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Thread: how does this affect main street?

  1. #1
    Tony Fracasso - Admin
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    how does this affect main street?

    Cookie
    Thousands of calls and this is how Reynolds sums them up:
    “The phone calls into the district office are about 75 percent saying: Don’t do this. They think this is about Wall Street. They don’t understand this is getting to Main Street,” Reynolds said.

    What Mr. Reynolds and many other of our elected officials do not understand is that many callers DO understand it is getting to both.

    So what is the problem here? Are they not listening or are we being too concise in articulating our concerns? Or do people actually feel it only affects Wall Street and not Main Street?
    So if you house is paid off... and you have no credit card debt...and you have cash in the bank that is supposed to be insuranced up to like $100,000 etc.... So what if AIG goes broke.... So what if idiots purchased homes FAR about their means and they lose them.... Yes it's sad but they should have been smarter....

  2. #2
    Tony Fracasso - Admin
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    What were the exact few companies that are going belly up?

    Who are thier competitors that are still in busimess?

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    You're right. I'm the one that probably doesn't understand.

    Bail out or no bail out, someone WILL be paying. Either through taxes if there is a bail-out or higher costs of most everything if there isn't. If there isn't a bailout, it won't affect just those companies that close and people who over-extended themselves. Not all banks and financial entities will close. Some will merely lose alot of money. Who do you think they will gouge to make up their losses? The taxpayers that DO have money left via lower dividends, higher interest, more fees etc. It's even more involved than fees and interest and dividends, but either way you look at it, we're gonna get hosed. I took Reynold's comment to mean that we don't understand that is a possibility.

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    How many people do you know that have no mortgage?

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    Member RagnarThePirate's Avatar
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    10,000

    10,000 people a day losing their homes to foreclosure.
    Their fault? Probably.

    But you have to look at the big picture...

    It will cost a lot less to setup the terms to keep them in their homes and PAYING on them, then the long term effect of losing their homes.

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    Quote Originally Posted by RagnarThePirate
    10,000 people a day losing their homes to foreclosure.
    Their fault? Probably.

    But you have to look at the big picture...

    It will cost a lot less to setup the terms to keep them in their homes and PAYING on them, then the long term effect of losing their homes.
    What is the long term effect?

  7. #7
    Tony Fracasso - Admin
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    Quote Originally Posted by cookie
    How many people do you know that have no mortgage?
    Quite a few... I know we don't.. .I know a few people on my road that don't either.

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    Tony Fracasso - Admin
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    Quote Originally Posted by RagnarThePirate
    10,000 people a day losing their homes to foreclosure.
    Their fault? Probably.

    But you have to look at the big picture...

    It will cost a lot less to setup the terms to keep them in their homes and PAYING on them, then the long term effect of losing their homes.
    WHy? OTher people may buy their homes at what the homes are really worth. They can't pay now. What is going to change?

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    My thought

    Nice response from Reynolds and typical politician style.
    "I hear ya but you don't know what you're talking about."

    Capitalism and free markets are designed with risk and profit as motivators.
    The motivation for this too happen were the profits. Buy the consumer and the lender. Each thought they were going to benefit from the transactions.
    Complicated by regulations to lend to those who could ill afford their homes.

    The idea of failure for these specific lending institutions can be a boon to those who will not recieve help from this bailout. If a few 100,000 people have to take it on the chin for their poor decisions. So be it.

    We already pay, out of our hard earned incomes, for the non-producers.
    Now we are being asked to pay so people do not loose from their bad investments. We are too prop up and keep artificailly inflated the investment and housing market.

    The fall of their prices would benefit those waiting to enter the markets. Yet as of today they have not because the markets are over valued.
    This is the free market doing what is does best. It is telling the world what the market will bare and it can not bare artificially inflated prices. Hence the fall and want for a bailout.

    Without the bailout some in the nation will take a hit on their 401K and/or lose their homes. We are being asked to do for the nation what NYS does for its' employees. That is for the taxpayer to make up the differance when their investments go south.

    Where's mine?
    This is a joke and a crime against the taxpayer.
    So let's write new rules as we go, in order for those in position to be insulated from risk.

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    Quote Originally Posted by RagnarThePirate
    10,000 people a day losing their homes to foreclosure.
    Their fault? Probably.

    But you have to look at the big picture...

    It will cost a lot less to setup the terms to keep them in their homes and PAYING on them, then the long term effect of losing their homes.
    I was under the impression that only the people defaulting on their loans were going to lose their homes. Are you saying that people who have never missed a mortgage payment are going to lose their homes as well?
    First Amendment rights are like muscles, if you don't exercise them they will atrophy.

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    Quote Originally Posted by WNYresident
    WHy? OTher people may buy their homes at what the homes are really worth. They can't pay now. What is going to change?
    not without available money.

    If the banking system collapses, which is a possibility without a bailout. (I don't like the bailout, but agree it is neccesary) funds will become scarce.

    Business will not be able to expand, and many will fail because of the lack of available funding sources.

    Prices will rise as services and products become more scarce.

    Your debt free existance could become challanged as business' shrink to fit the available marketplace, prices increase and your income sources dry up.

    Does it suck to have to bailout the system, absolutely, will it do more good than harm in the long term? IMO yes

  12. #12
    Member yokes's Avatar
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    Quote Originally Posted by mesue
    I was under the impression that only the people defaulting on their loans were going to lose their homes. Are you saying that people who have never missed a mortgage payment are going to lose their homes as well?
    eventually yes as prices rise and available capital dries up.

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    Tony Fracasso - Admin
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    Quote Originally Posted by yokes
    not without available money.

    What do you mean? A lot of people have cash in the bank. I do... I know a lot of people that do.


    If the banking system collapses, which is a possibility without a bailout. (I don't like the bailout, but agree it is neccesary) funds will become scarce.

    So the wise thing to do right now is take what ever cash you have in the bank out and leave it under your bed? Correct? If your not doing anything with it currently why risk it?


    Business will not be able to expand, and many will fail because of the lack of available funding sources.

    But the businesses that can EXPAND because they have the cash will. WHen one company falls another will take it's place and grow.

    Prices will rise as services and products become more scarce.

    I'm not going to raise my prices. Will electricity sky rocket? It shouldn't for WNY because we have the DAM. The niagara river will not cost us anymore now than it did before. HIGGINS better get off his ass and start pushing all cheap electric to WNY.


    Your debt free existance could become challanged as business' shrink to fit the available marketplace, prices increase and your income sources dry up.

    I don't see how? I don't anything I can't afford. IF you have to borrow to buy things you shouldn't buy them. Simple as that.

    Does it suck to have to bailout the system, absolutely, will it do more good than harm in the long term? IMO yes
    My opinion No. Why? Because the people who caused the mess will still be involved in the mess. Do you give a crack addict more crack?

  14. #14
    Member yokes's Avatar
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    [QUOTE=WNYresident]
    Quote Originally Posted by yokes
    not without available money.

    What do you mean? A lot of people have cash in the bank. I do... I know a lot of people that do.

    Not enough people have cash in their mattress to buy up property, start business etc. to keep the US economy moving forward, plus the value of that cash will decrease


    If the banking system collapses, which is a possibility without a bailout. (I don't like the bailout, but agree it is neccesary) funds will become scarce.

    So the wise thing to do right now is take what ever cash you have in the bank out and leave it under your bed? Correct? If your not doing anything with it currently why risk it?

    If you don't mind losing value because the banking collapse crushes the value of that money. Making it worth less that when you put it under the mattress, and not able to buy much sure.

    Business will not be able to expand, and many will fail because of the lack of available funding sources.

    But the businesses that can EXPAND because they have the cash will. WHen one company falls another will take it's place and grow.

    What happens when that cash is not worht enough to do anything?

    Prices will rise as services and products become more scarce.

    I'm not going to raise my prices. Will electricity sky rocket? It shouldn't for WNY because we have the DAM. The niagara river will not cost us anymore now than it did before. HIGGINS better get off his ass and start pushing all cheap electric to WNY.

    You would be foolish not to as the costs to run your business go up



    Your debt free existance could become challanged as business' shrink to fit the available marketplace, prices increase and your income sources dry up.

    I don't see how? I don't anything I can't afford. IF you have to borrow to buy things you shouldn't buy them. Simple as that.

    Great rule to live by, no argument, however growth requires risk and without the ability to borrow money the market would suffer

    Does it suck to have to bailout the system, absolutely, will it do more good than harm in the long term? IMO yes

    My opinion No. Why? Because the people who caused the mess will still be involved in the mess. Do you give a crack addict more crack?My opinion No. Why? Because the people who caused the mess will still be involved in the mess. Do you give a crack addict more crack?
    if the crack is fundimental to you economic well being it becomes a neccesary evil

  15. #15
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    Quote Originally Posted by yokes
    eventually yes as prices rise and available capital dries up.
    I don't want an "eventually" answer, I want to know concretely: yes or no.
    First Amendment rights are like muscles, if you don't exercise them they will atrophy.

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