There is a simple, Peaceful way to Revolt in this country against the Bank Corporations that constantly milk us for all we're worth. Simply Walk Away. An Article by the NY Times told Homeowners who are still paying Mortgages on their Homes that were once worth more than double the value that they're worth now, to Default on their Loans to send the Bank Corporations A message: We Wont Tolerate this Anymore. The Laws are now written to protect the Bank, & fuck over the customer. Time to show Congress and the Banks that we're not just going to 'rollover and die.' [ame="http://www.youtube.com/watch?v=VBkwhl1Y0q0"]YouTube - Walk away from your mortgage![/ame] The Way we live now - Simply Walk Away From Your Mortgage! - NY Times I Know it's hard, to do away with the every day conveniences that Corporate Banks offer this Capitalist-Driven Economy, but we have to stop using them for our Business & Transactions. If you're thinking about opening up a Bank account with Citizens Bank or Bank of America, insted open an Account with one of your local banks, where the money is actually kept accounted for & balanced... Not by some multi-millionaire who making money off of your payments. Of course, this would devastate people's credit. A large majority would have to go back to using "Cash Is King", type-economy. But, this is one of the ways we can fight back, & its not all that hard to do. If the govt. has enough 'funny money' to bailout Banks, then they can surely help US, the Taxpayer. They wanted the job of 'Welfare State', they got it! I'm a Town Employee, you know where the Town draws it's checks from? Citizens Bank. The US Government is using the Large Bank Corporations to lend them money to keep this country afloat, & it needs to stop. This is why they're bailed out whenever they need more money, & this is why we need to send them a message to cut the shit & stop using us like assets.
Ahaha, Oh yeah, But whos gonna tell the Principal of the School that he's wrong? This shit just keeps getting better & better: (watch the video on the top left) Latest AIG Revelations: One More Reason Why Geithner's Got to Go American Public are we pissed yet?
Actually, if the entire group of people were to do this simultaneously, I believe that it would eventually benefit the economy. Currently we have inflated value to money and land that is created by manipulating number favorably... The best example of this was the real estate market and it's practice of home mortgages. Theoretically, if EVERYONE defaulted, so too would the banks, and all that inflated value would immediately disappear. However, probably the most immediate result would be a cataclysmic economic disaster, and the majority our lives for the next time period would probably be spent in poverty... so are we willing to be the sacrificial lambs?
The bankers rule the entire Earth through the Financial empire they built. Did you know that the 7 men that got together to plan out the Federal Reserve had control of 1/4 of the worlds wealth?
What a terrible idea. This is the logic which put our country in this situation to begin with. These people who owe twice what there home is worth have nothing to worry about if they stick it out for the long therm. Prices will recover, bubble, and fall again before their loan is paid. The banks didn't set the price for these houses, the market does, anyone who took an economics class in their life would understand that, and walking away is a burden on the community, the nation, the bank and it will ruin the purchasing power of the fool who does it. Call your bank and try to renegotiate your mortgage. And don't buy a zero down A.R.M. stupid!!
So it isn't okay for normal people to do it, but banks default on debts they owe when they deem it more profitable and there's nothing wrong with that?
I lol'd when i saw the 'tens of billions' to bail out the banks U.K. Bank Bailouts Will Cost 175 Billion Pounds, IMF Estimates - Bloomberg.com The UK has spent aprox £175billion($257billion) which is according to the Internation Monetary Fund, 13.4% of our GDP, on bailing out the banks. The British press say around the same figure although MP's seem to think the real cost is higher and there have been calls for the chancellor to be honest and tell parliment how much the taxpayer has spent. The US has apparently (according to the IMF) spent 12.1% of it's gross domestic product, which for 2008 was $14.2 trillion, on bailing out the banks, that works out as $1.718 trillion of taxpayers cash by the end of 2009. If i had a negative equity morgage and could walk without them being able to get my savings it would be cheery'o
Anyone that had a house should have seen this whole thing coming. If you put $10,000 dollars into improving your house it's value would go up by $20,000 which just isn't reasonable at all.
I don't remember saying that was okay. Just going by the old philosophy, "Two wrongs don't make a right." Why should my home devalue further because my neighbors are walking away from their houses? When people stick the banks with their mortgages the debt doesn't disappear, do you want to bail them out again?
Your neighbor doesn't give a shit about your home's value. They care about getting themselves out of their financial hole. If defaulting on their mortgage is the best way to do that, then they should do it. No, we don't want to bail them out. Do you have any idea what could've been done with all that money instead of bailing out the banks? If the banks fail, they deserve it. Do you know how many banks have failed in the past year? Why didn't we bail them out? Oh, I know. It's because they were small enough to fail.
I am so fucking glad that I made it to early retirement and never bought a house, or had any debt. I stopped working when my job went out over 3 years ago, in my early 50's and I'm still collecting unemployment, thanks to the extensions, and have COBRA heatlh coverage, which Obama should be extending. This is the way we did it: THINKER:Two Healthy Incomes No Kids Early Retirement As far as the people who lost their homes because they couldn't, or wouldn't pay up for them, too fucking bad - I never owned a house, and they could care less about me. When I was young, people saved up until they had enough so that there would be a small mortgage - now they want everything instantly. I'm laughing all the way to the bank - or should I say my broker's offices on Wall Street. To the people that put down a tiny amount and are in foreclosure: You're idiots, you should have seen it coming. Goddamn it, it burns my ass that people only blame the big businesses for this.
I think your misunderstanding my position. I hate the bailout, I hated tarp, I hate people giving my money away. This President will throw money at the banks faster than you can say bailout #5 if people keep defaulting.
Glad to see that someone here has actually taken a class in economics! Of course the banks should have been allowed to fail- if they had then the supply of banks would decrease, letting the remaining banks set prices as they saw fit. This would make banking a profitable business again, and eventually more people would enter, bringing the supply up and thus the price, where it should reach equilibrium yet again. In a way, by virtue of being consumers, it is at least somewhat their fault. We are witnessing these industry "bubbles", in my opinion, because we have given value where there is none- currency. Once you do that, it can be manipulated and value can be added again, and then passed on, essentially like paying someone with $5 and telling them that it's $10, through complex math equations, payment plans, etc... If consumers are consuming these inflated values and trying to make money off of them (second mortgages, etc.), then they are just as at fault as anyone. In a perfect world, you would only be able to recieve an amount of value in return for equal value. Bartering is the only way to accurately measure value, because value is decided on the spot based on your needs at hand. I'm not trying to say we should all start bartering instead, but I think it might be the better option, and even inevitable if economic troubles continue.
I was talking about the banks failing though. They invested in toxic assets and lent out money to people who didn't deserve it. When it comes to economics, I'm actually not that well-read, but I do have a basic understanding. When a company is billions of dollars in debt, they should file for bankruptcy (unless they have some way of paying it back). By giving them a bail-out, we take the risk out and thus allows for all these crazy investments. It's natural for companies to die if they are doing poorly. Of course there were people who made stupid decisions that helped lead to this crisis, but the difference there is those people are paying for those decisions. They are forced to go through the proper channels in order to get back on their feet. They don't get blank checks from the government like some of the financial institutions did.
Um, again, banks dont set prices. The market does. Why don't the banks charge a billion dollars for a house? Because no one would pay it. The market drove up the price of houses. People increased demand. Underqualified people got loans, in part because of the fairness and lending act, also because the banks started taking risky loans and rolling them into securities and selling them like stock. People were buying 2 or 3 houses with no down, renting them out, and when interest rates adjusted, they were screwed. It's their fault, their signature is on the dotted line. The banks are greedy? good! I want my bank to try to make money. A broke bank is a failing bank. If they get too greedy and fail. Good! Screw em. The market will flush the toilet every once in a while. Bailouts are candy for asshole politicians, systemic failure my ass.
which would exacerbate the issue, which would lead to more foreclosures, which would exacerbate the issue further... etc... thing is, the system that is currently in place is not working on an even keel and those that have been manipulating it have to either be removed or castrated from doing further harm. if that means that the clock has to be reset, then i'd vote "so be it." but then again, i am a misanthrope