I'm willing to be that the main portion of the economy, the daily life of the regular dude, would be normal in a matter of 2-3 months.
And just who is being rescued? My guess: the political leadership.
They, and their buddies, profited mightily while the doings were being done.
Franklin Raines, among the dirty thirty dozen, just for one example , is a close pal of National Savior,Barrack Obama.
And now the robber baron's want more?
Forget it.
Shoot them all.
16 comments:
Different for me. If there's no loans there's no building. No building, I'm out of work. I don't think I'll have a job in a few months even if they do bail out the banks. We've got four jobs to next month, then I don't know what we do.
RW:i dont really understand this stuff, but i do 'get it' that builders need to borrow before they can sell.
but what prevents somebody from loaning to a promising enterprise?
maybe the arabs can step in?
Hi Gino
I told you years ago that they should all be put against the wall
You didnt believe me then
Whats the difference now
Chills
[insert laughing my ass off emoticon here]
There are still loans going on, but home builders are notorious bad risks. I know a builder who was turned down for a loan for his car at 16 freakin %!!
We have three or four guys who have owed us money for over eight months already. They can't sell the houses they built & until they do the stuff we put in them remains unpaid for.
I'm gonna go sell fruit in a market someplace....
I have a thought that one way to make a killing in the housing market--or remodeling for that matter--is to cut the moneylenders out of it.
Let's think it through here; let's assume that the average contractor goes out on his own at age 30, works until age 65. Why is it that very few of them seem to have the cash available to do things without paying 12%, 16%, or more until they get paid?
Do we have a crisis about lack of credit, or do we have a crisis that builders have an ongoing inability to save money to get out of debt? I suggest the latter; this slowdown could be the best thing for the industry in decades.
Might help encourage some of their not quite so legal workers to go back to where they belong, too.
Maybe this little 'correction' will teach people and businesses to not be using credit so much.
Businesses CAN survive without 3-100x their annual revenue in credit lines. People CAN survive without credit cards. But it takes them realizing that they are NOT owed a house, they do NOT deserve a cell phone and a big screen TV and cigarettes and a new car every two years.
Everyone deserves a chance. Everyone deserves equal opportunity. Everyone deserves freedom.
That freedom includes the freedom to fail.
Yeah whall, well it's easy to be a fucking free marketer when it isn't your ass on the pike.
chills: where ya been? :)
whall: in the free market world, you would be correct.
but this is not a free market created problem. this was, in large part, a result of social engineering on the part of congress.
as in every other case in history, socialistic policy hurts everybody except for those in power.
i dont care about a bunch of minorities losing their homes. i do care that a bunch of those who never served to benefit in the first place are getting hit with the shit stick.
gino
I been just sitting back watching your alledgely free market (read pyramid scheme) collapse..
It has always been a pyramind scheme........it has to collapse every so often...that is the nature of the beast.
you arent doing your homework....kid
[insert shaking finger at you emoticon]
your political system has been put on the market block like gold canola ipods and oil etc etc etc
but I guess if the stockbrokers wear flag pins its all good :o)
my opinion of course
meanwhile..........I have been well....counting down the days til I go to ground and back to the boonies...:o)
Take care.....Chills
RW, your rear end wouldn't be on a pike if you'd figured out a reasonable way to get out of buying your supplies on credit. Here's a pointer:
www.daveramsey.com
He's got a seven step plan to financial independence that you might really benefit from. I've been using it for over a decade, and it's insulated me from the damage of many downturns.
bubba: you're an engineer in the building industry,arent ya?
High tech, actually. I am just amazed at the cost of installing things on a home, versus the low actual pay the guys who do the work get. Workman's comp factors in, but I'd have to guess that debt service is a huge deal, too.
Want to be prosperous? Remember the old New England guys who said "cash on the barrelhead, that's the way we do business heah."
remember it? it's the way i live.
'cept for cars and homes, where its too difficult to save the cash for.
but when you consider the capital it takes to build a house, everything changes...
Actually, as you save that twenty each week, you will hopefully find soon that it's not impossible for cars (especially if you keep what you've got a while), and in due time you'll find it's possible for your house, too. Hang in there, keep working it, it'll happen.
bike bubba - just fyi I don't have much credit at all and the issue is the general economy, not my personal finances. So thanks for your advice but I didn't ask for it.
RW, when you're saying you'll be out of work, and that it's easy to be a free marketer when it's not your own rear end on a pike, I dare suggest that you've just told me that it is about your personal finances, and not just the general economy. No?
Glad to know you're "low on credit." Hopefully Congress fails to bail and the economy recovers enough to keep you working soon.
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