Our Peoples Congress at Work

03-03-2005, 12:50 AM

OK. I have been pounding the table about a major financial meltdown upcoming because of carry trade, cheap credit and consumer debt.The govt and rich people now it is coming and they can not wait...everything will be able to be purchased on the cheap. Houses, foreclosed crap, land, STOCKs, etc, etc, etc. I am about 85% in cash myself now. Selling five houses and just waiting for it to happen too. You will need to get a fixed mortgage and pay off your consumer debt now. Trust me...do not bash me...I know what I am talking about

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My phrase for this is

"When you owe the bank $50,000 you have a problem, when you owe the bank $500,000 the BANK has a problem."

So Congress is going to take care of the banks because they know it is coming. If this does not make you MAD I do not know what will. We are going to screw people the most in need. Boo Hoo does not apply here, at least to me:

Here is the latest (even grandma is going to have to grease up):

Bankruptcy amendments defeated
Senate turns back exemptions for seniors, caregivers

Last Update: 7:14 PM ET March 2, 2005

WASHINGTON -- The Senate on Wednesday turned back a series of Democratic-backed amendments that would have created special exemptions for seniors, caregivers and others under a proposed overhaul of the nation's bankruptcy code.

The bankruptcy bill, sponsored by Sen. Charles Grassley, R-Iowa, would make it difficult for many consumers to qualify for a Chapter 7 bankruptcy filing, which wipes out debts after the forfeiture of some assets.

One amendment sought to exempt persons who had provided care to ill family members from being pushed into Chapter 13.

Earlier, the Senate voted 58-39 against an amendment that would have allowed people to keep $150,000 of equity in their prime residence if they were forced into bankruptcy as a result of medical expenses.

The chamber also voted 59-40 to reject an amendment that would have granted special homestead exemptions designed to help seniors keep their homes when they file for bankruptcy. Homestead exemptions are provided by some states.

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So if you think the Congress/House has your best interest (private accounts/tort reform/tax reform)..as that great rock band song Judas Priest says - YOU GOT ANOTHER THING COMING.

Like my example yesterday of $5B of our taxpayer dollars going to China to build nuclear reactions for them. HEY IRAN (Nuke)/China thing. You are helping the enemy again (selling U.S. weapons system to Iraq - that are now being used to kill our guys and gals).

Anyway just got to tell you like I see it. Listen to what those great leaders say, then lick away the sugar coat and look at the core, you may see it is rotten. They are looking forward to buying stuff on the cheap too. I can not tell you what to do...but PLEASE get a fixed mortgage, pay off debt and raise cash. It is going to be ugly.

Dome and Glome - is actually a hard look at reality.

**cowboy** · 03-03-2005, 01:27 AM

Amen Dr. Dubious! I believethis 100%. We have too many people that could care less about theAmerican people and trying to butter their own bread. Get a fixed mortgagepronto! Pay off debt and put her in cash! The world wants USA to pay for all their little sores and they are milking us for millions. Look how they are going to milkus, the Sunami, Iraq, China, and every other little deal they can pray on, knowing US society is a bunch of softies. Look at your TV then think about what the mediais showing you that they think is important. This is what we have become, get real!

Oh by the way Dr_Dubious, you need to remember KISS (Keep IT Simple Stupid). Because I am really dumb and I don't like to read. Okay?

03-03-2005, 01:33 AM

I will try to tone it down....sorry. I find screwing our senior citizens and people in desparate need of our help a little chilling AND IT PISSES ME THE FREAK OFF.

However, we live in a time where people do not care about each other.

Capitlism is like cancer - it WILL eat the host. I can give you no clearer example then the one above - OTHER THEN building NUCLEAR reactors IN CHINA for CHINA that will be the NEXT SUPERPPOWER.

Learn Cantonese it will help greatly during the transitiational period.

03-03-2005, 01:42 AM

Exactly why I took you off the e-list cowboy, tell me what's gonna happen this week, not next year..........does that really help me?

You guys have to remember the name of this site...............

Two more days right guys..............:^

03-03-2005, 01:49 AM

tsptorture wrote:

tell me what's gonna happen this week, not next year..........

Hey, I am not at the Pearly Gates I am walking the earth...but I can say all the pieces are in motion...these bills where passed in licky split fashion...yesterday the White House sent a memo and said "What is the hold up." So if I had a lot of debt and a ARM loan I would have crap running down my legs. But since I don't I am just waiting to scoop up some bargains. Do not like it but by "God" I am going to profit from it.

Once again I am a God not thee God - Bill Murray

**cowboy** · 03-03-2005, 02:15 AM

tsptorture wrote:

Exactly why I took you off the e-list cowboy, tell me what's gonna happen this week, not next year..........does that really help me?

You guys have to remember the name of this site...............

Two more days right guys..............:^

Didn't know I was on your e-list, whatever that is. Or maybe your addressing Dubious. If your in I fund I believe it is going up.

**Mike** · 03-03-2005, 10:29 AM

People should not be exempted. Just because you're old or have high medical bills or take care of someone does not grant you the right to screw over your creditors and not repay your debts.

There's no such thing as a free lunch. If people can back out of their debt obligations and run for cover, the creditors will make up the gap some other way. In other words, they will get their money out of the rest of us who follow the rules.

The long-term solution to this is to educate the public (read: the irresponsible) on how to manage money and debt.

03-03-2005, 06:23 PM

Mike wrote:

People should not be exempted. Just because you're old or have high medical bills or take care of someone does not grant you the right to screw over your creditors and not repay your debts.

That is very Americian of ya :P. All that matters is the old bottom line.

Hopefully you or your family are never in this situation.

03-04-2005, 01:51 AM

Mike wrote:

The long-term solution to this is to educate the public (read: the irresponsible) on how to manage money and debt.

Mike, the Credit Card corporations are marketing to people who have not been educated just so they can take advantage of them. The CC corporations are destroying lives (and being irresponsible). Do you not care about anyone other than yourself?

03-04-2005, 02:05 AM

When I get to the states I have at times a dozen phone calls from credit card companies to raise my limit and a "super deals" like 30K of cash at 0% interest for6 months to invest with.

Until you have had a love one be hospitalized for a period of time you will see what the costs are. My father was hospitalized for 55 days two Xmases ago. His total bill not covered by insurance was $22,935 and he has premium insurance coverages. He pays over $155 a week on health insurance. As a matter of fact he is the Administrator of the Hospital. He could of got a sweetheart deal but we are not like that. Like most Americans we pay our bills. However, who can plan for a major unplanned expense. To be safe you would need to keep tens of thousand in reserve for emergent medical care.

That would break a lot of families. With the new plan those families will be SOL - Sitting On the Lawn. No wonder AARP is against them. First you drop the fed rate to emergency levels and crushed seniors on fixed incomes (just 19 months ago money markets were paying .30% interest),now they are struggling you are going to chuck them on the street??

The chamber also voted 59-40 to reject an amendment that would have granted special homestead exemptions designed to help seniors keep their homes when they file for bankruptcy. Homestead exemptions are provided by some states.

That is called SOL Part II. Seniors on the Lawn Program.

It is not right, it is not right, it is not right. Right?

03-04-2005, 02:12 AM

greg wrote:

Mike wrote:

The long-term solution to this is to educate the public (read: the irresponsible) on how to manage money and debt.

Do you not care about anyone other than yourself?

Greg - do not let it get to you. He is part of generation I. When I did financial planning I would ask people of his age about care for their parents. 95% of the time I would get - they can fend for themselves.

I have deemed them Generation I. The end of the Empire is upon us. Energy is going to cause WWIIII. Just a matter of time. To bad ourside of the battlefield is aa tad on the weak side. When you bully and tell everyone else what to do that tends to happen.

Sad but true.Learn Cantonese now it will help you during the transitiional period.