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peterb
ParticipantIn a free market, it matters very much what the buyers feel is appropriate or fair. As they are the people that make the part of the market that matters. They spend the money. If the govt screws with the loans or makes it so the lenders screw with the loans, they better keep the potential buyers in mind. Because if buyers feel it’s a lousy deal, there goes your market. It will hang in limbo. And will still eventually come down.
Lenders are avoiding any changes right now because it’s all bad for them to recognize any of it. So delaying tactics are the order of the day. Looking the other way until a bailout or something changes things for the better. Or perhaps until management can leave the positions.But nothing except a market correction will do this. They may somehow inflate out of it, but that’s still a correction in real money.
peterb
ParticipantIn a free market, it matters very much what the buyers feel is appropriate or fair. As they are the people that make the part of the market that matters. They spend the money. If the govt screws with the loans or makes it so the lenders screw with the loans, they better keep the potential buyers in mind. Because if buyers feel it’s a lousy deal, there goes your market. It will hang in limbo. And will still eventually come down.
Lenders are avoiding any changes right now because it’s all bad for them to recognize any of it. So delaying tactics are the order of the day. Looking the other way until a bailout or something changes things for the better. Or perhaps until management can leave the positions.But nothing except a market correction will do this. They may somehow inflate out of it, but that’s still a correction in real money.
peterb
ParticipantIn a free market, it matters very much what the buyers feel is appropriate or fair. As they are the people that make the part of the market that matters. They spend the money. If the govt screws with the loans or makes it so the lenders screw with the loans, they better keep the potential buyers in mind. Because if buyers feel it’s a lousy deal, there goes your market. It will hang in limbo. And will still eventually come down.
Lenders are avoiding any changes right now because it’s all bad for them to recognize any of it. So delaying tactics are the order of the day. Looking the other way until a bailout or something changes things for the better. Or perhaps until management can leave the positions.But nothing except a market correction will do this. They may somehow inflate out of it, but that’s still a correction in real money.
October 1, 2008 at 12:43 PM in reply to: The choice is now between bad and worse – why don’t people get this ??? #278892peterb
ParticipantWe need massive political change.
Every bill that fails will be followed by a worse one. These guys are thieves and/or complete idiots.I hope most of america notices this. But they probably dont. And this is why it will be really devistating to the average person in 2009.
I have to believe that the Asians and anyone esle that has loaned the US huge amounts of money is now telling the govt to make them whole or forget about future funds.
October 1, 2008 at 12:43 PM in reply to: The choice is now between bad and worse – why don’t people get this ??? #279161peterb
ParticipantWe need massive political change.
Every bill that fails will be followed by a worse one. These guys are thieves and/or complete idiots.I hope most of america notices this. But they probably dont. And this is why it will be really devistating to the average person in 2009.
I have to believe that the Asians and anyone esle that has loaned the US huge amounts of money is now telling the govt to make them whole or forget about future funds.
October 1, 2008 at 12:43 PM in reply to: The choice is now between bad and worse – why don’t people get this ??? #279170peterb
ParticipantWe need massive political change.
Every bill that fails will be followed by a worse one. These guys are thieves and/or complete idiots.I hope most of america notices this. But they probably dont. And this is why it will be really devistating to the average person in 2009.
I have to believe that the Asians and anyone esle that has loaned the US huge amounts of money is now telling the govt to make them whole or forget about future funds.
October 1, 2008 at 12:43 PM in reply to: The choice is now between bad and worse – why don’t people get this ??? #279208peterb
ParticipantWe need massive political change.
Every bill that fails will be followed by a worse one. These guys are thieves and/or complete idiots.I hope most of america notices this. But they probably dont. And this is why it will be really devistating to the average person in 2009.
I have to believe that the Asians and anyone esle that has loaned the US huge amounts of money is now telling the govt to make them whole or forget about future funds.
October 1, 2008 at 12:43 PM in reply to: The choice is now between bad and worse – why don’t people get this ??? #279219peterb
ParticipantWe need massive political change.
Every bill that fails will be followed by a worse one. These guys are thieves and/or complete idiots.I hope most of america notices this. But they probably dont. And this is why it will be really devistating to the average person in 2009.
I have to believe that the Asians and anyone esle that has loaned the US huge amounts of money is now telling the govt to make them whole or forget about future funds.
peterb
ParticipantAhh, moral hazard everywhere one looks. I guess if they can do it on Wall Street, they can do it on main street. What about the car loans? Credit cards? Well, may need to live on the cc, so better pay those. Park the car 3 blocks away so the repo man cant find it. Or repo cant find you when you walk away with no forwarding address and a different job, or no job.
It’s coming.
peterb
ParticipantAhh, moral hazard everywhere one looks. I guess if they can do it on Wall Street, they can do it on main street. What about the car loans? Credit cards? Well, may need to live on the cc, so better pay those. Park the car 3 blocks away so the repo man cant find it. Or repo cant find you when you walk away with no forwarding address and a different job, or no job.
It’s coming.
peterb
ParticipantAhh, moral hazard everywhere one looks. I guess if they can do it on Wall Street, they can do it on main street. What about the car loans? Credit cards? Well, may need to live on the cc, so better pay those. Park the car 3 blocks away so the repo man cant find it. Or repo cant find you when you walk away with no forwarding address and a different job, or no job.
It’s coming.
peterb
ParticipantAhh, moral hazard everywhere one looks. I guess if they can do it on Wall Street, they can do it on main street. What about the car loans? Credit cards? Well, may need to live on the cc, so better pay those. Park the car 3 blocks away so the repo man cant find it. Or repo cant find you when you walk away with no forwarding address and a different job, or no job.
It’s coming.
peterb
ParticipantAhh, moral hazard everywhere one looks. I guess if they can do it on Wall Street, they can do it on main street. What about the car loans? Credit cards? Well, may need to live on the cc, so better pay those. Park the car 3 blocks away so the repo man cant find it. Or repo cant find you when you walk away with no forwarding address and a different job, or no job.
It’s coming.
peterb
ParticipantI guess this is a good example of why it’s called a “depression”. There was plenty of stuff in that house that could have been sold for money. But they left it all.
This is different than anything I’ve ever seen in the business. And the next wave is coming.
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