Comments for “Tsunami” Wave of Foreclosures in 2009 Will Take Small Businesses, Foreclosures and Job Loss »
Posted By altnrg 1 year 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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Tangent0011 year 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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Justice4All1 year 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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nodems10 months, 2 weeks ago
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I am tired of hearing about Bush and his failed policies. Clinton can lie under oath, pull our troops out of the Gulf war before completed, do nothing at all about the twin towers bombing in 91', the acorn group was started up for people that could not afford houses, let companies exploit their profits on the books, and yet you still blame Bush. If you do not know the facts as ignorant as you are, then do not speak at all. Democrats are heading our country to socialize m. Our times as a free people is coming to an end because people like you want everything for free. GIVE ME!!!
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nodems10 months, 2 weeks ago
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You must be a dem? It was during the Clinton admin that started a lot of this. Why do you close your eyes to that time period? He lied under oath, pulled troops out of the Gulf war before finished, helped to start acorn, did nothing when the twin towers was bombed in 91'. This was also the time that companies started to inflate profits on the books. Obama is leading us to socialism under your nose and you do not get that.
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Scream global warming and scare everybody. Nature lovers, step aside so we can drill. Home owners, move or look at wind turbines on the coast out your windows. The new government package is a joke full of pork spending that is the same from Clinton Admin.
Obama says change, what change, look at his cabinet and look back at Clintons. By the way, Obama said the government will set aside money to help refinance but, only if you go through Fanny May or Freddy. SOCIALIZM!!!!!
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allvilla1 year 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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jordan111 year 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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Tangent0011 year 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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delorislf1 year 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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law811 year 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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rrobin61281 year 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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DarkWizard1 year 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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jcrpsfe1 year 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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Albmore1 year 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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