Stock Market is currently tanking.

[indyfrisco]

I got one stock in particular I bought in January (GMCR) taking a hit. Down $8.21 today (7.4%). Good thing I bought 500 shares ~$35/share. I'm gonna stick around for a little while before I cash out of this one. They haven't even released their Starbucks line of coffee yet which is why I bought them as early as I did.

[The Seer]

Hope & change.

[smackaholic]

so much for them 401K gains this year.

[Sirfindafold]

[Bucmonkey]

Suckers.

[War Wagon]

We were told that if the debt ceiling wasn't raised, financial chaos would ensue. Utter ruination, worldwide panic.

We were told to call and e-mail our congress people and demand that it be raised. The phones rang off the hook and the servers crashed. So it was raised.

Golly, I hate to see what would've happened had the Fed defaulted.

[War Wagon]

It's all Bush's fault along now with that demonic Tea party, btw.

[mvscal]

Golly, I hate to see what would've happened had the Fed defaulted.

It never would have defaulted. That was a bald face lie.

[Mikey]

Thanks Tea Party for scaring the holy shit out of the markets.

Pops should be happy. His prediction is finally coming true, only a year and a half late. I guess if you wait long enough almost anything is sure to happen at least once.

[Y2K]

Happy Birthday Mr. President

Jokes on you.

[Atomic Punk]

Politicians that have more than one term are bought off by bigger money than what put them in there for a 1st term on any level. Using the "Tea Party" as an excuse for the corruption of Washington tells me the electorate IS that stupid. BTW, the stock market isn't moved by the average investor getting a clue from a financial news channel that sends their puppets to pump and dump their holdings on news shows. If KC Scrote wasn't in a steam room right now looking at manly men with lisps, I'm sure he would have told us the obvious... since he is a financial wizard.

[War Wagon]

Thanks Tea Party for scaring the holy shit out of the markets.

They have fuck-all to do with the markets.

weak manufacturing, home building, consumer spending does.

Are you blaming that on the Tea party?

[Dinsdale]

Whitey -- maybe not where you live in Thumperville, but look at comments from a newspaper from a "liberal city" (like mine, for example), and yes -- OBVIOUSLY the "tea-baggers" are responsible for every evil in the country.


I mean, the nerve of them... not wanting to pay off a credit card with another credit card.

[Bizzarofelice]

weak manufacturing, home building, consumer spending does.

and Europe.









especially the song "Carrie"

[mvscal]

weak manufacturing, home building, consumer spending does.

and Europe.

...and Japan...and downward revisions to Q2 "growth"...and (justified) fears of another round of quantitative easing on the horizon.

[War Wagon]

Whitey -- maybe not where you live in Thumperville, but look at comments from a newspaper from a "liberal city" (like mine, for example), and yes -- OBVIOUSLY the "tea-baggers" are responsible for every evil in the country.

Thumperville maybe but there's not a more liberal rag in the country than the KC Star. And the letters? I've vented on this before... I swear they make the authors up because I don't know any people here like that.

I mean, the nerve of them... not wanting to pay off a credit card with another credit card.

Ponderous, isn't it?

One asks themselves just how in the fuck did the supposedly richest country in the world allow themselves to willingly become a debtor nation. One asks themselves how the debt limit has been increased eleventeen times over the past 50-60 years with nary a whimper... business as fucking usual and those debts get kicked down the road to some supposedly more prosperous time and in the moment there's no pain.

Oh well, we'll say. What's on TV tonight?

[Dinsdale]

weak manufacturing, home building, consumer spending does.

and Europe.

...and Japan...and downward revisions to Q2 "growth"...and (justified) fears of another round of quantitative easing on the horizon.

My borderline "inside sources" tell me Satan, aka BofA, is ready to start cashing in on that loan they used to throw everyone out of their house.

They're going to start dumping houses... Wecome the Great Depression, Part II.

But they were "too big to fail," and now they're being fine stewards of our economy.

Maybe time to decorporatize BofA.

Bitch to your congressional reps/Sens in advance -- it's gonna get ugly. They own such a ridiculous percentage of American houses/properties, they hold all the cards.

Shameful. Bailout gone bad. WE loaned them money, and now they're using it as leverage against the American People?

Pop a few caps in the board members' heads, and see if they still think they're funny.

[Atomic Punk]

Dins, BofA bought Countrywide. After that, BofA started screwing by proxy. Now if you're saying they (BofA) are going to continue to screw people, then what does your insiders have to say? BTW, don't need links here since LTARD signed out and can only remember his bradhusker troll p/w.

[mvscal]

Actually, after further consideration, I'm going to change my take on this. This crash has been deliberately orchestrated.

Remember those articles last week claiming that the federal gov had less cash on hand than some major corporations? Now this week the market is in a full blown stampede to sell and drops 500 points in a couple days. So where does that money go? That's right, children. Short term treasury securites.

Behold! A Miracle!!

Prices for Treasury securities jumped Thursday, sending the yield on the two-year note to a record low, as investors rushed to U.S. government debt in search of safety.

http://hosted.ap.org/dynamic/stories/U/ ... 4-17-26-23

[War Wagon]

Dins, BofA bought Countrywide. After that, BofA started screwing by proxy. Now if you're saying they (BofA) are going to continue to screw people, then what does your insiders have to say?

How is BOA screwing anybody?

People signed pieces of paper. They knew the terms of the loan or they were too stupid to have signed that mortgage in the first place. They defaulted on the loan. They lose their home. Pretty simple stuff.

[Shlomart Ben Yisrael]

Dins, BofA bought Countrywide. After that, BofA started screwing by proxy. Now if you're saying they (BofA) are going to continue to screw people, then what does your insiders have to say?

How is BOA screwing anybody?

People signed pieces of paper. They knew the terms of the loan or they were too stupid to have signed that mortgage in the first place. They defaulted on the loan. They lose their home. Pretty simple stuff.

If you borrow money from a loan shark to put food in your kids mouth, he has a right and an obligation to break your legs if you don't pay on time.

What a wonderful system.

[Atomic Punk]

Dins, BofA bought Countrywide. After that, BofA started screwing by proxy. Now if you're saying they (BofA) are going to continue to screw people, then what does your insiders have to say?

How is BOA screwing anybody?

People signed pieces of paper. They knew the terms of the loan or they were too stupid to have signed that mortgage in the first place. They defaulted on the loan. They lose their home. Pretty simple stuff.

The more I see you post and want to say, "This is a smack board brother," you have to be a complete moron that doesn't "gets it." Notice I don't drop fork-lift driver on you or anything? That's prolly a compliment to you knowing what KC area posters are known for.

"Balloon payments" and "hidden fees" designed to where only an intelligent lawyer could figure out the mortgages are what happened/is happening slappy.

[War Wagon]

"Balloon payments" and "hidden fees" designed to where only an intelligent lawyer could figure out the mortgages are what happened/is happening slappy.

STFU idiot... and keep renting.

[Dinsdale]

How is BOA screwing anybody?

Feel free to call "bullshit" on this one... I would, if I wasn't privy to it unfolding...

About 4 years ago, give or take, a friend of mine bought his first house. Got an absolute "liar loan,"and if I remember right, din't even have a job at the time (or had just started a new one). Got himself a good job, has never missed or been late on a payment. His loan wasn't with BoA, but they apparently got it in the musical-loans game.

His plan, like everyone else buying during the boom, was to make the payments, get some equity, and refi.

Then came the crash, which hit this area harder than most. Still, he never missed a payment.

So BoA calls him, and tells him "you have a balloon payment coming up in a couple of years, and that's when houses get foreclosed on. The government wants us to ditch the 'troubled assets,' and get out of upside-down loans."

And here's where the story starts testing the limits of believability, but I'm not making this up.

So my friend tells them: "I agree. Since I make good money and have never missed a payment, I'd love to refinance with you -- make it longer, make the payments a little higher... whatever -- let's just ditch the balloon, and we're good."

BoA: "Uhm.... no. We can't loan more money than the house is worth. Got $40,000?"

Friend: "Would we be having this conversation?"

BoA: "There's a government program for people in your situation. It's called a HAM, which you qualify for. Instead of getting foreclosed on, you'll walk awat with about 4 grand."

Friend: "If I can't get refinanced, I guess I'll take it, although I'd rather keep my house. Sign me up."

OK, this is where shit gets crazy...

BoA: "In order to qualify, you need to be at least 60 days behind on payments. You need to be at least 60 days behind in payments, so you need to stop making payments before we can sign you up."

My friend found this pretty odd, but since his bank told him to, and was offering him cash to walk away, he did as told.

60 days later, he calls them up.

Friend: "It's been exactly 60 days, let's get this ball rolling."

BoA "Uhhhh..... yeah, about that HAM/buyout dealio -- you make too much money to qualify."

Friend "You knew how much money I made when you told me to stop paying."

BoA: "BUT... we do offer our own private version of the HAM."

Long story slightly shorter -- the new deal they hit him with has higher payments, and a bigger balloon. While not a financial guru, he ain't an idiot either, and told them to go KCScott themselves.

Their response was the jaw-dropping part...

BoA: "Well, since you're not going take the new deal... you're 60 days behind, so we're starting foreclosure tomorrow."

Again -- dude was never so much as late with a payment until they told him not to pay them.

I think there's some lawyers involved now.

And no, I didn't make this up.

[poptart]

Pops should be happy. His prediction is finally coming true, only a year and a half late. I guess if you wait long enough almost anything is sure to happen at least once.

I don't know how a person could not recognize that Barry's economic policies would bring on disasterous results.

We were told that if the debt ceiling wasn't raised, financial chaos would ensue. Utter ruination, worldwide panic.

ObaMao (and many other @ssholes) told people the exact opposite of what is true.
Per norm.

'Chaos' is, as Dinsdale accurately said, thinking you can solve a critical debt problem by... taking on more debt.

No cuts were made.
We were merely promised (*wink*) that the rate of debt increase would be lowered a bit.

Yes, as a raging fire engulfs your home, instead of hosing it down with 10 gallons of gasoline, you decide to scale it back to 8 gallons.

Genius.


The 'tea party' representatives were the only rational adults taking part in the debt ceiling negotiations.

[smackaholic]

Pops should be happy. His prediction is finally coming true, only a year and a half late. I guess if you wait long enough almost anything is sure to happen at least once.

I don't know how a person could not recognize that Barry's economic policies would bring on disasterous results.

We were told that if the debt ceiling wasn't raised, financial chaos would ensue. Utter ruination, worldwide panic.

ObaMao (and many other @ssholes) told people the exact opposite of what is true.
Per norm.

'Chaos' is, as Dinsdale accurately said, thinking you can solve a critical debt problem by... taking on more debt.

No cuts were made.
We were merely promised (*wink*) that the rate of debt increase would be lowered a bit.

Yes, as a raging fire engulfs your home, instead of hosing it down with 10 gallons of gasoline, you decide to scale it back to 8 gallons.

Genius.


The 'tea party' representatives were the only rational adults taking part in the debt ceiling negotiations.

You mouth breather right wingers crack me up.

Anyone who knows the first thing about stoichiometry knows that the reason this house afire is now raging worse. It is because the rate of gasoline being poured on has been backed off a bit. This has leaned the air/fuel mixture getting it closer to the ideal 14/1.

burn baby burn.

[Mikey]

debt ceiling negotiations.

Right there you've outed yourself once again as a completely brainwashed/braindead fool.

[Screw_Michigan]

Dins is right, that shit has been reported in media outlets all across the country.

[Dinsdale]

Dins is right, that shit has been reported in media outlets all across the country.

His lawyer told him to let it go, unless he wanted to gamble his financial future to be a "champion of the people."

Lawyer said that since they keep sending him thesame modification paperwork (that he's filled out and been denied on multiple occasions), it means they don't have physical copies of his paperwork, and they're buying time. Lawyerdude told him to continue not making payments, and sock the money away/hide it, since lawyerdude has another client in the same boat who's been living payment/rent free off BofA for almost 2 years.

Dude says take the money he would have made payments with (again, my friend has a stable job and is well-paid), and in a couple of years, he'll have one hell of a down payment to start over with.

In short, the attorney said that rather than fight them, use their game to your own advantage. Live rent-free off them as long as possible.

My friend is buying all sorts of crazy shit (boat, etc.) that can be put in other people's names, and sold for $$$$ down the road. Meanwhile, he's living in a nice, large house on BofA's dime. Sure, his credit will be wrecked for a few years, but damn, SatanofA is sure letting him build a mean bankroll.

[War Wagon]

Dinsdale, from a couple-month-old thread, "Feel free to call "bullshit" on this one...

yeah, I read that then and in reading it again now, you are correct.

Bullshit.

To begin with, your friend knew he was signing up for a mortgage with a balloon payment, right?

Right.

[War Wagon]

Lawyer said that since they keep sending him thesame modification paperwork (that he's filled out and been denied on multiple occasions), it means they don't have physical copies of his paperwork, and they're buying time. Lawyerdude told him to continue not making payments, and sock the money away/hide it, since lawyerdude has another client in the same boat who's been living payment/rent free off BofA for almost 2 years.

Dude says take the money he would have made payments with (again, my friend has a stable job and is well-paid), and in a couple of years, he'll have one hell of a down payment to start over with.

In short, the attorney said that rather than fight them, use their game to your own advantage. Live rent-free off them as long as possible.

My friend is buying all sorts of crazy shit (boat, etc.) that can be put in other people's names, and sold for $$$$ down the road. Meanwhile, he's living in a nice, large house on BofA's dime. Sure, his credit will be wrecked for a few years, but damn, SatanofA is sure letting him build a mean bankroll.

More bullshit.

The sad part is that there are stupid motherfuckers who will read shit like that and believe it, then be all butt-hurt when the mortgage company comes back on them and sues for what the schlep still owes them.

[Dinsdale]

Whitey, you're so out of the current loop, it's boggling.

You know who is getting stuck paying the difference on a foreclosure?

No one... no one with any brains, anyway.

It's called a Chapter 7, dipshit -- it's all the rage these days. It excuses the borrower from deficiency judgements. While the borrower did agree to certain terms, the lenders are using it as leverage to seize assets, which is clearly playing dirty-pool. So I have no problem with the borrowers sticking it to them via Chapter 7 -- dirty-pool right back at'cha.

And yes, my friend, along with millions of other people, signed on for a balloon, since that's pretty much all the industry wanted to give anyone. No one anticipated that there would be collusion among the lenders, and that they would be so rigid in wanting to seize assets, rather than allow people to refi their way out of the balloon.

[Dinsdale]

More bullshit.

The sad part is that there are stupid motherfuckers who will read shit like that and believe it, then be all butt-hurt when the mortgage company comes back on them and sues for what the schlep still owes them.

I'm still shaking my head -- I mean, what does his mortgage attorney know about it, right?

[smackaholic]

And yes, my friend, along with millions of other people, signed on for a balloon, since that's pretty much all the industry wanted to give anyone. No one anticipated that there would be collusion among the lenders, and that they would be so rigid in wanting to seize assets, rather than allow people to refi their way out of the balloon.

bull. fukking. shit.

Fixed conventional loans where there to be had. The problem is, 4.5% fixed don't look as good when someone dangles a 3% variable in front of your grill. It's only a point and a half, but, it's also a 33% drop.

Your buddy passed on the 4.5% bird in the hand and reached for the 3% 2 in the bush. Those two in the bush pecked him on the hand, flew off and shit on his head.

This damn near free money put many more saps into a position to buy more house which of course drove prices to artificial heights.

Had we just let the damn thing sort itself out, we'd be fine now.

But we didn't.

As for your buddy fukking over BofA, I could give two shits about them. What I do care about is the fact that it all gets pushed off on us tax paying chumps.

[Goober McTuber]

I think what Dinsdale meant was that the ARM loans/balloon knot payments were pretty much all the industry wanted to give to anyone who didn't qualify for a standard fixed rate mortgage. When they should have been just showing them the door.

[Dinsdale]

I think what Dinsdale meant was that the ARM loans/balloon knot payments were pretty much all the industry wanted to give to anyone who didn't qualify for a standard fixed rate mortgage. When they should have been just showing them the door.

Well put.

As for my friend, as I mentioned, he's more than able to pay for his house.

He's begged and pleaded to refinance, even at a higher rate, longer terms, whatever.

And since BofA had the audacity to tell him his situation would improve by not making payments, his credit rating is now shot, so he can't get a loan to cover the balloon, which he also would have done.

They just straight fucked him. Scoreboard, BofA.

[poptart]

debt ceiling negotiations.

Right there you've outed yourself once again as a completely brainwashed/braindead fool.

haha

Why would you say such a thing?

[poptart]

Scary Kerry sez the media has a responsibility to not give 'tea partiers' exposure.


*SNAP* out of your conservative bias, you damn media!!







The man is ill.

[poptart]

S&P Downgrades U.S. Credit Rating From AAA

Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.





Those DAMN TEA PARTIERS!!!!1!!


errr...



http://www.foxnews.com/politics/2011/08 ... downgrade/

[mvscal]

S&P Downgrades U.S. Credit Rating From AAA

Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.





Those DAMN TEA PARTIERS!!!!1!!


errr...



http://www.foxnews.com/politics/2011/08 ... downgrade/

Four months ago:

'No risk' the US will lose its top credit rating, says Treasury's GeithnerBy Michael O'Brien - 04/19/11 10:33 AM ET

Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative."

There is no chance that the U.S. will lose its top credit rating, Geithner said, forcefully disputing the notion that S&P or other ratings services might downgrade U.S. bonds from their current AAA rating.

"No risk of that, no risk," Geithner said on the Fox Business Network.

http://thehill.com/blogs/on-the-money/b ... dit-rating

Oooops. Heckuva job, Timmy.