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Is Main Street not able to get credit?

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Elliott

Thread Starter
Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I think I was for the Bailout Bill before I was against it.
The little people were calling their congressmen 9 to 1
telling them to vote 'No.' The servers in DC had to be adjusted
so there wasn't "so much votin' going on."

I hear a lot of politicians telling me there will be dire
consequences and we'd better act fast. But is it all just
the Big Lie?

I cashed a check at my BofA and asked the teller if they
still could make loans, She said, "Of course, Elliott,
we'd love to make you a home loan or a car
loan, would you like to talk to Paula?" I said, "Thanks,
just checking." I drove by the new car dealership and
they had a big banner, "No interest for 3 years!."

I know some of the overnite rates are jumpy, but does
anyone have any evidence of a real credit crunch? Didn't
the Fed make us totally liquid, opened the discount window?
 
Last edited:

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I think I was for the Bailout Bill before I was against it.
The little people were calling their congressmen 9 to 1
telling them to vote 'No.' The servers in DC had to be adjusted
so there wasn't "so much votin' going on."

I hear a lot of politicians telling me there will be dire
consequences and we'd better act fast. But is it all just
the Big Lie?

I cashed a check at my BofA and asked the teller if they
still could make loans, She said, "Of course, Elliott,
we'd love to make you a home loan or a car
loan, would you like to talk to Paula?" I said, "Thanks,
just checking." I drove by the new car dealership and
they had a big banner, "No interest for 3 years!."

I know some of the overnite rates are jumpy, but does
anyone have any evidence of a real credit crunch? Didn't
the Fed make us totally liquid, opened the discount window?

Maybe you did not ask the right question.

How about making me a home equity loan in my declining market with rising unemployment?

Are they making business loans? It was reported that McDonalds was turned down by BOA for its franchise remodel with coffee bars, $100,000 per McDonalds.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
IF I could recive a billion or trillon bucks, & wash away all my mistakes, I'd create a credit crunch until I got the check!!. IF there is no check, in order to stay in business I'd have to have credit available to those that actually deserve credit. Give the economy 120 days to find it's own way out, before throwing money at a downward cycle. After all isn't everyone suppose to have 6 months to 1 year emergency fund??
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I suspect that the credit crunch will be real. I suspect that like a lot of things, events of the past few days are lagged by events which have a more serious impact upon us.

A senator said his phones were 99 to 1 against the bailout, but today after the market tanked 777, they were running 50/50. "my IRA lost $30,000, you idiot" was one call.

The largest GM dealer in the US filed for bankruptcy...some say because they could not meet payroll and their banker was unwilling to bankroll it.

Locally, another steel company laid off 120 folks...Black & Decker shut down their entire plant which once had 800 or so employees...no one is hiring except the chicken companies and Pilgrims Pride chicken, the largest poultry processor in America, announced they cannot meet their debt obligations as of Oct. 1 and had to negotiate a last minute deal with their lenders to keep from defaulting on huge loans...much of their losses were not from high corn prices as reported in the news, but by hedging corn prices would go higher and in fact, they have fell. SW Airlines is profitable more for its excellent hedging strategy than its fares...Pilgrim's wasn't so lucky.
 

David Beasley

Senior Member
Joined
Dec 12, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
Yes, people with decent credit and a stable income can still get loans...as it should be. For people with shaky credit and a history of slow or no-payments, it's not as easy as before.

Imagine that, having to have good credit and a job to be able to get a loan...And I wouldn't loan McDonalds $100k per store to upgrade their coffee machines either - and wouldn't have prior to the current credit "crisis". That's akin to loaning the local teenagers $25k each to put bling-bling rims on their low riders. Banks have to consider the actual purpose of the loan...regardless of the economic climate.
 

Tom Woolford

Elite Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Credit is no tighter than it was for our parents back in the 50's and 60's. You just have to have a strong equity position, and evidence that you repay ALL your debts. Its called credit worthiness. My local State regulated bank wants to lend me money at favorable terms, but I don't need it.
 

Elliott

Thread Starter
Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I was in a local CU, so I asked the teller, "Are you still making loans?"
She said, "You mean me?" I said, "No, I meant the CU." She said,
"Oh, sure." And they pay 6% interest on checking if you give them
$25K and jump through a bunch of hoops.

Me thinks the credit crunch is so that everyone in the US bailout
Wall Street's goof/speculation/greed to the tune of $2700 per
person.
 

Hamlet

Elite Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
I have to agree that they are using the scare tactics again to push their will into law. I'm still receiving plenty of credit card offers in the mail, siding and basement water-proofing companies still calling, etc., etc.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
I was checking my credit cards, and was talking to the India Phone Monkey and before I hung up, they said I qualified for the next best of the best credit card. Yikes.......I declined.
 

Elliott

Thread Starter
Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Workbox,
I was going through the drive-up line when I got a cell phone call
from "Unknown." I answered, and the phone monkey talks about the
importance of the upcoming election, and that now, more than ever
its time to make a contribution to the .....

I interupt him, and say, "Excuse me, I have to make my phone order."
"Yes, Can I help you?" Yes, could I have a #11 with a Dr. Pepper."
"That will be $4.69, at drive-up window #2" Thanks.

"Sorry, I'm sorry, what was your name?" "Jeremy" "Look Jeremey, I made
an agreement with my girlfriend that I would not vote for X and she
would not vote for Y. So neither of us are voting for presidential canidates.
There is no way I can vote for X because....
....dial tone....

How rude!
 
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