“Tsunami” Wave of Foreclosures in 2009 Will Take Small Businesses, Foreclosures and Job Loss »
Posted By altnrg 10 months, 2 weeks ago in NewsMany fail to realize that there are millions of self-employed smaller businesses, who employ from 1-10 employees, that are holding the mortgages that are going to reset in 2009 through 2012. Many experts believe that this will constitute the 2nd Wave of Foreclosures that will dwarf the Subprime Mortgage Crisis.
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Tangent00110 months, 2 weeks ago
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You realize of course this will somehow all be the fault of The Democrats/Obama/ACORN, right? Oh, and that somehow LESS regulation and/or policies that were MORE friendly to big business would have averted the crisis...
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Justice4All10 months, 1 week ago
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I voted against this in 2004 but my candidate lost. Bush and his administration have been destroying the economy over the past 6 years. I didn't think there was any way they could make things look good for the 2004 election but the neocons pulled it off. I knew it would collapse before 2008.
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In 2002 I sold my home due to a job transfer. In 2004 I decided to buy something just to have as a base while renting in a part of the country I did not want to stay in. But while looking for a condo in 2004 I bacame concerned about the outcome of the 2004 election and decided to wait. I was shocked that America would re-elect Bush, so needless to say I was happy I did not buy that condo. Now after 4 years I'm thinking it's about time to start looking again.
I hope the neocons are happy with the mess they made. I moved most of my stocks to fixed income accounts in 2005 and again this past summer. What a releif. But I knew what was coming with Bush at the helm. I certainly have not profited from all this but my losses are minimal. I just don't know why so many people voted to see the economy and well as Americas reputation ruined.
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allvilla10 months, 2 weeks ago
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A huge shark - believed to be a great white - rolled over in the water with the body of a man in its jaws in a horror scene described by witnesses.
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Bank officer Brian Guest, 51, was grabbed by the shark as he was snorkelling for crabs with his 24-year-old son Daniel off the coast of Western Australia today when the feared monster of the deep struck.
TOO BAD THIS SHARK DOESN'T GET HIS HUNGRY SHARK BUDDIES TOGETHER AND GO 'FISHING' FOR BIG BANKERS IN NYC AT CITIBANK AND AIG.
MAYBE WE COULD START BY OFFERING FREE SCUBA LESSONS WITH THE BAILOUTS TO THE BANKERS? -
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jordan1110 months, 2 weeks ago
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Before anyone pipes in that these small business owners shouldn't have taken the mortgages, it is NOT their fault that the financial mess has caused people to stop buying products, or building houses, or dried up business loans, or any of the numerous conditions that has made small business on the verge of failing, depending on the businesses they have.
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Tangent00110 months, 2 weeks ago
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Hey, maybe if the Small Business Administration under Bush wasn't awarding as much as $1.7 billion in federal contracts to such 'small business' as Xerox, Dell, Home Depot, and John Deere.
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http://pogoblog.typepad.com/pogo/2008/07/small-bus...
Maybe it's just me...
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tbemirComment removed: Hard Banned
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delorislf10 months, 1 week ago
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a reasonable way to do things,is to take some of the billions and refinance,homes at todays value. At a reasonable interest rate, and pay the banks the difference for there losses.that way everybody wins.I guess that would make to much sense and less politicians would get there cut.
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law8110 months, 1 week ago
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i believe obama, will make some better economy in 2009, for me , he like a santa clause, if you have some money it's the right time to refinance, before we fall in the worse condition. you can try http://www.mortgagexyz.info , that site provides many information about refinancing.
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rrobin612810 months, 1 week ago
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Tangent001, first off, you need to understand, it was during the Clinton administration at his suggestion that mortagages and SBA loans were to be funded with little or no money down to get more people in homes and in businesses. Even if they were not able normally qualify. Look at Oct NEW York Times article from 1999. Bill Clinton even admitted his mistake on Meet the Press months ago. Cocerns were brought up numerous times, but the head of the banking committee Barney Franks did nothing and would not let it to the floor. Now he is blaming every one but himself!
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DarkWizard10 months, 1 week ago
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rrobin6128,
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First off, you need to understand, it was during the Reagan administration that deregulation became vogue again. BTW - Reagan had a predominately Democratic Congress. Unions lost their power and labor lost its ability to bargain. Then, tax cuts for the rich, so that the "Trickledown Theory" could work. Once Wall Street, big corporations, banks, financial institutes, and others saw that they could increase their profits with little oversight, the wheels were put in motion.
This revolution helped to create the Enrons and Worldcoms that saw employees as a liability instead of an asset. This was the beginning of Golden Parachutes and stock options that enticed CEOs and executive staff to gut companies for profit. “Re-engineering” a company to run leaner and become more profitable was all the rage. I’m not saying that a company shouldn’t be efficient, but sooner or later you stop cutting the fat and start cutting into muscle and bone to make that ever important profit. This is not a sustainable business model. But, next come more creative ways to make profits through exotic investments! The evolution of the beast rises…
Each President and Congress since has done their part to perpetuate this machine. It was a Republican Congress during Clinton's administration that repealed the Glass-Steagall Act which in turn increased predatory practices. BTW – Clinton had a predominately Republican Congress.
I could go on about Bush, but if you haven't gotten the point yet, then I'm just telling you stuff you don't want to hear.
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jcrpsfe10 months, 1 week ago
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look, the spectulators came into this market and jacked it up to prices where the common worker could not afford these type of loans and putting values where they shouldn't be especially homes located in "bad areas". homes should never be higher than 100-150 thousand period, and the banks help them do it.
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Albmore10 months, 1 week ago
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Dark Wizard is correct, As much as everyone like to blame Bush on everything, the fact is BOTh parties, Both Presidents and Both congresses are to blame for this mess. When are Americans going to wake up and see they are on the same team?
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sharon404Comment removed: Spammer
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fiftynine10 months, 1 week ago
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As i have said before,this shell game has went on for years..real estate company's jacked up the prices to have larger commissions,city's and county's let the appraisers jack up their estimates because they made a lot more tax revenue,insurence companys were happy cause they could rake in higher premiums,home owners were happy because they could sell those fifteen thousand and twenty thousand dollar houses for A hundred and fifty thousand and more..everyone was making money until the new buyers came along and purchased those house's and real estate at the inflated prices.They to were hoping for the big profit's and then BOOM..the pyramid started crumbling and now all of those poor,poor people that made bad decisions are losing their collective azzes and i'm supposed to feel sorry for them?Sorry, i don't.
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I feel for the people that are losing their homes because their jobs have been sent to India,Pakistan,and China by the millions,not because they bought homes that they KNEW they couldn't afford.
I say let the bottom fall out and maybe prices will return to something near normal and people will learn to live within their means.If you Can't afford something,,,,don't buy.They shouldn't expect the tax payers to pay for their mistakes and bad judgement.-
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DarkWizard10 months, 1 week ago
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fiftynine,
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I have read many of your comments and usually agree with your commonsense and insight. On this occasion I must disagree with you on not feeling sorry for those that bought homes or made other investments thinking that they too could enjoy what other's had enjoyed. Whether their motives were just to own a home or they were trying to make a profit, the reality of the situation is that most of America was lied to about the health of our financial system. The little people are the last ones that should be blamed for the collapse of the housing market or the economy in general. They were just playing the game that the financial sector, banks, and others set before them. The companies asking for bail outs are the ones that made the rule to the game and created the game we all play. How in the world would most of these people have any idea they were indeed making bad decisions or using bad judgment in trying to play by someone else's rules? The government's lack of oversight, their actual encouragement for bad business practices, and the willingness to do so by Wall Street, banks, lenders, and others is the perfect storm of deception that laid waste to our economy.
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