Housing bailout

[dawgball]

- at least as long as Bush's appointees have had control over the money situation in these organizations

Doesn't this lay more on the likes of Greenspan and Bernanke?

Greenspan who was appointed by Reagan, approved by Bush Sr. once, Clinton twice, and Bush W twice?

I think Greenspan did a lot of damage during his tenure, but a lot of good, too. Not an easy job, for sure.

 

[dawgball]

Although trying to help working class Americans who (maybe mistakenly) gave home ownership a shot with a little prodding from lenders makes a bit more sense to me than bailing out massive financial institutions who knowingly conducted risky lending practices to try to make even more money - and subsequently rewarded CEO's with millions in bonuses.

I agree with this sentiment.

The only minor problem that I have with it is that most responsible "working class" Americans were not looking for a quick score primarily avoided this disaster all together by signing on to 30 year fixed rate mortgages that they could afford to start with 20% down payment.

 

[Chadman]

Doesn't this lay more on the likes of Greenspan and Bernanke.

Bernanke was part of my point, and was appointed by Bush in '06. The other jibe I was referring to was Wolfowitz to the World Bank position, who was roundly criticized by people on both sides of the fence, and is a prized member of the Bush inner circle.

I don't think it's a big mystery (to my way of thinking) that the situation in this country started down this road when both were at the helm, and certainly had to be working a bit in concert under the "guidance" and suggestions of the White House regime.

Again, perhaps simplistic, but has to make some sense, in regards to the point at hand.

 

[The Sponge]

you and kosar can try and change the subject...but it still doesn`t explain why there isn`t an investigation into dodd and cconrad`s sweetheart deals....

the democrats have changed exactly nothing...

i hope you have the stones to admit it`s business as usual...

How about answering the question they both laid out? You are so against working middle class families in this country it is sickening. I bet you are one of those kids who got a nice inheritance and you walk around like you are some kind of success story when in fact all you have is other people's money and didn't make shit on your own.
Do i agree with this bailout? No but i don't agree with the bailout of Bear Sterns either. Something you seem to have no problem with in your hypocritical world.

 

[Cie]

How about answering the question they both laid out? You are so against working middle class families in this country it is sickening. I bet you are one of those kids who got a nice inheritance and you walk around like you are some kind of success story when in fact all you have is other people's money and didn't make shit on your own.
Do i agree with this bailout? No but i don't agree with the bailout of Bear Sterns either. Something you seem to have no problem with in your hypocritical world.

Every post makes you seem more and more like a jobless guy living in his parent's basement. Just sayin'

 

[The Sponge]

In my humble opinion, there is no bail out. We made a mistake as individuals, a country... however anyone wants to look at it. When mistakes are made, there has to be a form of "punishment".

In my opinion, there should not have been a bail out of the firm. They should have paid for their sins.

And I don't think there should be a bail out of the consumer. They, too, should pay for their "sins". Ignorance (of the situation) is not an excuse, in my opinion. you can't tell me that there is not a large percentage of people who were looking to make some fast cash that are now crying foul that they were led astray.

I think the banks are just as guilty and should also pay for whatever they have to eat. But to put the ownership back on the responsible, hard-working people of this nation is a travesty.

i agree 100 percent

 

[The Sponge]

Every post makes you seem more and more like a jobless guy living in his parent's basement. Just sayin'

i have a $2000 a month mortgage to be paid each month cous. Not sure where you get this kind of idea. well lets see two of you suggested this to me and both voted for Bush twice so i guess i can see where you come up with these kinds of fantasy. Some people actually care about there fellow man who is hurting. maybe in another life i can be born with that gene you guys have. The self centered one.

 

[SixFive]

i have a $2000 a month mortgage to be paid each month cous. Not sure where you get this kind of idea. well lets see two of you suggested this to me and both voted for Bush twice so i guess i can see where you come up with these kinds of fantasy. Some people actually care about there fellow man who is hurting. maybe in another life i can be born with that gene you guys have. The self centered one.

:mj07: :mj07:

let's hear what all you do for your fellow man, and then we can compare since I have no love for anybody but myself. This should be good. I know you won't post anything, but hopefully, I'll be pleasantly suprised and have to eat crow which I will gladly do? :shrug:

I'm so tired of these rantings about the middle class (that's where I am, bro; just because I have an education and professional job and don't work on the line doesn't mean I can't relate.) being so downtrodden and set up to fail. I just don't see that. I see people living way above their means at all incomes. Heck, I'd probably be in foreclosure too if I had a membership at the club, golfed 3-5 afternoons a week, had 2 new cars/SUVs, a boat and slip at the lake, and a 350K mortgage.

 

[WhatsHisNuts]

I disagree with any bailout, but for some of you guys to just rail on about the dolts that didn't read their contracts are way off base. These mortgage companies created products and sales pitches that were appealing. There is a reason Countrywide is being sued for misconduct for being a major player in this fiasco...it's not because people didn't read their contracts.

Weasel: I'd bet my left nut you didn't read all of your contract (I'd be surpised if you read 50%) so put your rocks down and close the door on your glass house.

 

[gardenweasel]

How about answering the question they both laid out? You are so against working middle class families in this country it is sickening. .

the key word is "working"....foreign to you,i`m sure...

it`s possible that many of these houses are bigger and nicer (or at least more expensive) than the house i can afford......

so,they take money from me to pay the other guys mortgage, then tell me that i don't pay my fair share....


all the while giving the bad guys and the rich hypocrites(dodd)that run interference for them a pass...

and nobody gives a shit....

wonderful...

this is the brain of the democrat......

 

[DOGS THAT BARK]

Lets see bail outs mortages
-credits cards
-bankrupcy
-extended unemployment benefits
-free health insurance

Just why the fck should anyone fire a lick--when they want to pay you for being a deadbeat--:shrug:

--and speaking of unemployment--it jumped from 5% to 5.5% in may--guess who were the bulk of those losing jobs--age 16-24 minimum wage people--
if I remember correcting we had discussion thread on that while back

 

[Cie]

i have a $2000 a month mortgage to be paid each month cous. Not sure where you get this kind of idea. well lets see two of you suggested this to me and both voted for Bush twice so i guess i can see where you come up with these kinds of fantasy. Some people actually care about there fellow man who is hurting. maybe in another life i can be born with that gene you guys have. The self centered one.

Sponge,

When I bought my 1st home, I had graduated college less than 3 years prior. I earned less than $50K annually and had very little capital so I went the FHA (3% down) route. I'd have preferred to live in many hipper neighborhoods by going interest-only or ARM, but settled for a 875 SF house in a safe, yet far from desirable area of New Orleans.

When I bought my second home, 3 years later, I purchased a 1500sf cottage in a far more desirable location. I could have easily overbought by obtaining an interest-only loan or an ARM, but again, I chose to be responsible. I still live in house 2, now with wife and 2 small children (ages 1 and 2). Trust me, it is definitely a bit of a squeeze. We could have rushed out and overbought when we realized that our 1st child was on the way. But, we didn't. We, again, could have rushed out and overbought when #2 child was on the way, but we decided that a little sacrifice now is worth avoiding potential financial hardships later. Eventually, when we are ready financially, we will build a more comfortable home.

Pray tell, why should I be forced to pay for mistakes made by others in the exact position who decided to overbuy?

 

[kosar]

Lets see bail outs mortages
-credits cards
-bankrupcy
-extended unemployment benefits
-free health insurance

Just why the fck should anyone fire a lick--when they want to pay you for being a deadbeat--:shrug:

--and speaking of unemployment--it jumped from 5% to 5.5% in may--guess who were the bulk of those losing jobs--age 16-24 minimum wage people--
if I remember correcting we had discussion thread on that while back

Wayne,

I might have missed your response to the government bailing out that brokerage company, to the tune of many billions if I recall.

 

[Jabberwocky]

"Just why the fck should anyone fire a lick--when they want to pay you for being a deadbeat--"

as pointed out by Matt, is Bear Stearns a bunch of deadbeats or just shitty business men?

 

[Jabberwocky]

Sponge,

When I bought my 1st home, I had graduated college less than 3 years prior. I earned less than $50K annually and had very little capital so I went the FHA (3% down) route. I'd have preferred to live in many hipper neighborhoods by going interest-only or ARM, but settled for a 875 SF house in a safe, yet far from desirable area of New Orleans.

When I bought my second home, 3 years later, I purchased a 1500sf cottage in a far more desirable location. I could have easily overbought by obtaining an interest-only loan or an ARM, but again, I chose to be responsible. I still live in house 2, now with wife and 2 small children (ages 1 and 2). Trust me, it is definitely a bit of a squeeze. We could have rushed out and overbought when we realized that our 1st child was on the way. But, we didn't. We, again, could have rushed out and overbought when #2 child was on the way, but we decided that a little sacrifice now is worth avoiding potential financial hardships later. Eventually, when we are ready financially, we will build a more comfortable home.

Pray tell, why should I be forced to pay for mistakes made by others in the exact position who decided to overbuy?

I have to agree and well said. I do not see what is right about bailing out irresponsible people who make bad decisions and live beyond their means. But the same applies to corporations.

 

[kosar]

is Bear Stearns a bunch of deadbeats or just shitty business men?

You'll be extremely 'lucky' to get an answer on this one.

 

[Cie]

"Just why the fck should anyone fire a lick--when they want to pay you for being a deadbeat--"

as pointed out by Matt, is Bear Stearns a bunch of deadbeats or just shitty business men?

CROOKS!!!!!!!

 

[gardenweasel]

this is a drop in the bucket,gents....


see the eagle on the "obama seal".....

that`s not the whole picture...in the real picture,the eagle is shitting entitlements...

 

[dawgball]

Some seem to be drawing that conclusion that since Bear Stearns was bailed out, we simply MUST bail out individuals, too.

Two Wrights made the first airplane, but too wrongs don't fly... or something like that.

Cie Grant's situation is similar (but not exactly the same as mine), and I agree with him. Why should we pay for BS bailout or individual bail out?

I agree with what Wayne said about not putting forth effort. Our country continues to travel down the path of punishing hard workers by creating entitlements for both the uber-rich and the uber-lazy.

It's going to be really painful for the middle class if we continue down the path that our bullshit two party system is leading us. Democrats are just as guilty of this as Republicans. If you don't see this, we simply don't view the world the same way.

Businesses are going to stop laying people off and instead simply uproot and move out of the country. Australia anyone? :SIB

 

[djv]

GW most Your answers are much better then your last one. What is everyone worred about. Lets see Katrina was what 3 years ago. And they just said last week there are over 19000 home still needed to be rebuilt. Have they spent all that money. Look once out of Iraq we have all the cash we need to do what ever. Iraq's oil will help when they start paying us back. Talk about a great program Chenneys seacret energy plan. Lets have a out in open housing program.