Hinesley Daddy
15 years ago
Monday, October 20, 2008
My wife!
Just wanted to write a quick note to say how proud I am of my wife. She is now a nursery worker at the church.
Thursday, October 9, 2008
Dave Ramsey Highlight (also go to his site to see how your reps and senators voted!
YOU fix you!
Monday, Oct 06 in Economy Comments (83)
Question: Dave talks about something that he finds very disturbing. It has to do with people's attitudes toward Washington, and what they think will come out of there.
Dave Ramsey's advice: By and large, 70% to 90% of you wanted something to be done to calm the economy, but you didn't want $700 billion in new debt to bail out Wall Street. The stock market has had record declines since then. What's going on?
You need to remember that you need to take control of your life. It's disturbing that people in government totally disregard what the people tell them to do. It's disturbing that the market goes down and the media panics about this. It's disturbing that greedy banks made loans to people who couldn't afford to repay, and people signed up for the trip when they couldn't afford it. It's disturbing that Washington ignores its constituents and takes huge strides toward socialism.
All of these things are disturbing, but none will cause this great nation to cease to function. They are not the beginning of the end. But the most disturbing thing is some people's reactions. Don't react based on fear or panic. Another negative reaction is that you are looking to Washington to fix your problems. They have never fixed your problems, and you want Obama or McCain to fix things. There has never been a president who can fix your problems. They always say they can and they never can.
YOU are in charge of your destiny. YOU are in charge of your life. When you look to Washington to solve your problems, we've got the seeds to destroy this country. It's time for you to change your life. It's not Washington's job to fix what's going on with you. If you are waiting on Washington to change something, you've got a very long wait! It is YOUR job to take care of you. Don't sit around and watch TV and panic and think you can't do anything. I've made and lost money, and every bit of that had to do with me being smart and diligent or stupid.
Quit blaming Congress or looking to them to fix you. YOU have to fix you! When you wait on the government to fix your life and wait for money to be taken from others and given to you, that's a spirit of envy. The only system that works is capitalism functioning under moral restraint. Go be somebody!
Monday, Oct 06 in Economy Comments (83)
Question: Dave talks about something that he finds very disturbing. It has to do with people's attitudes toward Washington, and what they think will come out of there.
Dave Ramsey's advice: By and large, 70% to 90% of you wanted something to be done to calm the economy, but you didn't want $700 billion in new debt to bail out Wall Street. The stock market has had record declines since then. What's going on?
You need to remember that you need to take control of your life. It's disturbing that people in government totally disregard what the people tell them to do. It's disturbing that the market goes down and the media panics about this. It's disturbing that greedy banks made loans to people who couldn't afford to repay, and people signed up for the trip when they couldn't afford it. It's disturbing that Washington ignores its constituents and takes huge strides toward socialism.
All of these things are disturbing, but none will cause this great nation to cease to function. They are not the beginning of the end. But the most disturbing thing is some people's reactions. Don't react based on fear or panic. Another negative reaction is that you are looking to Washington to fix your problems. They have never fixed your problems, and you want Obama or McCain to fix things. There has never been a president who can fix your problems. They always say they can and they never can.
YOU are in charge of your destiny. YOU are in charge of your life. When you look to Washington to solve your problems, we've got the seeds to destroy this country. It's time for you to change your life. It's not Washington's job to fix what's going on with you. If you are waiting on Washington to change something, you've got a very long wait! It is YOUR job to take care of you. Don't sit around and watch TV and panic and think you can't do anything. I've made and lost money, and every bit of that had to do with me being smart and diligent or stupid.
Quit blaming Congress or looking to them to fix you. YOU have to fix you! When you wait on the government to fix your life and wait for money to be taken from others and given to you, that's a spirit of envy. The only system that works is capitalism functioning under moral restraint. Go be somebody!
Greenville Baptist Church
I just joined a great church, Greenville Baptist Church in Greenville, GA. They are looking for a part-time music minister. If you know of one or you yourself are interested, please let me know!
Check out this site
Check out www.southernproper.com. They sell good Southern Style clothes for casual or formal events.
Saturday, September 27, 2008
Dave Ramsey's thoughts on the economy!
How We Can Clean Up A Lot of the Economic Problems
Remember Enron, WorldCom, Adelphia, and other companies had artificially put assets on the books? They'd say something was worth $10M when they bought it, but eventually it decreased in value, and they never updated the value in the books. That was part of the fraud. Under current laws at that time, they were all convicted and put in jail for fraud.
Then we got all mad and made all these new laws that are coming out the wazoo called Sarbanes-Oxley. It's a huge, massive law but the idea is that we were going to mandate ethics to corporate America because apparently they didn't have any, according to the Enron failure. It's now a total pain in the butt to execute it in a publicly traded company.
It didn't work because you can't cause ethics to happen. However, it does make each company each day restate what their assets are worth if sold on the market. This accounting procedure is mark to market accounting--you need to remember that. It's a good concept and keeps companies from having loaded balance sheets.
How This Affects Us Today
However, it's part of what's caused this in the news now. Merrill Lynch was sitting with $30 billion tied up in sub-prime loans with houses. Stupid! They get what they deserve for doing that, and I'm with you on that. Those houses didn't become worthless all of a sudden because those people couldn't sell their bonds. Since they couldn't sell them, they basically gave them away for 22 cents on the dollar. Now do you think all those houses lost 80% of their value underneath that deal? No, they didn't, so they gave them away for 22 cents on the dollar (about $6 billion total) because there was no market for them. Nobody wants to buy sub-prime bonds because they suck. They're junk bonds. But at 22 cents on the dollar, it's a bargain because even if you foreclosed on every one of the houses in there, you'd probably get $20 billion back out of $30 billion, and so the company that bought those for $6 billion got a deal! But there's no market for them. That's where these companies are stuck. They can't sell this stuff, but accounting-wise, they've had to mark it down to market and it's frozen the marketplace.
Economist Wesbury is saying that if we change that one rule and don't force them to mark down to market value and just let them hold on to all the stuff, and say just on sub-primes for this period of time you can change that rule -- a temporary change -- that'll free the market up. It's seized right now; it's frozen. This will thaw it out and get it going again. He says that'll solve 60% of the problem ... and I think he's right.
That one accounting rule is what made Merrill Lynch sell out. That one accounting rule is what's driving other ones into the dirt. Would you rather let them change their accounting rule or loan them $700 billion for us to buyout their bad paper?
I'd rather them work their own crap out than have us bail them out with $700 billion of our tax dollars.
I don't like giving them any money or any help with my tax dollars. But I'd rather see that than see the whole thing turn completely upside down in a fruit basket turnover than have a whole meltdown or something and freak out here in the middle of the election season. Why don't we just take the FHA insurance program and extend it across these sub-primes? What that means is that you and I are guaranteeing the lender that they're not going to lose as much or any money on those mortgages. Now I don't like guaranteeing them, but I like it better than buying them. In other words, instead of $700 billion in tax-payer debt going out there to bail out these companies, just extend the insurance out. You could probably do that for less than $40 billion. It's like a 95% savings!
If the government insured those mortgages, they would then be marketable. And could sell them. And the companies would stay afloat. And we, the people, don't have to get into the mortgage business. Now we're going to get in there a little bit because of the insurance on those getting foreclosed on. But foreclosures aren't causing this. This is being caused because these companies are frozen and seized up. We've got to let some of the steam come off and put some oil in there to get this thing moving again. We can do that without going into debt $700 billion.
Here's Your Plan
Call your Congressman. Call your Senator. Tell them to change the mark-to-market accounting law and to extend insurance but extend no loans. If they extend loans - if they borrow the money on the national debt in order for us to all go into the mortgage business a trillion dollars - you're going to fire their butts and send them home.
I've talked with several people today, and it's on the tables in Washington, but it's not something you're going to see on TV. If you'll let your Congressmen know you know about this and that you'll vote against them if they don't vote to change the mark-to-market law and you'll contribute your money to make sure they never serve in office again. That's what you need to tell them early and often.
If you're pissed, this is the time to step up and do something about it, America! You can stop this! It's being railroaded down your throat, but you can stop them if you call them in mass starting now. READY ... SET ... GO!
Remember Enron, WorldCom, Adelphia, and other companies had artificially put assets on the books? They'd say something was worth $10M when they bought it, but eventually it decreased in value, and they never updated the value in the books. That was part of the fraud. Under current laws at that time, they were all convicted and put in jail for fraud.
Then we got all mad and made all these new laws that are coming out the wazoo called Sarbanes-Oxley. It's a huge, massive law but the idea is that we were going to mandate ethics to corporate America because apparently they didn't have any, according to the Enron failure. It's now a total pain in the butt to execute it in a publicly traded company.
It didn't work because you can't cause ethics to happen. However, it does make each company each day restate what their assets are worth if sold on the market. This accounting procedure is mark to market accounting--you need to remember that. It's a good concept and keeps companies from having loaded balance sheets.
How This Affects Us Today
However, it's part of what's caused this in the news now. Merrill Lynch was sitting with $30 billion tied up in sub-prime loans with houses. Stupid! They get what they deserve for doing that, and I'm with you on that. Those houses didn't become worthless all of a sudden because those people couldn't sell their bonds. Since they couldn't sell them, they basically gave them away for 22 cents on the dollar. Now do you think all those houses lost 80% of their value underneath that deal? No, they didn't, so they gave them away for 22 cents on the dollar (about $6 billion total) because there was no market for them. Nobody wants to buy sub-prime bonds because they suck. They're junk bonds. But at 22 cents on the dollar, it's a bargain because even if you foreclosed on every one of the houses in there, you'd probably get $20 billion back out of $30 billion, and so the company that bought those for $6 billion got a deal! But there's no market for them. That's where these companies are stuck. They can't sell this stuff, but accounting-wise, they've had to mark it down to market and it's frozen the marketplace.
Economist Wesbury is saying that if we change that one rule and don't force them to mark down to market value and just let them hold on to all the stuff, and say just on sub-primes for this period of time you can change that rule -- a temporary change -- that'll free the market up. It's seized right now; it's frozen. This will thaw it out and get it going again. He says that'll solve 60% of the problem ... and I think he's right.
That one accounting rule is what made Merrill Lynch sell out. That one accounting rule is what's driving other ones into the dirt. Would you rather let them change their accounting rule or loan them $700 billion for us to buyout their bad paper?
I'd rather them work their own crap out than have us bail them out with $700 billion of our tax dollars.
I don't like giving them any money or any help with my tax dollars. But I'd rather see that than see the whole thing turn completely upside down in a fruit basket turnover than have a whole meltdown or something and freak out here in the middle of the election season. Why don't we just take the FHA insurance program and extend it across these sub-primes? What that means is that you and I are guaranteeing the lender that they're not going to lose as much or any money on those mortgages. Now I don't like guaranteeing them, but I like it better than buying them. In other words, instead of $700 billion in tax-payer debt going out there to bail out these companies, just extend the insurance out. You could probably do that for less than $40 billion. It's like a 95% savings!
If the government insured those mortgages, they would then be marketable. And could sell them. And the companies would stay afloat. And we, the people, don't have to get into the mortgage business. Now we're going to get in there a little bit because of the insurance on those getting foreclosed on. But foreclosures aren't causing this. This is being caused because these companies are frozen and seized up. We've got to let some of the steam come off and put some oil in there to get this thing moving again. We can do that without going into debt $700 billion.
Here's Your Plan
Call your Congressman. Call your Senator. Tell them to change the mark-to-market accounting law and to extend insurance but extend no loans. If they extend loans - if they borrow the money on the national debt in order for us to all go into the mortgage business a trillion dollars - you're going to fire their butts and send them home.
I've talked with several people today, and it's on the tables in Washington, but it's not something you're going to see on TV. If you'll let your Congressmen know you know about this and that you'll vote against them if they don't vote to change the mark-to-market law and you'll contribute your money to make sure they never serve in office again. That's what you need to tell them early and often.
If you're pissed, this is the time to step up and do something about it, America! You can stop this! It's being railroaded down your throat, but you can stop them if you call them in mass starting now. READY ... SET ... GO!
Friday, September 26, 2008
Fun friday night
I can't picture a better way to spend my friday night than with my family having a good time!
Welcome
Welcome to my new blog! Everyone else has one now, so I might as well start doing it again.
For now, find me on Facebook ( Andy Hinesley)
For now, find me on Facebook ( Andy Hinesley)
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