QUOTE: .... all hyped about how it wasn't reported sooner. Well news flash guys, I've been reading about it for at least two years and closer to three. END from Randy's post

Yes, printed news has indeed been reporting terrifying economic indicators as well as the hard-to-grasp but plainly disastrous poor-quality real estate loans sliced up until they no longer had any connection to the actual realty or to the actual borrower -- and then carried in very rosy numbers on the books of financial institutions -- for at least 2-3 years.

This stuff started to be in major newspapers around April of 2006 (or probably before, but it hit even my small-town paper around 04/06).

Some seers in 2005 said that the end of the global bubble economy was near, and that the US housing boom, its related credit/consumption boom, real estate asset inflation, and the US savings shortfall would trigger in the global economy a big and rapid downturn.

I can say that I didn't know it, but I cannot say that I wasn't told. I know I read it all and then put it all out of my mind as much as I could. Shame on me, but I can't blame any failure to report. Only failure to grasp that no one was watching the store.

I am in full agreement with Randy here and Connie has some good points as well. I consider it my duty to read and be informed as much as I can, reading,and some TV but I like the public radio as well to learn what I can about what is going on around the world as well as economy. I think the problem can sometimes lie with the fact that so many are so busy that they only rely on either one news source and often it is mainstream source with very opinion based reporting which tends to be biased, or they have no time for it at all. One thing that annoys the crap out of me are the little sound bites that give you very little info and It seems are just aimed to give people a crumb about that story and then poof, they are on to the next sound bite. I hate that! But that is the mainstream for you. But regardless, there are many resources and media outlets for most to be abreast of what is happening, almost in real time.

As far as the economy and it's effect on me, our grocery bill has nearly tripled and has made us think hard about how we shop and where. There are certain things that I must buy, but it has put a huge crunch on other things.
Far and away, I have not yet scrimped on what we feed the dogs.
They are eating better than we do!

I don't know if anyone else on the forum does this, but listening to the news on various foreign channels via a shortwave radio gives you a variety of perspectives to chose from.
http://affordableshortwaves.googlepages.com/

Plus they're great in emergencies.

It's also an interesting hobby, I may expand into getting a HAM license someday...

It IS interesting, Will, listening to other news. It gives us a good idea what other countries really think of us, also.

My boyfriend is in the process of trying to buy a house. First time home buyer. And they STILL approved him for a loan that is more than he can afford! He even went over it with the broker: I make $100/mo, my morgtage will be $120, how is that going to work? (Made up numbers.)

I can tell you kind of first hand what what some people in a small Central American country think is going on with the U.S. economy.

My wife, a native of Costa Rica, is currently visiting relatives and working on our business there.

People know she is from the U.S. She gets approached regularly to have their misconceptions endorsed.

They think EVERYONE here is loosing their homes and jobs. They believe millions and millions of people are hungry and homeless.

My wife says it makes her angry because there is a degree of satisfaction in their attitudes.

There is a deep rooted jealousy in 3rd world countries for what we have and the way we live here.

 Quote: Will Rambeau

I don't know if anyone else on the forum does this, but listening to the news on various foreign channels via a shortwave radio gives you a variety of perspectives to chose from.
http://affordableshortwaves.googlepages.com/

Plus they're great in emergencies.

It's also an interesting hobby, I may expand into getting a HAM license someday...

You need to speak to my BF. He's a radio junkie. Short wave, long wave, any wave you want....he's probably got it.

We've got an antenna erected on our property...taller than the frickin' house...that he put up so he can listen to news all over the world. Sort of like having our very own Eiffel Tower.

 Quote: Cathy Goessman

My MOS in the Army will be Animal Care Specialist which is similar to a vet tech. And I'll be coming out of it with money for school if I want to do that.

CONGRATULATIONS!!!!!

That's fantastic! Welcome to the family.

Check your PMs.

 Quote: stephanie biros

...My boyfriend is in the process of trying to buy a house. First time home buyer. And they STILL approved him for a loan that is more than he can afford! He even went over it with the broker: I make $100/mo, my morgtage will be $120, how is that going to work? (Made up numbers.)

That's interesting to read Stephanie. I just closed on a loan for a good friend (1st time buyer). This man has been at the same job for 4 yrs, has 6 mos of mortgage pmts in the bank, no credit (but no bad credit either), plenty of alternative credit. He is a prime candidate for a 1st time buyer loan. We had to jump through so many hoops and go above and beyond to prove his ability to pay. Must be the banks, or underwriters??... He got an incredible deal though. This is the time to buy - if you can.

Actually, a lot of the weirdness you're seeing in the home loan market has to do with over-regulation.

Lenders are required to give a certain percentage of home loans to low income households. Basically, they've been forced by Uncle Sam to give bad loans to people, just to satisfy their government mandated quota. That's a big part of why you see such glaring inequity in the market.

 Quote: lee sternberg

...My wife says it makes her angry because there is a degree of satisfaction in their attitudes.

There is a deep rooted jealousy in 3rd world countries for what we have and the way we live here.

Sadly, I can see how that is probably true.

In the States, the poor, working man has a fighting chance. In all those other countries, I don't think they've ever had a chance. With corrupt politicians, the poor get poorer and the rich get richer, and no matter what the people do, the corrupt politicians keep coming in and nothing ever changes.