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EDM

As I recall it, Red Lining legislation did not force banks to make special rates ...... It required that banks make loans at the SAME rates and with the same financial criteria no matter the area of the city .....

Al

Last year 68.4% of my gross income ended up being taxes. Next year it will go up. That is excessive profits in my book. Federal taxes, Social Security, Medical care, State taxes, City taxes, property taxes, vehicle taxes, personal taxes, sales taxes, you name it taxes. 68.4% of my gross taxes went back to the government.

It is obscene and about to get worse. My father's farm has been in the family for four generations and unless I come up with a pot full of money, for inheritance taxes, it will be sold at his passing in the next year of two. I am tired of "near do wells" telling me that I owe, anyone else, anything. Let the bastards get a job and work 60 hours a week to get what I have. Let them spend eight extra years in school, borrow tens of thousands of dollars to live on and pay for school. Let them go deeply in debt, never miss a payment and then be told that their money needs to be spread to others to help them achieve the American dream. This is crap of the worst type. We are being made into mushrooms. Kept in the dark, fed horse shit and told that not only is life good but that we should grow and be happy. Bull shit.

I have a solution for this mess. I intend to decrease my gross income by 50% next year. Screw-em. Next year the farm will not sell a grain of corn or a bean. I will store them. I can do that for a year, or two need be. Hell I can just not plant the farm. Being paid off, (the farm), makes it much easier. I will work two days less a week in the practice. Let my income drop 50% and the taxes will drop by two thirds. They can not tax, what I do not make. I use to live on far less than I make now and can go back to those days again. Can government get buy on what they collected 20 years ago? I think not.

Like many others, I am getting tired of the elite telling me what to do and how to live.

Bouvier, a propos of "no matter the area of the city .....", do pay attention to the
profile of the "customers" the sub prime loans have been oriented to:

http://www.youtube.com/watch?v=5OtKt3ezHY0

JC

JC:

The sad fact is that the poor always get screwed first ..... I'm sure the bankers have already cashed the bonus checks ..... And the investment bankers have bought private islands from the money they made selling the bullshit bonds they sold based on the sub prime junk ..... And in the end WE are going to pay for it!So the poor get6 screwed first ...... and we taxpayers get screwed in the end!!


Al

Hear is part of the problem.In 69 when I got out of the service the goverment allowed me 27,000 for a home loan,alot of money for the time. Today a vet can now get 730,000 for a home loan when he gets out,this amount was just approved.Remember vets can get a one dollor down payment to boot. What kind of job must Sgt. Joe Blow get to make a 7,300. monthy house payment.This is goverment backed stupid loans not gready banks.

The poor get screwed first, true enough, but they often get screwed less. I know several 'poor' people who keep under the poverty level on purpose and pay no taxes. They always seem to always have money for cigarettes and beer. It's even better if you're poor and illegal.

My latest wonder is why, after all these years of being told we pay taxes to support our roads and schools, every major new road around here is a toll road and private schools are becoming the norm since public schools are a breeding ground for the sex drugs and rock n' roll set.

Bouvier - It's called CRA, the Community Reinvestment Act. In the mid-90's the president demanded of Congress to expand the already broad powers of this act to qualify people for mortgage loans that had previously been unqualified based on credit history, income, etc. Banks are judged on their performance under CRA by Federal regulators and if their performance is deemed less than satisfactory under government standards, those banks are penalized. (Good performance = more loans in the community to certain protected classes) Fannie and Freddie offered guaranties on this paper because the secondary market would not accept it as is - too risky. Fannie and Freddie's guaranty made this questionable paper investment grade and liquidity to make more loans was ensured. To further complicate matters, the really toxic stuff that Fan and Fred would not touch was made good by friendly ratings agencies for a fee. All the AAA paper you want for a nice fee to Moodys or S&P. This is a gross oversimplification, but you get the idea. The notion that this mess was caused by "greed" alone is insufficient, whose greed? Investment bankers, Fannie and Freddie execs, lenders, real estate agents, ratings agencies? Take your pick, everyone was making money. A few saw it coming, but they were shouted down. In the end it was social engineering and bad public policy on behalf of Congress and a presidential adminstration hell-bent on giving out free lunches that created the perfect financial storm. EDM is spot on, easy credit created a bubble that inflated our economy and created demand for goods and services not based on economic fundamentals, but wants and wishes. My advice for anyone on the fence is to pay down debt and gird your loins, because it's going to be rough for the next 12-18 months. DOW futures are in the way in the can this morning because the hedge funds are making margin calls. As far as prices, commodities are going through the floor which may offer relief on ammo prices in 6 months. I wonder how many orders Galazans, Purdey, et al have had cancelled? I bet more than a couple.

If I vote for Obama you think he'll spread your guns around ?

eeb:

As I read them there is nothing in CRA of 1977 or FIRR&E act of 1989 or FHEF&S of 1992 that requires banks to make loans at lower rates or relax credit worthy-ness for any buyer. The CRA addressed the banks actions of charging higher rates and requiring a higher standard of credit- worthy-ness for persons living in low and middle class neighborhoods. I bought our first house in NYC in a red lined area and all the bank required a 20%+ down payment and a substantial bank account. In Westchester County, where I worked at the time,a typical down payment was 10%. Ultimately I qualified for a GI loan which required the bank to maintain a 5% maximum. Seven years later , after the act, I was able to buy several homes in the formally red lined area with the more traditional 10% down payment. And ..... for the record I fall into none of the "protected" categories.

Al

If the dollar continues to strengthen against the Euro, as it has recently, then perhaps European guns sold here may become less expensive.

A 20% reduction in the cost of a SxS from Arrieta or AyA would be most welcome.

JERRY