# Bernanke: "...We're \*\*\*\*ed" **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [March 12, 2008, 12:10pm UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892 "2008-03-12T12:10:19Z")\ **Posts on this page:** 13\ **Page:** 5
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [March 13, 2008, 7:35am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/81 "2008-03-13T07:35:18Z")
> [@Nikuk](#): > > Make TLC cancel “Flip This House”? We don’t need smart ass posts like that! We are solving the worlds problems, can’t you see that? OMG the ignorance! There is no room for humor here, we are CPAs dammit! ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 13, 2008, 7:36am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/82 "2008-03-13T07:36:39Z")
Listen, if American society were more fically conservative, cutting spending from the bottome up, then the economy would be shit by comparison to the last couple decades. People spending too much of their not so hard earned money is what drove corporations to such profits, which lead to job growth, which lead to larger payrolls, which fed the consumer spending. Home values & loans simply fed :tspry: into the cycle. While they are both great financial tools, as with any other tool, it has to be used “properly”… but there in comes the personal responsibility & judgement. Are you going to teach kids in grade school a fiscal responsibility course? ---
**Author:** ![JoesTypeS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joestypes/32/7190_2.png) [@JoesTypeS](https://forums.speedlife.net/u/JoesTypeS)\ **Post date:** [March 13, 2008, 7:45am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/83 "2008-03-13T07:45:27Z")
> [@cougarspeed](#): > > Well back on topic it looks like the promises made on Tuesday didnt bring much faith to the market aside from the obvious jump we had on Tuesday. How do we feel about this? What steps do you guys think should happen to help recover the economy? I like the plan to help the banks as much as i hate bailouts it will help everyone in the long run. The massive hit retail took isn’t helping much ---
**Author:** ![eclipsed](https://avatars.discourse-cdn.com/v4/letter/e/bbce88/32.png) [@eclipsed](https://forums.speedlife.net/u/eclipsed)\ **Post date:** [March 13, 2008, 7:58am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/84 "2008-03-13T07:58:05Z")
> [@AWDrifter](#): > > OK so we have talked about the band aid, what should be done to avoid this catstrophic tragedy again? > > Eclipsed would you please enlighten us with your financial prowess?😛 i think a lot should be done, both on the consumer side, and on the lending side. preliminarily, i think lenders should be required to force applicants to take some kind of baseline test that assesses their awareness of the risks associated with the lending products they have chosen. if for some reason they fail that test, then they should have to take an educational seminar that informs them on how their loan will be structured, what could happen if interest rates fluctuate, and what could happen if they have hiccups in their personal income. obviously how that cost would be covered is up for debate. ---
**Author:** ![eclipsed](https://avatars.discourse-cdn.com/v4/letter/e/bbce88/32.png) [@eclipsed](https://forums.speedlife.net/u/eclipsed)\ **Post date:** [March 13, 2008, 7:58am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/85 "2008-03-13T07:58:56Z")
> [@AWDrifter](#): > > We don’t need smart ass posts like that! > We are solving the worlds problems, can’t you see that? > OMG the ignorance! > There is no room for humor here, we are CPAs dammit! i though you were above personal attacks? didnt we put that to rest? :lolham: ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [March 13, 2008, 8:09am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/86 "2008-03-13T08:09:04Z")
> [@Nikuk](#): > > ^This isn’t a bailout, as yet. > > We dunno who the fed is going to give this debt to, to service. Well if it goes to banks then its a bailout for the, if it goes to delinquent people then it is a bailout for them. Either way i see it BAILOUT!!! Hell you could even just say its an economy bailout if all else fails. > [@Nikuk](#): > > Make TLC cancel “Flip This House”? LOL QFT! > [@JoesTypeS](#): > > The massive hit retail took isn’t helping much I knew spending was down but are you speaking of a recent massive hit or the lack of spending over time being the massive hit. Forgive my ignorance i havent been too up on this recently. ---
**Author:** ![JoesTypeS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joestypes/32/7190_2.png) [@JoesTypeS](https://forums.speedlife.net/u/JoesTypeS)\ **Post date:** [March 13, 2008, 8:15am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/87 "2008-03-13T08:15:03Z")
Retail reports were lower than expected today ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [March 13, 2008, 8:18am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/88 "2008-03-13T08:18:09Z")
> [@JoesTypeS](#): > > Retail reports were lower than expected today BLAST!!! ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [March 13, 2008, 8:47am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/89 "2008-03-13T08:47:10Z")
> [@eclipsed](#): > > preliminarily, i think lenders should be required to force applicants to take some kind of baseline test that assesses their awareness of the risks associated with the lending products they have chosen. if for some reason they fail that test, then they should have to take an educational seminar that informs them on how their loan will be structured, what could happen if interest rates fluctuate, and what could happen if they have hiccups in their personal income. obviously how that cost would be covered is up for debate. When me shit turns purple and smells like rainbow sherbert. As they say. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [March 13, 2008, 9:06am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/90 "2008-03-13T09:06:11Z")
Personal story I may have mentioned before… When I got my home construction loan in 2006, it was insane what they put me through. I was waiting for a request for a spinal tap or urine test.:biglaugh: I had a credit score of 819 and a long standing excellent business account!!! It is very hard for me to fathom how some of these people even got loans. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 13, 2008, 9:10am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/91 "2008-03-13T09:10:26Z")
you’re self employed & were taking out a construction loan… that will invlove ALOT of underwriting wether the loan is $400k or $40k. Trust me. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [March 13, 2008, 9:27am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/92 "2008-03-13T09:27:09Z")
^ I forgot to mention I owned the land valued at $100,000 and I was putting $200,000 of my own money into it, so there was ton of equity. Some of the stories I have heard about these people make it sound like they walked in with a handful of magic beans and the bank threw large amounts of money at them. I guess that is the media spin. I hear you though Nikuk. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 13, 2008, 9:31am UTC](https://forums.speedlife.net/t/bernanke-were-ed/44892/93 "2008-03-13T09:31:06Z")
I wished the media would call it what it is… but then they wouldn’t be able to sell ad’s for as much money (sounds like a something a bank would, right…) Subprime: weak credit / income / ltv, etc, so the app is a lil tougher, and the interest a lil higher. No Doc: Decent to great credit, _No proof of income_. The problem started with no doc… then rolled into “slim” doc subprimes… and ARMs in that arena basically lit the fuse. [Previous page](https://forums.speedlife.net/t/bernanke-were-ed/44892.md?page=4)