tag:blogger.com,1999:blog-9612609.post6225126857688805246..comments2023-09-29T06:58:20.125-07:00Comments on Badtux the Snarky Penguin: Massive job losses continueBadTuxhttp://www.blogger.com/profile/01345749557330760251noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-9612609.post-22214905122651009562009-06-06T13:07:14.320-07:002009-06-06T13:07:14.320-07:00Actually, I disagree with Mr. Kamperman. Except in...Actually, I disagree with Mr. Kamperman. Except in more rural areas of the country, we DON'T all need a car. We need extraordinary public transportation. We don't need a zillion cars clogging up the roads and the air, but safe, local, frequent, all night buslines, light rail, and heavier rail for longer commutes would make a great difference. A few cities that do this well are Chicago, New York (although aside from the rail the bus system on Long Island is woefully inadequate), and, back when, Milwaukee (not sure how they stack up now, but I used to be able to get anywhere pretty much anytime in in the area safely and efficiently).Fergiehttps://www.blogger.com/profile/16734266388701166323noreply@blogger.comtag:blogger.com,1999:blog-9612609.post-46200279906030956282009-06-06T13:06:22.659-07:002009-06-06T13:06:22.659-07:00This comment has been removed by the author.Fergiehttps://www.blogger.com/profile/16734266388701166323noreply@blogger.comtag:blogger.com,1999:blog-9612609.post-40289267786315858782009-06-04T08:22:45.793-07:002009-06-04T08:22:45.793-07:00My employer is hiring like crazy! They keep expand...My employer is hiring like crazy! They keep expanding hours, and we're chronically understaffed.<br /><br />Oh, did I mention that I work for a nonprofit that provides debt and credit counseling for people filing bankruptcy?<br /><br />No, I'm not kidding. The worse the economy gets, the more business we have. Until absolutely everyone has gone bankrupt, and then...well, I guess we go bankrupt too.Aaronhttps://www.blogger.com/profile/02716397987389879836noreply@blogger.comtag:blogger.com,1999:blog-9612609.post-281432190324593772009-06-03T15:52:41.312-07:002009-06-03T15:52:41.312-07:00I need one of the stimulus jobs also . Basically e...I need one of the stimulus jobs also . Basically every dime I ever had went to the bank . As deposits from the things I need : Food , Gas , Utilities , etc. I have terrible credit at this point because I had good credit in the past . They could give X billion $ to the bank and it will never help me directly . They , have got to get the money to ME (consumer) , and I will be happy to give it back to the bank thru my chosen businesses . Till the powers that be figure that one out , we be all very poor folk . <br /> a getting hungry about now , w3skiw3skihttps://www.blogger.com/profile/13993709956954374919noreply@blogger.comtag:blogger.com,1999:blog-9612609.post-59415038037828899892009-06-03T15:06:58.636-07:002009-06-03T15:06:58.636-07:00Excerpted from How America Can Escape the New Grea...Excerpted from How America Can Escape the New Great Depression:<br /><br />Fannie Mae should be authorized to securitize<br />auto loans as well as home loans. This is not 1938. The average<br />American who does not live in a major metropolitan city needs a<br />car. Newly issued asset-backed securities guaranteed by Fannie Mae<br />would carry the same U.S. government backing that Fannie Mae<br />mortgage-backed securities carry. This would make loans to purchase<br />new cars much more widely available at lower interest rates, thereby<br />stimulating the auto sector. Stabilizing the housing market is the key<br />to stabilizing the credit market. But stabilizing the auto market is<br />also a key part of stabilizing the industrial part of the economy.<br />In 2007 around 16 million new cars were sold in the U.S. This figure<br />includes cars and light trucks sold by both domestic and foreign<br />manufacturers. Around 6 million of these cars were sold to people<br />with credit scores of less than 700. Because of the credit crunch, it<br />is now very difficult for borrowers with credit scores under 700 to<br />finance a new car. Remember, over half of the country now has a<br />credit score under 700. Unless we open up the credit markets, we<br />will finance only enough new cars to stay at a ten million annual<br />auto sales run rate. If we stay at a ten million annual auto sales run<br />rate, we will see unemployment increase even more. Almost one in<br />ten jobs in America is directly or indirectly tied to the auto sector.<br />At a time of rising unemployment, we need the U.S. government to<br />do whatever it can to support certain industries. The key support the<br />auto makers need is wide availability of consumer auto credit.<br />The banks are currently making new car loans to credit worthy borrowers.<br />But currently banks can’t sell those loans to an investment<br />bank to be included in a pool of auto loans that are then issued<br />as an auto-backed security. This is the result of the failure of the<br />credit rating agencies to properly evaluate subprime mortgages<br />and other asset-backed securities. The market for new asset-backed<br />securities is virtually non-existent unless they are guaranteed by the<br />U.S. government. This means the banks are restricted to lending<br />only the amount of money they have available from depositors,<br />bond holders, and shareholders. When the banks could sell the<br />auto loans they originated, they could turn around and make new<br />loans. This enhanced creation of credit further stimulated the econ-<br />omy and increased the supply of money available for new car purchases.<br />The easy solution is to allow Fannie Mae to enter the auto<br />securitization market.<br />Fannie Mae is already in the business of buying and securitizing<br />consumer loans backed by collateral. Fannie Mae provides banks<br />and mortgage brokers with the underwriting standards it accepts for<br />a new mortgage to be included in one of its loan pools for securitization.<br />Fannie Mae has guidelines in place for the level of income<br />required to support a home loan. Fannie Mae also has guidelines in<br />place for the verification of assets and income necessary to support<br />a home loan. It would be easy for Fannie Mae to transition into the<br />auto market. Decisions on auto loans are often made much more<br />quickly than on home loans. For auto loans, Fannie Mae would need<br />only to require verification of income, a down payment, and a credit<br />report for an auto loan. Verification of income could include a recent<br />paycheck, social security check, pension check, or bank account<br />statement.<br />Fannie Mae also provides the banks with guidelines for the quality<br />of appraisals it will accept for mortgage loans. A home is fixed in<br />the location in which it was built. An auto, however, is mobile and<br />can be moved around the country.<br /><br />Michael A. KampermanHailmaryyyhttps://www.blogger.com/profile/09252524500473632006noreply@blogger.comtag:blogger.com,1999:blog-9612609.post-17196628533809536322009-06-03T13:38:47.550-07:002009-06-03T13:38:47.550-07:00Job? did someone say Job? OOH, I need one of the...Job? did someone say Job? OOH, I need one of them!<br /><br />try telling that to a Bank, though. "I'm sorry I can't make this payment, I'm out of work and ran out of money six months ago. No, my UIC is not enough to pay rent and car and insurance... and YOU, YOU come *after* food, and heaven forbid the RUssian Blue or I need to see a doctor, what with no medical insurance."<br /><br />Bank:<br />"Do you have an IRA you could cash in?"<br /><br />Do they listen? Do they understand?<br /><br />sigh.Fergiehttps://www.blogger.com/profile/16734266388701166323noreply@blogger.com