Tax Credit approved!

[Diesel99]

Have you ever tried to hire someone under 30 to do manual labor? The half that know how to work have solid jobs so we are left with the lazy half. They think Im going to pay them to stand around and smoke all day. They have to be lorded over or they get nothing done and what they do get done is half azzed. Then as soon as they have beer and cig money for a few days they stop showing up untill they are broke again then think Im going to take them back.
We need a guest worker program.
What we dont need is this rebate. What we need even less is giving it to people that make more than 30/40K a year. It's a drop in the bucket for the rest and I fail to see how it will help the real problem which is stupid investors buying houses they can't afford on ARMs then wanting us to bail them out. Live with in your frikking means! If you can't pay for a new Hummer and a 4500 Sq/ft home on one income, don't buy them

I just wonder how many people that are loosing there homes have gone out and got a second job at night to make the bills? Always janator and fast food work out there.

The stupid people that took out mortages that they could not pay back is just the very tip of the iceberg.
If you think big banks, businesses, private equity groups, cities, counties, states and countries didn't leverage up to the max just like homeowners did you don't understand the magnitude of the collapse we are going to see in the next 5 years as everyone has to unwind their positions.
All the wealth created has been from financial engineering nothing else.

 

[Fosgate]

The stupid people that took out mortages that they could not pay back is just the very tip of the iceberg.
If you think big banks, businesses, private equity groups, cities, counties, states and countries didn't leverage up to the max just like homeowners did you don't understand the magnitude of the collapse we are going to see in the next 5 years as everyone has to unwind their positions.
All the wealth created has been from financial engineering nothing else.

I would say it's more the lending practices of the mortgage companies. Stated income is just dumb when proving your income. Lenders accept it at a higher rate and they make more money so they won't say no. Borther just built a house a couple years ago and they said he could afford to build over 1/4 mil $ home. Showed him the payment and he was like "No freaking Way" He could afford it if he had no bills, didn't go anywhere and didn't eat.

 

[Diesel99]

We don't need this tax refund we are on the cusp of a banking crisis.

A freind at the FDIC alluded to it some time ago they are expecting some 300 bank failures.

The last firewall here is the bond insurers, and they are melting fast. When they go, an enormous amount of money is going to be DESTROYED. Investment Banks and commercial banks will be FORCED to take writedowns.

The monetary base, which has been shallowing, will begin to FALL.

The Fed will have to pump FASTER as the banks take the writedowns.

Rates in the muni market will go HIGHER as pension and money market funds dump paper that no longer has the AAA moniker.

Short term ratets will go lower, but this will induce inflationary expectations and rates on the long end of the curve go HIGHER.

Meltdown.

If this happens, the only way to re-start the economy is through FISCAL stimulus. You can lower the short rate to ZERO and nothing, absolutely nothing, will happen.

If this occurs, the $150 billion stimulus package will have ZERO effect. You would need several trillion dollars to re-start the economy.

The powers to be are running around plugging holes in the dyke but it's not going to help. Don't listen to what they say "economy is in great shape" just look at what they do. Be afraid very afraid.