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US Financial turmoil
#1
I'd be interested in getting some "man/woman on the street" perspectives from locals on the subprime triggered chaos going on at the moment. Any US folk care to offer their perspectives?
#2
A lot of people made bad decisions, encouraged by greedy lenders, and the economy as a whole is now suffering.

Bottom line is that we have a culture that wants things easily, and now, without proper effort, and it shows in the economy, and in the negativity towards businesses like Amway.

Nothing new, just another example of why our business has so much potential: anyone can, but only a few will.

Delayed gratification is all that would have needed to exist to avoid the whole fiasco; and the companies that provided what we, as a whole, wanted are only slightly to blame.

Sign of the times, unfortunately.

IMHO
#3
I was after a more specific response actually, this is the "anything goes" thread! :dontknow:

The stuff going on in Washington on Thursday was just astounding, particularly in the contect of a presidential election in a bit over a month.

Do the public understand what this is all about? Do they care?
#4
Well, I personally haven't felt any major repercussions from these people's bad choices . . . yet. No, wait, there was that economic stimulus that helped me pay rent that month. Okay, I have felt it.
Tongue
Beyond that I haven't felt much. However, I have heard horror stories from the news channels. In our area one channel announced, in so many words, they'd be trolling for news stories by asking people to send in their stories about how the "terrible economy" has effected them. There was one story from a gal who said she had recently gotten sick and couldn't work and then her husband got laid off. She said that they needed to start potty training their two kids early because they couldn't afford to pay for diapers anymore, the cheap diapers.

After I listened to them read that one, they read another crazy story that just sounded out of this world. Almost as if the entire world was against this couple. Of course since it's a news outlet, they thrive on scary news, they're going to do very well come sweeps week. Since it's also hurricane season and an election year, they're going to have a lot to report on. At this point I would encourage anyone who wants to actually have a positive outlook on life to not watch the news on TV for a good year, cause it's going to sound so depressing.

However, as many Diamonds who have been around for 20 years will point out anyone who is actively building a business, they're going to have a boom because people are going to be looking! Brad Duncan said that in the last boom they had 19,000 new IBOs attending functions in a year. Of course that means that the actual new IBO number is going to be a LOT higher. So, I'm pretty excited! People are going to be looking for hope and we'll be here for them.
#5
The whole mortgage mess started in 1999 when Bill Clinton and Attorney General Janet Reno started forcing lenders to loosen credit standards to allow for more inner city (and thus minority) loans to be approved. Republicans controlled congress at the time and did not stop it.

In 2003 Bush proposed overseeing Fannie May / Freddie Mac citing future problems if things were not taken care of. Democrats resisted the new oversight. Bush never followed through.

Now the whole thing has blown up. Democrat Leader Harry Reid last week said he was sending congress home because "nobody knows what to do." Bush has offered an expensive $700 billion bailout. Democrats want to spend more. Conservative Republicans are proposing their own plan- the government will NOT buy the bad loans. They will loan money to these banks and make other less costly changes to the system.

The American people are 3-1 against the $700 bailout.

Dems could pass a plan that Bush would sign. But that would make them very vulnerable in this election. (Every Congressman is up for election and 1/3 of Senators are). Conservative Republicans are now in the position to demand certain changes be made in the bill.

McCain as you know suspended his campaign to go back to Washington to fix the problem. Obama has stated that, even though he is a sitting Senator, that he should stay on the campaign trail. He showed lack of leadership yesterday with his quote to the Washington Democratic negotiators- "If you need me, call me."

My guess is that there will be a significant bailout bill that will NOT cost $700 Billion. And McCain will get the credit for it.

In the past, Obama has out polled McCain on economic issues. The bailout bill, depending on how it ends up, may change the whole presidential race. McCain may come out of this looking like the maverick leader who is willing to get things done even if it means bucking the president of his own party. And Obama may end up looking like an empty suit.
#6
Excellent summary MichMan, and spot on! :hello:
#7
Ummm, no, that's not even close to an accurate summary. You haven't even get yesterday's history straight, let alone a decade ago - Obama was in washington along with John McCain, and from what I've read contributed more to the discussions than McCain did - albeit in my opinion both have been lacking in contribution and leadership on this issue. I've been able to find no source at all for your claim that Democrats want to increase the $$$$, rather they they want to limit how much of it ends up in the pockets of wall street executives.

No offence, but do you get your news anywhere but Fox?
#8
I will type S-L-O-W-E-R for you so you can understand. I never said Obama did not come back to Washington. I said that he claimed it would be better for him to stay on the campaign trail. He did not agree to come to Washington until Bush called to invite him.

Obama contributed more to the negotiations than mcCain? Says who? Democrats?

Do you get all of your news from the foreign press?


---------------------------

Don't tell me... you personally know a person who was in the room (who cannot be named) who says Obama was offering practical solutions while John McCain was sleeping in the corner and slobbering on his shirt.

[just kidding] Wink
#9
ibofightback Wrote:Ummm, no, that's not even close to an accurate summary. I've been able to find no source at all for your claim that Democrats want to increase the $$$$,


Democrats add billions to stopgap bill

Say funding a raft of special projects would stimulate economy

Stephen Dinan
Friday, September 26, 2008

Even as Congress moves to bail out Wall Street, congressional Democrats called Thursday for billions more in taxpayer dollars to be spent on private shipyards, a new Department of Homeland Security headquarters and hybrid car batteries - all to get the economy going.

The stimulus spending package is on top of a $630 billion stop-gap measure the House passed Wednesday and which is now pending in the Senate.

But the stimulus package goes well beyond the basics to take care of many needs Democrats have been seeking to address, including:

cIncreasing food stamp benefits by 10 percent, paying for 18 million additional meals for a senior citizens program and designating $450 million for the Women, Infants and Children Benefits program.

cSpending $5.1 billion for the Low-Income Home Energy Assistance program.

cSetting aside $925 million for a new Coast Guard polar ice-cap icebreaker.

cPaying hundreds of millions for a Homeland Security headquarters that will consolidate many of the former agencies now scattered across Washington. Democrats and DHS officials say the move will help the department do its job.

cDesignating $10.8 billion for a whole range of infrastructure, including bridges, mass transit, Amtrak and airports.

The proposal includes $44 million for grants to assist small shipyards, which Democrats said is needed to make the U.S. shipbuilding industry competitive.



http://www.washingtontimes.com/news/2008...pgap-bill/
#10
Quote:A few moments ago, President Bush called Senator Obama and asked him to attend a meeting in Washington tomorrow, which he agreed to do. Senator Obama has been working all week with leaders in Congress, Secretary Paulson, and Chairman Bernanke to improve this proposal, and he has said that he will continue to work in a bipartisan spirit and do whatever is necessary to come up with a final solution.

I thought you said he was campaining?

Quote:Do you get all of your news from the foreign press?

I read everything I can get my hands on, frankly I don't believe either side.
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