Your Historic Day

Eric- do you or your brother attend the car auctions like Grove City. What's happening there?

Government here decided to inject more money for the banks in trouble.
Budget for 2009 is already predicted with a deficit of 3% for 2009 and even 4,3% in 2010...
I'm just wondering where they're gonna get all that money... (Out of our pockets of course!)

another great day at the stock market

I bet by the time this is done and said, the price tag will be in the trillions, those 5 year arms havnt kicked in yet, the housing market is flooded along with the auto market and they are NOT writing loans, my friend is 4 months behind on his car payment and he said come get the car, they told him we arent in the used car business, can you maybe make a 200 payment? the banks are overwhelmed with foreclosures from the west to the east and its starting to de-value the dollar and throw you into negative equity, your better off renting
the flood of unemployed will start flowing into the system draining thier life savings, exhausting thier unemployment benefits, use to making 80k a year with no education, and will flow out into the work pool, opening landscape companies, remodeling companies, boat repair companies which now there is more competiton driving the prices down even further
I could go on and on, if you want to use the light at the end of the tunnel as an example......im not even going to go there, because we are at the bottem of Mount Everest looking up. I hate to be so negative, its hard not to be

Riley wrote: Eric, 2000 to 2006 were the best economic times in my life time. 07 & 08 have been similar to 94 to 98 which were terrible.

For our family,these years were the worst,after the dot com collapse,my wife's company was done,she was able to retire and get her pension,but can't come close to the money she made.

Obama; I wish him the best IF we get out of this mess he's the man, if not - Look at history free countries last 200 years or so on average. We have had a good run.
Sub-prime = preditory banking. Spin it, shake it, turn it up-sidedown. NONE of this would have happend if the lender was required to hold the morgage for 5 years.
AND don't get me started on Visa/Master card.
CRAP - I sound like Eric, hell that's not so bad!

Riley thats cause they were writing all them good loans and kept the appraisors busy, good times for the brokers.
one from the memory on an Ameriquest was the people of certain ethnic background, they made 45k and were approved for 350k house, thats one i remember, and there were a ton more in the stacks of approved loans that the wife brought home,

Larry, apparently the sub prime loans did start this mess. I did not believe that there were actually enough sub prime loans out there to cause the problems they were talking about and I thought the media was overstating it all.

I personally don't think sub prime loans is a libral versus conservative thing. They were a product that someone came up with which made tons of money. The fees, terms, interest rates that they charged was akin to loan sharking so that everyone from the loan originator to the investors were making money hand over fist, (well not the final investor, he got stuck). I never had a regular appraisal client that I know of that did sub prime loans, but you could always tell a sub prime lender that you never heard of that called for an appraisal. If a regular borrower borrows a $100k, the mortgage company makes a couple grand. With subprimes they were making 10k or even more. They had the borrowers over a barrel so they would sign anything. They were making so much money on each loan that they were highly motivated to see that every loan went through.

I did do review appraisals for 2 big sub prime lenders that went under and they seemed cautious to me.

UK, the feeling that reigns in your country is the same across the Canal...
No matter which way you look at it, it is a historic day.
The average intelligent guy in me knows that he won't live up to all his promises, but I'll take a little part of them as a good thing...

Ive been holding onto my wallet for 8 years,how could this guy screw it up any worse?
has anyone noticed that the last 8 were'nt so great, good times ahead, lol

Morfoot wrote: CHANGE is HERE! Better hold on to your wallets boy's!

and your guns!

All the best from the UK on your day,he has a lot to do and only time will tell,the feeling we get its bringing people together for the good of the US so a great start, and with this hope the rest of the world will gain too.

We had a second bailout yesterday for our banks one has posted a loss of around �20 billion a new record over here and the taxpayer is giving �600 billion or more to the banks,something has to change