Credit CRUNCH

[DavyJones]

Oy, bad news today and I need somewhere to gather sympathy. Thanks to our wonderful economy these days, I was somehow denied my student loan this year. Go figure. I have other options to pursue right now, but it's difficult being here in Germany and trying to contact relatives and banks in the US. Anybody else having problems now? It's actually starting to get me thinking more about the next President. For year I have been a Republican through and through, but maybe high taxes and a couple social and educational programs wouldn't hurt? Taxes hurt too though. My first paycheck here was supposed to be for 500 euros, but after taxes was a whopping 338. After my rent of 230 euros, that leaves me with 100 euros spending money this month alone. Fun fun. All worth it for the almighty resume, right? I guess we just have to keep our chins up in these hard times, and thank some dirty executives for reaping record profits while we sit here and pay out the @(#$%$% for gasoline ---> killing the economy.

 

[scottychaos]

My wife was lost her job two years ago, and still hasnt found a new permanent position.
but I dont blame the president..its not his fault..the fault lies squarely on the shoulders of the digital camera..if it didnt exist, my wife would still have a job.

and ironically, I still have my job BECAUSE of the digital camera..so I guess it evens out.

Davy,
what year of school are you in?
back when I was in college, late 80's - early 90's, most of the college aid programs would only cover 4 years..if you did a 5th year, you were on your own for that year..

IMO, we are in serious trouble this year when it comes to the next president..
we will have one of two outcomes after the election.."totally screwed" (McCain)or "REALLY SERIOUSLY totally screwed"..(Obama)
either way, the downward slide of the country is only going to get worse.

graduate as soon as you can and get a job..
the only way we can all survive is to "look out for number 1"..
the government cant help us..they can only make things worse.

Scot

 

[phissionkorps]

Yeah agreed. If you believe in a repub candidate, don't vote dem because of the economy. It's not Bush's fault that the economy is horrible. Sure, maybe he made a decision or two that maybe wasn't the best for the economy, but it took us a looooooong time to get in this situation, and has to do with a lot more people than just him. The president really has no power besides vetos, which can just get overridden anyway.
If anything, voting for a dem will make the economy worse, since taxes will undoubtedly be higher, and there will be less liquid capital circulating around.

 

[BigBella]

Oy, bad news today and I need somewhere to gather sympathy. Thanks to our wonderful economy these days, I was somehow denied my student loan this year. Go figure. I have other options to pursue right now, but it's difficult being here in Germany and trying to contact relatives and banks in the US. Anybody else having problems now? It's actually starting to get me thinking more about the next President. For year I have been a Republican through and through, but maybe high taxes and a couple social and educational programs wouldn't hurt? Taxes hurt too though. My first paycheck here was supposed to be for 500 euros, but after taxes was a whopping 338. After my rent of 230 euros, that leaves me with 100 euros spending money this month alone. Fun fun. All worth it for the almighty resume, right? I guess we just have to keep our chins up in these hard times, and thank some dirty executives for reaping record profits while we sit here and pay out the @(#$%$% for gasoline ---> killing the economy.

My sympathies and I hope you have some other avenues for the student loan. I too have had experience working overseas with the European tax model and it is simply no wonder that they are making all of their purchases over here in the US to avoid the VAT. Most of my friends in Italy, while making a good living on paper, absolutely eat it in the tax arena; and when I visit (before the dollar tanked, that is), there is usually a lengthy shopping list of things in the US that are simply out of reach in Rome.

And if their socialized model of medicine is so great, such a boon, and worth that staggering revenue stream, why did Berlusconi go to Cleveland to get his pacemaker installed?

 

[CPsInAtl]

The president really has no power besides vetos, which can just get overridden anyway.

Whoa... he vetoed something?

Oh yeah something recently. Sucks it wasn't overridden.

Ok so it wasn't his fault. It was congress's fault. But then again he rubber-stamped everything they sent him for the first 6 years of his terms.

 

[herenorthere]

It isn't Reps vs Dems since, when it comes to the interests of financial industry, the Dems long ago quit being any different than the Reps. We're going through the completely predictable outcome of policies that pushed the economy beyond the breaking point chasing the phantom money of an inflated housing market. Now, with so many bad loans on the books, there's a squeeze on credit. The government acts like it's stepping in to help those who are losing their homes, but it's really stepping in to help the financiers, the real estate industry and those who can pay their mortgages but will lose even more fictitious property value if lots more foreclosures further depress the market.

 

[dewy]

The problem lies in the banks, lending to people that couldn't pay the money back. For a few years they did fine, but now they are suffering the consequences when these people default and can't pay the loan. The President really has no control over the lending, the banks control it. Anyway, i hope something works out for you as I know that is a tough spot to be in.

 

[JB_OrchidGuy]

What about everyone in the country trying to live above their means? That is really what caused the banks to start loaning risky loans. There was a demand and drive for greater and greater profit and "things". Of course Congress, the president, the banking system, and Industry all have a roll to play in the tanking of the economy. Business can only grow so much without changing and many industries are just behind the 8 ball to continue showing growth but by doing so with a played out idea. Congress and the president are both trying to please the majority of the country and what the majority of the country wanted was to live above their means and so policies followed. So did the banking industry. The root of all evil is Money, but the blame can be spread around and it is not just one factor that caused this. Like others have said The President does not have very much power at all. Congress has all the power and we have the same old farts in office all the time with very little change at all there. Same old tired ideas leading down the same old tired road.

I also agree with this statement.

we will have one of two outcomes after the election.."totally screwed" (McCain)or "REALLY SERIOUSLY totally screwed"..(Obama)
either way, the downward slide of the country is only going to get worse.

I am not totally convinced either one of them can do anything alone. We have to get rid of those old farts in congress before any real change will happen.

Davey sorry about your situation and I hope things work out for you. I am lucky myself to have the Hope Scholarship in GA funded by the lottery to pay for y school.

 

[DavyJones]

I hate to bump an old, seemingly dead post, but I have an interesting update, and I haven't been online much lately. Last Wednesday my loan got approved. It turns out I wasn't declined due to the crunch, but a mistake by the bank. My parents refinanced their home last year, and the bank made a mistake when handling the paperwork. What ended up happening was that somewhere it showed up on their credit report that they had defaulted on the mortgage, which was obviously not true. All in all, everything got fixed, and all is right in the world.... for now.