Yes, the banks found every stupid person in the country and forced them to sign loans for houses they couldn't afford. The banks forced them to also go out and finance Escalades and new plasma TV's.
The fact of the matter is some of you are right and that the banks should not have given these loans in the first place. They should have had much stricter standards, and stuck to them.
The thing is about that is ACORN would be protesting the banks for not lending to the poor high credit risk derelicts in the first place.
So blame the banks, not the people who won't pay their bills. That makes a lot of sense.
what about the banks that gave these risky loans in the first place? some of these banks were handing out money, its no surprise that many of these people can't pay them back. why should banks be bailed out for bad lending practices? its bad business.
these banks should not be bailed out, I don't think we should have bailed out the Autos either
so...do nothing is your answer to the economic crisis? we should just sit back and watch it crumble?
Stop with the bullshit gov intervention that only props these companies and people up and prolongs the agony. They all made their beds, now go sleep in them.
So what is your solution? Give everyone money that we don't have and we have to borrow or print? Honestly, life isn't easy learn to live within your means. If banks take on these risky "clients" then they should suffer the consequences.
Yes, the banks found every stupid person in the country and forced them to sign loans for houses they couldn't afford. The banks forced them to also go out and finance Escalades and new plasma TV's.
The fact of the matter is some of you are right and that the banks should not have given these loans in the first place. They should have had much stricter standards, and stuck to them.
The thing is about that is ACORN would be protesting the banks for not lending to the poor high credit risk derelicts in the first place.
So blame the banks, not the people who won't pay their bills. That makes a lot of sense.
I blame both of them. My point is only that we should either do nothing about this and give no bailouts, or if we're going to do a bailout, it should go to the homeowners because that might actually work and fix things. Either you stand on principle or you say we should do something about this. But you can't have both... you can't say "we shouldn't bail out the homeowners because they were irresponsible, but we have to do something so let's give money to the banks that were irresponsible." That's fucking stupid. It fixes no problems, it still rewards people for being irresponsible (the banks), and it's a huge waste of tax dollars.
I'm opposed to all bail outs. But if you're going to do a bailout anyway, I believe it should be done so that it might actually work, not just piss our money down the drain.
I agree as far as the interest rates go thats just wrong,but the people who knew they couldn't afford them I dont have much sympathy for.
very few people 'knew they couldn't afford them'. Very few people knew the banks would fuck up the economy so much that they'd end up losing their job and no longer have any income. Just cos you're one of the lucky ones evidently with either a stable job or a long paid for home or a home you paid for in cash... doesn't make you better than those who don't have it.
The Astoria??? Orgazmic!
Verona??? it's all surmountable
Dublin 23.08.06 "The beauty of Ireland, right there!"
Wembley? We all believe!
Copenhagen?? your light made us stars
Chicago 07? And love
What a different life
Had I not found this love with you
Question for you Soulsinging, since you're of the mindset that the bailout should have gone to the homeowners instead of the banks, what is your idea on how the government would get paid back, or would it not at all?
I mean can't they just offer up the bailout money to these homeowners and have them pay it back at a reduced interest rate/monthly rate they can afford.
Or hell, can't they just say 'if you agree to have the government pay off your mortgage we get X amount of money from when you sell the home'
That makes a lot more sense to me then just giving it to the banks.
Stop with the bullshit gov intervention that only props these companies and people up and prolongs the agony. They all made their beds, now go sleep in them.
So what is your solution? Give everyone money that we don't have and we have to borrow or print? Honestly, life isn't easy learn to live within your means. If banks take on these risky "clients" then they should suffer the consequences.
I'm with soulsinging on this one. I am opposed to the bank bailouts, but since the government feels like it has to do something it should start with the homeowners first.
actually if it were up to me I would scale back the massive defense budget...the US spends more on weapons and "defense" than the next 27 countries combined. more than europe, china and russia COMBINED. my solution is to shift a large portion of that into the public sector, maybe put it into programs that will shift this country back into a production based economy, get us making something again. more fuel efficient vehicles, alternative energy sources-they should look into geothermal energy, build power plants, its clean its everywhere. they could power the entire country just on geothermal energy, also there's wind, tidal and solar energy, they could expand on that. it would create jobs, put money in our pockets, and its very clean.
Question for you Soulsinging, since you're of the mindset that the bailout should have gone to the homeowners instead of the banks, what is your idea on how the government would get paid back, or would it not at all?
I mean can't they just offer up the bailout money to these homeowners and have them pay it back at a reduced interest rate/monthly rate they can afford.
Or hell, can't they just say 'if you agree to have the government pay off your mortgage we get X amount of money from when you sell the home'
That makes a lot more sense to me then just giving it to the banks.
Suspend any/all tax refunds until the debt is square.
But I don't believe for a second that we will ever see a penny of that money get back to the government.
I agree as far as the interest rates go thats just wrong,but the people who knew they couldn't afford them I dont have much sympathy for.
very few people 'knew they couldn't afford them'. Very few people knew the banks would fuck up the economy so much that they'd end up losing their job and no longer have any income. Just cos you're one of the lucky ones evidently with either a stable job or a long paid for home or a home you paid for in cash... doesn't make you better than those who don't have it.
I have to disagree with you I just dont understand how someone could buy a house and not realize that they couldn't afford it. I cant afford a home that's why I rent and that's what these people should have been doing and why would I think Im better than any one? :roll:
Exactly. People who make $30k a year have no business buying $300k+ homes with no money down. Some of you claim they were mislead, BS. I'll say that may be the excuse for a small minority, no pun intended, but are you telling me that ALL of these people are that stupid? If so then they had no business buying a house and taking on such responsibility.
I hope their credit is ruined, and I have no issues saying that. These losers have put me through the wringer.
Exactly. People who make $30k a year have no business buying $300k+ homes with no money down. Some of you claim they were mislead, BS. I'll say that may be the excuse for a small minority, no pun intended, but are you telling me that ALL of these people are that stupid? If so then they had no business buying a house and taking on such responsibility.
I hope their credit is ruined, and I have no issues saying that. These losers have put me through the wringer.
I think more than a small minority ARE that stupid and WERE mislead, and I think it's wrong that we give banks a blank check to deceive and exploit people for their profits and then say it's ok to bail out the banks that are failing due to poor business practices based on exploitation, but it's wrong to bail out the homeowners that are fucked because they weren't smart enough to avoid being taken advantage of by the banks.
How can you not blame the banks? If a bartender serves someone too much to drink and they let the drunk get in a car and drive home, and they kill somebody on the way home the bartender can be held responsible. While they didn't drive the car or drive home hammered and kill somebody, they should have known better and their neglect lead to the accident.
The banks should have known better than to give a $300K loan to someone making $30K a year. That's what banks do. Decide if the person asking for a loan can afford it.
Both sides are to blame for this. The banks and the borrowers. To put the blame totally one one or the other is assanine.
I have to disagree with you I just dont understand how someone could buy a house and not realize that they couldn't afford it. I cant afford a home that's why I rent and that's what these people should have been doing and why would I think Im better than any one? :roll:
I'm not defending those on 30k a year buying 300,000+ houses, and believe me I KNOW a few of them... a few of them are good friends but I'll still call them fucking idiots and did from day 1. But the banks should NOT be loaning OUR money to idiots... that's why people 'trust' the banks with their money... so in these cases both the banks and the people getting the mortgage were fucking idiots.
I'm defending those on a decent wage who bought reasonably priced houses and then LOST their jobs and couldn't walk into another one cos they've been in only one job for 20 years or whatever... it's THESE people who are in the majority of the people in trouble at the mo... and these people don't deserve to lose their homes.
The Astoria??? Orgazmic!
Verona??? it's all surmountable
Dublin 23.08.06 "The beauty of Ireland, right there!"
Wembley? We all believe!
Copenhagen?? your light made us stars
Chicago 07? And love
What a different life
Had I not found this love with you
No one has mentioned why the banks made the high risk loans that they did. Do you really think that they wanted to make these high risk loans. Of course not, the banks (and Fannie Mae in particular) protested the fair housing act, which is the reason all of this happened. Now before I catch fire for this, I was a Clinton supporter, I would have voted for him if I was old enough. In both of the Bush elections I voted against Bush. I'm registered independent, I am not a Republican in any sense of the word. But the reason we are in this mess is on the Democrat's shoulders. Barney Frank and his idiotic followers pushed the fair housing act through during the Clinton years, with groups like the NAACP and ACORN applying their own brand of pressure to congress to pass it. Once the Fair Housing Act passed the banks were legally obligated to sign off on the high risk loans.
I have no doubt that the reason that this country is in the state that it's in is due to special interest groups. The NAACP, ACORN, NOI, GLADD, and all the others have turned this nation into the wreck that it is. Any major problem this nation is facing now can be attributed in some way to these groups. I will admit that back in the day (70's and before) that some of these organizations were warranted, but now they do more harm than help. They cause more rifts than they repair, and make the gap between the people they are representing and the general public even bigger than it was.
No one has mentioned why the banks made the high risk loans that they did. Do you really think that they wanted to make these high risk loans. Of course not, the banks (and Fannie Mae in particular) protested the fair housing act, which is the reason all of this happened. Now before I catch fire for this, I was a Clinton supporter, I would have voted for him if I was old enough. In both of the Bush elections I voted against Bush. I'm registered independent, I am not a Republican in any sense of the word. But the reason we are in this mess is on the Democrat's shoulders. Barney Frank and his idiotic followers pushed the fair housing act through during the Clinton years, with groups like the NAACP and ACORN applying their own brand of pressure to congress to pass it. Once the Fair Housing Act passed the banks were legally obligated to sign off on the high risk loans.
I have no doubt that the reason that this country is in the state that it's in is due to special interest groups. The NAACP, ACORN, NOI, GLADD, and all the others have turned this nation into the wreck that it is. Any major problem this nation is facing now can be attributed in some way to these groups. I will admit that back in the day (70's and before) that some of these organizations were warranted, but now they do more harm than help. They cause more rifts than they repair, and make the gap between the people they are representing and the general public even bigger than it was.
No one has mentioned why the banks made the high risk loans that they did. Do you really think that they wanted to make these high risk loans. Of course not, the banks (and Fannie Mae in particular) protested the fair housing act, which is the reason all of this happened. Now before I catch fire for this, I was a Clinton supporter, I would have voted for him if I was old enough. In both of the Bush elections I voted against Bush. I'm registered independent, I am not a Republican in any sense of the word. But the reason we are in this mess is on the Democrat's shoulders. Barney Frank and his idiotic followers pushed the fair housing act through during the Clinton years, with groups like the NAACP and ACORN applying their own brand of pressure to congress to pass it. Once the Fair Housing Act passed the banks were legally obligated to sign off on the high risk loans.
I have no doubt that the reason that this country is in the state that it's in is due to special interest groups. The NAACP, ACORN, NOI, GLADD, and all the others have turned this nation into the wreck that it is. Any major problem this nation is facing now can be attributed in some way to these groups. I will admit that back in the day (70's and before) that some of these organizations were warranted, but now they do more harm than help. They cause more rifts than they repair, and make the gap between the people they are representing and the general public even bigger than it was.
I mentioned how ACORN (what a shit organization) would have been protesting the banks for not lending to people who were not qualified. Well the banks did and now these disenfranchised have proved the point that they are not to be trusted to pay their bills. Yes some people lost their jobs and are down on their luck, but the ones that were high risk should have never been given loans in the first place. If they had not though Chase/Wells Fargo etc would all be branded racists.
No one has mentioned why the banks made the high risk loans that they did. Do you really think that they wanted to make these high risk loans. Of course not, the banks (and Fannie Mae in particular) protested the fair housing act, which is the reason all of this happened. Now before I catch fire for this, I was a Clinton supporter, I would have voted for him if I was old enough. In both of the Bush elections I voted against Bush. I'm registered independent, I am not a Republican in any sense of the word. But the reason we are in this mess is on the Democrat's shoulders. Barney Frank and his idiotic followers pushed the fair housing act through during the Clinton years, with groups like the NAACP and ACORN applying their own brand of pressure to congress to pass it. Once the Fair Housing Act passed the banks were legally obligated to sign off on the high risk loans.
I have no doubt that the reason that this country is in the state that it's in is due to special interest groups. The NAACP, ACORN, NOI, GLADD, and all the others have turned this nation into the wreck that it is. Any major problem this nation is facing now can be attributed in some way to these groups. I will admit that back in the day (70's and before) that some of these organizations were warranted, but now they do more harm than help. They cause more rifts than they repair, and make the gap between the people they are representing and the general public even bigger than it was.
...
A couple of things...
The Fair Housing Act was passed in 1968. I believe this predates the Clinton adminiistration by about 30 years (he was smoking pot and banging co-ed around that time). As for Barney Franks... i have no idea... except i'm pretty sure he wasn't banging co-eds.
And no one 'Forced' banks to make these loans. Banks cannot refuse loans due to race, religion, etc... there is NOTHING that says they have to loan anything to anyone who applies for a loan.
The banks did it for one reason... MONEY. They buy and sell loans hoping to make money on the interest and finance charges incurred by the borrower. Banks don't want to buy my loan because a 15 year mortgage at 6% isn't going to earn them much. Anyone who thinks banks and bankers are in that business to lose money is... well, coo-koo. Banks and bankers were living in the strato-rich level.
Also, the U.S. economy was being run by... guess what? Housing. Construction, renovation, flipping, speculation, developments... housing. We pretty much lost our manufacturing middle class and now have most of the jobs in retail and service. Those people need homes... even though they cannot afford them. The housing market economy was based on... guess what? Home buyers. More buyers, more new development, more money.
De-regulation (also known as 'Get Governement Out of the Way so Business can Grow') of the financing people had a GIANT part in this mess. Remember all those ads for Financial agents? They were young punks selling loans to home buyers. Those fuckers would call my house on a non-stop basis trying to get me to re-finance so I could buy a new car. Those fuckers lied to people looking for home loans and in many cases, told them what to fill in on the applications. The banks sold them to other banks in order to make money, not lose.
Also, Developers managed their own loans... that's how '0% Down - Move In Now' signs cropped up at new housing developments. They planned on the money from the Phase I buyers to finance Phase II of construction, etc...
No one was watching because people were making money. Mostly, rich people making money.
...
So, i believe it is unfair to place the brunt of the blame on poor black people. Poor black people are not the only ones being evicted due to foreclosure.
Allen Fieldhouse, home of the 2008 NCAA men's Basketball Champions! Go Jayhawks!
Hail, Hail!!!
I'm not saying the sky is falling, but it is getting close. I think it is the time where people need to prepare for something and be able to take care of themselves and their families. Don't be ignorant and think that the government is going to help, they are the ones that got us into this. Both parties.
The dollar is worthless, they do nothing but print more. Buy silver, gold, and ammo. I hope it is never truly needed but God help us if it is.
I'm not saying the sky is falling, but it is getting close. I think it is the time where people need to prepare for something and be able to take care of themselves and their families. Don't be ignorant and think that the government is going to help, they are the ones that got us into this. Both parties.
The dollar is worthless, they do nothing but print more. Buy silver, gold, and ammo. I hope it is never truly needed but God help us if it is.
...
Did you used to be a Rock Star... who once killed an man... and claimed his identity... then, held a public office... and never paid taxes... and lives in a compound... with your own power sources... and has a stockpile of weapons... and believed that by mid 2008 there would no longer be 7-11 in America for me to buy cigarettes from?
If not... nevermind.
Allen Fieldhouse, home of the 2008 NCAA men's Basketball Champions! Go Jayhawks!
Hail, Hail!!!
I'm not saying the sky is falling, but it is getting close. I think it is the time where people need to prepare for something and be able to take care of themselves and their families. Don't be ignorant and think that the government is going to help, they are the ones that got us into this. Both parties.
The dollar is worthless, they do nothing but print more. Buy silver, gold, and ammo. I hope it is never truly needed but God help us if it is.
...
Did you used to be a Rock Star... who once killed an man... and claimed his identity... then, held a public office... and never paid taxes... and lives in a compound... with your own power sources... and has a stockpile of weapons... and believed that by mid 2008 there would no longer be 7-11 in America for me to buy cigarettes from?
If not... nevermind.
Mock me if it makes you feel better but don't be ignorant and think it can't happen. Remember Katrina? It could be worse and I'm not just talking economic. Another attack on US soil in a nuclear or chemical variety would create hysteria and mass chaos. Being prepared with a bug-out bag is not a bad idea. It is better to have it and not need it than to find yourself in trouble.
Mock me if it makes you feel better but don't be ignorant and think it can't happen. Remember Katrina? It could be worse and I'm not just talking economic. Another attack on US soil in a nuclear or chemical variety would create hysteria and mass chaos. Being prepared with a bug-out bag is not a bad idea. It is better to have it and not need it than to find yourself in trouble.
so Katrina was 'an attack' now??? :shock:
The Astoria??? Orgazmic!
Verona??? it's all surmountable
Dublin 23.08.06 "The beauty of Ireland, right there!"
Wembley? We all believe!
Copenhagen?? your light made us stars
Chicago 07? And love
What a different life
Had I not found this love with you
No. I was referring to 9/11 when I said another attack, I guess I should have spelled it out. There are many things that could create riots and bedlam. I just see it as a smart practice to be prepared.
I'm not saying the sky is falling, but it is getting close. I think it is the time where people need to prepare for something and be able to take care of themselves and their families. Don't be ignorant and think that the government is going to help, they are the ones that got us into this. Both parties.
The dollar is worthless, they do nothing but print more. Buy silver, gold, and ammo. I hope it is never truly needed but God help us if it is.
...
Did you used to be a Rock Star... who once killed an man... and claimed his identity... then, held a public office... and never paid taxes... and lives in a compound... with your own power sources... and has a stockpile of weapons... and believed that by mid 2008 there would no longer be 7-11 in America for me to buy cigarettes from?
If not... nevermind.
Hmmm... didn't deny it or even seem confused as to what you were talking about...
I couldn't agree with you more sir but I'm sure we will both get hammered for thinking this way..Can you say SOCIALISIM. :x
just to make sure I got my definitions right
socialism-bailout the majority
capitalism-bailout the wealthy minority
think I prefer socialism at this point.
You orefer socialism? WTF? Are you nuts?
This country was founded on hard working Capitalism.
Thats what has made this country the greatest one in the world. Granted we are not that popular right now but thats life. We will bounce back, we always do.
Why do you think hardworking people from Socialist countries come to the US?
Free Enterprise baby! Thats what we are all about. Thats the way it MUSt stay.
They come here because they have the ability to have their hard work pay off. They get to rep the benefits of it. In a socialist country you get no such reward for hard work. You just put you time in, the same as everyone else and get paid the same as everyone else. If you think of a good idea or invention you will not become rich off it, the goverment will.
Understand what I am saying?
No fucking Socialism, Marxsism, Communism bullshit!
Never in America.
Get em a Body Bag Yeeeeeaaaaa!
Sweep the Leg Johnny.
I'm not saying the sky is falling, but it is getting close. I think it is the time where people need to prepare for something and be able to take care of themselves and their families. Don't be ignorant and think that the government is going to help, they are the ones that got us into this. Both parties.
The dollar is worthless, they do nothing but print more. Buy silver, gold, and ammo. I hope it is never truly needed but God help us if it is.
...
Did you used to be a Rock Star... who once killed an man... and claimed his identity... then, held a public office... and never paid taxes... and lives in a compound... with your own power sources... and has a stockpile of weapons... and believed that by mid 2008 there would no longer be 7-11 in America for me to buy cigarettes from?
If not... nevermind.
Mock me if it makes you feel better but don't be ignorant and think it can't happen. Remember Katrina? It could be worse and I'm not just talking economic. Another attack on US soil in a nuclear or chemical variety would create hysteria and mass chaos. Being prepared with a bug-out bag is not a bad idea. It is better to have it and not need it than to find yourself in trouble.
One of the reasons why a country will think twice about attacking us on our soil is there are Millions of Americans who own many guns (like myself) who would not hesitate to pull them out and defend this country.
Any army who comes here would get wasted flatout.
Get em a Body Bag Yeeeeeaaaaa!
Sweep the Leg Johnny.
You orefer socialism? WTF? Are you nuts?
This country was founded on hard working Capitalism.
Thats what has made this country the greatest one in the world. Granted we are not that popular right now but thats life. We will bounce back, we always do.
Why do you think hardworking people from Socialist countries come to the US?
Free Enterprise baby! Thats what we are all about. Thats the way it MUSt stay.
They come here because they have the ability to have their hard work pay off. They get to rep the benefits of it. In a socialist country you get no such reward for hard work. You just put you time in, the same as everyone else and get paid the same as everyone else. If you think of a good idea or invention you will not become rich off it, the goverment will.
Understand what I am saying?
No fucking Socialism, Marxsism, Communism bullshit!
Never in America.
I hate to be the one to shatter your world here... but the US already IS a socialist country, and has been for decades. I'm not sure you really know what socialism is, based on this post. It sounds like you're confusing it with communism. It's a common mistake in American political discourse. They're not the same.
Mock me if it makes you feel better but don't be ignorant and think it can't happen. Remember Katrina? It could be worse and I'm not just talking economic. Another attack on US soil in a nuclear or chemical variety would create hysteria and mass chaos. Being prepared with a bug-out bag is not a bad idea. It is better to have it and not need it than to find yourself in trouble.
One of the reasons why a country will think twice about attacking us on our soil is there are Millions of Americans who own many guns (like myself) who would not hesitate to pull them out and defend this country.
Any army who comes here would get wasted flatout.
I think it has more to do with the fact that there's a big ocean that makes landing an army here kind of a pain, and we've done a good job of keeping all our neighbors poor enough to be unable to muster a military. Also, your handgun isn't going to do much good against a nuclear warhead launched from halfway around the world, which is the only kind of attack we might ever see.
You orefer socialism? WTF? Are you nuts?
This country was founded on hard working Capitalism.
Thats what has made this country the greatest one in the world. Granted we are not that popular right now but thats life. We will bounce back, we always do.
Why do you think hardworking people from Socialist countries come to the US?
Free Enterprise baby! Thats what we are all about. Thats the way it MUSt stay.
They come here because they have the ability to have their hard work pay off. They get to rep the benefits of it. In a socialist country you get no such reward for hard work. You just put you time in, the same as everyone else and get paid the same as everyone else. If you think of a good idea or invention you will not become rich off it, the goverment will.
Understand what I am saying?
No fucking Socialism, Marxsism, Communism bullshit!
Never in America.
I hate to be the one to shatter your world here... but the US already IS a socialist country, and has been for decades. I'm not sure you really know what socialism is, based on this post. It sounds like you're confusing it with communism. It's a common mistake in American political discourse. They're not the same.
I know exactly what it is and no it is not. Some bills have been past that have socialistic views but we are not a socialist country. And Communisim is very very close to Socialism, look it up.
If you think we are a Socialist country then compair us to lets say China, or Cuba. HUGE difference.
Get em a Body Bag Yeeeeeaaaaa!
Sweep the Leg Johnny.
Mock me if it makes you feel better but don't be ignorant and think it can't happen. Remember Katrina? It could be worse and I'm not just talking economic. Another attack on US soil in a nuclear or chemical variety would create hysteria and mass chaos. Being prepared with a bug-out bag is not a bad idea. It is better to have it and not need it than to find yourself in trouble.
One of the reasons why a country will think twice about attacking us on our soil is there are Millions of Americans who own many guns (like myself) who would not hesitate to pull them out and defend this country.
Any army who comes here would get wasted flatout.
I think it has more to do with the fact that there's a big ocean that makes landing an army here kind of a pain, and we've done a good job of keeping all our neighbors poor enough to be unable to muster a military. Also, your handgun isn't going to do much good against a nuclear warhead launched from halfway around the world, which is the only kind of attack we might ever see.
I agree about the Warhead, but not having a place to land being the reason?? Come on bro.
Keeping countries poor? Why do you live here then and practice law? BTW what kind of Law fo you pratice?
Get em a Body Bag Yeeeeeaaaaa!
Sweep the Leg Johnny.
Comments
The fact of the matter is some of you are right and that the banks should not have given these loans in the first place. They should have had much stricter standards, and stuck to them.
The thing is about that is ACORN would be protesting the banks for not lending to the poor high credit risk derelicts in the first place.
So blame the banks, not the people who won't pay their bills. That makes a lot of sense.
Stop with the bullshit gov intervention that only props these companies and people up and prolongs the agony. They all made their beds, now go sleep in them.
So what is your solution? Give everyone money that we don't have and we have to borrow or print? Honestly, life isn't easy learn to live within your means. If banks take on these risky "clients" then they should suffer the consequences.
www.seanbrady.net
I blame both of them. My point is only that we should either do nothing about this and give no bailouts, or if we're going to do a bailout, it should go to the homeowners because that might actually work and fix things. Either you stand on principle or you say we should do something about this. But you can't have both... you can't say "we shouldn't bail out the homeowners because they were irresponsible, but we have to do something so let's give money to the banks that were irresponsible." That's fucking stupid. It fixes no problems, it still rewards people for being irresponsible (the banks), and it's a huge waste of tax dollars.
I'm opposed to all bail outs. But if you're going to do a bailout anyway, I believe it should be done so that it might actually work, not just piss our money down the drain.
Verona??? it's all surmountable
Dublin 23.08.06 "The beauty of Ireland, right there!"
Wembley? We all believe!
Copenhagen?? your light made us stars
Chicago 07? And love
What a different life
Had I not found this love with you
I mean can't they just offer up the bailout money to these homeowners and have them pay it back at a reduced interest rate/monthly rate they can afford.
Or hell, can't they just say 'if you agree to have the government pay off your mortgage we get X amount of money from when you sell the home'
That makes a lot more sense to me then just giving it to the banks.
actually if it were up to me I would scale back the massive defense budget...the US spends more on weapons and "defense" than the next 27 countries combined. more than europe, china and russia COMBINED. my solution is to shift a large portion of that into the public sector, maybe put it into programs that will shift this country back into a production based economy, get us making something again. more fuel efficient vehicles, alternative energy sources-they should look into geothermal energy, build power plants, its clean its everywhere. they could power the entire country just on geothermal energy, also there's wind, tidal and solar energy, they could expand on that. it would create jobs, put money in our pockets, and its very clean.
just a few ideas.
Suspend any/all tax refunds until the debt is square.
But I don't believe for a second that we will ever see a penny of that money get back to the government.
I have to disagree with you I just dont understand how someone could buy a house and not realize that they couldn't afford it. I cant afford a home that's why I rent and that's what these people should have been doing and why would I think Im better than any one? :roll:
I hope their credit is ruined, and I have no issues saying that. These losers have put me through the wringer.
I think more than a small minority ARE that stupid and WERE mislead, and I think it's wrong that we give banks a blank check to deceive and exploit people for their profits and then say it's ok to bail out the banks that are failing due to poor business practices based on exploitation, but it's wrong to bail out the homeowners that are fucked because they weren't smart enough to avoid being taken advantage of by the banks.
The banks should have known better than to give a $300K loan to someone making $30K a year. That's what banks do. Decide if the person asking for a loan can afford it.
Both sides are to blame for this. The banks and the borrowers. To put the blame totally one one or the other is assanine.
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I'm defending those on a decent wage who bought reasonably priced houses and then LOST their jobs and couldn't walk into another one cos they've been in only one job for 20 years or whatever... it's THESE people who are in the majority of the people in trouble at the mo... and these people don't deserve to lose their homes.
Verona??? it's all surmountable
Dublin 23.08.06 "The beauty of Ireland, right there!"
Wembley? We all believe!
Copenhagen?? your light made us stars
Chicago 07? And love
What a different life
Had I not found this love with you
I have no doubt that the reason that this country is in the state that it's in is due to special interest groups. The NAACP, ACORN, NOI, GLADD, and all the others have turned this nation into the wreck that it is. Any major problem this nation is facing now can be attributed in some way to these groups. I will admit that back in the day (70's and before) that some of these organizations were warranted, but now they do more harm than help. They cause more rifts than they repair, and make the gap between the people they are representing and the general public even bigger than it was.
http://www.myspace.com/christianjame (Music Page)
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I like this post.
I mentioned how ACORN (what a shit organization) would have been protesting the banks for not lending to people who were not qualified. Well the banks did and now these disenfranchised have proved the point that they are not to be trusted to pay their bills. Yes some people lost their jobs and are down on their luck, but the ones that were high risk should have never been given loans in the first place. If they had not though Chase/Wells Fargo etc would all be branded racists.
A couple of things...
The Fair Housing Act was passed in 1968. I believe this predates the Clinton adminiistration by about 30 years (he was smoking pot and banging co-ed around that time). As for Barney Franks... i have no idea... except i'm pretty sure he wasn't banging co-eds.
And no one 'Forced' banks to make these loans. Banks cannot refuse loans due to race, religion, etc... there is NOTHING that says they have to loan anything to anyone who applies for a loan.
The banks did it for one reason... MONEY. They buy and sell loans hoping to make money on the interest and finance charges incurred by the borrower. Banks don't want to buy my loan because a 15 year mortgage at 6% isn't going to earn them much. Anyone who thinks banks and bankers are in that business to lose money is... well, coo-koo. Banks and bankers were living in the strato-rich level.
Also, the U.S. economy was being run by... guess what? Housing. Construction, renovation, flipping, speculation, developments... housing. We pretty much lost our manufacturing middle class and now have most of the jobs in retail and service. Those people need homes... even though they cannot afford them. The housing market economy was based on... guess what? Home buyers. More buyers, more new development, more money.
De-regulation (also known as 'Get Governement Out of the Way so Business can Grow') of the financing people had a GIANT part in this mess. Remember all those ads for Financial agents? They were young punks selling loans to home buyers. Those fuckers would call my house on a non-stop basis trying to get me to re-finance so I could buy a new car. Those fuckers lied to people looking for home loans and in many cases, told them what to fill in on the applications. The banks sold them to other banks in order to make money, not lose.
Also, Developers managed their own loans... that's how '0% Down - Move In Now' signs cropped up at new housing developments. They planned on the money from the Phase I buyers to finance Phase II of construction, etc...
No one was watching because people were making money. Mostly, rich people making money.
...
So, i believe it is unfair to place the brunt of the blame on poor black people. Poor black people are not the only ones being evicted due to foreclosure.
Hail, Hail!!!
The dollar is worthless, they do nothing but print more. Buy silver, gold, and ammo. I hope it is never truly needed but God help us if it is.
Did you used to be a Rock Star... who once killed an man... and claimed his identity... then, held a public office... and never paid taxes... and lives in a compound... with your own power sources... and has a stockpile of weapons... and believed that by mid 2008 there would no longer be 7-11 in America for me to buy cigarettes from?
If not... nevermind.
Hail, Hail!!!
Mock me if it makes you feel better but don't be ignorant and think it can't happen. Remember Katrina? It could be worse and I'm not just talking economic. Another attack on US soil in a nuclear or chemical variety would create hysteria and mass chaos. Being prepared with a bug-out bag is not a bad idea. It is better to have it and not need it than to find yourself in trouble.
Verona??? it's all surmountable
Dublin 23.08.06 "The beauty of Ireland, right there!"
Wembley? We all believe!
Copenhagen?? your light made us stars
Chicago 07? And love
What a different life
Had I not found this love with you
Hmmm... didn't deny it or even seem confused as to what you were talking about...
This country was founded on hard working Capitalism.
Thats what has made this country the greatest one in the world. Granted we are not that popular right now but thats life. We will bounce back, we always do.
Why do you think hardworking people from Socialist countries come to the US?
Free Enterprise baby! Thats what we are all about. Thats the way it MUSt stay.
They come here because they have the ability to have their hard work pay off. They get to rep the benefits of it. In a socialist country you get no such reward for hard work. You just put you time in, the same as everyone else and get paid the same as everyone else. If you think of a good idea or invention you will not become rich off it, the goverment will.
Understand what I am saying?
No fucking Socialism, Marxsism, Communism bullshit!
Never in America.
Sweep the Leg Johnny.
One of the reasons why a country will think twice about attacking us on our soil is there are Millions of Americans who own many guns (like myself) who would not hesitate to pull them out and defend this country.
Any army who comes here would get wasted flatout.
Sweep the Leg Johnny.
I hate to be the one to shatter your world here... but the US already IS a socialist country, and has been for decades. I'm not sure you really know what socialism is, based on this post. It sounds like you're confusing it with communism. It's a common mistake in American political discourse. They're not the same.
I think it has more to do with the fact that there's a big ocean that makes landing an army here kind of a pain, and we've done a good job of keeping all our neighbors poor enough to be unable to muster a military. Also, your handgun isn't going to do much good against a nuclear warhead launched from halfway around the world, which is the only kind of attack we might ever see.
If you think we are a Socialist country then compair us to lets say China, or Cuba. HUGE difference.
Sweep the Leg Johnny.
Keeping countries poor? Why do you live here then and practice law? BTW what kind of Law fo you pratice?
Sweep the Leg Johnny.