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http://www.clusterheadaches.com/cgi-bin/yabb2/YaBB.pl Daily Chat >> General Posts >> Flipping into a 3rd world status http://www.clusterheadaches.com/cgi-bin/yabb2/YaBB.pl?num=1222653552 Message started by artonio7 on Sep 28^th, 2008 at 9:59pm

Title: Flipping into a 3rd world status
Post by artonio7 on Sep 28^th, 2008 at 9:59pm

I often wondered how flipping houses worked... it's easy to see how all of the key ingredients were in place to help create the financial mess that we're in today.

Here's a link to how it worked...
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Thought it was interesting.

with warm regards,
Tony

Title: Re: Flipping into a 3rd world status
Post by Brew on Sep 28^th, 2008 at 10:05pm

You thought it was interesting.

I thought it was stupefying. And so is this bailout.

Title: Re: Flipping into a 3rd world status
Post by Charlie on Sep 29^th, 2008 at 1:26am

I never thought of looking up these late night ponzi schemes and the like on line. Why, I don't know. It's on tv all over the place it seems. Like Brew said, it's interesting.

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Title: Re: Flipping into a 3rd world status
Post by Brew on Sep 29^th, 2008 at 7:29am

Tony said it was interesting. I said it was stupefying.

I know - big deal. Just trying to make a point about how speechless the whole thing leaves me.

Title: Re: Flipping into a 3rd world status
Post by Kirk on Sep 29^th, 2008 at 8:58am

Ponzi schemes, even those promoted by the government have been around for years. Take Social Security for instance. Next look at the lending laws passed by Congress that the Clinton Admin came up with and both sides of the Aile approved in the early 90s. And everything in between. And you think Bush the Younger is bad news. Guess where all this came from while you weren't looking.
[smiley=smokin.gif]

Title: Re: Flipping into a 3rd world status
Post by BarbaraD on Sep 29^th, 2008 at 9:22am

It really isn't anything new -- go back to the 80s and take a look at what was happening there.

The fat cows take out too much and WE the little guys (taxpayers) bail them out. It's just the American way... the rich get richer and the little guys get screwed.... I'm just waiting for my numbers to come up on the lottery so I can be on of the rich guys... :)

Hugs BD

Title: Re: Flipping into a 3rd world status
Post by George_J on Sep 29^th, 2008 at 10:54am

Well, at least it wasn't tulips this time:

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Madness of crowds.

Best,

George

Title: Re: Flipping into a 3rd world status
Post by BarbaraD on Sep 29^th, 2008 at 11:01am

LMAO -- George you just have WAAAY too much time on your hands.. ;D ;D ;D :-*

Hugs BD

Title: Re: Flipping into a 3rd world status
Post by BMoneeTheMoneeMan on Sep 29^th, 2008 at 10:06pm

That is the exact same thing that happened in the 90s with the stock market. Everything you touched turned to gold. You could buy an index fund as a place to park money like a money market.

Then the bottom dropped out and people learned that stocks go up AND down. Like that was a shocker and required new regulation.

People are learning that you can not buy a home with no money down and think that it can only go up. Those who didn't know that before are leading us to new regulation in banking and real estate lending.