Housing bailout

pd1

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Feb 24, 2001
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: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.

PROBABLY
 

The Sponge

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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 agree with you 100 percent but it goes both ways in my book. If people are gonna take shots at working families then take shots at the airline industry or Bear Stearns. That is my problem with some in here. I don't know who in there right mind would buy a house thinking the bankers are somehow their friends and not try to educate themselves before buying a house.
 

The Sponge

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: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.

i know for a fact i have done more then you because everything i did was for free. Yeah yeah yeah i heard about you going to another country to help sick kids. I doubt you would go if it was for free and nothing in it for ya. I spent a whole year working weekends building all types of thingssalong with others in my union to help people out like senior citizens and people in rehab. I even worked some nights right after coming off of my job. You ought to try doing something for a senior citizen and watching them smile. Makes it worth doing but like i said if their isn't money in it for you im sure a guy like you don't want to be bothered. Now go eat a nice big bowl of crow you big phony.
 

The Sponge

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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......

Another poorly stage dodge. You ought to see if Smuph could get you on his dodge ball team. It starts right after the kick ball league finishes up.
 

SixFive

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Mar 12, 2001
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i know for a fact i have done more then you because everything i did was for free. Yeah yeah yeah i heard about you going to another country to help sick kids. I doubt you would go if it was for free and nothing in it for ya. I spent a whole year working weekends building all types of thingssalong with others in my union to help people out like senior citizens and people in rehab. I even worked some nights right after coming off of my job. You ought to try doing something for a senior citizen and watching them smile. Makes it worth doing but like i said if their isn't money in it for you im sure a guy like you don't want to be bothered. Now go eat a nice big bowl of crow you big phony.


yeah, I got paid a whole lot to go to Haiti!! :mj07: what a tool you are, lol!! My whole job is with senior citizens; I make them smile each and every day. I've even been known to help the occasional black person! ;) I didn't expect a tip either! :mj07: at least your mom (I'm guessing a senior citizen or at least middle aged) smiles when you take a few steps outside occasionally. Does she bribe you to go out? I'll reiterate... YOUR CHECK WILL NOT GET BIGGER IF OBAMA GETS IN OFFICE!!!!!
 
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DOGS THAT BARK

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Wayne,

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

;)

Guess you did miss it-- I'll repost
http://www.madjacksports.com/forum/showthread.php?t=294595&highlight=bailing+mortgage+companies

"I like GW stance on not bailing out the mortgage companies despite temporary hit on market.
Let the industry weed out the villians."


Now I'm not much for bailouts as noted but there are times when not doing so might have worse effect than doing so.

The point most seem to miss is tax payors liabilty on those that default on these bailouts that we end up paying for.

So who has the greater chance of default-a large financial company or those who never had sufficient funds to purchase house-pay of credits cards ect to begin with.

If you had choice of buying high yield junk bond backing one or the other--wonder which you take.
:)
 
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djv

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Old John just said in Ohio He's voting YES. So that must make it OK.
 

Tenzing

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stop posting

stop posting

I am afraid it is not that simple. Due to your stupid little war in Iraq and the monies spent over there our dollar is now worth nothing. Add to that Big Oil driving the price of oil up to unheard of levels while they make never before heard of profits....someone explain that to me? But be that all as it may....A person buys a house. All the experts tell him it is the best thing he can do. Even Bush was taking pride iin how many Americans were buying houses during his time in office. Add to that the experts again telling the buyer what a great investment it is. Real Estate prices always go up. You will have equity. You can send your kids to colllege.
Then, let's take the rug out from under them. Home prices free fall under the weight of the cost of the war. People start losing there jobs. Inflation sets in as gas prices hit all time highs.
Next thing you know the poor bugger can't afford his mortgage, but instead of his house appreciating the last 5 or 10 years it has depreciated. He finds himself upside down in the mortgage. Hiis equity gone.
So you guys come on and call him names because he tried to live the American dream you guys sold him!
Oh yeah, the experts who sold him the mortgage. You have no problem bailing them out.

What a great f'in country. No wonder we are going down the toilet as fast as Bush can flush.

The democrats voted for war, and some of them demanded it. Put that in your blunt and smoke it.
 

kosar

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Guess you did miss it-- I'll repost
http://www.madjacksports.com/forum/showthread.php?t=294595&highlight=bailing+mortgage+companies

"I like GW stance on not bailing out the mortgage companies despite temporary hit on market.
Let the industry weed out the villians."


Now I'm not much for bailouts as noted but there are times when not doing so might have worse effect than doing so.

The point most seem to miss is tax payors liabilty on those that default on these bailouts that we end up paying for.

So who has the greater chance of default-a large financial company or those who never had sufficient funds to purchase house-pay of credits cards ect to begin with.

If you had choice of buying high yield junk bond backing one or the other--wonder which you take.
:)

That link had nothing to do with what I was talking about.

I commented on a specific bailout and you post that?
 

Jabberwocky

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The corporate capitalists' knees are shaking a bit. Their manipulation of the sub-prime housing market has led to a spreading credit crunch and liquidity crisis. So it is time for them to call on Uncle Sam--the all purpose bailout man.

Only don't call it a bailout yet. It is just an injection of over $200 billion in the past week to stabilize the heaving financial markets by the European Central Bank and our Federal Reserve. Governments to the rescue--again.

My father many years ago asked his children during dinner table conversation: "Why will capitalism always survive?" His answer: "Because socialism will always be used to save it." As a small businessman himself (a restaurateur), he was not referring to the little guys on Main Street. He was talking about the Big Boys. Today, we call these self-paying CEOs "corporate capitalists."

Central Banks are government regulators after all. Among other impacts, they regulate interest rates. But they are so saturated with banking executives or former banking officials on their Boards, Committees and at the helms, that they see themselves as part and parcel saviors of their banking brethren.

Brother Henry M. Paulson, formerly with the Goldman-Sachs investment giant and now U.S. Treasury Secretary just said: "The markets are resilient. They can absorb those losses. We've gone through challenging times in the markets, and we will rise to the challenge."

We? Paulson is a government official who is supposed to be worrying about the people first--such as the millions of homeowners who are slated to lose their homes in the next 18 months.

How to help these "borrowers, not the wheeler-dealers," as columnist Paul Krugman described his "workouts, not bailouts" plan in The New York Times (August 17, 2007) should be Paulson's chief concern.

Secretary Paulson did tell The New York Times that federal regulators should try to eliminate fraud and market manipulation and that there needs to be more disclosure of the holdings and actions of hedge funds and other private pools of capital.

Well, that's talk. Where is the action? Krugman, an economist, believes that the current real-estate bubble was "both caused and was fed by widespread malfeasance. Rating agencies like Moody's Investors Service, which get paid a lot of money for rating mortgage-backed securities," seemed to be performing much like the major accounting firms that rubber-stamped the inflated, deceptive financial statements of the Enrons and the Worldcoms.

Passing on the risks of these mortgage loans through more and more complicated financial transactions, which are in turn bet on by the huge derivatives markets, allows wider transmission of these risk viruses throughout the national and the global financial markets.

A kind of dominoes effect sets in and induces panic selling and panic inability to obtain daily commercial loans in the stiffening credit markets.

The European Central Bank recently has poured tens of billions of Euros into the global financial system after the giant French bank BNP Paribas SA froze three of its investment funds.

If matters get worse, the Central Banks will inject more money into the system. If financial markets start collapsing along with investor confidence, then Uncle Sam will certainly adopt additional direct bailout options.

One man--Mervyn King, the Governor of the Bank of England, is the lone central banker who resists intervening in the markets. "Interest rates," he asserts, "aren't a policy instrument to protect unwise lenders from the consequences of their unwise decisions."

Bailing out investors and their risky investments would just induce them to take on bigger risks next time, expecting another bailout, he believes.

More and more, corporate capitalists in side and beyond the financial markets do not want to behave as capitalists-willing to take the losses along with the profits. They want Washington, D.C., meaning you the taxpayers, to pay for their facilities (as with big time sports stadiums) or take on their losses because they believe that they are too big to be allowed to fail (as with large banks or industrial companies).

These corporate capitalists should be exposed when they always say that government is the problem whenever it moves to help the little guys with health and safety regulations, for example, but government is wonderful when the bureaucrats are summoned to perform missions to rescue them from their own greed and folly.
 
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