$600 worth of stupidity

[Oompa Midgets]

Yeah, because the dollar is so strong
We will eventually succumb to a new currency! Sooner than later in my opinion...

China will, if they have not already, take over as THE world power!

[Jonathan S.]

Dollar? What does the dollar have to do with anything? Although, most of the world's economies still tie their economy to the dollar, strong or not.

[Oompa Midgets]

Just a point about the declining economy and our weakening dollar.
The dollar will not be the benchmark for long IMO.
Can we live without Chinese goods in this country?

China's currency, which for the previous decade had been tightly pegged at 8.28 yuan to the U.S. dollar, was revalued on July 21, 2005 to 8.11 per U.S. dollar. Following the removal of the peg to the US dollar and pressure from the United States, the People's Bank of China also announced that the renminbi would be pegged to a basket of foreign currencies, rather than being strictly tied to the U.S. dollar, and would be allowed to float trade within a narrow 0.3% daily band against this basket of currencies. The PRC has stated that the basket is dominated by the U.S. dollar, euro, Japanese yen and South Korean won, with a smaller proportion made up of the British pound, Thai baht, Russian ruble, Australian dollar, Canadian dollar and Singapore dollar.

As of January 16, 2008 the renminbi traded at 7.2418 yuan per U.S. dollar which is a 14.34% increase since the removal of the peg. There are frequent suggestions that the yuan is undervalued, often on the basis of purchasing power parity analysis.

[bstock]

[Agitator]

Jonathan,
Your post may as well have been one of Mick's upside-down backwards posts. I'm dizzy.

I thought that he made perfect sense!

____________________________________


Everyone thinks that the whole mess was created because of fraudulent mortgage brokers and "bad loans" in general. while they may be a small percentage of the problem, people are forgetting to blame the people that are getting foreclosed.

The 2 year ARM loans were designed for SUBPRIME borrowers who didn't qualify for the conventional and FHA loans... usually due to the fact that they owed more than $5,000 in collections, charge offs and judgments. ~~~ Fannie MAE has since changed their guidelines and eliminated the $5,000 rule ~~~

FHA ha never had a credit score requirement! you only have to prove your income and show that you have a demonstrated a pattern of paying your bills on time for a period of 1-2 years depending upon how bad their situation.


ANYWAYS..... the goal of the Subprime loan was to help people qualify for a home with a decent rate and give them 2 years to pay their bills on time. consequently, this would increase their credit score and they would be able to qualify to refinance into a low fixed rate loan.

THESE BORROWERS CONTINUED TO PAY THINGS LATE AND WHEN THE FIXED PERIOD OF THEIR LOAN WAS UP, THEY WERE IN A WORSE SITUATION AND DIDN'T QUALIFY!

THESE PEOPLE KNEW WHAT THEY WERE GETTING INTO WHEN THEY SIGNED THE DOCUMENTS AT CLOSING!

[bilyeuofbaxter]

Lenders and brokers also knew these people were giving if not false, then misleading information and had little to no ability to pay the loans off. L&B's wanted to make their money no matter the borrower's credit and the borrowers wanted to live in a home they could not afford. Greed and vanity are the culprits! Also, don't forget the speculators building massive subdivisions with few buyers.

[Agitator]

the borrowers wanted to live in a home they could not afford. Greed and vanity are the culprits!

EXACTLY !!!!!!

[Oompa Midgets]

Greed and vanity are the culprits!

Like I have stated numerous times!

[Jonathan S.]

Lenders share the blame, maybe most of the blame. Lenders such as First Franklin, Primco and etc. Merrill Lynch and its cdo scandal. Sure many borrowers had no business borrowing, but in the end, they weren't the ones approving the loans.

[Oompa Midgets]

The Amero will be coming soon!!!

The US Dollar will die!