. Greed makes companys do thing that hurt the consumer, they lie, and cover up details and make false claims to get the consumer to use or purchse thier product, whether it be a car, boat or mortage, it is Greed that destroys people, read your bible Greed is a sin. One persons greed can effect others and that is wrong and is a crime, but not enforced. These major banks and lending instutions are to blame for thier own problems, due to they lied and falsified info to approve loans so that their CEO's could make millions, and now the gov wants to bail them out, tough. What about all the citizens that this has affected, lets not bail them out as they are just VICTIMS of these crimes. Yes this is a crime as deception for profit is a crime. These CEO's stole millions of dollars from the people and are in the process of stealing more, and should be punished instead of being rewarded. Blame it on Clinton, who just wanted for everyone to have a shot of the American Dream, you all know that dream, have a good job, own a home and 2.5 children, but the plan was flawed somewhat, but we pay for the poor's hsing anyway, HUD, etc. Blame it on the Dem's blame the republicians, when there is blame from one side it is just throwing the focus from the real problem, the more blame there is the more time there is not to address the real problem and come up with a solution, phsyc 101.The real issue here that has not even been touched upon, the cost of this WAR, 10 billion a mth is being spent to fight Bush's war. That is a lot of money is that not also putting use in the hole? We are now in a ression and almost a depression. I am so glad our leaders have OUR best intrests in mind and are working as a whole to get things done, {pun intended}.