"News that's not known, or not known enough."
Helen & Harry Highwater's cranky weblog of news and opinion.
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"News that's not known, or not known enough." Helen & Harry Highwater's cranky weblog of news and opinion. |
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Going down
another year or so till in eventually it happens any way. The people are as responsible as the loan sharks they decided to trust and not question. The stock market and it's protected top share holders to which it has always been beholding to was never for the average working joe in the first place. It's sole reason for being there is to make money for those stockholders. So what to them if it rips off the little people. They think they are untouchable, these big boys with most of the money, we will soon find out. It won't matter if it crashes. It's already propped up with fake/aka fiat money and 401-s. Yes those phony pensions. Another scheme that fooled the average worker white and blue collar alike. It wasn't choosy, this game took everyone's money. You think they're not gonna lose their shirts too? Watch. And now because of their corrupt Ponzi schemes which I might add needed the suckers to invest their worthless dollars into in the first place! Oh baby don't look now but the sky is about to fall. I knew a person who made one of these deals. An 800,000 dollar ARM loan for 30 years starting at $500 a month (didn't he do the math?). He then went out and bought a new car a month after the house deal. He was able to purchase the car because he was approved for the house. His yearly salary was $45,000, single man. There were roofing companies with nice cozy connections with banks who would tell them if you find yourself doing a roof of a person over 65 years old be sure to tell them about an equity loan, try to convince them, tell them it's better them paying for the work in installments, get them to go for the loan and we will give you a bonus. Another scheme people should have had their eyes open to. No-one forced people into equity loans and second mortgages. They loved the idea that they could use their homes as credit cards for vacations and lavish home improvements and yes new cars... No-one forced people to sign on the dotted line on a RISKY subprime loan. People believed what they wanted to believe when they were not asked to put down how much money they made or told not to worry, alarms should have gone off in their heads warning them if it does not feel right or sound right, don't sign. Everyone wants a house but you know what, everyone can't afford a house. Not just the people who took these risky loans out are going to lose their homes but those who were told to just sell them the house and make the deal and don't ask questions, they too will lose. During the Clinton years very little was said till he was gone about the extremely high numbers of foreclosures, 85% due to people living so close to the edge that one illness that required a long hospital stay and a few weeks out of work cost them the loss of their homes. YES but no-one was worried then, were they. No big deal. There's gold in dem dare hills! Let's all go into the Real estate business. DUH. Bad Timing. This has been coming down the pike for a long time. Ten years ago this was being predicted. All the warning signs were there. Get out of debt, live with less, don't bite off more than you can chew, every old adage in the book! It's not just the subprime loans! It's all these bad practices, couple that with visions of grandeur that people have, telling themselves I deserve this, it's time for me to have something nice, I'm worth it, I worked hard, I should own a home... Along with a lot of stupidity and you've got a recipe for trouble. There are many people living within their means. People who have always lived on a tight budget. People who live in apts and in mobile homes. Nice people have been getting screwed for years and years, but when you warn them long in advance they just laugh at you and think it will happen to someone else.
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