Don"t Believe The Hype
10-27-08, 09:43 AM
#1
Lexus Champion
Thread Starter
iTrader: (4)
Join Date: Dec 2004
Location: IN THE POKER ROOM!!!!
Posts: 10,823
Likes: 0
Received 1 Like
on
1 Post
Don"t Believe The Hype
Over the last 30 years 1.5 percent of the market has been either in default or in foreclosure. I think it is funny how much the media can clog the average persons mind with all these big scary news headings. I was watching the news last night and one of those headings read “FORCLOSURES UP 40% FROM THE PREVIOUS TEN YEAR AVERAGE.” I thought about it for a minute and it made me laugh. Then I realized what the goal of these bull***** TV stations was to sell you on keeping your TV tuned in to their station. What better way than to feed al this negative ***** into your brain about how the world is going to end and you are going to lose your home. Think about this there are 14 million active homeowners in Illinois alone, if 3% of them go into foreclosure that means 97% or 13,580000 home owners are still current and paying their mortgage on time. I will no longer even pay attention to any news related bull**** about the economy. If anyone is ruining the economy it is the media, and I refuse to be brain washed to me networks millions.
10-28-08, 11:01 AM
#5
Driver
iTrader: (2)
Join Date: Sep 2008
Location: Chicago
Posts: 140
Likes: 0
Received 0 Likes
on
0 Posts
I believe your right to a certain extent but this entire economy scare is a culmination of years of financial abuse. The media is exaggerating a little bit but not by much, i know a few people in forclosure right now!
10-28-08, 08:24 PM
#6
I disagree that things are as bad as what they are....the problem, that I will agree with, is the media doesnt help issues out. The media, IMO, takes everything to the next level. Funny that I was on the banking side of this whole mess making a lot of money but I also worked from 6am till ~ the wee hours of the am. I enjoyed every minute of it. I just find it funny that they blame this on the "Sub-Prime" and the loan officers and the wholesale bankers? I know far to many people that are still with out work that where making 400k+ per year. Great individuals! Did everything and worked hard for what they got no matter how anyone looks at it. These people are no different than anyone us other then they put up with a lot of BS and a very cut throat industry. I wondered what I got myself into ~6 mos into it but the hard work, persistence, and my drive all paid off.
Things are only going to get worse and my fear is that the Media is going to blow up when things continue to happen after the election. More banks are going to shut down. I know of one major bank that will be 90% gone if not close there doors by the end of the year. "they are quietly leaving the market"
"Hold on tight!!"
Things are only going to get worse and my fear is that the Media is going to blow up when things continue to happen after the election. More banks are going to shut down. I know of one major bank that will be 90% gone if not close there doors by the end of the year. "they are quietly leaving the market"
"Hold on tight!!"
10-29-08, 08:18 AM
#7
Lexus Fanatic
I disagree that things are as bad as what they are....the problem, that I will agree with, is the media doesnt help issues out. The media, IMO, takes everything to the next level. Funny that I was on the banking side of this whole mess making a lot of money but I also worked from 6am till ~ the wee hours of the am. I enjoyed every minute of it. I just find it funny that they blame this on the "Sub-Prime" and the loan officers and the wholesale bankers? I know far to many people that are still with out work that where making 400k+ per year. Great individuals! Did everything and worked hard for what they got no matter how anyone looks at it. These people are no different than anyone us other then they put up with a lot of BS and a very cut throat industry. I wondered what I got myself into ~6 mos into it but the hard work, persistence, and my drive all paid off.
Things are only going to get worse and my fear is that the Media is going to blow up when things continue to happen after the election. More banks are going to shut down. I know of one major bank that will be 90% gone if not close there doors by the end of the year. "they are quietly leaving the market"
"Hold on tight!!"
Things are only going to get worse and my fear is that the Media is going to blow up when things continue to happen after the election. More banks are going to shut down. I know of one major bank that will be 90% gone if not close there doors by the end of the year. "they are quietly leaving the market"
"Hold on tight!!"
Trending Topics
10-29-08, 08:26 AM
#8
Brian-
It turely is sad what they have take this too...people that would have never know and continued to spend money, buy houses, ect....are not because of this garabage they read and see on TV. I agree with Bill that its not as bad as they are making it seem on TV but this is no joking matter. Fact is its bad out there but this only would have been for a few and the media has only helped close the doors of more banks by taking this to the next level and scaring the ones that had nothing to worry about....
Has anyone seen where rates are heading???
The media, IMO, is going to push us into a great depression if they dont let this stuff rest and self correct it self. We are a society, IMO, that when "out of sight out of mind" we start to move forward as we would have before we knew. Good, bad, or indifferent its a reality and we need this!!!!
Okay so what where you saying (lol) j/k...
hey O/T can your boy get me some exhaust parts from that distribution center
PM me if so please. Thanks!
It turely is sad what they have take this too...people that would have never know and continued to spend money, buy houses, ect....are not because of this garabage they read and see on TV. I agree with Bill that its not as bad as they are making it seem on TV but this is no joking matter. Fact is its bad out there but this only would have been for a few and the media has only helped close the doors of more banks by taking this to the next level and scaring the ones that had nothing to worry about....
Has anyone seen where rates are heading???
The media, IMO, is going to push us into a great depression if they dont let this stuff rest and self correct it self. We are a society, IMO, that when "out of sight out of mind" we start to move forward as we would have before we knew. Good, bad, or indifferent its a reality and we need this!!!!
Okay so what where you saying (lol) j/k...
hey O/T can your boy get me some exhaust parts from that distribution center
PM me if so please. Thanks!
10-29-08, 08:44 AM
#9
I agree the media is crap. I hate watching the news.
I do believe foreclosures are up but a lot of the blame is the current unemployment situation in America, not the mortgages people have. I understand lot's of people bought homes at inflated prices but they had jobs to pay the bills at the time they obtained those mortgages. All it takes is a job loss or other life problem to derail their plans.
I'm not excusing the lenders for the predatory lending that was done the last 5 years, giving some people loans they shouldn't have but the unemployment problem is a bigger problem than people are saying.
I do believe foreclosures are up but a lot of the blame is the current unemployment situation in America, not the mortgages people have. I understand lot's of people bought homes at inflated prices but they had jobs to pay the bills at the time they obtained those mortgages. All it takes is a job loss or other life problem to derail their plans.
I'm not excusing the lenders for the predatory lending that was done the last 5 years, giving some people loans they shouldn't have but the unemployment problem is a bigger problem than people are saying.
10-30-08, 03:30 PM
#10
how about this? 760k jobs lost this year... does that qualify as things are not good?
Who's next for job cuts?
As of September, 760,000 jobs have already been lost this year, according to data from the Bureau of Labor Statistics. And a quarter of U.S. employers expect to make layoffs in the next 12 months, according to a recent report by consulting firm Watson Wyatt. But which industries will suffer the most? Experts tell CNNMoney.com that certain sectors are more vulnerable to layoffs than others. full story
Who's next for job cuts?
As of September, 760,000 jobs have already been lost this year, according to data from the Bureau of Labor Statistics. And a quarter of U.S. employers expect to make layoffs in the next 12 months, according to a recent report by consulting firm Watson Wyatt. But which industries will suffer the most? Experts tell CNNMoney.com that certain sectors are more vulnerable to layoffs than others. full story
10-30-08, 07:53 PM
#11
how about this? 760k jobs lost this year... does that qualify as things are not good?
Who's next for job cuts?
As of September, 760,000 jobs have already been lost this year, according to data from the Bureau of Labor Statistics. And a quarter of U.S. employers expect to make layoffs in the next 12 months, according to a recent report by consulting firm Watson Wyatt. But which industries will suffer the most? Experts tell CNNMoney.com that certain sectors are more vulnerable to layoffs than others. full story
Who's next for job cuts?
As of September, 760,000 jobs have already been lost this year, according to data from the Bureau of Labor Statistics. And a quarter of U.S. employers expect to make layoffs in the next 12 months, according to a recent report by consulting firm Watson Wyatt. But which industries will suffer the most? Experts tell CNNMoney.com that certain sectors are more vulnerable to layoffs than others. full story
10-30-08, 08:39 PM
#12
guys no doubt its bad out there....all I am saying is the media made this worse then what it should have been. This cycle comes and goes...If people where not sitting on the side lines waiting to see what will happen to these companies they would do business as usual. This is what we need for these companies to stay alive and our economy to stay strong. I cant tell you how I deal with this all day at work. The financial world is so messed up and the more we hear stuff in the news the more I have consumers backing away from financial decisions. First AIG...Now ING...Next???