First there was that 90 yr old woman who attempted suicide when they came to foreclose on her home and now a man has shot and killed his family because of financial problems.

I am SO mad right now!!! >:(

Isn't that just awful?  Beginning to sound like some of what happened during the Great Depression!

Some people just can't handle it.

It's horrible Mel and sadly, this will not get better for you and me any time soon. There's something scary when they call this the worst financial meltdown since the war. It makes me wonder just what they mean by that "shorthand."  I guess that if we didn't have the few safeguards already in place, things would be similar 1929?

Everybody is hunkering down around here. Good luck Mel.

Charlie

This is very sad and frightening.  I personally know two families that are loosing their homes.  One of them is my sister.  I'm very worried about her.  She is a CHer too.  She is very depressed.  Say a prayer for her..please?

Jeannie

The only reply I *can* make is VOTE and then demand accountability.

catlind wrote on Oct 7^th, 2008 at 9:54am:

The only reply I *can* make is VOTE and then demand accountability.

but you can't demand anything if you vote for a major candidate

That is horrible. It's a very scary time for many Americans.   :(

Langa

A guy wiped out his family yesterday and himself in a L. A. gated community over losing a job according to his note and will. Buncha kids too.

Charlie  :(

They were going to forclose on my brothers house, so I carried his mortgage for a few months until he could sell it. I also gave him the money to get into a condo for rent. All this with no vig, I just told him to give me my money back out of the equity and never ask me for a dime again! >:(

You are a good brother jonny.  You'll get your money back and he can salvage some of his credit.

There are so many folks in trouble around the KC burbs.  Havn't heard of any deaths - yet - its coming.  Huge expensive homes vacant.

Sprint rumors are to shave 14,300 employees in the next quarter. Stocks are already junk and headed much lower.  Lost another dollars today.  Around $9.00 two weeks ago, now $3.70.  Needless to say my 401K is a fucking joke.  All I need is another 13 years, then I can die.

All of us knew that the housing bubble would eventually correct itself.  I sold my expensive home on the beach in California, moved and bought something I could actually afford in Texas. It’s been tough cutting back on expenses and not doing/buying the things that I love, but I decided that I needed to start living within in my means.  Now I’m really glad I did that. Who knows if I’ll have a job tomorrow.

Way too many people that I know are losing their homes because they over-bought or gambled that their income would increase faster than it did. OF COURSE this doesn’t apply to everyone, but it certainly does apply to way too many people who are in trouble. If people had built up reserves over time, they could help each other out now - like Jonny did with his brother.

Marc wrote on Oct 8^th, 2008 at 8:37am:

All of us knew that the housing bubble would eventually correct itself.  I sold my expensive home on the beach in California, moved and bought something I could actually afford in Texas. It’s been tough cutting back on expenses and not doing/buying the things that I love, but I decided that I needed to start living within in my means.  Now I’m really glad I did that. Who knows if I’ll have a job tomorrow. Way too many people that I know are losing their homes because they over-bought or gambled that their income would increase faster than it did. OF COURSE this doesn’t apply to everyone, but it certainly does apply to way too many people who are in trouble. If people had built up reserves over time, they could help each other out now - like Jonny did with his brother.

Indeed!  

What is important, especially at this time in our world, is each other.

Clark now FULLY understands why when we bought our home in Omaha, I DEMANDED that there was a mortgage cap - the lender was willing to give us a whole lot more - I INSISTED we buy nothing over $125k he didn't understand it then, now he does and he's quite glad.

We are fortunate, at least for another 4 years unless Clark makes E9 - his high year of tenure - the longest he is allowed to stay in - is to 28 years, if there's any where there's job security *right now* it's the military - of course the cons can be deadly.....

Cat

Quote:

A guy wiped out his family yesterday and himself in a L. A. gated community over losing a job according to his note and will. Buncha kids too. Charlie

The guy that did this,  said in his note...he, at first intended to only kill himself, but decided later to kill his whole family because it was the "HONORABLE" thing to do.

   This dude had more problems than just his economic woes in my opinion.

We are looking at Gil's retirement date(July 6, 2009). Our accountant advised us to begin to collect that $ at that time, coz the retirement age is going to adjust again, and, quite frankly, Gil is tired. We, too, look forward to being mortgage-free, however, that is slipping away. Dependent upon when we sell our house, we will have a small mtg, payable in 15 or even 7 yrs. I won't stop selling RE, and, since we will be at the coast, the prospective buyers will most likely be people who have expendable income.......for, perhaps, a second home.
We want no more than a home and the basics........but I was raised to believe that is what you EXPECT of life.. work hard, you reap the rewards. Those days are gone.  
I firmly believe this is going to pass. But at what cost? What happens in the meantime to people like Pegg(I'm sorry)? Who slips through the cracks? And how many Warren Buffetts get richer during this time?

Frankly, a depression has been looming for a few years now, and, although this might not be a popular thought, I wish the Feds had determined there should be NO bailout for anyone...just bring on the Depression, lets get it over with! Either that, or every American should be issued a money printer, then we can deal with our dollars which will be worth nothing.

And, yes, in our old community in CA, a man took his own life, after taking that of his wife and 3 children- one of which was a freshman at USC.It's happening to the middle -class, so does that mean that it'll take awhile to trickle up to the wealthy? I don't know. All I know is our Govt should be aware of the destruction that lies beneath the surface of this financial crisis.