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Originally Posted by ASU2003
It's not that all capitalism is bad, that's not it at all. But there needs to be checks and balances to make sure people aren't cheating to make a quick buck.
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Yep, agreed. This pretty much sums up my feeling.
Quote:
Originally Posted by ASU2003
Some real estate speculating is ok, but it should be limited to buying old homes and fixing them up. Not buying new construction and selling it for tens of thousands over the base price before it is even finished using a 80/20 interest only loan with 0 down (and never having the intention of moving in).
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I don't agree with limiting real estate here. The speculation will go up and eventually come down. We need to be more disciplined on our purchases. That's why I haven't bought a home in a 'hot market' yet. Because I resisted the temptation to take a out a bad loan. I will patiently wait it out and most likely buy a foreclosed property or two for a great price. Most of my friends and acquaintances are similarly disciplined.
-----Added 15/9/2008 at 04 : 53 : 47-----
Quote:
Originally Posted by Willravel
I almost hate to say it, but this has been on it's way for a while. It's really sad, and I can't see an honestly good option for us right this second. All that we can do is try to prevent this in the future by ending this idea that the government interfering with the market is the debil. Fannie and Freddie were having accounting problems years back. I told my grandmother to move her investments out of them and into more stable accounts (I think she's doing her investment through something religious now, like Thrivent).
It was a bigger drop than I expected, but overall not really.
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Same here. I wasn't really surprised. I have been expecting this correction to happen for a while now. There will be some more coming up too. It's like a healthy purge. Glad to hear your grandma made some good financial choices, good on you for looking out for her.
Quote:
Originally Posted by Willravel
There will be rampant partisanship and ideologue-ing, which won't get us anywhere. If it's as bad as I think it will be, we won't even learn from our mistakes and it will happen again.
There's already a line forming outside Washington D.C. of industries wanting a bailout.
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Unfortunately, you may be right. This disgusts me.
Quote:
Originally Posted by Willravel
Someone asked a funny question either this morning or yesterday, "Why is it that the US supposedly has no money for universal health care but is more than happy to come up with a few billion to save a bank or two?"
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Good question. Someone should put it to the powers that be.