I and my family have enjoyed the last 15 years of modest success, but the memories of the mid 80s are still very vivid in my mind. The largest employers in our state (Okla), were tied to the oil industry. After the oilfield as we Okies call it, went bust, there were no jobs, much less the good paying kind I was used to. Try lossing your house and having no other options than to move in with your father-in-law and riding out what I thought at the time, one of the worst times of our lives. Trying to raise and care for a 7 and 3 year old and hold your head up and hope things would turn around. It did, and to make a real long story short, I am more concerned with the worlds situations now than I ever was then. Teach you're children the value of family and that things don't always happen the way you want them to. I thank the Lord for my father-in-law, I wish he was still around. There is no shame in having to pick yourself up and bowing your neck and dealing with what ever is thrown at you in life. Hold on to your pants and your family folks, because in my opinion, there are very few of us alive that have witnessed anything like I think is about to happen. Good luck and I hope we all make it through the storm.

My mother took a 5k hit in Enron and a 5k hit in Worldcom. I took a 4.5k hit in Washington mutual. That's about $15k out of both of our retirement accounts due to these scandals in what brokers told us would be the safest companies in America. Someone needs to convince me (and others) why we should ever invest another penny in the U.S. stock market. Foreign investors who bought mortgage backed securities also should have no reason to invest their money here. This country has put the whole world's financial system in jeopardy. When will confidence and trust be restored (if ever)?

One more thought to all the folks that are trying to blame all of their misfortunes on the federal government, wake up, the lobbiest are the ones controlling the world, think about it!!!!!

lets be honest with ourselves.....we deserve what has happened to us. Now let our children, and the rest of the world,  see what americans can do. We CAN be responsible.   We CAN make a committment to not saddling our children and grandchildren with HUGE medicare and social security debt.  Imagine..in 25 years...only 2 true taxpaying workers for every person retired.  The vast majority of Americans are missing the big picture.  Live low,  save 20 percent before buying a house. Preferably a house less than 1800 s.f..  Its time to stop whining about interest rates and "government bailouts".  We are better than that..we are AmeriCANS...not AmeriCANTS.

It is "We the People" who has to get us out of this mess.  For too long we've looked the other way as our "representatives" in political office lied and cheated there way to a very cushy retirement.  I think it's time for another Boston Tea Party or something like it.  If you want too be heard you have too have a loud voice.

As a state certified appraiser, realtor, and investor let me give some insight in to the start of this mess.  The government decided that it was fair and a good idea to "allow everyone the chance to own a home."  That's not capitalism.  USA Today quoted the head of the FHA admin in Atlanta at one point years ago saying that the government should step in to control prices and rates so that the less fortunate could purchase a home.  So, the government allowed and created the evolution of no down payment, bond program, closing costs assistance programs, etc.  Lenders took advantage of that and sold tons of bad paper.  So, the real reason this all started is bc the government thought it could practice socialism or communism and give everyone a home.  Before this happened the average foreclosure rate on FHA loans was over 11% as opposed to roughly 3% on conventional loans.  So, why would anyone think it a good idea to create more loan programs like the former when the default rate is almost 4 x's.  Real smart, huh?  You can blame the whole thing from the start on "let's allow everyone to own a home bc this is America and that's fair" mentality.  Capitalism thrives on working hard, earning what you receive, and the have & the have nots.  America's tree hugging, hippie, love everyone, politically correct attitude set this thing in motion.

I DON'T CARE for those people who willingly purchased houses that they knew they cannot afford, instead I DO CARE for sick people, for people losing their jobs because of the economic downturn and for people who need money to pay for their continuing education or for their children education and I WANT to help them. The best direction we can take is to finally stimulate people who have been responsible all along. Rewarding the profiteers and speculates is not fair for the rest of population who represent the real value of the society. Maybe, just maybe the bread of irresponsible will disappear, like the unfit in a natural selection. Right not is the other way around: we protect and reward the bad and ignore the good people.

B-Dub said FED required to refinance mortgages at 5 % but that doesn't jive with market rates inching up toward 7 & and predictions that rates will decline in free weeks...perhaps when FED meets at end of month.

I don't have much confidence in any men to fix these issues.  We the American people as a whole (not everyone) with the help of industry (banking and credit), Wall Street, and government have lived well beyond our means.  Sure we can prop up credit and save the housing market, but at what expense.  The easy credit was the issue in the first place.   Housing prices will be propped up without any increase in salaries.  We still will live beyond our means.  We merely delay the inevitable.  The market is much more savvy then two or three men at the helm.  I don't really blame any one of them.  I am not sure there is anyone that can fix the issues without causing different ones.  Honestly, this economy needs to experience exactly what it is going through.  The unraveling of bad credit is exactly what is supposed to happen.  It was toxic and we had way too much of it.  Throw in the fix and you will cause another issue.  For example increase in mortgage rates.  Not sure if the market will experience new lows quickly, but there is not a proposed solution that truly stimulates the economy. A Bad loan/contract is bad whether it is in the hands of private industry or the government. It is like calling an orange an apple just because it is on a different counter.

Next shoe to drop -- Financing of municipal bonds, car loans, and credit cards.  Not sure when, but look out below.

I just hope I can hold on and come out the other side when we are truly stronger.  Let's let this correct quickly and not drag out the pain.

Well My Fellow Americans!  Are We now happy to see what GREED  has done to this Country?!  Do you realize that the "Lobbyist"  have stolen our Country!  They have lined the pockets of those who where supposed to serve US!  They corrupted the system!  Can you imagine the Banking System that charges a $39.00 fee for and electronic transfer for insufficent funds to the "tune of over $12 BILLION dollars last year alone!!  All because the Bush Administration passed new Laws for the "BANKING Industry"!  It's time to take back this Country and if necessary take over the Banks and put an end to this GREED!  I want all Elected Officals to be held "Accountable" for giving the Wall Street Fat Cats (who Laugh and Mock us Hard working Americans) the Laws that let them "STEAL" our hard earned Money with Nothing in return! Your right John McCain there is A CLASS WARFARE GOING ON!  You and all your Wealthy Friends are the root of it!  You have stirred up the "SLEEPING GIANT" and we aren't going to take it ANYMORE!!  Your lack of COMPASSION for your Fellow American Citizen is shamefull!  The Wealthy have made there WEALTH on the BACKS of us "MIDDLE CLASS" for years!  We are losing our Democarcy because of the Wealthy!  You have taken more than enough from us and it needs to STOP NOW!

We need to Start a movement to NATIONALIZE the BANKING and HEALTH Industry along with the OIL industry NOW!! We Need to march on WASHINGTON and TAKE OVER or Country from these Wealthy Elite! As the Communist Goverment Fell so will this Democratic Goverment Fall if we don't STOP the GREED!!