On CNN right now: "Mortgage meltdown"

On CNN right now: "Mortgage meltdown" 7 central

http://mrmortgage.ml-implode.com/

"Largest Ponzi scheme in history" "Outright fraud" "altered W-2s & pay stubs" "doctored appraisals" "regulatory framework fell apart" "personal responsibility" "Greedy lenders" "Greedy homeowners" "Greenspan was getting bad advice to encourage ARMs right at the bottom of rates" "He was warned about predatory lending, sub prime loans and the housing bubble. But he ignored it." BOTTOM LINE: Nobody listened to their mother.

Edited by Rogerdodger, 03 May 2008 - 08:39 PM.

My parents bought their first home in 1931 shortly after they married in Indiana for $450 and my grandmother lent them them money - my dad was making about $2.00 a week working in a dirty manufacturing job doing something with forging iron for stoves and ultimately lost two fingers on his left hand when a punch press hit it. They had a little over 40 acres and still had the same house when I was born in 1948 - and it was in 1950 when the house acquired indoor plumbing - i actually started potty training in the out house- the out house was converted to a chicken coop, thought I am sure they had chickens before I was born - that I somehow remember because my dad used to catch the chickens and hang them from the close line to cut their heads off so mom could pull the feathers that she could pull and burn the rest off on top of the gas stove before boiling the heck out of that chicken and extending its food source by adding lots of dumplings. things were different then - and maybe my values emerged from it. Not something your forget easily. We raised usually one steer and one or two pigs and a very large garden was the norm. Several acres were dedicated to feed corn for the steer and the rest was sold. No chemicals - just cow maneur. Canning green beens in August is a memory I really wish to forget - the heat was unbearable. The kitchen had a sink that extended along the whole side of one wall and and at the end of it was a hand pump and a bucket - once you pumped water that you needed you had better fill that bucket for the next prime or your butt was had. I was taught not to buy anything unless you had the money to pay for it - borrow only for the shortest period and only borrow for items (like a house) that you will live in or use for a very long period - not for things like food that become poop in a day. I started college in 1966 - did well for two years then dad went totally blind in both eyes - detached retinas - and the surgery at the Mayo clinic was experimental and insurance wouldn't pay for it. So all savings went to saving his sight. My mom squeezed a nickel until the buffalo pooped a dime but it wasn't enought for me to finish college. So I worked for awhile in a no-where job and then spent three years in the US Marine Corps - married a jerk that I later divorced - but used the GI bill to finish college and then graduate school and now have my own engineering firm (25 years) - and owe no one a dime. Gosh I even have savings and investments. Do I have a big Mac Mansion - no. I have a very modist home. Do I drive a big car - well yes - Its a Mercedes but its 13 years old with 135K miles and I am thining about dumping it for a Subaru because it drinks gas. Do I have luxuries - for me yes- but then luxuries for me meant being able to buy one or two new outfits a year when I was growing up so my expectations were low to begin with (though I must confess that 15 years ago when business was really good I bought myself a full length mink coat). What do I really think is important - or that makes me successful - acquiring wealth without hurting anyone. When I started my own business - really scarry - I read a passage in Proverbs that was sort of a prayer that went something like - God give me enought such that I will not be tempted to steal, but not so much that I will forget that you are my God. I still live by that today. May we all see better times but I fear that the immediate future will not be what we have known. We may have to do with less and less. Lets hope that there is a core of morality left in this country that it will survive and that those of us who have been blessed will help out those that have not. Mary Anne

interesting story. but you were born 27 years after your parents married ????

s/b "17 years" (saw the typo too late to edit.)

Yes - 17 years - my brothers oldest daughter is two years younger than I AM. My mother was 39 - and once told me that the factory was on strike and it was too wet to plow and my Dad was home all day. I guess you could say I am a product of General Motors.

interesting story. but you were born 27 years after your parents married ????