Another bail-out for poor decision makers!
- Thread starter SkaredShtles
- Start date
We will not pay for poor childrens medical care but we will foot the bill for idiots who buy McMansions they can't afford? Awesome.
Isn't it just grand? Makes me think I should have gotten one of those 5/1 ARMs at 2.75% and then thrown myself on the mercy of the gummint.
Makes me want to shoot people.Isn't it just grand? Makes me think I should have gotten one of those 5/1 ARMs at 2.75% and then thrown myself on the mercy of the gummint.
You mean you haven't started yet? Get to it, man.
GW was bailed out by his Dads buddies plenty of times, he is just paying back now. Besides, there is no money in helping poor kids...
I can't tell if you are being serious or sarcastic. Sarcastic I hope.
Justification is that you have to know that an ARM will go up especially when it is so low it can not go down. It follows the market which had to change. Anyone who entered into such a mortgage had to know the risks or they were retarded, the mortgage companies were obviously retarded. Bailing out people and companies who make poor and risky decisions just encourages them to make more poor decisions in the future. It defers the costs of the idiots to those who acted responsibly. Now how about all those hard working people who now can't afford the American Dream because the real estate market is being artificially inflated?
Fvck those people!!
How about those people looking for a foreclosed vacation house in the mountains?Fvck those people!!
If the resort market would ever correct, goddammit, I'm paying cash!
This pisses me off. I bought in the overly hot 2005 market and paid more than my house was worth but sold my house in N.O and immediatley turned it all around and we've been busting our asses and have it almost (3 months) from being paid off. I'm living in this nightmare as all the people from aprtments in New York and New Jersey came and bought houses you knew they couldn;t really afford and now, when the times get tough, they're just leaving them, saying eff it, let em forclose it.
he can do this but nobody's doing a Mohammeddamn thing about the AMT that's going to kick my ass because again, I did the right thing and got a degree while in the military and got a very good paying job after I left to pay my way.
Damnit! What a rant! Fvck it, I'm going on Food Stamps and Welfare and use the money to buy me a new DH rig.
he can do this but nobody's doing a Mohammeddamn thing about the AMT that's going to kick my ass because again, I did the right thing and got a degree while in the military and got a very good paying job after I left to pay my way.
Damnit! What a rant! Fvck it, I'm going on Food Stamps and Welfare and use the money to buy me a new DH rig.
Here's the thing... the problem already exists. A fix needs to happen.
You suggest that people can't afford the American Dream now because houses are artifically inflated. I suggest that the market is down. Also, if the mortgage industry finances dry up, then so do mortgages and the dream goes away.
For the US as a whole, this is the right decision.
And for most of the people who screwed up, I bet most learned a lot from the experience that will benefit them and their kids.
You suggest that people can't afford the American Dream now because houses are artifically inflated. I suggest that the market is down. Also, if the mortgage industry finances dry up, then so do mortgages and the dream goes away.
For the US as a whole, this is the right decision.
And for most of the people who screwed up, I bet most learned a lot from the experience that will benefit them and their kids.
I'm just sick and tired of dumb people being bailed out for stupid decisions.
But that's sort of Don Quixote-ish nowadays...
But that's sort of Don Quixote-ish nowadays...
Short term maybe a good idea. In the long term probably not.
I was listening to a thing on NPR and they had and they made a good analogy. People have always liked to live by the sea but in a lot of areas no one did until a few decades ago. Hurricanes flood low lying coastal areas and it is a bad idea to live ther. But then the government started declaring disaster areas after large storms and people were getting help rebuilding their homes. Now a lot of people live in flood planes and everyone who doesn't pays for their increased risk living there.
We already have a bail-out that works very very well: bankruptcy. It is exactly the right amount of forgiveness and punishment (edit: for both idiot borrowers and idiot creditors). It was also part of the rules in place when all of these people and creditors signed up. If you demonstrate that the rules can shift it eliminates our ability to price services properly.
This is also why I was so pissed when credit card companies successfully lobbied to limit bankruptcy claims by individuals. These are goalposts that should not be moved, especially by the folks trying to score.
This is also why I was so pissed when credit card companies successfully lobbied to limit bankruptcy claims by individuals. These are goalposts that should not be moved, especially by the folks trying to score.
Good point and why I do not support rebuilding N'awlins.
I'm with you on that. If that didn't prove that large companies work the political system to the same extent the Harlem Globetrotters get the refs to look the other way when they play the Washington Generals, I don't know what will.
Nor SoCal every time it burns/mudslides/earthquakes...
good ol' george, letting the market decide these things and staying true to his ideals.
oh wait, i guess he's not doing that.
oh wait, i guess he's not doing that.
The more I think about it, the madder I get. 
This country is going to hell in a handbasket.
Hold on.... did that sound curmudgeonly?
http://news.yahoo.com/s/nm/20071206/bs_nm/usa_subprime_dc_16
Sometimes I wonder why I even try acting like a responsible adult.
There's very little reward in it.
There's very little reward in it.
I could go on about my sister and her husband and how they haven't worked more than the equivalent of 3 years in the past 15 and pull in more money from the government than I make then have the audacity of asking me for money to pay for rent after they went on a 3 week vacation, but talking about it would make me even more angry.
We don't do it because of ego, nothing else.There's very little reward in it.
I'd rather wash dishes in a restaurant than live off of someone else.
I have no moral problem with it, just ego.
I'd be alright with it if they were *voluntarily* supporting me. And they would need to support me in the manner to which I'd like to live.
Change think to drink and madder will get gladder. Thinking is for poofs.The more I think about it, the madder I get.
I blame the banks and loan ppl (I dunno the official name). I had a friend looking for a house and he doesn't make very much money. They were pushing interest only loans like it was a great way to finance. It's not always the consumer acting irresponsibly, the financial industry played as big or larger of a role. They used untested formulas assuming the securities formed from these loans would be able to weather the risky debt becuase of low risk debt wrapped in...and they turned out to be wrong.
I agree.
But others will counter that a person should know what they're buying.
I say that no one knows everything, so you rely on professionals to advise you.
I "trust" my mechanic to put my wheels on properly on my SUV or change the timing belt. I trust my doctor to replace my ACL.
If 'professionals' fail to do their job, then they need to be held responsible.
No one knows everything, but that's not an excuse for believing something that's too good to be true. Both parties are at fault, maybe to varying degrees, and both should pay for their mistakes. Especially because of the consequences to the market of establishing a precedent for government bailouts. I don't recall the same bailouts when the dot com bubble burst, but plenty of folks similarly had their life savings caught up in high risk ventures because they experts said it was a great idea.
Again, bankruptcy laws are already in place and they work very well. They were also the rules by which these contracts were initially created. We can amend the law for future contracts, but changing it retroactively is a very dangerous thing.
dot-com and housing are just too different to be a legit comparison.
Too many of these people barely know how to balance a checkbook. Not an excuse, but an explanation. I'm just saying that if lenders failed to explain it properly, they should pay more than the borrower.
And if they re-sold it as most do, then the buyer -- who's supposed to be educated in purchasing debt -- now owns the problem.
I do agree about setting a dangerous precedent, but we're already in the problem and it needs a solution. I don't think bancruptcy is the right way to handle it as it would likely worsen the recession.
Too many of these people barely know how to balance a checkbook. Not an excuse, but an explanation. I'm just saying that if lenders failed to explain it properly, they should pay more than the borrower.
And if they re-sold it as most do, then the buyer -- who's supposed to be educated in purchasing debt -- now owns the problem.
I do agree about setting a dangerous precedent, but we're already in the problem and it needs a solution. I don't think bancruptcy is the right way to handle it as it would likely worsen the recession.
There is a recesssion?
There are fears of a recession and there is less growth but no recession.
I'm calling it now.
This qtr and 1st Q'08, gonna be a slide.
The last rate cut didn't do nearly enough to boost confidence, growth, capital spending.
Economists have a horrible record of predicting when a recession starts...we're heading that way for sure.
And the best they seem to be able to do is say with hindsight which quarter it started.
Since we have been in a long era of growth we can just cut taxes and interest rates to help the economy along. A little deficit spending and inflation aren't bad once in a while.
Oh wait...
Oh wait...