Thank God the fat cats are saved

[Hotrod]

http://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html


(CNN) -- A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home became a symbol of the nation's home mortgage crisis Friday.


Fannie Mae foreclosed on the Akron, Ohio, home of Addie Polk, 90, after acquiring the mortgage in 2007.

Addie Polk is being treated at Akron General Medical Center after shooting herself at least twice in the upper body Wednesday afternoon, her city councilman said.

U.S. Rep. Dennis Kucinich, D-Ohio, mentioned Polk on the House floor Friday during debate over the latest economic rescue proposal.

"This bill does nothing for the Addie Polks of the world," Kucinich said after telling her story. "This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street, and the market may go up for a few days, but democracy is going downhill."

Neighbor Robert Dillon used a ladder to enter a second-story window of Polk's home after he and the deputies heard bangs inside, Dillon told CNN affiliate WEWS-TV in Cleveland, Ohio.

"I just thought she may have fell or couldn't get up or something," he told WEWS. "I didn't know [she had shot herself] until I got in there. And even when I got there, she was breathing, but she wasn't saying anything to me. I knew she needed help then."

Dillon said he saw blood when he put his hand on Polk's shoulder.

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"There's a lot of people like Miss Polk right now. That's the sad thing about it," said Akron City Council President Marco Sommerville, who had met Polk before and rushed to the scene when contacted by police. "They might not be as old as her, some could be as old as her. This is just a major problem."

In 2004, Polk took out a 30-year, 6.375 percent mortgage for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls, Ohio. The same day, she also took out an $11,380 line of credit.

Over the next couple of years Polk missed payments on the 101-year-old home and in 2007 Fannie Mae assumed the mortgage and later filed for foreclosure.

Deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's incident, Sommerville said. She never came to the door, but the notes the deputies left would always disappear, so they knew she was inside and ambulatory, he said.

A recent Akron City Council study identified a number of lenders whose practices it deemed predatory.

"I get a lot of calls about this predatory lending where people are elderly and they're probably living on a fixed income and they get somebody to give them some money," Sommerville said. "Then they get in a situation where if they miss a payment they lose their house. I don't think people quite understand what happens."

The city is creating programs to help people keep their homes, he said.

"But what do you do when there's just so many people out there and the economy is in the shape that it's in?"

Many businesses and individuals have called since Wednesday offering to help Polk, Sommerville said.

"We're going to do an evaluation to see what's best for her," he said. "If she's strong enough and can go home, I think we should work with her to where she goes back home. If not, we need to find another place for her to live where she won't have to worry about this ever again."


He said that by the time people call for help with an impending foreclosure, it's usually too late.

"I'm glad it's not too late for Miss Polk, because she could have taken her life," Sommerville said. "Miss Polk will probably end up on her feet. But I'm not sure if anybody else will."

[TailgateNut]

http://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html


(CNN) -- A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home became a symbol of the nation's home mortgage crisis Friday.


Fannie Mae foreclosed on the Akron, Ohio, home of Addie Polk, 90, after acquiring the mortgage in 2007.

Addie Polk is being treated at Akron General Medical Center after shooting herself at least twice in the upper body Wednesday afternoon, her city councilman said.

U.S. Rep. Dennis Kucinich, D-Ohio, mentioned Polk on the House floor Friday during debate over the latest economic rescue proposal.

"This bill does nothing for the Addie Polks of the world," Kucinich said after telling her story. "This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street, and the market may go up for a few days, but democracy is going downhill."

Neighbor Robert Dillon used a ladder to enter a second-story window of Polk's home after he and the deputies heard bangs inside, Dillon told CNN affiliate WEWS-TV in Cleveland, Ohio.

"I just thought she may have fell or couldn't get up or something," he told WEWS. "I didn't know [she had shot herself] until I got in there. And even when I got there, she was breathing, but she wasn't saying anything to me. I knew she needed help then."

Dillon said he saw blood when he put his hand on Polk's shoulder.

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"There's a lot of people like Miss Polk right now. That's the sad thing about it," said Akron City Council President Marco Sommerville, who had met Polk before and rushed to the scene when contacted by police. "They might not be as old as her, some could be as old as her. This is just a major problem."

In 2004, Polk took out a 30-year, 6.375 percent mortgage for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls, Ohio. The same day, she also took out an $11,380 line of credit.

Over the next couple of years Polk missed payments on the 101-year-old home and in 2007 Fannie Mae assumed the mortgage and later filed for foreclosure.

Deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's incident, Sommerville said. She never came to the door, but the notes the deputies left would always disappear, so they knew she was inside and ambulatory, he said.

A recent Akron City Council study identified a number of lenders whose practices it deemed predatory.

"I get a lot of calls about this predatory lending where people are elderly and they're probably living on a fixed income and they get somebody to give them some money," Sommerville said. "Then they get in a situation where if they miss a payment they lose their house. I don't think people quite understand what happens."

The city is creating programs to help people keep their homes, he said.

"But what do you do when there's just so many people out there and the economy is in the shape that it's in?"

Many businesses and individuals have called since Wednesday offering to help Polk, Sommerville said.

"We're going to do an evaluation to see what's best for her," he said. "If she's strong enough and can go home, I think we should work with her to where she goes back home. If not, we need to find another place for her to live where she won't have to worry about this ever again."


He said that by the time people call for help with an impending foreclosure, it's usually too late.

"I'm glad it's not too late for Miss Polk, because she could have taken her life," Sommerville said. "Miss Polk will probably end up on her feet. But I'm not sure if anybody else will."


My advice to those facing foreclosure. Do us all a favor and shoot a banker, broker, appraiser, etc......before ending your own life. Take one or more of those greedy bastards with ya.

[Rohirrim]

Come on, you gutless curs. Use the Wiggsy approach: Kick her ass out into the street.

[enjolras]

What the hell is a 90 year old woman doing with a mortgage in the first place?

I still have trouble mustering up sympathy for folks who put themselves into houses they simply can't afford.

[TailgateNut]

What the hell is a 90 year old woman doing with a mortgage in the first place?

I still have trouble mustering up sympathy for folks who put themselves into houses they simply can't afford.



It's probably a second or an equity loan. Regardless, it's a travesty.

[Rohirrim]

What the hell is a 90 year old woman doing with a mortgage in the first place?

I still have trouble mustering up sympathy for folks who put themselves into houses they simply can't afford.

I spend every day dealing with the elderly. She probably had very little idea what was going on. My guess is that she had a lot of "help" in setting this stuff up.

[Hotrod]

I spend every day dealing with the elderly. She probably had very little idea what was going on. My guess is that she had a lot of "help" in setting this stuff up.

Yep, this is a perfect example of the scum that were pushing anyone and everyone into homes they had no reason being in. Greed has killed America

[ak1971]

WOO HOO Break out the Cristal...

[gunns]

What the hell is a 90 year old woman doing with a mortgage in the first place?

I still have trouble mustering up sympathy for folks who put themselves into houses they simply can't afford.

I have trouble feeling anything but anger at a person who would give her a mortgage for a house they know she can't afford. Once again it's called greed.

[kappys]

This woman clearly needed some free market discipline.

Otherwise how is she to learn?

[ak1971]

my only hope is a bunch of bridge/aquaduct whatever engineers now go under...everyone of them is a crook and deserves to hang.

[TailgateNut]

my only hope is a bunch of bridge/aquaduct whatever engineers now go under...everyone of them is a crook and deserves to hang.

??? and what the **** do they have to do with this topic?

[ak1971]

I just want to hang everyone..everyone is dirty, burn everyone..hang up by thier necks.

[DomCasual]

What the hell is a 90 year old woman doing with a mortgage in the first place?

I still have trouble mustering up sympathy for folks who put themselves into houses they simply can't afford.

That's a good question. What, did she get a thirty-year mortgage when she was 70?

[TailgateNut]

I get your ****ed up sense of humor, but I on the other hand am quite serious. Start charging and procecuting. If we can afford to incarcerate some dillwad who smoked a joint, we surely can affford to incarcerate those who have had a hand in wrecking our economy.
Start at the bottom, and once they notice the trend, they'll start handing upper management over to the DA's on a platter.

[Dudeskey]

That's a good question. What, did she get a thirty-year mortgage when she was 70?

Interesting question... I find it hard to believe that underwriters don't take that into consideration...™

[Hotrod]

That's a good question. What, did she get a thirty-year mortgage when she was 70?

"In 2004, Polk took out a 30-year"

apparently when she was 86 :nono: with a line of credit attached.

[TailgateNut]

Interesting question... I find it hard to believe that underwriters don't take that into consideration...™

Just makin' a quick buck and then turn the mortgage over / sell it to the next unsuspecting fool. The whole real estate/ mortgage/ financial industry is nothing but a bunch of greedy ass manipulating criminals.

[ak1971]

Just makin' a quick buck and then turn the mortgage over / sell it to the next unsuspecting fool. The whole real estate/ mortgage/ financial industry is nothing but a bunch of greedy ass manipulating criminals.

There are/were a lot of shady people in this business. I take great offense over that EVERY ONE IS GUILTY. Im sure there are dirtbags in whatever you do too.

[watermock]

There could be several reasons...evidently she only had 11k equity so she took the money to buy herself time, maybe she had he same payment at a higher rate. Maybe she waas unable to get a reverse morgage.

To qualify for section 8 housing(nursing home, which she probably did not want), you have to have a net worth of <1500.

Of couse the article doesnt bother to know how this came to pass. Elderly people can also "gift" to get rid of assets to qualify, but she probably didnt wasnt to move.

She just would of been placed in a nursing home, but then again, even that isnt assured anymore in Californis, they need 8 billion now too...

[alkemical]

**** it man, **** it all -

I'm gonna get my ass to 0 - **** it man

tyler was right - stuff starts to own you

[ak1971]

[QUOTE=amesj523;2112906

tyler was right - stuff starts to own you[/QUOTE]

totally agree :thumbs:

[alkemical]

totally agree :thumbs:

I'm -$9k with my school loans included....

[Hotrod]

There are/were a lot of shady people in this business. I take great offense over that EVERY ONE IS GUILTY. Im sure there are dirtbags in whatever you do too.

Very true and TGN knows that but its the hot button issue today.

[lazarus4444]

Yeah people bring it on themselves but why should wall street be bailed out and not regular people? fat cats helping fat cats, its all around us, either join in on the joy ride or gtf out of the way.

[SJ Bronco]

you people don't understand, to the bank this makes sense. She pays a mortgage till she kicks in ten years, and then they own the house outright, which the resell at current rates.

For her, it's a bad deal, but these mortgage brokers and realitors (in nocal for sure) make you believe its something you can afford. Not many people understand how their mortgage works, and really just want to know the payments. My 70 year old Mother in law just bought a brand new home three years ago. We begged her not too, but my wife's step father is a moron, so now they are about to lose their house cause the payments have doubled. She now works 3 jobs to keep up. She doesn't speak English well and didn't realize what she was doing. Its a common problem. i think the government should hold some of these agents accountable for their greed. They made full commissions while people are getting booted from their homes cause they are sales pigs.

[ak1971]

you people don't understand, to the bank this makes sense. She pays a mortgage till she kicks in ten years, and then they own the house outright, which the resell at current rates.

For her, it's a bad deal, but these mortgage brokers and realitors (in nocal for sure) make you believe its something you can afford. Not many people understand how their mortgage works, and really just want to know the payments. My 70 year old Mother in law just bought a brand new home three years ago. We begged her not too, but my wife's step father is a moron, so now they are about to lose their house cause the payments have doubled. She now works 3 jobs to keep up. She doesn't speak English well and didn't realize what she was doing. Its a common problem. i think the government should hold some of these agents accountable for their greed. They made full commissions while people are getting booted from their homes cause they are sales pigs.

the problem is lic etc. doesnt work. Florida is one of the most heavily regulated states, and I believe that they are at the top for fraud. The down turn in the market should shake alot of the bad apples from the tree.

[TailgateNut]

There are/were a lot of shady people in this business. I take great offense over that EVERY ONE IS GUILTY. Im sure there are dirtbags in whatever you do too.


Take offense then. I really don't give a ****, because life goes on in the big city. At this point I just want some heads to roll. What other industry, aside from civil service rewards blatant failure and lack of planning/ foresight.

Please answer that simple question.

[Hotrod]

Take offense then. I really don't give a ****, because life goes on in the big city. At this point I just want some heads to roll. What other industry, aside from civil service rewards blatant failure and lack of planning/ foresight.

Please answer that simple question.

I'd have to say that defensive coordinator and/or defensive player for the Denver Broncos would qualify.

[TailgateNut]

I'd have to say that defensive coordinator and/or defensive player for the Denver Broncos would qualify.


Allright, I'll agree, we need to include anyone involved in pro sports.

[Garcia Bronco]

"A recent Akron City Council study identified a number of lenders whose practices it deemed predatory.

"I get a lot of calls about this predatory lending where people are elderly and they're probably living on a fixed income and they get somebody to give them some money," Sommerville said. "Then they get in a situation where if they miss a payment they lose their house. I don't think people quite understand what happens.""

What's happened here is NOT preditory ledning.

[Garcia Bronco]

I get your ****ed up sense of humor, but I on the other hand am quite serious. Start charging and procecuting. If we can afford to incarcerate some dillwad who smoked a joint, we surely can affford to incarcerate those who have had a hand in wrecking our economy.
Start at the bottom, and once they notice the trend, they'll start handing upper management over to the DA's on a platter.

Then I expect you'll be calling for the head of Obama Economic advisor Franklyn Ranies?

[Garcia Bronco]

you people don't understand, to the bank this makes sense. She pays a mortgage till she kicks in ten years, and then they own the house outright, which the resell at current rates.

For her, it's a bad deal, but these mortgage brokers and realitors (in nocal for sure) make you believe its something you can afford. Not many people understand how their mortgage works, and really just want to know the payments. My 70 year old Mother in law just bought a brand new home three years ago. We begged her not too, but my wife's step father is a moron, so now they are about to lose their house cause the payments have doubled. She now works 3 jobs to keep up. She doesn't speak English well and didn't realize what she was doing. Its a common problem. i think the government should hold some of these agents accountable for their greed. They made full commissions while people are getting booted from their homes cause they are sales pigs.


No. They should have made the deal. This is a complete lack of responsibility for ones own actions. You have to RTFC.

[ScottXray]

I have to think that making a thirty year mortgage to an 86 year old woman
is at least somewhat predatory. As mentioned it wasn't likely that she would live to 116, and if she had no other heirs the property falls to the lender to do with as they please (SELL) when she dies, or defaults..

Since there is no mention of family members, I would have to think that the lender was betting she would default or die and the loan company has a nice little piece of property for a minimal investment. She probably went in to ask about a reverse mortgage and got stuck with this POS.

The loan officer in this case should be right up there on TGN's list. He knew exactly what he was doin. Greedy SOB.

[Bronco Bob]

Then I expect you'll be calling for the head of Obama Economic advisor Franklyn Ranies?

The flaw in that is that Raines isn't an advisor of Obama's.

The McCain campaign has made claims that the reference to Raines as an Obama advisor first appeared in the Post months before the McCain ad, and that the Obama campaign didn't seek a correction at the time; however, the actual Post article referenced was written by Anita Huslin, who profiled Raines for the newspaper in July and in the article she wrote that Raines had “taken calls from Barack Obama’s presidential campaign seeking his advice on mortgage and housing policy matters.”, but Huslin never made any claims that Raines was an Obama adviser in the article.

The Washington Post characterizes John McCain's attempts to connect Sen. Obama with Franklin Raines based on their reporting as "a stretch." All reporting the Washington Post did about the matter stems from a single conversation a reporter had with Raines, in which she recalls Raines said "he had gotten a couple of calls from the Obama campaign."

[L.A. BRONCOS FAN]

I just want to hang everyone..everyone is dirty, burn everyone..hang up by thier necks.

Not so dirty that you're unwilling to make money off them, right?

[L.A. BRONCOS FAN]

The flaw in that is that Raines isn't an advisor of Obama's.

ROFL!

Garcia appears to be setting some sort of new record for "GOP attack dogs that won't hunt" or "swift boats that fail to launch."

[L.A. BRONCOS FAN]

<center> http://www.bartcop.com/wild-bull-ride-1008.jpg
</center>

[L.A. BRONCOS FAN]

September Saw the Biggest Job Loss in Five Years

The government reported (http://www.usatoday.com/money/economy/2008-10-03-jobs-sept_N.htm?loc=interstitialskip) that 159,000 jobs were lost in September, the largest number lost in a single month in five years. Just two weeks ago, John McCain said (http://tpmelectioncentral.talkingpointsmemo.com/2008/09/mccain_this_morning_the_fundam.php): "The fundamentals of our economy are strong." Between heavy job losses and a shinking 401(k) retirement fund, the average voter is likely to need some convincing that all is well with the economy, especially when respected economists like Paul Krugman think we are on edge of the abyss. (http://www.nytimes.com/2008/10/03/opinion/03krugman.html)

[TailgateNut]

September Saw the Biggest Job Loss in Five Years

The government reported (http://www.usatoday.com/money/economy/2008-10-03-jobs-sept_N.htm?loc=interstitialskip) that 159,000 jobs were lost in September, the largest number lost in a single month in five years. Just two weeks ago, John McCain said (http://tpmelectioncentral.talkingpointsmemo.com/2008/09/mccain_this_morning_the_fundam.php): "The fundamentals of our economy are strong." Between heavy job losses and a shinking 401(k) retirement fund, the average voter is likely to need some convincing that all is well with the economy, especially when respected economists like Paul Krugman think we are on edge of the abyss. (http://www.nytimes.com/2008/10/03/opinion/03krugman.html)



Well, just like the thread states: Thank god we saved the Fat Cats. They'll get things "trickling" again.:wiggle:

[W*GS]

Note that it was Countrywide that had given this woman a mortgage.

Just wikipedia's entry on Countrywide reveals that it was in very deep in this whole subprime mess, and had provided below-rate loans to many politicians, including (Democrats) Christopher Dodd and Kent Conrad, and that James Johnson, former CEO of Fannie Mae and advisor to Obama, had also received one of these "Friends of Angelo" loans.

[alkemical]

Take offense then. I really don't give a ****, because life goes on in the big city. At this point I just want some heads to roll. What other industry, aside from civil service rewards blatant failure and lack of planning/ foresight.

Please answer that simple question.



Dude, i'm telling you - getting rewarded for doing ****ty work - happens in any business - no matter if it's state or private.

I'm telling you - i've seen people get promoted to positions because they were incompetent. No lie.

[Meck77]

I think we should go after ANY contractor who's ever done public works projects! Those greedy bastards charged a fortune for that work and helped sink our economy further in debt! Hang em in the streets!

[TailgateNut]

I think we should go after ANY contractor who's ever done public works projects! Those greedy bastards charged a fortune for that work and helped sink our economy further in debt! Hang em in the streets!

Did I strike a nerve with the "real estate/ finanancial" crowd? Good.

Re: your contractor/ public work comment. If you think avg. profit margins between 7-10% is extreme, you're barking at the moon!

The costs of raw materials is killing us, and with the collapse of the residential market we now "get to" bid against a bunch of "clueless and starving" newcomers to "our market". We used to face 4-8 contractors at the bid table, now we see 16-20.

So regarding your comments. Hilarious! We didn't speculate the market into a collapse as did the "financial world".

[Meck77]

Did I strike a nerve with the "real estate/ finanancial" crowd? Good.

Re: your contractor/ public work comment. If you think avg. profit margins between 7-10% is extreme, you're barking at the moon!

The costs of raw materials is killing us, and with the collapse of the residential market we now "get to" bid against a bunch of "clueless and starving" newcomers to "our market". We used to face 4-8 contractors at the bid table, now we see 16-20.

So regarding your comments. Hilarious! We didn't speculate the market into a collapse as did the "financial world".


You do realize that you just admitted you were reaping the rewards of the real estate bubble though don't you?

Let me explain it because I don't think you will admit it. Because the real estate market was booming you had less competition with your contracts. You were able to secure work at a higher price thus taking advantage of the bubble. Since competition has increased your margins are down. It's the basic law of supply in demand. In conclusion you were riding the real estate bubble making money just like the rest of us evil scumbags who should die.

I will admit there were bad bankers, lenders, appraisers, inspectors, realtors, contractors etc. Guess what? Those people are out of business looking for new jobs while the rest of us ramble on. :) It's called survival of the fittest.


Rather than blaming others I will accept some personal responsibility for this mess. I should have called my local politicians to the turf sooner. I should have paid attention to what was going on at the Colorado Capital a little more. I've learned my lesson.

FYI the next bailout is happening under your very eyes NUT. I had an RTD board member tell me that the final build out of FasTracks will actually be closer to $20,000,000,000 Billion. They just came out with the new figure of $7.9 Billion to try and appease the masses for a little while longer.

The sad reality is even with most Americans watching Mccain and Obama sold the American people out with the pork filled bailout bill. NEITHER of these men are fit to lead this country and will only bring us more of the same and it's quite possible things could get even WORSE.

[kappys]

You do realize that you just admitted you were reaping the rewards of the real estate bubble though don't you?

Let me explain it because I don't think you will admit it. Because the real estate market was booming you had less competition with your contracts. You were able to secure work at a higher price thus taking advantage of the bubble. Since competition has increased your margins are down. It's the basic law of supply in demand. In conclusion you were riding the real estate bubble making money just like the rest of us evil scumbags who should die.

I will admit there were bad bankers, lenders, appraisers, inspectors, realtors, contractors etc. Guess what? Those people are out of business looking for new jobs while the rest of us ramble on. :) It's called survival of the fittest.


Rather than blaming others I will accept some personal responsibility for this mess. I should have called my local politicians to the turf sooner. I should have paid attention to what was going on at the Colorado Capital a little more. I've learned my lesson.

FYI the next bailout is happening under your very eyes NUT. I had an RTD board member tell me that the final build out of FasTracks will actually be closer to $20,000,000,000 Billion. They just came out with the new figure of $7.9 Billion to try and appease the masses for a little while longer.

The sad reality is even with most Americans watching Mccain and Obama sold the American people out with the pork filled bailout bill. NEITHER of these men are fit to lead this country and will only bring us more of the same and it's quite possible things could get even WORSE.

The price tags are high but at least the people are getting something for their money(a rail system) rather than just giving it away to Wall Street.

[TailgateNut]

You do realize that you just admitted you were reaping the rewards of the real estate bubble though don't you?

Let me explain it because I don't think you will admit it. Because the real estate market was booming you had less competition with your contracts. You were able to secure work at a higher price thus taking advantage of the bubble. Since competition has increased your margins are down. It's the basic law of supply in demand. In conclusion you were riding the real estate bubble making money just like the rest of us evil scumbags who should die.

I will admit there were bad bankers, lenders, appraisers, inspectors, realtors, contractors etc. Guess what? Those people are out of business looking for new jobs while the rest of us ramble on. :) It's called survival of the fittest.


Rather than blaming others I will accept some personal responsibility for this mess. I should have called my local politicians to the turf sooner. I should have paid attention to what was going on at the Colorado Capital a little more. I've learned my lesson.

FYI the next bailout is happening under your very eyes NUT. I had an RTD board member tell me that the final build out of FasTracks will actually be closer to $20,000,000,000 Billion. They just came out with the new figure of $7.9 Billion to try and appease the masses for a little while longer.

The sad reality is even with most Americans watching Mccain and Obama sold the American people out with the pork filled bailout bill. NEITHER of these men are fit to lead this country and will only bring us more of the same and it's quite possible things could get even WORSE.

No, it's not as you put it. If you had taken the time to read my post you wouldn't have proceeded to ramble on about us gouging the market or as you put it "reaping the rewards of the real estate bubble".
Our margins haven't decreased, they have always been it the range I spoke of in my previous post, but now the bidding market has tons of new contractors who are venturing into our industry. In addition, in our industry one small oversight during the bidding process, or one or two small errors during construction and/ or installation of equipment and those minute margins disappear, and in some instances turn into losses.
State and National permiting and regulation is strangling our industry with fees and mandates adopted over the past few years. Enviromental monitoring, safety requirements and testing requirements are increasing the costs as are raw materials. We've seen increases in steel prices of 200-300% over the past three years which we pass on to the cosumer. Our labor rates are just about stagnant to stay competative, but it doesn't make our employees a happy bunch.

BTW: Our products were not artificially inflated as were residential and commercial properties. They are not sold on an open market, and are only built when required to meet the public demand.

[TailgateNut]

The price tags are high but at least the people are getting something for their money(a rail system) rather than just giving it away to Wall Street.


Meck comparing public projects to residential home construction and to the fiasco of the financial market is laughable, at best. Most of the projects I do are either publically financed or finance by developers who must provide these plants in order to build their sub-divisions or commercial projects.

He's been a bitter man since RTD notified him re: eminent domain takeover of his property. Although I try to show some sympathy, his constant whining gets old.

[L.A. BRONCOS FAN]

Meck comparing public projects to residential home construction and to the fiasco of the financial market is laughable, at best.

Is there anything that f@cking clown has said over the last eight years that hasn't been laughable? ;)

Watching them "take off their uniforms" and run away from their own records is the biggest laugh yet. Ha!

[L.A. BRONCOS FAN]

Knock Out: CNBC Confirms Lehman CEO Punched at Gym

Network verifies reports Richard Fuld was attacked for financial institution's bankruptcy.

By <!-- Begin Author --> Jeff Poor <!-- End Author -->
Business & Media Institute
10/6/2008 3:59:29 PM

It seems anxiety from the financial crisis is reaching new highs, but the tipping point for one individual came at the Lehman Brothers gym in the midst of the company’s collapse.<o:p></o:p>
<o:p></o:p>
While former Lehman CEO Richard Fuld was testifying before the House Oversight Committee (http://www.forbes.com/business/2008/10/06/congress-washington-fuld-biz-beltway-cx_bw_1006blame.html) Oct. 6, CNBC reported he had been punched in the face at the Lehman Brothers gym after it was announced the firm was going bankrupt. CNBC and Vanity Fair contributor Vicki Ward said Fuld was attacked at the gym on a Sunday following the bankruptcy.<o:p></o:p>
<o:p></o:p>
“Frankly, I sat there and listened and I’m with the guy who apparently, the day before Barclays announced they were coming in and Lehman had already filed for bankruptcy, went over to him in the gym and punched him because that’s how I feel when I, you know, when I watched that,” Ward said on the Oct. 6 “Power Lunch.” “I didn’t think he was contrite at all, I thought he was arrogant.”<o:p></o:p>
<o:p></o:p>
[/URL]<object width="250" height="202">

<embed src="http://www.eyeblast.tv/public/eyeblast.swf?v=e4kUZuQuqG&c1=0x87B58E&c2=0x085110&a=0&sm=0" type="application/x-shockwave-flash" allowfullscreen="true" width="250" height="202"></object>
Ward confirmed previous reports about the incident (http://www.eyeblast.tv/public/eyeblast.swf?v=e4kUZuQuqG&c1=0x87B58E&c2=0x085110&a=0&sm=0) that reportedly occurred Sept. 21 and said the information came from “two very senior sources.”<o:p></o:p>
<o:p></o:p>
“From two very senior sources – one incredibly senior source – that he went to the gym after … Lehman was announced as going under. He was on a treadmill with a heart monitor on. Someone was in the corner, pumping iron and he walked over and he knocked him out cold. And frankly after having watched this, I’d have done the same too.”<o:p></o:p>
<o:p></o:p>
Ward determined Fuld deserved the beating based on his testimony before the committee.<o:p></o:p>
<o:p></o:p>
“I thought he was shameless,” Ward said. “I thought it was appalling. He blamed everyone. He blamed, as you say, ‘naked short sellers’ over and over in case we didn’t get the point, when in fact hedge funds like Harbinger had money locked up in Lehman and was shorting it to try and make the most of the money that they already had. He blamed everybody but himself.”<o:p></o:p>
<o:p></o:p>
Lehman Brothers filed for bankruptcy in September 2008 (http://news.yahoo.com/s/afp/20080915/bs_afp/useconomymarketsfinancebankbanking) and its assets were later snatched up by the British bank Barclays for $1.35 billion (http://www.cbsnews.com/stories/2008/09/20/business/main4462393.shtml?source=RSSattr=Business_4462393) , which included Lehman’s Midtown Manhattan office tower with a $960 million price tag.


[URL]http://www.businessandmedia.org/articles/2008/20081006150152.aspx
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[alkemical]

I feel like the orchestra pit is warming up.

[Arkie]

http://sinfest.net/comikaze/comics/2008-10-05.gif

[TailgateNut]

http://sinfest.net/comikaze/comics/2008-10-05.gif


Classic.

What gets me is that there's a majority who still think this was a good idea.

Never mind! There was also a majority who thought Bush would make a good president.

A nation of lab rats!

[Rohirrim]

Just as I feared. Looks like that $700 bil was good money after bad.

"People are realizing that the Paulson plan is not going to be nearly enough. It's not because the plan is ill-conceived. It looks like it's the right thing to do, but the problem is just growing astronomically," said Martin Evans, a professor of finance and economics at Georgetown University.
---------------------


The crisis threatens to reverse years of prosperity that financed the economic growth in developed and emerging countries through a global financial system that made credit widely available. Banks and governments were able to borrow money on an unprecedented scale by selling debt in new kinds of packages, allowing even the least credit-worthy consumers to borrow and spend.

China exported goods and then loaned the money back to the United States by buying those new debt packages. The story was similar for Russia, which exported massive amounts of energy to Europe, and for Brazil, which exported commodities including orange juice and sugar. All used the massive inflows of borrowed money from the developed world to fuel economic expansions and stock market bubbles.



http://www.msnbc.msn.com/id/27058577/

[TailgateNut]

Just as I feared. Looks like that $700 bil was good money after bad.

"People are realizing that the Paulson plan is not going to be nearly enough. http://www.msnbc.msn.com/id/27058577/



You don't say!;)

Isn't asking for $700billion three times, better than asking for $2Trillion once?;D

[baja]

he crisis threatens to reverse years of prosperity that financed the economic growth in developed and emerging countries through a global financial system that made credit widely available. Banks and governments were able to borrow money on an unprecedented scale by selling debt in new kinds of packages, allowing even the least credit-worthy consumers to borrow and spend.


Derivatives, it's what is gonna kill ya...

Better get one of these.

http://www.air2water.net/residential_products_countertop.html

[baja]

You don't say!;)

Isn't asking for $700billion three times, better than asking for $2Trillion once?;D

2 T is not enough.


it's a run away train now

[TailgateNut]

2 T is not enough.


it's a run away train now


The point I was making is that they will gouge us a bit at a time until the public pulls their head out of their ass and realizes, as some of us did prior to the first "theft", that we are being systematically robbed, by the same criminals who wrecked the system.

[Rohirrim]

Derivatives, it's what is gonna kill ya...

Better get one of these.

http://www.air2water.net/residential_products_countertop.html

Doubt that will work in Colorado. There's no water in our air. ;D

(edit) ;D

[TailgateNut]

There's water in our air. ;D

Huh???

[alkemical]

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/02/AR2008100203631.html

Prosecutors Expected To Spare Wall St. Firms


Among other factors, the guidelines require government lawyers to take into account the health of a business when they make decisions about whether to file criminal charges. Given the current landscape, with Lehman in bankruptcy proceedings, Fannie Mae and Freddie Mac under federal control, and AIG surviving only after an $85 billion infusion from the Treasury, lawyers with experience in such cases predict few major criminal prosecutions of businesses.

"It would be a very rare company that would ever be prosecuted," said Joshua Hochberg, former chief of the Justice Department's fraud section. "These are all negotiated settlements. . . . A criminal conviction brings mandatory debarment and effectively puts a corporation out of business."

Prosecutors for months have been sifting through documents in an effort to separate bad business decisions from possible criminal conduct.

[L.A. BRONCOS FAN]

'Less than a week after the federal government offered an $85 billion bailout to insurance giant AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.' 10/8 (http://voices.washingtonpost.com/livecoverage/2008/10/after_bailout_aig_executives_h.html)

[Rank&File]

They should make them pay that back right now, and fire every one of those slimy bastards, every doddamned one of them.

[kappys]

'Less than a week after the federal government offered an $85 billion bailout to insurance giant AIG, the company held a week-long retreat for its executives at the luxury St. Regis Resort in Monarch Beach, Calif., running up a tab of $440,000, Rep. Henry Waxman (D-Calif.) said today at the the opening of a House committee hearing about the near-failure of the insurance giant.' 10/8 (http://voices.washingtonpost.com/livecoverage/2008/10/after_bailout_aig_executives_h.html)

Well thank the god the bailout was big enough to ensure that they could preside over disaster in the style to which they are accustomed.