But who enabled these dumb people to enter into these arrangements in the first place?
The banks. I agree with you, Roy, and I already blamed the banks (here or in other threads somewhere already) for giving out loans to people they should have KNOWN wouldn't be able to pay those bills in the future. The low interest rates aren't at fault - it's dumb & greedy people on BOTH sides of the bank counter.
Neither do I disagree with either of you as well...maybe we could look at the regulations ( or lack thereof) that made this large dungpile possible.
OK, what you think MORE government intrusion can fix things? Letting a business fail is more instructive than a bail-out!
But taxation wasn't the issue, the representation was. We are represented, you've just been outvoted.
Actually, my post was originally misleading in some ways. Confiscation of arms was actually the spark that started the revolutionary fire - that at some incidents where Americans were killed (even though they DID kinda start the fight) - and not the <2% taxation. Taxation is emphasized because Americans now think money drives EVERYTHING, but that was only one small factor hidden behind MOST of the other factors that really did spark the war.
And to be fair you probably stand to gain quite a bit by the whole mess personally if you're buying now right? $8000 tax credit, lower purchase price, lower interest rates etc. .... Lots of cities and states are offering even more incentives to get these houses off the market. Weigh all that against the extra tax you'll be paying (if you're really paying more under Obama.. most of us are getting a tax break).
You are batting a pretty low average there. Pull the other leg or at LEAST admit how many restrictions are on WHO can get that $8k credit. Plus, who says I'm buying IN a city, and what does any hypothetical state incentive have to do with my problems with federal policy? Also, how the heck does a one year, house-related, tax rebate (if I see one) compensate for YEARS of higher taxes afterward? That's bad math, but I believe it is the same type this administration is doing! PLUS, lower purchase price? Ha! Katrina is still driving values where I'm moving more than the the current federal economy. (Want another little factoid - we aren't having unemployment down here like the NE because we have "real" jobs that don't just depend on moving numbers that represent money on a ledger around from one place to another to generate a "profit" without producing any real product.)
Oh, not that it matters, but I'm not applying for loans with large banks that are high profile bail-out companies. I'm trying hard to just stay with small ones that didn't
directly get a bail-out. I Know, I know. They get their money for the loan from 2 giant corps that DID get the bail-out (didn't stop those suicides in upper management, though), so I'm still doing it indirectly. I'm a hypocrite in that way (lol), but there are no other options unless I rent or only buy a <$50k home.......lol. I'm not blind to how the banking system works, but that doesn't mean I have to LIKE it......lol.
There's a whole LOT of awesome in those seven words.
Bread and circuses - that's what has been voted in again. When an administration can buy votes with public dollars, I don't have to like it. If people who are on the government dole weren't allowed to vote, I would agree that this would settle any option for disagreement that think I have. However, I have trouble respecting a vote that is given based on race (my vote had nothing to do with anything so minor) OR on how much money someone expects an administration to TAKE from a tax payer and give someone too lazy to work or too dumb to budget within their means (welfare system). It's like voting on your own pay level at work - that would drive the company (or the country!) out of business pretty fast.
He will not make all our worries and despairs, disappear over night or at all, for sure! Nor will he, single handily cure any or all diseases or massive financial deficits.
I agree, but he CAN make them worse much quickly.....Inflation, confiscation, etc.
Is it stupid to find a better deal? Most of the borrowers weren't told that their sub-prime loan would expire and end up with a skyrocketing interest rate after a few years. When their mortgage rates jump by a double digit percentage you can't really say they were stupid for not budgeting for that.
They were stupid for not reading/understanding the contract or even asking, "what do you mean by a
variable interest rate loan?" In other words, I CAN say they were stupid for not budgeting for that.
And Tom E is right - there was a complete credit freeze that the bailout has helped to unlock. The mortgage you're getting wasn't possible only a few short months ago.
To be completely honest, though, the HIGH value of the bail-out also was responsible for the difficulty in people that COULD pay the loan in getting a loan, too. It basically made it so the banks didn't HAVE to give out loans because of the government-driven affluence. You are correct in part, but such an oversimplification can prove
anything even if it isn't the whole picture.
And you'll forgive me for not showing any sympathy to someone who can actually afford a home. Many people will never be able to buy a house, your claims that Obama is buying them houses with your money notwithstanding.
Oh, great. In other words because some people CAN and some people are unable, we have to tax those that can and give it to the others. The heart of socialism. I'd be mad, but I believe you might be a Canadian and can't vote in America, so what do I care? LOL. (That's not an insult - I like Canadians, but I only care what American voters think on such issues. If you aren't Canadian, then I just have you confused with someone else. Sorry.)