wraithfodder

Ouch! Ya know, running with scissors or playing with baby rattle snakes could have been more productive and not nearly as depressing...Yeah, they suck in a most disturbing way...go do something nice for your self now...What would Sheppard do? Or better yet, what would Ronon do? :)

Hmm, Ronon would just give the addresses of all the idiots who caused this mess to the Wraith ;)

Yeah, pretty cool :)

I work for the Bankruptcy department for a major bank (not one of the ones involved), and am getting flak at work for saying the banks should take care of themselves. They got themselves into it, they need to get out of it or go down trying. The law requires our debtors to do so, why should these businesses be outside the law? Yes, it's going to suck. No, it's not going to be easy. But you know what? It's the law.

This may, possibly, be why I probably won't be up for a promotion any time soon...

It really is greed. That's always been humanity's downfall, and that's our downfall in this situation. Speaking as someone whose job is based on America's disposable income, it's a bit freaky. No money = no vacations = no job for Kirsten.

Alas, if I overextend my credit card, no one is going to bail me out, so why are my tax dollars (and more probably) going to bail out financial people, mortgage brokers, etc. who tweaked the rules for their own gain? Sigh...

Sigh. Just hope my job holds. I work in the financial industry :(

Economically, these are pretty scary times we're living in. :(

And the scary thing is it didn't have to happen :( If people could have been content with making money simply adn slowly and not flipping houses left and right and other nonsense. Sigh.

We offer our debtors discounts, bringing the costs down to fair market value and rates to make things easier to handle for them but still keep the loan for us. Everything else? We follow the law as Congress rewrote it only two short years ago. I could see some fanangling done to lessen the impact of the debt on the banks, provide payout or payback options, but this? No.

I'm with you.

Yes,

And as usual, we the people will have to bail the rich and infamous out of all the trouble they got into. Didn't hear that they were going to look into the money made by all the CEO's that get all that money to run a company! The people just get to work themselves to death while the rich get richer!

I think the banks are stupid for getting into this mess and not seeing what a mess it was until it was too late. There is so much they could have done to prevent it before things went too far.

I also have to step back and wonder what on earth consumers were thinking though? Multi-rate, balloon payment loans??? Come on! It amazes me that no one thought ahead to 5 years down the road when the housing market would be flooded with people trying to sell their homes to avoid the changing rates/balloon payment, after having driven the market sky high so no normal person can afford a normal loan. My husband and I saw those loans and made evil hex signs at them. A balloon payment in 5 years?!? Ya right!

Yet again though, the banks should have controlled the number of these types of loans they approved. It would have helped keep the housing market under control.

"cat_77 wrote:
Sep. 24th, 2008 10:04 pm (local)
I work for the Bankruptcy department for a major bank (not one of the ones involved), and am getting flak at work for saying the banks should take care of themselves. They got themselves into it, they need to get out of it or go down trying."

I agree with cat_77 here. Besides the (the banks) should have never given home loans to people who had to know they never could afford the home in the first place.

And just sucks that alot of good people may lose their jobs over this mess (hopefully they don't).

And WE just sit and watch the whole debacle and see what impact it has on the rest of the world *sigh, shudder*

Greed, on everybody's part. I blame Greenspan for a lot of this mess. He pimped for Wall Street, lowering interest rates so low that everybody went out for a mortgage, and banks, for being so greedy they give 100% mortgages to people who owe thousands a month.

It's insane. You shouldn't get a loan unless you have collateral. Period. And variable rate mortgages? A disaster waiting to happen. Wonder if my emails from years still exist somewhere where I groused about the idiocy of it all...

Why are the people who've already suffered losing their investments due to the greed of corporations expected to throw even more money into a pit to save those companies? It's like giving money to a gambling addict.

Why aren't those executives having to bail out their own damn selves by selling off their second (or third) homes, multitudes of cars, etc.? Anyone else would have to, so why do they get to spend everyone else's money to oblivion, then expect those same people to rescue them.

There's been a scandal in the Dallas school district recently that's sort of a smaller scale of this. The DISD was spending money they didn't really have due to an "accounting error" of $64 million. As a result, they will be firing a lot of support staff, librarians, etc., and may possibly have to fire teachers.

The superintendent has said he won't resign, but he feels super bad about it and will take a 5% pay cut to help cover some of the shortfall. He made $379,050 in base salary last year, making his pay cut worth roughly $19,000. That's more than a lot of people earn in a year, so I'm not really feeling any of his pain here.

You can be sure that people 'thought ahead' to 5 years and the reprecussions of the greed would come to light. They thought ahead and didn't care because they had their money in thier pockets and that's what was important.

Yeah, I like that idea. Give them to Ronan. One nice thing about him, all action little talk. Gets things done.

Personally I think the investment banks should all go under and kick all those execs and analysts out on the street and make them flip burgers for a living. Unfortunately money talks, and there's so much corruption in Washington and in Wall Street, that the rest of us, who do follow the rules, get screwed.

What's goign to happen is that the US is going to turn into Japan in the 90s, and we're going to go through a deep recession that will last years and destroy the value of the US dollar. Thanks, George...

See, I knew money is the root of all evil!

I just hope this whole financial debacle is somewhat "fixed" soon, cause if it's affecting the 1st world countries, imagine how bad it's affecting the third world countries and their economy.

Someone needs to go to prison and be held accountable. That's what happened here in Australia when several of the major bosses went to jail when the insurance company collapsed.

I'd love to see a bunch of folk go to prison AND get stripped of their assets, but with crony capitalism, doubt it will :(

Did you read that the head of WaMu is eligible for a multi-million dollar "parting gift" after his company collapsed, even though he'd only been on the job a short time?

If it were a "mom and pop" company that had folded, mom and pop would have lost everything, but this guy is going to make millions?

Have you been following the Sinfest cartoons about the situation? They're dead on funny.

Unfortunately, I did hear about his golden parachute. That should be illegal!

Ugh

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