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  1. #11  
    Power CUer NJCardFan's Avatar
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    Quote Originally Posted by ABC in Georgia View Post
    NJ ... Have to disagree somewhat with both you and Hawkgirl.

    Hawkgirl, on her remark about "planning".

    A goodly number of honest working folks, DID plan for their futures. Didn't however, plan on their house values plummeting thanks to the folks who bought in their neighborhoods, who were subsequently foreclosed upon, those folks who should never have qualified for their mortgage loans in the first place.

    Once again the fault of the touchy feely Democrats ... Barney Frank et al and the subprime mortgage fiasco.

    NJ ...

    Want a true sob story? I'll give you one.

    The woman who presently cleans my house, is an artist from a nearby town, who just 2 years ago owned and operated a profitable frame shop, selling artworks, making frames etc.

    That business has now gone belly-up. She and her husband (disabled) ... are still paying the mortgage on the shop ... has it up for sale ... and NO buyers!

    Know what else ... she was damned lucky to get a job cleaning houses in the first place, as many former customers of the cleaning service she works for, can no longer afford to pay for such services!

    And round and round it goes, in a vicious cycle!

    Not all, suffering in this horrendous economy are to blame. I once again place the blame squarely on the shoulders of the man who said something like ... " We are 4 days away from fundamentally changing this country!"

    May he and his minions rot in hell!

    ~ ABC
    Then cut grass. Believe me, there is work to be had. I'm not saying all stories are the same but a good lot of them. There are ways to make a living. You just have to find them.
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  2. #12  
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    Quote Originally Posted by ABC in Georgia View Post

    A goodly number of honest working folks, DID plan for their futures. Didn't however, plan on their house values plummeting thanks to the folks who bought in their neighborhoods, who were subsequently foreclosed upon, those folks who should never have qualified for their mortgage loans in the first place.
    You hit the nail on the head. The middle class lost so much equity in their homes in the crash, which was brought on by Fanny and Freddie underwriting disastrous mortgages. Most middle class wealth is in their homes.

    Another thing to add is how many people who diligently planned for retirement had their pension funds and 401Ks decimated by the market. We're gonna see a lot more boomers moving in with their kids as they age.


    The woman who presently cleans my house, is an artist from a nearby town, who just 2 years ago owned and operated a profitable frame shop, selling artworks, making frames etc.

    That business has now gone belly-up. She and her husband (disabled) ... are still paying the mortgage on the shop ... has it up for sale ... and NO buyers!

    Know what else ... she was damned lucky to get a job cleaning houses in the first place, as many former customers of the cleaning service she works for, can no longer afford to pay for such services!
    Exactly. It's the middle class that keeps cleaning services going. (The wealthy have live-ins). And when the middle class ends up becoming cleaning staff, it means that there are less of them to clean for.

    This recession started under Bush, but Obama has allowed it to run amuck.

    A pox on all their houses.
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  3. #13  
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    Quote Originally Posted by Elspeth View Post
    Y...........A pox on all their houses..........
    :DYou tell 'em, El!....You tell 'em!:D
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  4. #14  
    Drive-by Poster ABC in Georgia's Avatar
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    Quote Originally Posted by Elspeth View Post

    This recession started under Bush, but Obama has allowed it to run amuck.

    A pox on all their houses.
    Hi Elspeth ...

    The housing mess, was started way back in the late nineties by Fannie Mae, at the urging of the the Clinton Administration.

    I can't believe that I found the following writeup still online, but it is, and from the New York Times, yet! Wonder of wonders!

    Take note of the date: By Steven Holmes ~ Sept. 30, 1999

    http://www.nytimes.com/1999/09/30/bu...e-lending.html

    Pay close attention to the third and seventh paragraphs.

    Gotta run ... or else could spend all day in this thread! Want to look up much more re warnings given, but musn't.

    ~ ABC
    American By Choice ~ 1980
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