Numbers?

iVillage Member
Registered: 03-26-2003
Numbers?
11
Tue, 09-23-2008 - 8:05am

Does anybody have any numbers? Actual, real numbers of this "crisis" facing the financial system?


I could care less about 700 billion or whatever large number someone wants to bander around. Here's what I want to know:


In the next ninety days, if this bailout isn't approved, exactly how many pensions aren't going to be paid?


In the next ninety days, if this bailout isn't approved, exactly how many payrolls won't be met?


In the next ninety days, if this bailout isn't approved, exactly which banks (that is actual banks, not holding companies, not investment banks, but actual banks) will fail?


Accounting is boring, but it isn't hard. All I hear is the failure of the market system, but show me some numbers before you lock me and all of my family into paying for a financial system bailout that will suck the life out of the country for years.


Thanks in advance.

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iVillage Member
Registered: 03-26-2003
In reply to: olddude50
Wed, 09-24-2008 - 1:29pm

Thank you for posting that link. It's required reading for my DD and SIL as they have just made an offer on their first house.

Would like to add that there are culprits in the subprime melt-down who have not yet been fingered as they deserve. Real estate agents have been a major contributor in aggressive marketing, failure to financially pre-screen, and less-than-scrupulous financing AND THEY'RE STILL DOING IT. Had a lengthy confab with DD this morning. Their agent told her she had to sign an exclusivity agreement with him in order to make an offer on a house--which is absolute BS. Real estate agents might LIKE to have guarantees of ANY sale through only them for a prolonged period of time, but are not legally entitled to such an agreement. And DH puzzled over why the estimated closing costs were so high and discovered that the real estate agency proposed to do financing and had included a hefty $1300 dollar fee for themselves. She's now in damage-control mode and have suggested to her that they just sloooooow down and read a lot more before going any farther.

When people want to blame borrowers for incurring bad debt, they really need to ask a great deal more about particulars. Two intelligent college-educated young adults are finding out the hard way that there are lions, tigers, and bears out there--not to mention snakes-in-the-grass!

A very ticked and concerned GAH.

Gettingahandle


Ignorance is Nature's most abundant fuel for decision making.


Facts stifle the will, hobble conviction.

Gettingahandle

Ignorance is Nature's most abundant fuel for decision making.

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