US News
By Karyn Chenoweth Oct 22, 2007, 14:31 GMT
US loan default problems deepen
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Older Talkback
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Amazing isn't it...that busts follow booms. Wow! Gosh, looks like no one was awake on Econ 101.
Let's see. If there is 65 million homes averaging $200,00o each
then 65 million times $200,000 equals $13 trillion.
But say only 25% are defaulting so $13 trillion divided by 25%
equals $3.25 trillion.
Not much compared to the 250 trillion nominal value of Hedge Funds.
Just have the hedge funds bail us out.
Funny? Only if your an economist.
Let the mortgage industry get a mouthful of bad debt and maybe they'll figure it out.
I am laughing my butt off. Who really pays in the end? The average tax-paying consumer. Higher insterest rates, higher fuel costs, higher education costs, etc... What a waste of pixels this article is.
GREED. GREED. GREED. How much profit is enough profit? And what do the banks, mortgage, and insurance companies do with their profits? Do they improve their 'product' LOL again. NO they devise new ways to rob us blind, charge higher fees, lobby for more favorable bills and laws. What a life. They simply can't lose. Unless there is a run on the bank...
If you have time here's something interesting thats been floating around the internet for some time...
Google 'money as debt' in Google videos. I can't post a link (spam security) Its a simple cartoon with an interesting message and should be played in public school. Spread the word!
Why doesn't the new report the real news? This junk news is just filler. No big tragedies to show so we'll publicize this dribble just to 'show' that we are reporting the 'news'. Where are the stories of the real people losing their butts? Where's the true stories of families put on the streets, their house up for auction? It's on the back page in tiny print next to the obits, thats where it is. Stop subscribing to paper nees and get your news online. Then watch online subscriptions sprout up like weed as print factories close down. Then again more Americans are out of work. But that's where we are heading anyways.
Real stories like:
Like why does 1% of America own 95% of the wealth? - answer: we control what you see, read, and ingest.
Or why did the wealth of America's top 1% rise over 102% while during that same period the middle class's worth only rose 9%? - answer: because we control the media (the top 1%)
Why do we have high paid mercineries in Iraq? Why are they necessary? Don't we have a military? Why not pay them equally, ensure they have the same equipment, and support? -answer: the military are expendable. How many 'representatives' have family serving in Iraq. Someone please give me a real count because I don't want to say it.
How much money does Saudi Arabia really have invested in the Bush family, their businesses, and their actions, and why was Bin Laden's family allowed to flee America the day after 911 when all other air traffic was grounded? - answer: You don't want to know.
I'm not a conspiracy theorist although I will be labeled so. Do your homework America. Or just go back to watching tv and paying the bills.
everyone shuld stop the b.s it was never only a subprime problem
it was also a paper ,alt-a as well as jumbo loans the banks in the u.s need to admit that all their loans are bad not only the subprime
everyone was greedy to make a dollar fast and now that the result
stop blaming the subprime only
What happened to the American Dream? Maybe it's time Americans become more aware about how it feels to conserve, to be thrifty.For Americans to say they're 'financially incapacitated' is nothing compared to the really poor people living less than .50 cents a day in Southeast Asia.For Americans to complain they're living in inner city ghettoes in California is nothing compared to the slums in India or Manila.The problem with those living in the illusion of a sound economy is that when the bubble bursts,the misery is magnified.You realize that you're not really as financially secure as you think you are and it's showing in the American economy today.The problem though, is that when the American economy goes down,all the world's markets gets dragged down with it.Before it gets worse,maybe Americans should learn a new phrase in their lifestyles.And that phrase is 'Financial Conservatism'.
I agree with you. But Americans have basically evolved into a greedy lot of self-rightious wave flagging idiots and we have no one to blame but ourselves. Our jobs go overseas, our wages go down the shitter, our kids get fatter and dumber, our medical coverage is beyond absurd, and what do we do about it? Basically nothing except for a few sniffles and a couple half-hearted whines.
We the people elect the same trash into office time and time again and we love it because we are stupid sheep who are more concerned with material effects than anything else. The stupid are out-reproducing the smart.
Just let the subprime default. If someone invest badly in the market and lost all their life saving. Should the government use tax payer's money to save his/her ass? This is absurb.
At the end it's the consumer's stupidity that got them into this mess. It doesn't take a economic degree to do some simple calculation and see how much of home you can afford. Ignorance sucks doesn't it?
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