Banks - Bailouts - Auto Industry - Bailouts

[chris]

As the saga of the big 3 and their begging bowl continues, I was amazed to read an article today about the GAO and the bank bailout money.
Firstly I should say that I am totally bemused that the big auto makers should be asking the govt for credit lines, when the banks have just been doled out over $1 trillion dollars (yes the $700 billion has now been increased) to help with lending. Why haven't the big 3 asked the banks first. If they have and they said No, then why isn't the govt saying well we've just given you a truckload of money to free up lending - now lend it!
The thing today that really got my goat was that the GAO (Government Accounting Office) has expressed concern over the apparent lack of oversight on the money being lent to the banks.
Ever since Treasury Secretary Paulson moved the goalposts and said they wouldn't now buy up toxic debt, they would invest in the banks to improve their bottom line, the bank bailout stinks. Today the Banks announced that it was they, not the govt who would decide how and where they would spend the bailout money as it was investment in the form of shares and investors don't normally call the tune. So once again, the greedy banks have done a great snowball job on the taxpayer, got loads of dosh and will be doing their own thing with it, including using it to buy up other businesses. They will not even admit they may use it for executive bonuses!! Their arrogance is unbelievable, meanwhile the average joe falls deeper in the hole thats getting increasingly bigger.
Rant over - goin for mi tea!!!

[anniefromessex]

Chris, same sort of thing happening over here. Even though I am not really up on it, it looks like the Banks here have taken the Governments money and said sod the guy on the street, ie homeowners, small businesses etc who the money was meant to be for at the end of the day and they are doing their own thing. Unbelievable!!! Not much to chose from in either country eh?!!!

Love Anniexxx

[peter gold]

Well today I joined the ranks of the unemployed as well!
2009 can only be better.
I look at it positively, time to semi retire and move to somewhere cheaper...St Augustine here we come!

[InnVic]

Well today I joined the ranks of the unemployed as well!
2009 can only be better.
I look at it positively, time to semi retire and move to somewhere cheaper...St Augustine here we come!

....if you can sell your house!

[peter gold]

Will try and rent it out

[Susie]

Well today I joined the ranks of the unemployed as well!
2009 can only be better.
I look at it positively, time to semi retire and move to somewhere cheaper...St Augustine here we come!

Hi Peter,

I am so sorry to hear your news. What a bummer especially at this time of year. Have you thought of a new type or career?

Being as you are a green card holder can you claim unemployment or social security benefits?

[Kriz1]

Well today I joined the ranks of the unemployed as well!
2009 can only be better.
I look at it positively, time to semi retire and move to somewhere cheaper...St Augustine here we come!

We have been waiting for the same thing..but hubbys place has just been given tons more work because the big companies have had large lay off and sent the work here..
Its a shock when it hits Pete...no matter if it was expected...I know a job loss was very positive for us..good luck mate...

[byjove]

Well today I joined the ranks of the unemployed as well!
2009 can only be better.
I look at it positively, time to semi retire and move to somewhere cheaper...St Augustine here we come!

! I am sorry Peter! That is really crappy at this time of year too! I know you love St. Aug. I hope you can find something over there to tie you over. Good luck!

[peter gold]

Thanks
I get no benefits as I am and always have been self employed working freelance full time.
I will still try and do some legal work but am looking at banking. Plan to stay put to the New Year and then try an rent the house and move over. By then our daughter will be back in the UK working as a nanny for the Cauldwell family ( Phones4you).

[Kriz1]

We never took benefits last time..would now because we are always the free home for the homeless around here...can't say we've not had someone living here with no where else to go in over 6 years...kids just get kicked out into the streets..one family moved away without telling their son on his last day of high school he came home to an empty house...

[JulieC]

Really sorry to hear that Peter. Some of us with our own businesses are effectively unemployed as well as working but taking no wage. Not easy at the moment.

[byjove]

Really sorry to hear that Peter. Some of us with our own businesses are effectively unemployed as well as working but taking no wage. Not easy at the moment.

I can hear what you are saying Julie!!!!! Know it well!

[bizboots]

Thanks
I get no benefits as I am and always have been self employed working freelance full time.
I will still try and do some legal work but am looking at banking. Plan to stay put to the New Year and then try an rent the house and move over. By then our daughter will be back in the UK working as a nanny for the Cauldwell family ( Phones4you).

Sorry to hear that Peter, it is the same everywhere, although we do not have to let off people we, also struggle, hubby now goes out with the girls and vacumes wearing a smock!

Don't go to far , we might need your advice early next year

[Kriz1]

my son asked me if his dads job was OK the other day...because we had tons of washing powered in the basement...its something I do when the job is not safe...I buy tons of the things that cost so much when you have limited money...but right now my daughter gets 20% off shopping where she works...so its worth stocking up...they may stop it after Christmas...

[chris]

Peter,
Hope things work out for you. I was tickled by your comment:
"I will still try and do some legal work but am looking at banking."
I think we should all be looking at banking! They seem to be the only ones getting any sort of help at the moment. My Ma always said 'Money goes to Money'. Methinks she's spot on with that sector.

On another forum, there is comment about several very large homes on the market in Orlando. one is on the market for $25,000,000 and the County Taxes alone are $143,000 pa. Another home has the most bedrooms at 17 if I remember rightly. By contrast, in Kissimmee there are 997 school age children living in motels because their families have no home and can't get one - buy or rent. One sad fact of the credit crunch is that many who lose their homes then find it nigh impossible to rent because their credit score is shot. What a god forsaken society we live in. Maybe this economic downturn might just begin to change some peoples' priorities and views on life.

[Kriz1]

most young families live in Motels on the Cape Chris its been a common thing for years.....mostly because we have no places around here to rent...good credit or not...

[chris]

That's not the case here. We have empty houses by the truckload, all owned mainly by the banks. Where I live, the official figure for foreclosed homes stands at just on 25% (there are nearly 70,000 people live here). Even being generous with a 5 people per house figure, that's about 4000 homes empty. That figure does not include those that are teetering on foreclosure and those not far behind. It is truly frightening unless you are a banker.

[InnVic]

I buy tons of the things that cost so much when you have limited money...but right now my daughter gets 20% off shopping where she works...so its worth stocking up...they may stop it after Christmas...

There is a guy in town who was telling us he's stocking up on gas while its cheap because it could go back to $4.00 soon. So he bought 10, ten gallon containers and filled up at $1.85....................of course the containers cost him $20 each (plus sales tax) so if gas does go to $4.00 he is set to save about 8c a gallon - assuming he uses it before his house burns down or it goes off :doh:

[davidmartin_uk]

My own prediction on gas - from being in the business- is that prices will stay stable till at least next summer. You are going to see gas $1.99 - $1.69 everywhere in the country except CA and AL and in a few places where it is always cheap (Oklahoma) maybe even down below $1.30 – someone somewhere may get it to 99 cents in a promotion. There is no demand for gas not just from the USA but also China and India.

One caveat to that is obviously a major international incident.

Barring that it should be cheap to drive for a while.

Dave

[Kriz1]

Its $1.61 Near Boston...$1.80 here..

Chris...people have no chance to have a home here no matter what...why people stay here I'll never know...I'd not what to bring up 5 kids in a Motel room for years on end...every time we get land for low cost housing the builder sells the homes off and pays a $500 fine...its madness...the local shops are now trying to buy land to build homes for their staff...if they can't then we will have no workers here in a few years..

[kirtida8]

So sorry to hear of your enforced retirement Peter. Hope everything works out for you in the new year and congrats to your daughter on her job as a nanny.