A third-generation freethinkerWhy are people who bought homes they can't afford and expect the rest of us to bail them out being portrayed?
Let me tell you something about these so called victims from first hand knowledge. They took these loans out because they had the loans marketed to them in local community meetings. They made the loans knowing full well they didn't have sufficient income to repay them or no income to pay them. Most were living in state sponsored housing before hand. They knew that they could make these loans, receive cash at closing, live in the house rent free for a year or 2 before being thrown out by foreclosure. Then because they had no credit or bad credit before, they were out nothing except the inconvenience of moving back to state sponsored housing. That's 95 % of these failed loans. Then when you compound that by the properties money was loaned on being junk properties where the appraisels were escalated to upwards of 150 % by crooked appraisers you have a massive failure considering the amount of these loans that have been made. Let me you this too that this is not the end of the spectrum. Even city municipalities are involved in this offering government guaranteed money as down payments, moving expenses, utility money and so on that the government, our tax money, will have to repay. These lending institutions saw this as an easy way to make loans and get a maximum return knowing full ahead that the people would not repay the loan thereby receiving the repayment from the government. The government was the co-signer. These people are not victims. They are criminals and in league with lending institutions who are also criminals. Now you hear socialism being attached to the bailout plan but I got news for you. This was a socialist move made back in the 70'S by peanut brain Carter and in the 90's where it was put into high gear by Billy Boy Clinton. Socialism in this instance is not new. It's the way libs have tried to sneek it in under our noses and as socialism has always been it's failed miserably and will always fail. We the tax payers get to pay, again.Why are people who bought homes they can't afford and expect the rest of us to bail them out being portrayed?
When most of the people bought their homes, they could actually afford them.
Prices have gone up on everything, taxes are going up all of the time, we're being taxed to death, in case you hadn't noticed.
Federal, state and local governments are always raising taxes, and whining that they need more, and more, and more. Property taxes have soared all over the country.
Now, with the government running up the deficits all of the time, giving billions to keep the wars going so Haliburton can keep raking in the billions, taxes are going to go up, up, and up.
The automakers in Detroit are getting a $ 45,000,000,000 bailout.
They can't sell the same gas guzzlers that they've been cranking out, they didn't learn from the first oil crisis 30 years ago that people want cars that get good mileage---that's why the imports became so popular.
Now they want a bailout?
The mortgage crisis could have been dealt with on a more equitable level when it first began by the banks renegotiating the loans down to a more reasonable payment level, and avoided all of this mess.
The government could have stepped in at the beginning--but Bush refused to act.
Confiscatory taxes on all government levels are a major factor in the destruction of our economy. When was the last time you ever heard about any of the politicians actually trying to reduce government costs and expenditures?
The federal, state and local politicians do not serve the needs of the people. They only look on us as a bottomless source of money for them to give to their cronies and squander.
They were called ';BAIT AND SWITCH'; ARMS... I was also a 'VICTIM' but I had the ability to get a fixed loan after the honeymoon was over.
Do you wonder why ACORN is being swept under the rug? That is merely because it is a total embarrassment to the democan'ts because they clearly wanted EQUAL HOUSING FOR ALL. ACORN was simply a vehicle used to tell these companies, ';If you don't give out these thousands of mortgages that these people can't afford, then we will cry racism and you will be out of business.'; Which is a great extortion ploy considering the fact that there are so many rules and regulations regarding equal housing, plus with all of the competition... All it would have taken was one false rumor to catastrophically impact and destroy a company. None of them complained either because they were getting their piece of the pie as well as long as everyone was quiet and the money was flowing, who would ever know?
You can't say their victims. Many are only giulty in lack of good financial judgement.
Anyone who decides to over extend themselves financially is taking a risk.
The sad part is that seems to have been a setup from the begiinning when Congress, particuarly Barney Frank back in 2003 told the american people that there was nothing wrong with Fannia Mae and Freddie Mac and that we should make housing available for all by reducing prime rates and less documentation. AND at a time where the Bush administration, did in fact, warn them of a potential financial system meltdown if they went ahead and maintain the status quo. Congress was warned repeatedly over the next 6 years!! With a final plea from Greenspan in 2006 saying that the US financial system could crash if congress does not act on Fannie Mae and Freddie Mac.
And McCain also addressed Congress, I believe in that same year or just last year regarding the same issue.
For some reason Obama keeps getting credit??????
What does Barney Frank say now ? It's the republicans fault for what , not telling them??
Again nothing reported about it through CNN, NBC, ABC, or CBS . . .
Gee look where we are now . . .
In a sense, they are victims. Democrats convinced mortgage companies to loan them money for houses they couldn't afford and the price they were paying for their ARM's went up. They were educated by Democrat controlled public schools and didn't know better than to take the ';free'; housing. Democrats are very busy now, convincing them it's the Republicans' fault. You see, in order to get more power, the party of the poor, is out to make more poor people. The more poor people they make, the more power they have.
In our school, we teach the 2 students that debt is bad. Stay within your means. Don't buy things you don't need. Neither a borrower, nor a lender be.
They almost certainly thought they could afford them when they signed the papers. They aren't the cause of the problem - the financial schemes of the federal government, the Federal Reserve Bank, Wall Street, and financial institutions are. They tried to manufacture more wealth for the wealthy out of thin air and the bills came due.
We live in the victimization culture. Everybody wants to be a victim of something. This relieves you of responsibility for your actions. It's not your fault that you bought a house you can't afford. It's not your fault you didn't understand the loan contract you were signing. It's not your fault you didn't understand what adjustable rate mortgage means. (that may be true, however, because the public schools don't teach how to read and think. It's not your fault you got a zero on the test. The test was too hard and took too much time away from your socializing to study for). It's the big, bad banks that forced you to buy the house and get an ARM.
This whole thing is an election year ploy by Democrats. It is normal that after one party has had the White House for eight years, they other party gets it. Only one time in my lifetime, George Bush in '88, has that not held true. However, they have a bad candidate and are losing on the war. Thus, they have to use the same fear tactics that they did in '92 to get Clinton elected.
The economy is not bad. The dollar is stronger than it has been in fifteen years. A barrel of oil is under $100. Banks, WAMU and Wachovia, are failing but there are banks that didn't make the bad decisions these banks did that are there to buy the failing banks. The free market is working but the Dems had to manufacture an economic crisis to support Obamessiah. So, they want to tank the dollar by injecting $700 Billion into the economy via a welfare program.
The sad part is that Bush walked into this ambush and McCain is also falling for it because he thinks that by not doing something he is going to be hurt in the election. He should say that this is not George Bush's doing (by the way, the American people recognize this. In a poll, 5% blame Bush. 55% blame Congress). It is bad judgment on the behalf of these banks and, as a result, they will be swallowed up by banks that made good choices. THAT IS HOW THE MARKET WORKS. CONGRESS, GET OUT OF THE WAY AND LET THE MARKET HANDLE ITSELF.
Because the real culprits always find a way to spin their culpability to someone else. While the common person blames the ';poor'; the very wealthy continue to make huge profits unscathed.
There's plenty of blame to go around. Greedy corporations, greedy and in some cases clueless consumers, tepid and toothless political oversight.
Its not one or the other.
Because Pelosi and company in the Congress want us to think that way when they contributed mightily to the problem.
That is a good question, we have to pay for spending beyond our means. Don't buy what you can't afford.
I like the idea. I think I will quit paying my mortgage.
Its just not their fault. Its all of our fault. We don't save and produce anymore. We consume and borrow.
its not heir fault when you have big corporations to blame
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