Should the Fed Help Fannie & Freddie?

[djcraig]

[quote][i]Originally posted by marie3[/i]
<br>[quote][i]Originally posted by djcraig[/i]
<br>

Is this the same government you want in charge of your health care?

<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>


[/quote]

Medicare and Medicaid has worked fine for many years.
[/quote]

So has the Post Office, the SEC, the IRS and Fannie Mae and Freddie Mac, God bless them.

I'd prefer not to wait an average of 18.3 weeks for surgery or treatment like they do in Canada, at a cost of billions.

http://www.cbc.ca/health/story/2007/10/ ... raser.html





<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>

[glokstadt]

Some context to Fannie Mae and Freddie Mac, who started as loan institutions by the government, so folks could get funding who otherwise could not get loans funded by banks…

Since about 1968 (or so), Freddie and Fannie have not been government institutions, and since they have around half the market (and I thinking out loud here, I don't know the exact figure, and don't want to look it up right now), if the government, aka: the U.S. taxpayers, did not 'bail'/'help' them out, we'd be up shit creek without a paddle right now because if you think that the market dropped a lot these past two trading days, and most of last week, well it would be meltdown if the Feds didn't 'take' over the F. Mae and F. Mac.

Now that all being said, when the real estate/housing market drops 40+ percent, and dropping around another 2% a month, that's a depression, and the Feds don't want to use the "D" word (heck it took them months to say "recession!"), as that will scare everyone, like the idiots who ran on IndyMac Bank when the Feds (FDIC) took 'em over... and moved all their money out and then had to wait a week to get their checks to clear at other banking institutions.

As far as some real health care reform... I wouldn't mind having access to the same health care Sen. Obama has, or any member of Congress; heck, even my retired parents have better health than I and my family!

Government cannot mess it up more than insurance and drug companies have already done along with lawyers and doctors in the 'system' we now have--we already pay for every one regardless if they have insurance or not!

My own personal case in point, and I have only shared this with a few of you on this board, so here goes, since I have a pre-existing condition, I cannot get individual insurance (nor can my wife!) and being in the hospital last April 2007 and again in May 2008 with the same condition, I have now racked up over $100,000 in medical bills.

I have no way to pay them--long story short, laid off in Feb. 2004 when funding for the area I worked in was cut off by the Bush Administration with Congress approval--after 20 years in that industry I have not found full-time work, and do part-time and self-employed consulting work, so paying the catastrophic health insurance premium of $2,200 per month for me is out of the question, and I never expected myself to have to go into the hospital in my 40s… Oh well!

The downturn in the economy has hit me hard in my consulting area, and cients owe me money since February to August--with no collection in site, so I'm facing Bankruptcy... not that I want to do this, my lawyer advises me to do it, reorganize some of my debt, and crawl out of this in 5 years with a payment plan…

Some food for thought… I can't qualify for "free" Medi-Cal as I have to much in assets (Roth IRAs, etc.), and must now pay, and hoping I get a 'reduced' rate for services. I'm not 'poor' enough according to gov't. guidelines, and yet not 'rich' enough to afford any health treatment--so I'm screwed either way.

I'm looking forward to having an opportunity to afford some health insurance, if the gov't. and big health business ever can get their act together.

Thanks for reading, and I'm looking forward to 'change!' Anything different; yet, we may end up with the same old, same old… I used to be more optimistic, my friends have all asked me where that Glok has gone…

(I'm having second thoughts about posting this.)

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[marie3]

Glok, It is very frustrating and unnecessary. People always bring up Canada when they are opposing government run health insurance, but I wonder, how does Europe and the rest of the world do it? Give me a break. It can be run just like Medicare or Medicaid. Our government is in the pockets of the health insurance industries. (and drug companies for that matter)
The government gives them all the freedom they want to decide what is best for us. I am all for a change to.

BTW, 90 percent of bankruptcy are due to medical emergencies, which is totally unacceptable in this country. This administration has changed the bankruptcy laws so it is almost impossible for an average American to claim bankruptcy, but we seem to be bailing business's out left and right.

[phillyidol]

Wish me luck today, my wife works for AIG.




Worlds GREATEST Photographer!

[Frau_Blucher]

First, good luck to everyone.


For some of the rest...some bizarrely mixed rationale. All I'm sayin'.

[edisonoside]

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Alot of what was once strong has collapsed during this administration....Evil never helps[}:)]

[coop41]

[quote][i]Originally posted by marie3[/i]
<br>

BTW, 90 percent of bankruptcy are due to medical emergencies, which is totally unacceptable in this country. This administration has changed the bankruptcy laws so it is almost impossible for an average American to claim bankruptcy, but we seem to be bailing business's out left and right.
[/quote]


I think your figures are a bit high, (http://www.consumeraffairs.com/news04/2 ... study.html)
and the interesting part of this Harvard study is that nearly 75% of people who had medical issues HAD Health Insurance, at least in the beginning, which is odd.
Another study suggests it's just easier to file
http://www.youngmoney.com/blog/index.php?p=279

I would venture an educated guess that the percentage of bankruptcies due to medical reasons is now below 50% due to the current economic environment.

Glok, I feel for you bud, hang in there, hopefully it turns around quickly!

[glokstadt]

Thanks all for the words...

On another note, Feds decide not to lower interest rates, stay @ 2%!

http://biz.yahoo.com/rb/080916/fed_rates_decision.html

[marie3]

[quote][i]Originally posted by coop41[/i]
<br>[quote][i]Originally posted by marie3[/i]
<br>

BTW, 90 percent of bankruptcy are due to medical emergencies, which is totally unacceptable in this country. This administration has changed the bankruptcy laws so it is almost impossible for an average American to claim bankruptcy, but we seem to be bailing business's out left and right.
[/quote]


I think your figures are a bit high, (http://www.consumeraffairs.com/news04/2 ... study.html)
and the interesting part of this Harvard study is that nearly 75% of people who had medical issues HAD Health Insurance, at least in the beginning, which is odd.
Another study suggests it's just easier to file
http://www.youngmoney.com/blog/index.php?p=279

I would venture an educated guess that the percentage of bankruptcies due to medical reasons is now below 50% due to the current economic environment.

Glok, I feel for you bud, hang in there, hopefully it turns around quickly!
[/quote]

What I can tell you is that is the figure that was stated in my newspaper when the bankruptcy laws were changed after lobbyist for the credit card companies got to lawmakers. It was a few years ago so I can't look up the article. I remember it clearly because it hit close to home.

It really isn't surprising 75 percent of the people had medical insurance in the Harvard study. The insurance companies tell you what kind of treatment you are getting. So if they don't deem your doctor's advice in treatment necessary, you are shit out of luck. I know, it has happened to me.
Or what about people (like my sister in law) who had cancer and exhausted her insurance? People aren't going to let their family members die, so they do what ever they have to do and to pay the rest of their lives. It's so screwed up.

Anyway, I don't know if our country really knows the severity of what is going on right now. I am just sitting tight and holding on for the ride.

[coop41]

[quote][i]Originally posted by marie3[/i]
<br>[quote][i]Originally posted by coop41[/i]
<br>[quote][i]Originally posted by marie3[/i]
<br>

BTW, 90 percent of bankruptcy are due to medical emergencies, which is totally unacceptable in this country. This administration has changed the bankruptcy laws so it is almost impossible for an average American to claim bankruptcy, but we seem to be bailing business's out left and right.
[/quote]


I think your figures are a bit high, (http://www.consumeraffairs.com/news04/2 ... study.html)
and the interesting part of this Harvard study is that nearly 75% of people who had medical issues HAD Health Insurance, at least in the beginning, which is odd.
Another study suggests it's just easier to file
http://www.youngmoney.com/blog/index.php?p=279

I would venture an educated guess that the percentage of bankruptcies due to medical reasons is now below 50% due to the current economic environment.

Glok, I feel for you bud, hang in there, hopefully it turns around quickly!
[/quote]

What I can tell you is that is the figure that was stated in my newspaper when the bankruptcy laws were changed after lobbyist for the credit card companies got to lawmakers. It was a few years ago so I can't look up the article. I remember it clearly because it hit close to home.

It really isn't surprising 75 percent of the people had medical insurance in the Harvard study. The insurance companies tell you what kind of treatment you are getting. So if they don't deem your doctor's advice in treatment necessary, you are shit out of luck. I know, it has happened to me.
Or what about people (like my sister in law) who had cancer and exhausted her insurance? People aren't going to let their family members die, so they do what ever they have to do and to pay the rest of their lives. It's so screwed up.

Anyway, I don't know if our country really knows the severity of what is going on right now. I am just sitting tight and holding on for the ride.
[/quote]

I think that's all anyone can do right now is hold on tight!!
Don't get me started on Insurance companies, a considerable source of irritation for me.

Doing credit presentations all the time and seeing hundreds and hundreds of consumers credit reports over the past 20 years, my own personal guesstimate is medical is usually the reason in about 25% of cases. Loss of Employment is usually a big factor but even with the so-called changes to make it tougher to file, a good portion of people I see simply ran up the charge cards, bought TV's, toys, boats, cars, etc and then at some point realized there was no possible way they would be able to afford it and bankruptcy is an easy out.

Ease of credit in all aspects of our lives has played a part in our current economic crisis. Blame politicians, mortgage companies, Wall Street, credit card companies, Greenspan, whoever you'd like, but ultimately, most people who did not encounter medical issues, need to look in the mirror for the real cause.

[phillyidol]

I have to add something that people have missed. I do blame the companies that issued out easy credit and loans. I also blame them for dirty practices by selling mortgages to people with questionable credit. But I also blame the people. I bought a car, I bought a house. I can afford it. I did my homework and crunched numbers until I had a budget and could afford those things. But I have to also blame these morons that bought houses and could not afford it. Yes the loaners are scum and can lie, so you do your homework and know what you are getting into for gods sake. Can you even imagine what went on? Don't worry Mr. Jones, you can afford it on your income with a variable rate loan....oh ok lets do it. Are you kidding me? Tons of people went out and got loans and wow what a surprise could not pay it. I blame idiots for this whole mess as well.




Worlds GREATEST Photographer!

[coop41]

Hey philly, so can your wife hook me up with some Manchester United tickets or what???????

[Frau_Blucher]

[quote][i]Originally posted by coop41[/i]
<br>Hey philly, so can your wife hook me up with some Manchester United tickets or what???????
[/quote]
Their lead singer is hot!

[coop41]

[quote][i]Originally posted by Blir[/i]
<br>[quote][i]Originally posted by coop41[/i]
<br>Hey philly, so can your wife hook me up with some Manchester United tickets or what???????
[/quote]
Their lead singer is hot!
[/quote]

I think he used to be in Panic! At The Disco.

[glokstadt]

[quote][i]Originally posted by phillyidol[/i]
<br>Wish me luck today, my wife works for AIG.


Worlds GREATEST Photographer!
[/quote]

So I guess it was a meltdown of their stock today... American General, the parent copany, as well as Sun America, owned by Eli Broad, is still making money...

Lay offs, and a re-organization will make them profitable, and sell off the Property + Casualty division, car and home owners insurance is never that profitable... I know, why did raveler's Property + Causualty spinoff, and sold, as well as the entire Travler's line to St Paul Group...

Well at least the CEOs and chief heads won't have to worry, that golden parachute will just get them by in comfort... [}:)]


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