Bush to bail out homeowners!

RStringfield said:
Am I in the twilight zone?

LadyT making market arguments. Jarod, I am not sure about, but I thought he was a Dem. Even USC understands that the real interest being protected here are the wealthy bankers, he just argues the conservative status quo mantra again.
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You keep sounding Like RJS calling people the exact opposite of what the are.
umm the initials are simiilar.....
 
Superfreak said:
This is indeed EXACTLY what should happen. Otherwise no one will learn their lesson. Unfortunately the politicians will be tripping over each other to be first in line to help those poor poor people who bought more home than they could afford. This is not to say that there are not people out there that were taken advantage of by over aggressive mortgage brokers, but in too many cases it was simply a case of buying more home than they could afford.

Honestly, how stupid do you have to be to take out an ARM when interest rates are at 40 year lows, unless of course you could afford the 30 yr fixed but chose not to. Because those individuals probably are still able to re-fi.
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It appears it was not that stupid, as they will now suffer no ill consiquences for it!
 
sf, it's not about a learning a lesson. It's about clearing the malinvestment so that the funds be put to productive use. If anybody should be punished it should be the fed for its loose credit policies.
 
uscitizen said:
You keep sounding Like RJS calling people the exact opposite of what the are.
umm the initials are simiilar.....
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I was actually paying you a compliment. You recognize that this scheme, like just about all of those that are supposedly in place to help the poor, is truly about helping the wealthy banks.

However, you seem to be saying, "that's the way it is, has always been and always will be. Get used to it." That is a conservative status quo argument.
 
RStringfield said:
I was actually paying you a compliment. You recognize that this scheme, like just about all of those that are supposedly in place to help the poor, is truly about helping the wealthy banks.

However, you seem to be saying, "that's the way it is, has always been and always will be. Get used to it." That is a conservative status quo argument.
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a complimet by saying I supported the conservative mantra status quo.
I'd rather be called a leper.

You really are asshats dad aren't you ?
 
uscitizen said:
a complimet by saying I supported the conservative mantra status quo.
I'd rather be called a leper.

You really are asshats dad aren't you ?
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Well, do you believe that "That's the way it is, it always has been, and always will be"?
 
Jarod said:
It appears it was not that stupid, as they will now suffer no ill consiquences for it!
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a very valid point... which is part of what is so infuriating about it. Same type of crap as the credit crunch in the late 80's with the S & L's . Government bailout means... next opportunity, people will do it again. Then the people will get used to the bailouts and expect them....and no politician will stand in the way of the giving an angry mob what they are crying for... no matter how bad it screws future generations.
 
Damocles said:
Well, do you believe that "That's the way it is, it always has been, and always will be"?
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Nope, It has not always been that way and I hope it does not stay that way, but I am realistic and realize that there is little I can do.

I guess I could go paint Ron Paul on the rooftops ;)
But I really don't think that is the answer either.

remember a lot of the current mess was created by those promising to straighten this stuff out.
Smaller govt, clean up culture of corruption, not be into nation building, etc.
 
Jarod said:
Where are all the Bush Supporters.

WRL and DIXIE and DANO!
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Right here, I'm as mad as you, and I think you nailed it with responsible people paying for irresponsible people.
Fucking Bush.

But you do realize the Dems aren't blaming irresponsible people right? Instead they are all blaming the lenders, because hey people who freely take out loans can't be responsible for knowing what could be above their heads can they?

"The Democratic field has been especially vocal about issuing and promoting plans prompted by a skyrocketing number of loan delinquencies, which are causing lenders to tighten up their borrowing standards. Subprime loans were offered to people with weak credit histories who in normal times would have trouble buying a house.

Earlier this month, Sen. Hillary Rodham Clinton (D-N.Y.) even compared the mortgage industry's woes to the disastrous savings and loan failures of the early 1980s, warning that the federal government needs to intervene to protect borrowers and police lenders.

Former North Carolina Sen. John Edwards has proposed a “predatory mortgages" policy, and Sen. Barack Obama (D-Ill.) has an agenda that calls for “stiff penalties to deter fraud and protect consumers against abusive lending practices.” "
http://www.politico.com/news/stories/0807/5581.html

What is the big deal, if you buy a house you can't afford then oh well at least you got to live in that house for some period of time and boohoo you have to look into a smaller house or apartment, that's a lot better than some get in life who never see a single year in a house.
 
RStringfield said:
sf, it's not about a learning a lesson. It's about clearing the malinvestment so that the funds be put to productive use. If anybody should be punished it should be the fed for its loose credit policies.
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yeah string... THAT would be the lesson... the one that needs to be learned by the lenders, the borrowers and the Fed.
 
Superfreak said:
a very valid point... which is part of what is so infuriating about it. Same type of crap as the credit crunch in the late 80's with the S & L's . Government bailout means... next opportunity, people will do it again. Then the people will get used to the bailouts and expect them....and no politician will stand in the way of the giving an angry mob what they are crying for... no matter how bad it screws future generations.
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From the Democrat (politicians) quotes above I really don't think they blame any individual for any action they take, it's always the lenders fault. And Republican politicians even though they believe more in personal responsibility don't have the balls to say to people "too bad, this is your problem, you deal with it".
 
Dano the fact is that many people are stupid. Just look how we elected Bush twice.
Anyway we have to have things in place to protect the stupid ones from the predators that will take advantage of their stupidity.
like laws protecting children and elderly....
 
TheDanold said:
Right here, I'm as mad as you, and I think you nailed it with responsible people paying for irresponsible people.
Fucking Bush.

But you do realize the Dems aren't blaming irresponsible people right? Instead they are all blaming the lenders, because hey people who freely take out loans can't be responsible for knowing what could be above their heads can they?

"The Democratic field has been especially vocal about issuing and promoting plans prompted by a skyrocketing number of loan delinquencies, which are causing lenders to tighten up their borrowing standards. Subprime loans were offered to people with weak credit histories who in normal times would have trouble buying a house.

Earlier this month, Sen. Hillary Rodham Clinton (D-N.Y.) even compared the mortgage industry's woes to the disastrous savings and loan failures of the early 1980s, warning that the federal government needs to intervene to protect borrowers and police lenders.

Former North Carolina Sen. John Edwards has proposed a “predatory mortgages" policy, and Sen. Barack Obama (D-Ill.) has an agenda that calls for “stiff penalties to deter fraud and protect consumers against abusive lending practices.” "
http://www.politico.com/news/stories/0807/5581.html

What is the big deal, if you buy a house you can't afford then oh well at least you got to live in that house for some period of time and boohoo you have to look into a smaller house or apartment, that's a lot better than some get in life who never see a single year in a house.
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They dont need to bail out those who made dumb decisions, they need to impose restrictions on Mortgage brokers who promote these dangerous and risky loans.
 
Jarod said:
A tale of two brothers.

One was responsable in the mid 2000's...

He purschashed a modest home with a fixed rate mortgage and never refinanced, just kept making payments. He would have liked a home like his brother who made less money than him, but he felt it was illresponsable. He made do with the more modest home and althought he wanted more he made do.

The other brother...

He pursched a big fancy home, he could not afford it, but the mortgage broker explained to him about interest only loans. The interest was still more than he wanted to pay so he pursched an ARM. After a year the value of the home went up and he took out a second mortgage to buy all fancy furnature and put in a pool...

Last month the other brother's ARM expired. The interest went from 6% to 11%. He cant afford the payments on the home. He has no equity in the home, in fact he owes more than its worth. The kids are in good schools where they are well established. He does not want to move, and cant afford to anyway, as he has no down payment.

Today Bush will bail him out! How does that make the responsable brother feel?
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crazy. this is abolutely insane. of course, our system is designed to put people into debt. Responsibility is anathema to what the globalist bankers desire. Allowing ramifications for irresponsibility may actually make consumers more responsible, and they can't have that.
 
Dano, the banks are largely to blame. It's not as if these borrowers get to come and set the deals. Two to tango.

Clinton's nonsense is just another way to prop up and protect the banks.
 
uscitizen said:
Dano the fact is that many people are stupid. Just look how we elected Bush twice.
Anyway we have to have things in place to protect the stupid ones from the predators that will take advantage of their stupidity.
like laws protecting children and elderly....
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Government does not exist to protect people from themselves and they are not going to become any smarter by having an outside entity think for them on what is risky and wrong to do.
This is the same argument in the drug war is it not? You'll see that if you give someone no freedom to fail, then the list of things they need "protection" from will grow until their is really no freedom of choice left.

"You cannot help men permanently by doing for them what they could and should do for themselves." – Abraham Lincoln
 
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