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Searching for a Savior: Fall Freefall - September 2008 Revisited

San Francisco : CA : USA | 2 months ago  
Views: 907
  • Fall? Or Freefall
    Fall? Or Freefall
    Posted by: vernoncrumrine
    www.morguefile.com by lb6364
Fall? Or Freefall

September 8, 2009

We had been ignoring the signs for some time. But they were all there nonetheless. In early September 2008, the market seemed to at first breathe a brief sigh of relief at news of the government takeover of Freddie Mac and Fannie Mae. But investment banking giant Lehman Brothers was clearly on the ropes. Lehman was reporting a $3 billion dollar second quarter loss. And UBS, Citigroup and Merrill Lynch were all very troubled financial organizations.

Considerable numbers of bank, mortgage lender and insurance company failures were all just around the corner. But we really didn’t want to think about it. Employment and job stability in general had started to look a little iffy. In fact, all things economic didn’t really look that great, but after all, the election was only a couple of months away. In spite of the continuing bad news of late summer and early fall that had really started months earlier, there still existed a stubborn spirit of unfounded optimism.

We were clearly in denial then. We seemed certain at the time that things would somehow turn around. But we were in fact already desperately searching for a savior; someone who would take control of the precipitous; and now, in retrospect, virtually unstoppable slide in the economy and employment and come to the rescue of not only the country, but indeed of the entire world.

Now it's one year later and we’re still searching...

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Posted By muzikdiva muzikdiva | 2 months ago
All signs point towards a complete systemic collapse of the American economy and the dollar. Their has been a concerted effort to destroy the middle class and they're well on the way towards success. The banks are doing absolutely nothing to help homeowners, they are doing absolutely nothing for people who still have jobs, are paying their mortgages and have managed to keep good credit but want to refinance their homes because they owe twice as much as the home is worth and are literally getting screwed by having to make payments that are twice as much as they should be. The only way the bank will do anything for you is if you fall behind on your payments, then if you're lucky you can find an honest attorney or someone that can help you get into a loan modification - the banks aren't even approving those anymore but there are plenty of people who will take your money and say they can help. We has a short refi program that was refinancing people at 90% of the current value, now the big banks aren't approving those loans anymore and we have to do a secured short sale with an investor who will resell the home back to the owner for 110% of the value. I have a friend who works in customer service for Chase...they are lying to everyone telling them they're reviewing their file when they aren't doing ANYTHING with these files but giving the people the run around for 6-9 months until they foreclose on them. Thousands of files are sitting there on desks not being worked, none of them!! Supposedly the second wave is supposed to hit this fall, knocking down the economy completely. Something's up, if they were trying to fix this economy they would at least be putting energy into these files...but it's like the banks are sitting there waiting for the next shoe to drop. All of this was planned a long time ago...you didn't know that? have you seen www.zietgiestmovie.com yet?
Reported by vernoncrumrine
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