Abraham

Second Mortgages: Why Absolve Consumers for Stupidity?

I celebrate the demise of ALL of the cheeeleaders in this banking -Real estate fiasco the media calls "subprime". Its not subprime" those are some losers who get blamed. We need to see puiblic executions of the real architects of this tyranny. Its easy to make up a list. Who wants to vote for Greenie? Helicopter Bennie? The "Tan Man"? They must be harshly punished for economic treason to our country.

Yes its true there are stupid consumers---but I am not one of them. Why do banks hate us savers? EXPLAIN THAT THEORY! because they are cheaters and liars. The Clinton whitewater story should have been enough witht eh S&L crisis. Now we must PUNISH ALL those who should have known better. Lets start investigating them with Grand Juries, Congresssional hearings and local Attorneys General. I want to see the European banking rats run away from the scrutiny of the KLIEG lights of government investigations of ALL parties involved. I will watch eat popcorn and get ready for the prosecutions.

Second Mortgages: Why Absolve Consumers for Stupidity?

I partially agree. But let me give you some insight. I have been there done that with consumerism. I stopped my addiction to debt 11 years ago. Instaed of debt I have a sizeable savings. I have not had a PENNY of debt for at least 8 years. Lets talk about culture. Bankers call me a scumbag---LOSER! You are a deadbeat! Because I have no debt. Realtors the same refrain because I rent a modest abode. Even my financial advisors HATE me, because they can't keep stealing a commish from me THEIR FOR TERRIBLE CHOICES.

So I trust me and feel like an ENEMY within my own country. Why? because of the enmity of all the players in government and the FIRE sector. Luckily I have the means to tell them where to go. But they try to work me, plead with me lie to me and CURSE me, because I am not a sheeple idiot who owes THEM a living.
I am intelligent, but could have easily succumbed to the bleating of MOST all the medias finacial adivisprs from Suzie Orman who actually WORSHIPS debt. My FICO is ZERO---I HAVE NO DEBT. In her estimation I am a bum. I get this hatred every day. I understand why sheeple and doofuses fall for the REALTOR lies the banker lies.

I recently asked a banker this question (Bank Of America). If I bring in $100,000 in cash to put in a savings deposit account what is in it for me? banker> "YOU don't want to do that---You are throwing YOUR money away. No I am throwing my money away if I let YOU loan it out through some scheme. Bottom line BOA pays 0.24% on passbook savings. That means out of $100,000 of hard earned cash taxes already paid on it ---Bank of America will reward me with $250 AT THE END OF THE YEAR. How many middle American have $100,00 lying around? I do lots of it. So Mr . Bank Of America you will pay me the equivalent of 231 McDonalds Cheeseburgers for letting you "take care" of my money for one year? Wait, but you will charge me a fee of hundreds of dollars for a meager $1,000 loan?

No way. You see BANKS are no longer banks. At one time they were like the old stodgy Smith Barney TV ad. Today they are like payday loan outfits. I saw a report that sais some mainstream banks charge up to 56% PER YEAR interest on credit card loans.

It takes TWO to tango. I had my Lat dance with banks. So, in your theory am I the bad guy? I don't think so. That why are savers like myself vilified in the press by the likes of Ben Bernanke, Hank Paulsen and The president of the United States? Remember President G Bush's nasty comments about people who would save their "rebate checks"? So look at me---old car --old clothes -- no plastic and hated because I AM NOT A DEBTOR . Please rethnik your idea. It is hell living in a world where a saver BECOMES THE ENEMY! Its ;likke people think I am a communist because I don't believE the lies of commissioned salesmen and the banking world. They just better hope they don't ask me for help someday!

New Home Sales, Inventory Chart: You're Going the Wrong Way!

Excellent article. The parallel to the time preceding the last Great Depression is instructive. Visit RunOnTheBank.org to learn the latest information about the impending Second Great Depression. This is the era of drastic change in how we view ourselves and the world. We can no longer tolerate the "Me-too" attitudes and behavior of most politicians. The Republican party is almost the same as the Democratic party. Elections measure more of the "anti" than "pro" sentiment. When is the last time you really found a politician you could honestly support? Most thinking people are forced into voting for the "lesser of two evils". This was never the spirit or intent of our founding framers. A vote for the "lesser of two evils" is by definition a vote for evil. We need to get involved and kick the selfish and greedy out of the "representative" BUSINESS. RunOnTheBank.org discusses actions YOU can take to protect YOU, your family and friends and neighbors. The first requireement is recognition of our serious economic problems. the second is action. WHO is responsible? ALL OF US ARE INDIRECTLY RESPONSIBLE for allowing BANKERS, Wall Street and other powerful interests to control our economy. JUST SAY NO---- If each one of us can immediately withdraw ALL funds from banks, Close all pension accounts and transfer money AWAY from BANKS AND LOAN companies, and Wall Street stocks. Where do you place the money---ANYWHERE BUT WITH BANKS. They get free FED money that you pay for and REFUSE TO PAY You interest on your savings and investments? They MUST have reserves. Banks will be caught sooner then later with INADEQUATE reserves. The ratio in Fed Reserves is supposed to be 7-10:1 Instead, lax accounting definitions have allowed commercial and Investment banks to leverage money out to 40:1. The Fed is silent about this secret. If we pull out our money, that will be forced to either go bankrupt or start following the law. Visit RunOnTheBANk.org for more information Remember DEBT IS NOT WEALTH. Walk or run from debys or pay them off - your moral choice---but in either case---banks MUST be held accountable for their behavior, much of it criminal.

6.5 Million Foreclosures; Is There a Behavioral Problem?

You forgot to add local governments. In California they are some of the most strident supporters of Realtors and the rest of your laundry list of greedy commission based professionals.
Visit RunOnTheBank.org to learn about how others are coping in preparation for the SECOND GREAT DEPRESSION of 2008.

The Case For 2-1/4

I would like to believe that Bernanke cares about us. But its like believing in the toot fairy. Lets face the facts: The Fed via Greenspan and Bernanke are ONLY beholden to their masters, Wall street and Bankers (investment as well as commercial).

The only prudent solution barring a major change in government (not likely, since Democrats=Republicans) is to cash out of the market and US banks and out it in a mattress (or Credit Union) where the Wall street and Bankers can't touch it. We need a new national political party that is NOT beholden to the Bankers that are killing us. Walk away from ALL DEBT, or pay it off and save (its your
decision). The banks think NOTHING of devaluing your assets or stealing your money. They don't feel guilty neither should you.
Visit "RunOnTheBank.org to learn about how to prepare and be prepared for your own economic system. Historically, this has been based on barter. During the First Great Depression, workers with REAL skills were valued by others. I am polishing up my mechanic skills for direct barter as well as my accounying skills to help the common person survive the attack of the Federal Reserve, Bankers and Rentiers.

The Downside of Debt: Borrowers Sober Up

A very cogent article! I am also a saver. We have ample income, but live as though we will be unemployed tomorrow. We are renters and must endure the brash, rude and sometimes humiliating comments from the "in crowd" of local political hacks, bankers, Realtors, appraisers, developers. But we have morality on our siude. They can be smug, but we will watch as they suffer the consequences of squandering their future.

Today I celebrate! Two years ago a self-styled flipper bought the house we lived in. He was boorish and crude. He introduced himself as though he were Royalty and quickly proclaimed with a smile and chuckle that HE was gvcing us notice that he was raising our rent 100%. We have no rent contyrol, so we submitted. A few months later we saw the loan documents in our mail box. HELOC! Yes, he bought a new RED VIPER for $100,000 from the HELOC proceeds. We later learned he bought FIVE houses in 6 months. He was escorted and trained by local Realtors who acted as cheerleaders.

Today, I visited his largest house----FORECLOSED. It was beautiful inside - 15 foot ceilings and large columns of white plaster. Now at half the price he paid for it. AH YES--- He lost his house and five more. I cje\hceked his prfile with the country recorder and I found TEN IRS liens on him. DO WE WANT TO BAIL OUT THIS PIG?

So, I had the Realtor snap a few photos of me, waving at the camera so I could rub it in. I have no debt---this pig is a slave to debt---by his own choosing. I realluy feel good about his pain. yessss.

If I get wiped out in the next deporesssion---I still HAVE NO DEBT. Its a lot easier to recover when people owe you. I am contemplating on trying to buy one of his debts at 30 centys on the dollar. NOW HE WILL l OWE ME---WITH 12% INTEREST.

I feel that even though I drive an old car and rent----ITS OKAY. I HAVE OVER $600k in LIQUID ASSETS. I PULLED MY MONEY OUT OF STOCKS, BONDS AND the cheating banks. They (The Fed and banks) are killing the value of a dollar---but I am still ahead of them. I HAVE NO DEBT ---I bought some hand tools so I can earn money as a skilled laborer during the next DEPRESSION.

VISIT Runonthebank.org to learn more.

Its only months away. Believe it. If you pay a mortgage - sell your house---or WALK!! You will need cash when the economic depression hits. If you have a pension, 401 K etc it has already lost 20-30%. Pull it out now. Hide your money in FDIC insured CD accounts at max of 200K each. Cash out enough to live for two-five years without work. Learn a useable trade. No one hires clerkls or service people during a depression. Learn how to fix a car or repair plumbing. A JOB THAT IS IMPORTANT FOR LIVING.

WAMU IS LAYING OFF---BEAR STEARNS is laying off--- who hires stock brokers in a crash?