4WomenTalk Forums Community for Women - View Single Post - Wamu-biggest Bank To Fail In Us History!

Gina · 10-01-2008, 01:55 PM

I don't think we are heading for good news if Congress doesn't vote on giving the bailout money. It is a shame that greed is what brought us to this point, but like Warren Buffet said the other day, you can't fill one part of the tub with hot water and the other part with cold, its got to be a mix. We are all going to be affected by this one way or the other. So I think they should give the money.

This country has been living in sort of a fantasy world, purchasing stuff we really can't afford. Years ago our parents didn't believe in credit cards if you didn't have the money you just didn't buy it. We have become a very materialistic country. Greed has come into play here and this is why we are in this position. Next is fear and fear begets fear in this crisis.

I can talk from the real estate end people were given sub prime mortgages with no money down, no doc mortgages, interests rates only, it was crazy but the lenders allowed this, it eventually had to start crumbling down and it will snow ball into the rest of the ecomony. People losing jobs, business closing, student loans , purchasing cars etc. This bailout is to help the banks, not the people defaulting they will still lose their homes regardless.

I see it in my business it is going to be tough getting a mortgage, you will need good credit and a good downpayment. Like it was back when.. Deals are going south because of this mess. It will spiral..

I can go on and on but looks like no one wants to voice their opinions and of course this IMO.. But we are all mature people who have an opinion and should voice it..

10-01-2008, 01:55 PM	#3
Gina Donating 4WT 500 Club Member Join Date: Sep 2006 Posts: 6,025	I don't think we are heading for good news if Congress doesn't vote on giving the bailout money. It is a shame that greed is what brought us to this point, but like Warren Buffet said the other day, you can't fill one part of the tub with hot water and the other part with cold, its got to be a mix. We are all going to be affected by this one way or the other. So I think they should give the money. This country has been living in sort of a fantasy world, purchasing stuff we really can't afford. Years ago our parents didn't believe in credit cards if you didn't have the money you just didn't buy it. We have become a very materialistic country. Greed has come into play here and this is why we are in this position. Next is fear and fear begets fear in this crisis. I can talk from the real estate end people were given sub prime mortgages with no money down, no doc mortgages, interests rates only, it was crazy but the lenders allowed this, it eventually had to start crumbling down and it will snow ball into the rest of the ecomony. People losing jobs, business closing, student loans , purchasing cars etc. This bailout is to help the banks, not the people defaulting they will still lose their homes regardless. I see it in my business it is going to be tough getting a mortgage, you will need good credit and a good downpayment. Like it was back when.. Deals are going south because of this mess. It will spiral.. I can go on and on but looks like no one wants to voice their opinions and of course this IMO.. But we are all mature people who have an opinion and should voice it..