The Economy....

[Tequilasun]

just plain sucks. We all know it, we all want to gripe about it, we may have some ideas how to fix it....so let's discuss.

I think we should vote out the 3 credit reporting agencies. Make them illegal. Too much of this current housing BS was based on credit scores (or made up credit score ratios) and not enough "ability to repay" diagnostics.

Case in point: When I bought my house (in the height of the credit craziness) I was told that I had excellent credit, and that I could "afford" a house that was roughly 4 times the price of the one I purchased. As a matter of fact, even with the low (fixed btw) interest rates at the time, the payments on the house I was able to "afford" (aka auto approved loan values) would have been about 3/4 of my take home salary. I know people got wrapped up in chasing this type of dream...I mean who doesn't want a super nice home? But I for one am glad I practiced some fiscal conservatism.
Oh, and I also had a pre-approved Heloc available to me on that larger house too....uggh!

I know that's not the only answer, but its a start...

Discuss...

[jwanck11]

Stimulate Consumption while boosting confidence at the same time instead of paying to keep management in place. Easier said than done of course, but there are thinkers out there with good ideas:

See here

[chpthril]

Subj: ECONOMIC STIMULUS

This year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that I will explain using the Q and A format:

Q. What is an Economic Stimulus Payment?
A. It is money that the federal government will send to taxpayers.

Q. Where will the government get this money?
A. From taxpayers.

Q. So the government is giving me back my own money?
A. Only a smidgen.

Q. What is the purpose of this payment?
A. The plan is that you will use the money to purchase a high-definition TV set, thus stimulating the economy.

Q. But isn't that stimulating the economy of China ?
A. Shut up.

Below is some helpful advice on how to best help the US economy by spending your stimulus check wisely:

If you spend that money at Wal-Mart, all the money will go to China.
If you spend it on gasoline it will go to the Arabs, Mexico, Canada.
If you purchase a computer it will go to India.
If you purchase fruit and vegetables it will go to Mexico, Honduras, and Guatemala (unless you buy organic).
If you buy a car it will go to Japan.
If you purchase useless crap it will go to Taiwan.

And none of it will help the American economy.

We need to keep that money here in America.

You can keep the money in America by spending it at yard sales, going to a baseball game, or spend it on prostitutes, beer and wine (domestic ONLY), or tattoos, since those are the only businesses still in the US.

[G-MONEY]

Get the news to shut up about how bad everything is!!!!!!!

[xpjim1]

The credit reporting agencies are not responsible. One is that Fair Issacs came up with credit scores that were initially developed for revolving and car loans. How lenders determined to interpret the data and build the rest of the Automated Underwriting systems has nothing to do with the agencies. It has to do with plain old greed from everyone involved.

[Tequilasun]

Get the news to shut up about how bad everything is!!!!!!!

oh man, seems to me that fredom of the press means freedom to depress the sh1t outta everyone! Throw in the amazingly one sided coverage of anything Iraq, and the news makes me wanna vomit. Ever notice that the national news actually has to let you know when they report something possitive? "and now a little possitive story on the economy(Iraq, whatever)" they all do that same intro, maybe so we won't have a heart attack from the sudden shift from the norm?

I don't know why they don't just shift that timeslot to Viagra infomertials

[Tequilasun]

The credit reporting agencies are not responsible. One is that Fair Issacs came up with credit scores that were initially developed for revolving and car loans. How lenders determined to interpret the data and build the rest of the Automated Underwriting systems has nothing to do with the agencies. It has to do with plain old greed from everyone involved.

I agree, it's the way the information is used. I still thing the agencies are shady, Ive been round and round with them to remove missinformation from my reports. It's almost impossible. They seem to take any credit inquiry, or information from a financial institution with ease, but show them proof that negative credit remarks are wrong and you still can't be sure it will be removed. They have zero respect for the individual imho, because they have little incentive to be correct with their information.

[jwanck11]

You can keep the money in America by spending it at yard sales , going to a baseball game , or spend it on prostitutes , beer and wine (domestic ONLY) , or tattoos (like Larry's), since those are the only businesses still in the US .

[yellow3]

We are the next Rome. Enough said.
---Democracy has yet to be proven succesful. but in the lower side, has ANYTHING been proven succesful?
Human GREED is bringing this country down from the inside; faster now more than ever. And guess what is going to happen when we get in a really really weak global position....WAR...possibly on our own turf this time. Nobody can be such a great global power for ever can they??? Russia has been carrying out bombing test runs in coordinance with Brazil since about the middle of last year... somebody is gearing up for something right??? China has the most man power to have ever existed. Iran is strengthening its nuclear programs, North Korea has returned their normal self, "P*ss in your toasties when you turn your back." WWIII is very very near in.....my....humble.....opinion.....

[jwanck11]

AAAAAAAAAAAAAAAAGGGGGGGGGGGGGGGGGGGGGGGGGGGGHHHHHH HHHHHHHHHHHHHHH!

[chpthril]

There is a bright side to this whole bad economy mess.........There is a bottom to the hole, and when you hit, you know there is nothing left to loose and it will only get better!

[KonaKing]

We are the next Rome. Enough said.
---Democracy has yet to be proven succesful. but in the lower side, has ANYTHING been proven succesful?
Human GREED is bringing this country down from the inside; faster now more than ever. And guess what is going to happen when we get in a really really weak global position....WAR...possibly on our own turf this time. Nobody can be such a great global power for ever can they??? Russia has been carrying out bombing test runs in coordinance with Brazil since about the middle of last year... somebody is gearing up for something right??? China has the most man power to have ever existed. Iran is strengthening its nuclear programs, North Korea has returned their normal self, "P*ss in your toasties when you turn your back." WWIII is very very near in.....my....humble.....opinion.....

What a downer man

I think It will get much worse but we (USA) will never fall

[Timmy!]

If we get rid of the credit reporting agencies, I will be out of a job so I disagree! The underwriters are definitely the one's you want to get rid of because they are the ones that are actually approving the check to be cut!

[Tequilasun]

You mean an actual human works for the credit agencies? Holy crap, I gotta say I'm surprised, I figured they were all staffed by those evil flying monkeys from OZ. Seriously, they piss me off. I just want my damn information to be correct, and a simple proceadure if not. I'm pretty sure I had to send blood and urine, and my unborn child in to them just to get them to review my dispute.

China can suck an egg too, what with all these countries that we have brought economic might to now getting all huffy? I say we cut all foriegn imports for a year and then see what they think. Oh, and let's just quit with the pc crap with north Korea too, the world is already pissed at us, let's really start flexing our muscle.

Only way I see to fix foreign relations with some of these people..... Thunderdome. Send your best dude, we'll send ours, put up or shut up! I'd pay a couple extra bucks in taxes to pay for it too. /looney

[xpjim1]

If we get rid of the credit reporting agencies, I will be out of a job so I disagree! The underwriters are definitely the one's you want to get rid of because they are the ones that are actually approving the check to be cut!

Dont blame the underwriters, they are just doing what their banks credit policy department says to do. Then you go to the capital markets groups who gets there guidelines from the secondary markets and investors. The list goes on and on. If people would have only listened to me