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Thread: Buddy Can You Spare A Dime?

  1. #1
    Member Mr. Lackawanna's Avatar
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    Buddy Can You Spare A Dime?

    Buddy Can You Spare a Dime

    For those of you that are old enough is the above line familiar?

    It is beginning to look like The Great Depression of 1929 all over again. Employment is down and finical markets are falling. The Housing Market is in a doldrum. Foolishly the Banking industry has revived a huge bailout and nothing has improved. New York State faces a huge budget defect for next year and more layoff's are expected. We as taxpayers are facing greater property taxes to cover the State's Pension Plan huge loss in value.

    The Auto industry wants a bailout which I think will be a waste of money. Let the Auto Industry stand or fall on its own feet. If it can't survive in this World Market economy so be it.

    The aid to those facing foreclosure of their home will be a finical disaster. They paid to much for there homes to begin with. We as taxpayers should not be expected to bail them out for their finical ignorance.

    Without any manufacturing jobs in America we as a country are done.

    Most of employment in this country are in the service industry ( Government, Banks, Insurance, Government Programs (entitlements,) Health Care, Military and Education etc. These jobs are parasites that live of the manufacturing sector. The money that supports the programs in the service industry comes from the manufacturing sector. With the decline of the Manufacturing sector these service jobs will also decline.

    As our Government imposes more restrictions on Manufacturers such as OSHA, additional environmental regulations, Clean Air Act, CAFE regulations, additional employment hiring and promotion rules. All these regulations add to the cost of their product. It is no wonder corporations are thinking of leaving America to relocate to a place where there are less regulations.
    Russia didn't make me vote for Trump, Hillary did.

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    Member Achbek1's Avatar
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    Quote Originally Posted by Mr. Lackawanna View Post
    Buddy Can You Spare a Dime

    For those of you that are old enough is the above line familiar?

    It is beginning to look like The Great Depression of 1929 all over again. Employment is down and finical markets are falling. The Housing Market is in a doldrum. Foolishly the Banking industry has revived a huge bailout and nothing has improved. New York State faces a huge budget defect for next year and more layoff's are expected. We as taxpayers are facing greater property taxes to cover the State's Pension Plan huge loss in value.

    The Auto industry wants a bailout which I think will be a waste of money. Let the Auto Industry stand or fall on its own feet. If it can't survive in this World Market economy so be it.

    The aid to those facing foreclosure of their home will be a finical disaster. They paid to much for there homes to begin with. We as taxpayers should not be expected to bail them out for their finical ignorance.

    Without any manufacturing jobs in America we as a country are done.

    Most of employment in this country are in the service industry ( Government, Banks, Insurance, Government Programs (entitlements,) Health Care, Military and Education etc. These jobs are parasites that live of the manufacturing sector. The money that supports the programs in the service industry comes from the manufacturing sector. With the decline of the Manufacturing sector these service jobs will also decline.

    As our Government imposes more restrictions on Manufacturers such as OSHA, additional environmental regulations, Clean Air Act, CAFE regulations, additional employment hiring and promotion rules. All these regulations add to the cost of their product. It is no wonder corporations are thinking of leaving America to relocate to a place where there are less regulations.
    I totally agree with you. I just posted a similar statement over in Zanna's thread (http://www.speakupwny.com/forums/showthread.php?t=31772) but yours is much better worded.

    Every time I walk into a dollar store and see "WE ACCEPT EBT CARDS" in the window and then walk through the aisles filled with cheap stuff made in China it really hits home for me.
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  3. #3
    Member Mr. Lackawanna's Avatar
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    EBT Card ?

    Pardon my lack of knowledge on credit cards. What is a "EBT Card"?
    Russia didn't make me vote for Trump, Hillary did.

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    Member CAugust's Avatar
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    Quote Originally Posted by Mr. Lackawanna View Post
    Pardon my lack of knowledge on credit cards. What is a "EBT Card"?

    Electronic Benefit Transfer (EBT) is an electronic system that allows a recipient to authorize transfer of their government benefits from a Federal account to a retailer account to pay for products received. EBT is used in all 50 States, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam. EBT has been implemented in all States since June of 2004.
    Colleen
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    Member CAugust's Avatar
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    these are just housing statistics........ not opinion, just the facts

    These are just the facts I am posting for review

    Statistics sent out from BNAR, Buffalo Niagara Association of Realtors, for September 2008. Residential, condo and townhouse sales in dollar amounts vs last month and year.

    2007 September - 985 units closed for the average price of $126,450
    2008 September - 963 unitls closes, which is down from the past year - however the average price was up to $134,879 - not bad for a one year increase in the crashing market that the media is telling us all about. I personally think that many many areas have been hit hard, but thankfully not us as a region.

    look back at the month of September for a number of years and what the medium home price was in this specific region and what it looks like now.....

    Average Price Report

    Single Family and Condo Average Purchase Price by Month

    AVG $ SEPTEMBER..

    1999 - $94,928

    2000 - $93,270

    2001 - $105,085

    2002 - $110,387

    2003 - $109,574

    2004 - $127,386

    2005 - $131,768

    2006 - $123,125

    2007 - $126,450

    2008 - $134,879

    It obviously has had some ups and downs, but not to the extent thankfully that other areas have had.
    Colleen
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    Quote Originally Posted by CAugust View Post
    These are just the facts I am posting for review

    Statistics sent out from BNAR, Buffalo Niagara Association of Realtors, for September 2008. Residential, condo and townhouse sales in dollar amounts vs last month and year.

    2007 September - 985 units closed for the average price of $126,450
    2008 September - 963 unitls closes, which is down from the past year - however the average price was up to $134,879 - not bad for a one year increase in the crashing market that the media is telling us all about. I personally think that many many areas have been hit hard, but thankfully not us as a region.

    look back at the month of September for a number of years and what the medium home price was in this specific region and what it looks like now.....

    Average Price Report

    Single Family and Condo Average Purchase Price by Month

    AVG $ SEPTEMBER..

    1999 - $94,928

    2000 - $93,270

    2001 - $105,085

    2002 - $110,387

    2003 - $109,574

    2004 - $127,386

    2005 - $131,768

    2006 - $123,125

    2007 - $126,450

    2008 - $134,879

    It obviously has had some ups and downs, but not to the extent thankfully that other areas have had.
    CA, I know you work in real estate, so maybe you have access to an answer for a question I have? What percentage of houses are mortgaged in this area with ARM's? And can you also find out when they are resetting, maybe by percentage, over the next year or so timeframe? Would provide some interesting insight to when/how WNY will be affected by the foreclosure crisis. So far, we've been mostly immune to it, but we also have not had the double and triple home value increases that many parts of the country have seen.

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    Member CAugust's Avatar
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    I have to be somewehre tonight, but Ill see if I can find out for you...

    arms imho are only good for ppl who plan on staying in thier homes a few years, although some say they worked out well for them.......... that's just my opnion. I dont foresee the foreclosure rate hitting the high here that it has in other regions of the country, only b/c our prices have not gotten out of control................

    Ill see if I can find out for you and get back to you on it - - - -
    Colleen
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    Quote Originally Posted by CAugust View Post

    arms imho are only good for ppl who plan on staying in thier homes a few years, although some say they worked out well for them.......... that's just my opnion. I dont foresee the foreclosure rate hitting the high here that it has in other regions of the country, only b/c our prices have not gotten out of control................
    True that local property values have not gotten out of control, but the WNY unemployment rate is second in the nation. So keep in mind that the sub-prime refinancing market was directed towards underqualified purchasers, and you can imagine how it might have trickled down to areas of the US that were not as lucrative (but still held returns worthy of the effort to service them!). I know of several local refinance brokerages that did extremely well during the boom period circa 2006/2007. And since the majority of the ARM resets occur after 2~3 years, we may be due for our fair share. Thats why I asked if those figures are available?

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    Member Dumbfounded's Avatar
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    Quote Originally Posted by Mr. Lackawanna View Post
    Buddy Can You Spare a Dime

    For those of you that are old enough is the above line familiar?

    It is beginning to look like The Great Depression of 1929 all over again. Employment is down and finical markets are falling. The Housing Market is in a doldrum. Foolishly the Banking industry has revived a huge bailout and nothing has improved. New York State faces a huge budget defect for next year and more layoff's are expected. We as taxpayers are facing greater property taxes to cover the State's Pension Plan huge loss in value.

    The Auto industry wants a bailout which I think will be a waste of money. Let the Auto Industry stand or fall on its own feet. If it can't survive in this World Market economy so be it.

    The aid to those facing foreclosure of their home will be a finical disaster. They paid to much for there homes to begin with. We as taxpayers should not be expected to bail them out for their finical ignorance.

    Without any manufacturing jobs in America we as a country are done.

    Most of employment in this country are in the service industry ( Government, Banks, Insurance, Government Programs (entitlements,) Health Care, Military and Education etc. These jobs are parasites that live of the manufacturing sector. The money that supports the programs in the service industry comes from the manufacturing sector. With the decline of the Manufacturing sector these service jobs will also decline.

    As our Government imposes more restrictions on Manufacturers such as OSHA, additional environmental regulations, Clean Air Act, CAFE regulations, additional employment hiring and promotion rules. All these regulations add to the cost of their product. It is no wonder corporations are thinking of leaving America to relocate to a place where there are less regulations.
    Agree with most of what you wrote except that deregulation of major industries has been an huge contributor to our downfall as an economic super power.
    Coincidence is the word we use when we can't see the levers and pulleys.

    Emma Bull

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    Bread Lines?

    I wonder if we will see bread lines soon?

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    Thumbs up

    Not really, however, stuck up your pantry now. And don't make fun because as a diversity personality you can always find a job.

  12. #12
    Member Dumbfounded's Avatar
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    With all of the fiscal rollercoaster surprises from the mortgage bailout to the stock market's flailing, the record high cost of living, our indebtedness to China et el, it "feels" like a drowning man gasping for air, desperately reaching for SOMETHING or SOMEONE just to LIVE a few more seconds before going under water for eternity;A very, very depressing analogy, but an apt one because things truly feel hopeless and I do not know if the U.S. can "backpeddle" its way out of this depression;We may very well be "in too deep" and "reached the point of no return" long ago.

    Its just that the rich want to make as much money as possible while the rest of us are still drowning.
    Coincidence is the word we use when we can't see the levers and pulleys.

    Emma Bull

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    Member CAugust's Avatar
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    MarkLV

    I could not find any reliable resources in regard to your question of arms etc

    sorry, I tried....
    Colleen
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    Quote Originally Posted by Steiny View Post
    I wonder if we will see bread lines soon?
    No , unemployment was 23% during the depression, all the indicators were a lot worse then.

    NY should be the one belt tightening.. but you will never see that.

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    Quote Originally Posted by CAugust View Post
    MarkLV

    I could not find any reliable resources in regard to your question of arms etc

    sorry, I tried....
    Okay, thanks for the effort anyways!

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