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| Topic: who's responsible for banking crisis? | |
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and it just might
no guarantees |
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OK OK.......I did it!!!! 
lol... did you overdraw your checking account again? To the tune of 700 Billion dollars? |
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the problem now is that as a result of all those bad loans, the companies that extend credit to other companies are refusing that credit. one of the things that the other companies need that credit for is to make payroll. No credit, no payroll and a lot of people in America are not gonna get paid next week any business that needs to borrow to meet payroll is not being run very well. Never exceed your means. Lets get brutally honest. most of the giant corporations do though Financing might get harder. But in the last week I have allready noticed a downward trend in FOOD prices at my local grocery. Gas prices here dropped 10cents a gal today. These companies need to keep cash flowing or they fold. They can not continue to charge more than we can pay or they go out of business cause no product will move. No product moveing means supplies have to drop their prices so THEY can keep product moving. Economics. |
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HOLY CRAP!!! I just saw that gold is $900 an oz
wow WOW that is actually not good. when gold goes up the dollar goes down |
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Gas will drop back to $2 but we won't have jobs and still won't be able to afford it.
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Gas will drop back to $2 but we won't have jobs and still won't be able to afford it. |
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There will be jobs.
They just won't pay the outrageous hourly that some skill sets expect to get payed. I mean c'mon. I sometimes do a bit of graphic work. $31.00 an hour. For sitting at a computer and designing cartoons. bit ridiculas... don'tcha think. |
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Edited by
Unknow
on
Mon 09/29/08 04:39 PM
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There will be jobs. They just won't pay the outrageous hourly that some skill sets expect to get payed. I mean c'mon. I sometimes do a bit of graphic work. $31.00 an hour. For sitting at a computer and designing cartoons. bit ridiculas... don'tcha think. |
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There will be jobs. They just won't pay the outrageous hourly that some skill sets expect to get payed. I mean c'mon. I sometimes do a bit of graphic work. $31.00 an hour. For sitting at a computer and designing cartoons. bit ridiculas... don'tcha think. ridiculous is getting a $7.5 million signing bonus and then getting paid $11.6 million in severance... after 3 weeks of running Washington Mutual. |
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There will be jobs. They just won't pay the outrageous hourly that some skill sets expect to get payed. I mean c'mon. I sometimes do a bit of graphic work. $31.00 an hour. For sitting at a computer and designing cartoons. bit ridiculas... don'tcha think. ridiculous is getting a $7.5 million signing bonus and then getting paid $11.6 million in severance... after 3 weeks of running Washington Mutual. |
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I already put this in another thread, but here is the root of the problem The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and savings and loan associations to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to under-served populations and commercial loans to small businesses. The CRA was passed by the 95th United States Congress and signed into law by President Jimmy Carter in 1977 as a result of national grassroots pressure for affordable housing, and despite considerable opposition from the mainstream banking community. In early 1993 President Bill Clinton ordered new regulations for the CRA which would increase access to mortgage credit for inner city and distressed rural communities.[7] The new rules went into effect on January 31, 1995 and featured: requiring strictly numerical assessments to get a satisfactory CRA rating; using federal home-loan data broken down by neighborhood, income group, and race; encouraging community groups to complain when banks were not loaning enough to specified neighborhood, income group, and race; allowing community groups that marketed loans to targeted groups to collect a fee from the banks.[4][6] The new rules, during a time when many banks were merging and needed to pass the CRA review process to do so, substantially increased the number and aggregate amount of loans to low- and moderate-income borrowers for home loans, some of which were "risky mortgages." Congressman and 2008 Republican presidential candidate Ron Paul has partially attributed the ongoing subprime mortgage crisis to legislation such as the Community Reinvestment Act.[16] A Wall Street Journal editorial argued that the law compelled banks to make loans to poor borrowers who often could not repay them and that this contributed in part to the subprime crisis.[17] -Wiki So does this mean you are voting out the incumbants in this election? |
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