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Sinking Dollar : Swingers Discussion 91028
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TOPIC: Sinking Dollar
Created by: Vegascplxxx
Original Starting post for this thread:
I'm well aware that most of this little group don't read the newspaper or listen to the news. We just got back from a month in Europe and we watched the dollar drop in value every day. Remember 7 years ago with a Canadian Dollar was worth 60 cents and the Euro was worth less than a US dollar? Times have changed the Euro is now a worth $1.50 and the Canadian dollar $1.07.

If you've been paying attention you know that China is threatening to drop the dollar in favor of the Euro. That could cause the dollar to collapse!

I know the standard conservative line of BS used by the administration. It's good for manufactures. If you own a large corporation that manufactures I guess that is good news.

However, I'm in the business of renting houses. In the past year I've seen more and more people who are having problems paying the rent. These are middle class people who are paying $1000 to $1300 month in rent.

It's obvious that the weathliest 2% of the coutry have done very well under Bush. CEO's pay far less of a percentage of their income than secretaries. Oil, Utility, and drug companies are posting record profits.

For the middle class it's a much different picture. I don't need to tell you that the price of gas has gone through the roof, mainly as a result of tension we started in the middle east. That has caused the price of almost eveything else to go up. The cost of heating homes this winter is going to be a big problem this year.

If the conservative are successful and borrow hundreds of billions to send our labor cheap force back to Mexico, labor costs will rise for food and most goods we do on a daily basis. The most likely option is that we'll have to import most of our food. It's likely that food will cost 2 or 3 times what it does today.

This question is for those of you who are not in the wealthiest 2%. How are you going to survive the Bush years financially?

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I got it..but only worth 15 now!

Destin FL
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wow all this over a buck.........Guess I better not mention the 20 somebody dropped on the floor. LOL

Sanford NC
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Legislation got us in this mess; legislation will be needed to get us out.

Sorry but ?

Imperial MO
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The mortgage crisis: Legislation got us in this mess; legislation will be needed to get us out. How the language gets drafted is up to all the idiots in Washington D.C. to determine. But it needs to be done "yesterday".

Most entrepreneurs use the equity from their home to start up a business or expand it and there are those who borrow the equity to survive economic turbulence. Now all of it is gone! All it took was the creation of variable interest rates, only interest payments, and negative amortization. What a freakin' disaster.

Say what you want, but most of these people borrowed money in a time where economic expansion was considered a viable option with low risk and an incredible opportunity. What was considered a smart business move turned out to be a disaster.

Fairfield CA
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Who's to blame for the mortgage mess? You know who the victims are. We name some of the villains in a credit crunch built on irresponsible subprime lending in the United States.

It's not over, folks. There's plenty of pain left to come for homeowners and investors already battered and bruised by the subprime-mortgage meltdown.

Consider that analyst Mike Mayo of Deutsche Bank predicted Monday that worldwide losses from bad subprime-mortgage loans will reach as much as $400 billion. To date, reported losses are less than a quarter of that total. And market strategist Ed Yardeni on Monday doubled the odds of recession in 2008, to 30%.

But even if we don't know when it will end, we're getting a much better idea of whom to blame. It's a collection of regulators, Wall Street titans and too-smart number crunchers who were supposed to be providing adult supervision. Instead, they chose either to enrich themselves or to look away as others did. Below is a rundown of the worst offenders.

No. 1: Alan Greenspan

Alan Greenspan In his best-selling book, Alan Greenspan describes how well he managed the economy during an "age of turbulence." Unfortunately, he's largely responsible for the current dose of it.

As chairman of the Fed, Greenspan took the federal funds rate down to 1% in 2003 and left it there for a year. Even as the Fed began raising rates, Greenspan's exceptionally low interest rates "planted the seeds for the housing bubble," says Robert Rodriguez, a money manager at First Pacific Advisors who saw the emerging subprime mess early on and has managed to dodge most of it so far.

Talk back: Who do you think is really responsible for the subprime mess?

Greenspan's role in the current mess doesn't stop there. He encouraged the use of adjustable-rate mortgages in a 2004 speech, which was "an insane, idiotic recommendation," says Rodriguez. The following year he endorsed subprime loans to help marginal borrowers get into houses. And true to his somewhat naive brand of Ayn Rand libertarianism, Greenspan dismissed calls for more oversight of the mortgage business. This gave free rein to our next culprits: greedy mortgage brokers who had no problem pushing inappropriate loans on borrowers so that they could reap lucrative fees.

No. 2: Countrywide CEO Angelo Mozilo

Angelo Mozilo None of this would have been possible without the help of mortgage lenders willing to go along with the charade. There are many of them, but I'd cite Countrywide Financial (CFC, news, msgs) CEO Angelo Mozilo as one of the most egregious.

Mozilo acknowledged potential risks in the subprime market early on, but he continued to compete to maintain market share, even though the only way to do this was to water down loan underwriting standards like everyone else. "If the market was offering something, they wanted to offer it too," says Erin Swanson, a Morningstar (MORN, news, msgs) analyst who covers the stock.

Even though Mozilo made more than $20 million a year in salary and bonuses in 2004 and 2005, he wanted to book more profits, mainly by selling stock options, as Countrywide was riding high on the bubble. We know this because he took advantage of a special rule to set up an automatic selling program in his company's stock. Company documents show he realized $310 million in the three fiscal years ending in June 2007. If his agenda was to cash out personally, he had a good motive to play along with the subprime charade.

Destin FL
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jnm, you may look better, but I would rather have my Right Thinking and intelligence...just say NO to Stooopid...lol

Destin FL
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NM is boring, full of hypocrisy, and generally not very intelligent...look at his pic...duh, hey guys I want to glorify someone who murders and is mentally deranged, I am the unabomber...lol what a fool.

Destin FL
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Vegas Sez: hopefully our country will start moving in a positive direction.

See I am sorry you feel this way because I feel we are moving in a positive direction and you dont. There inlies the rub Vegas...Debate continues and that to me is extremely positve.

Imperial MO
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yeah Dec, very noble of them when they are SO wrong all the time.

Destin FL
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Anyone who feels strong in their conviction should not be intimidated by any opposing view points or insults. For any opposing view, you challenge it with your best ability to deliver your side of the discussion. If you get insulted, you can either dish it back or respond in a manner that's more intellectually delivered.

If Vegas can't do either, it's too bad. I don't see tbr and JMN running...and they get both.

Fairfield CA
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TOPIC: Sinking Dollar