We've got housing gamblers protesting outside of Countrywide's offices, screaming that they were "put" into toxic mortgages that are now leading to foreclosures.
We've got the monkeys in Congress talking about using our taxpayer dollars to bail out failed flippers and ignorant homedebtors.
We've got the ignorant head of the FDIC telling lenders that they should violate their contracts and continue the teaser rates for the life of the loan.
We've got Ben Bernanke slashing rates (and destroying the dollar) to prop up investors, hedge funds and banks who made stupid bets.
We've got no damned sense of personal responsibility anymore. We've got a free spending government who acts like a sugar daddy when things go wrong. And we've got people who make bad choices looking to blame anyone but themselves.
Want more? How about the bailout of New Orleans homedebtors who built houses in a flood plain. How about the girl at McDonalds who just won millions from a company that did nothing wrong. How about America complaining that we're on the wrong track and stuck in Iraq after they elected Bush two times.
This is a sickening time in US history. And the lack of personal responsibility is at the heart of it. Bring on the crash. Unfortunately people need to be taught a lesson about the choices they make in life, and their repercussions, so that future generations don't count on bailouts, don't count on goverment, don't count on lawsuits, and start counting on themselves.
October 14, 2007
You know what makes me sick abou this housing crash? The total lack of personal responsibility.
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79 comments:
Dont Forget religon no matter what you do Jesus can bail you out. Ask any convicted Killer.
We're headed for Weimar style hyper-inflation, resign yourselves to the idea, as with both war and entitlement spending through the roof, USA plc has no other option.
I came across this piece the other day, it's an old piece but everything is falling into place.
http://www.usagold.com/germannightmare.html
To all the "Borrow as much as you can and pay in inflated $$", and "All you renters will be so f*cked paying inflated rents" read how that worked out in reality.
Ron Paul's platform is based on personal responsibility and he barely polls 2% while Hillary's is based on government handouts and she's a clinch to win
Honestly - one can either afford something or NOT afford something. One is foolish if they can't figure out in 5 minutes that they can/can't pay for something. I feel bad that these folks are in a spot but they will have to drive on. I bought my house before the bubble and had to work/save penny by penny to get and pay for it. Sheriff would have put my stuff on the curb if I missed payments and no one would have cared. If people bust because of unforeseen reasons they should get help but being floated to stay in something you couldn't pay for in the first place is ridiculous.
Is this the McDonald's employee you're talking about? -
'Summers had said she was forced to accept a criminal conviction of unlawfully imprisoning Ogborn because McDonald's failed to warn her and other employees about strip-search hoax calls that had plagued its restaurants and other fast-food chains for 10 years.'
Or is she an example of failing to take personal responsibility, after participating in this -
'Ogborn, who worked as a $6.35-an-hour crewmember at McDonald's Mount Washington restaurant, was detained, stripped and sexually assaulted on April 9, 2004, at the behest of a caller who pretended he was a police officer and accused her of stealing a customer's purse.'
Actually, America is so utterly screwed up at this point, you can't even really place indiviudal blame anymore - just like how America is proudly torturing people in secret prisons, as part of the fight to defend freedom from either a noun or an adjective - with the Bush League, grammar is always such a trivial concern. Unless it concerns a no-bid contract, of course.
Keith, Its called the American Way. Obviously you've been out of country for way too long. Yes, while I agree that is ridiculous to alter contracts, as it sets bad precedent, if it prevents the greater economy from being derailed and causing greater harm then it just might be the lesser of two evils. Regulation that would have prevented this from happening and a school system that would ingrain the most basic elements of financial responsibility are needed. Reading the damn contract before you sign it and regs that would not permit the fast and lose lending of the last few years would have prevented all of this, so now we need a pound of cure because collectively as a society we did not institute these ounce of prevention countermeasures.
How about ARMs that only adjust once every 5 years & that cap the adjustment rate & the total rate? The product does exist and it would give both sides more of the expectancy they both contemplated?
Almost a good post, except for the Presidential election part. Elections are the exact opposite of "personal responsibility". In most elections, almost 50% of people vote for someone else. It is therefore impossible to ascribe the results of those elections to the personal responsibility of individuals who did not vote for the winner.
In your zeal to make a statement about your feelings regarding the current President, you did a disservice to your own argument.
Stick to your main argument and your be better off.
How about a 30-year fixed with a 20% down payment? Keith is totally correct. We're a nation of children who cringe at the thought of personal responsibility, and come crying to "daddy" for help whenever things don't go their way. Such a nation will not long survive. We're already seeing cracks in the foundation: our debt, our inability to manage foreign affairs, our horrendous image overseas. We really need a return to rugged individualism!
If Hillary wins this election, government bail outs go into effect, i pay more taxes.... Then I had to quote Hal Turner "Patriotic Assassination"
Anonymous said...
How about a 30-year fixed with a 20% down payment? Keith is totally correct. We're a nation of children who cringe at the thought of personal responsibility, and come crying to "daddy" for help whenever things don't go their way. Such a nation will not long survive. We're already seeing cracks in the foundation: our debt, our inability to manage foreign affairs, our horrendous image overseas. We really need a return to rugged individualism!
October 14, 2007 1:07 PM
--------------
Agreed, lets start by taking away all corporate welfare (to include all Military-Industrial complex excesses, earmarks and pork barrel spending which all tolled are in the mid 1/2 trillion range), as it exceeds all social welfare programs by billions!! If we eliminated corporate welfare alone we could balance the budget.
Its not personal responsibility, its Gall. The Gall to set negative interest rates, to think you can ride a pyramid scheme forever, to sell a person a product the buyer can't afford. The Gall to believe the USA is better than...
The fires are lit, it will be a slow burn though.
Hey Keith,
If this crap continues in the States, many will join you in living abroad. I sure am close to doing the same to stop paying for this nonsense.
Everyone is a victim in America. The Nanny State has now completely saturated our culture so that personal responsibility is no longer a characteristic that is espoused. We are really screwed.
Anonymous said...
"Hey Keith,
"If this crap continues in the States, many will join you in living abroad. I sure am close to doing the same to stop paying for this nonsense."
Where overseas? It's often worse there. The EU churns out regulations by the hour, the European housing bubble is twice as inflated as ours, and handouts are the norm in most Western countries.
People on this blog who complain about our supposed lack of freedoms in the U.S. need to live outside the U.S. for a while to see what life by meddling committees is like.
It isn't that we don't have enough freedoms, it's that we abuse them to the ninth degree.
In every election during my lifetime, the #1 issue has been the ecomony: especially how to get something for nothing. People everywhere put money above everything else, including national security (hence the importation of millions of Muslims into European countries), and this will probably always be true. Most people actually judge themselves and others by how much stuff they have, or appear to have.
Wanting a job and enough money to provide for ones family is fine; wanting to live it up at someone else's expense is appalling. Maybe we should make "The Little Red Hen" required reading matter for every child, and our president, too (if he can read it).
All these ACORN idiots and "Community Activists" are nothing but a bunch of low-life criminals who made a stupid and irresponsible decision and are now trying to cover their A$$es and make America pay for it.
Did you know over 70% of current foreclosures involved the borrower falsifying information on their application?? 70%!!!!
Unfortunately, the only thing that will fix our housing crisis now, is for prices to CRASH HARD, returning to the historical mean.
When affordability returns, people will start buying again for the right reasons...a painful lesson in the consequences of leaving beyond your means is much needed, and cannot be avoided.
Keep voting Democrat everyone and soon enough a $750K home will be regarded as elecricity...a basic human right.
i.m moving to canada!
Agreed, lets start by taking away all corporate welfare (to include all Military-Industrial complex excesses, earmarks and pork barrel spending which all tolled are in the mid 1/2 trillion range), as it exceeds all social welfare programs by billions!! If we eliminated corporate welfare alone we could balance the budget.
October 14, 2007 1:58 PM
==============
Great. We'll kill off all thecompanies in the US. Then we will all work for the government. What a wonderful idea.
Hey wait didn't they try that before?
You communist filth need to be put in the gas chambers.
Keith,
Personal responsibility is practically religion for me.
Yet... on one hand, you're blaming realtors, lenders, and the gov't for the bubble. On the other, you're advocating personal responsibility. How can you do both?
Anyway, if Objectivism was taught in high school, perhaps we'd be significantly different society. But for now, we're living in a time when needs and a mentality of entitlement trumps ability and contribution. Ultimately, the best medicine is to simply not get distracted by it.
Americans are rotten to their core. Let's hope for complete destruction and chaos.
THe mcdonalds girl - it was her fiance who did the sex act. THerefore I call hoax espcially considering they asked for 200m and got 6m.
HOAX.
This blog is beginning to lose a great deal of credibility and sounds a little bit nuts. "Personal responsibility" with regard to the McDonald's employee that was raped? Also, Keith sounds like a little kid with regard to some of his other rantings.
This populist bullshit about government entitlements is way off base. Did you forget Newt "Robespierre" Gingrich's "Contract on America" in the mid 1990's? Gingrich did his best to gut the general welfare clause of the constituion.
It was nothing but pure nazi austerity and it helped to fuel the very speculative bubble that is causing the loss of all our wealth.
There are no bigger parasites than the thousands of hedge funds currently engaged in monetizing all of our physical wealth, essentially destroying our country.
You are all stupid. Unions, living wages for productive work, government protection of industry and labor has never been the problem.
We have a de regulated economy and financial system which allows financier parasites to rob you blind.
And then these same crooks manipulate you populist boobs into repreating the same false lines that they put out in the first place.
Here in the states, we have the habit of not getting to the root of the problem, exposing it for it is, and then taking the steps to resolve it - the right way.
With housing, at least two things need to be happen so that the entire mess can finally get corrected once and for all:
(1)
Prices come down - this is now happening.
(2)
House debters need to be required to put some "skin in the game" - this is what we still want to avoid, or stall from happening as it should.
Looking at the croud of picketers, we can safely estimate that at least 75% of them put very little or none of their own money down when taking on a house mortgage.
As long as people are not held accountable for their financial mistakes, the entire country must share the burden - this is wrong, and will lead to only further economic troubles further down the line.
Those who may disgree with this need only see further fall-out in our economy as we continue are reckless, and irresponsible way of trying to live beyond our means.
"All you renters will be so f*cked paying inflated rents" read how that worked out in reality.
"
hahah SUCKER! Its OBVIOUS you didnt even READ the article. But typical sheep like yourself probably cant even read.
Rents were actually FROZEN during that time, and were NOT allowed to go up. Can you say price controls?
snicker.
"Americans are rotten to their core. Let's hope for complete destruction and chaos."
I agree 100 %.
And the SOONER the BETTER !!!!
Budvar said...
We're headed for Weimar style hyper-inflation, resign yourselves to the idea, as with both war and entitlement spending through the roof, USA plc has no other option.
I came across this piece the other day, it's an old piece but everything is falling into place.
http://www.usagold.com/germannightmare.html
To all the "Borrow as much as you can and pay in inflated $$", and "All you renters will be so f*cked paying inflated rents" read how that worked out in reality.
Attempting to put fear in people's hearts, so others can make sales is very tacky at best - but should be expected, and doesn't surprise me, as we'll see more of this as time progresses.
After all, this same tactic was used to get people into houses they couldn't afford - and look what a mess that has turned out to be.
Voters want politicians who tell them what the government can "give" them for "free" no matter where that money came from. Guess what folk - that money is not free and somebody's going to have to pay it back. Future generations of Hispanic and Asian immigrants are going to cut off your social security and medicare. Why do you think they would pay trillions of dollars to take care of a bunch of dying old white people?
Yet... on one hand, you're blaming realtors, lenders, and the gov't for the bubble. On the other, you're advocating personal responsibility. How can you do both?
The REIC committed fraud and ran a ponzi scheme that caused this mess. It's the same as blaming gangs for drive-by shootings that ruin neighborhoods. Every crime has perpetrators.
I wonder how many of those protesters committed fraud by lying about their incomes on their loan applications and now expect not only not to be prosecuted, but to be richly rewarded by both the government and the bank they stole from!
.
Lack of personal reponsibility?
Welcome to the 'New' Amerika!
What do you expect from a large welfare (Gimme Gimme) state,
Not to mention the millions who pour over the border only to take take take!
.
Keith,
ACORN members have been convicted of voter fraud.
You should do some research and post your findings.
I am (sob) another victim...I was walking down the street when a RE agent and a mortgage broker forced me into a dark alley and forced to sign RE/Loan papers...then they drugged me.
When I woke up I was chained to the handle of a brand new stainless steel fridge in a McMansion that I cannot afford!!!!
And IT IS UP TO YOU TO BAIL ME OUT!!!
BBWWWWAAAAAAAHHHHHHHHHH!!!
Anonymous said...
Agreed, lets start by taking away all corporate welfare (to include all Military-Industrial complex excesses, earmarks and pork barrel spending which all tolled are in the mid 1/2 trillion range), as it exceeds all social welfare programs by billions!! If we eliminated corporate welfare alone we could balance the budget.
October 14, 2007 1:58 PM
==============
Great. We'll kill off all thecompanies in the US. Then we will all work for the government. What a wonderful idea.
Hey wait didn't they try that before?
You communist filth need to be put in the gas chambers.
October 14, 2007 3:34 PM
-----------
No we've never tried that before, but we've never been as out blatant about it like the Nazis, but we've always subsidized our Military-Industrial Complex. I've witnessed first hand what I am speaking of and do not recall being called a communists (but I was a bit gamy due to the desert heat) by my platoon while dealing with our gov't underwriting of the military industrial complex. If I'm a communist then basically your calling President/General Eisenhower communist filth also because he was the one that warned us about all of this. Let me guess you work the ammo factories that are going full tilt and supplying both our military and al-quaida and do not want your easy death merchant cheese moved?
CIAO YOU LITTLE NAZI BITCH
http://www.usagold.com/germannightmare.html
"Owners of rental property fared no better; the government froze rents, which soon meant that tenants were occupying premises virtually rent-free. "
HAHAHAHAHAHAHAHHHAH ROFL !!!!
Renters RULE and the fucked borrwers(Homedebtors (TM)) LOSE !!!!
Have a GREAT hyperinflation day !!!!!
Got gold ?
Personally I can't see how America is going to re-educate almost the entire population about personal responsibility and get rid of the disgusting sense of entitlement. There needs to be a huge stock/property meltdown. Even a recession isn't enough to change people's habits.
I'm guessing only about 5-10% of people in the US/Canada/UK/Australia know anything about living within your means. I lived in all of those places and the problem is epidemic.
Did you know over 70% of current foreclosures involved the borrower falsifying information on their application?? 70%!!!!
Don't exaggerate:
70% of subprime foreclosures invovled falsified information on the application.
Many mortgage *brokers* falsified the information, not the applicant, or told the applicant what to write in each box and said "don't worry it's OK".
Of course there are plenty of greedy flippers on their own, but the encouragement and practice of the industry was as a whole, vile.
None of that crap would be tolerated for an instant for a stock brokerage. E.g. like telling a naive immigrant couple, 'yeah it's ok, make sure check 'discretionary broker-directed option speculation' as your investment goal, sign at the bottom.
There's plenty of blame to go around. Some people---for their own dark reasons---are more willing to blame generally naive and poor (and not quite perfectly white) people doing it once or twice versus clearly greedy and deceptive industry "professionals" who made their entire living out of it.
Fine print is no match for an experienced huckster---real life experiences have proven this for 200 years.
These sheeple protesting outside Countrywide are pathetic. Sure, Countrywide is corrupt and deserves to be dismantled with Orangillo behind bars. But these people got themselves into the financial mess they are in, while millions of other people were responsible about their finances. People like this, who insist on being ignorant and stupid, are just asking for abuse. This protest is yet another example--all these sheeple are wearing shirts advertising the sponsor of the protest--another mortgage company, one that supposedly offers "fair" mortgages.
They obviously didn't learn from their experience with Countrywide, and until they wake up and take responsibility for themselves, they are doomed to a life of being used and discarded by others.
Did you know over 70% of current foreclosures involved the borrower falsifying information on their application?? 70%!!!
That is an amazing stat. The rest can't understand an ARM??? I would ask these "victims", you are a liar or you are stupid, which is it???
Arh...
Last time "people were taught a lesson" like Keith would like them to be taught, a 100 million people died, most of them civilians.
I'm not for a bailout (which would lead to a worse disaster in a few years). But can you please go easy on people who got ripped by the rich and powerful who inhabit Wall Street ?
Here in France, an openly racist guy just got elected to the highest office. That is a warning sign if there ever was. He has started to enact racist laws and people here are being arrested to be deported when they go get the kids at school.
Of course speculators should be punished but we cannot forget that sudden and hopeless misery made people vote for A. Hitler.
So to all you guys waiting for the BIG disaster to happen, please remember the past.
PS : I don't like being anon. It's just that I don't trust this "Google" thing. Sorry.
RE:
Anonymous said...
i.m moving to canada!
------------------------
To the tune of 90%, it's no different up here.
The good: much less religiosity;
The bad: even more of a nanny state than the US
The rest: pretty much the same
Regarding Hillary if she wins (God forbid) you can be certain she'll have a Republican House and Senate.
The American people like to keep the president in check and worry about too much power there.
To be sure, that will be even more so with Hil, as even her own supporters probably don't trust her. [how screwed up is this democrat party that they'll nominate someone they don't trust].
More likely though the dems inability to support decent candidates will lead to a rep president. Here's another 8 years of punishment for your insane thinking ie. 911 conspiricies, illegal war, etc etc.
Choke on it a-holes. But more importantly rid yourselves of the far left and have a chance to win in '12.
These idiots deserve to be slaves.
There is no freedom without independence.
You'd like to think everyone wants freedom but this demand for a bailout is asking for the opposite of freedom and independence.
If there's a bailout of those idiots with suicide financing, what does that say to those who bought homes responsibly, with downpayments and fixed 30-year mortgages? Do those folks get their interest rate lowered as well?
GOLD
I know
Yeah, you are right. Why GM is almost dead? TOYOTA gives their employee less benefit, but never mention they haven't develop any successful model for many years. Chinese toy is toxic, yeah, but nobody mention majority of the problem is design, not manufacture.
It's easy to avoid responsibility, but it's toxic candy. USA will lose it's leadership ( it is loosing, is it? ) pretty soon.
Keith, Its called the American Way. Obviously you've been out of country for way too long. Yes, while I agree that is ridiculous to alter contracts, as it sets bad precedent, if it prevents the greater economy from being derailed and causing greater harm then it just might be the lesser of two evils. Regulation that would have prevented this from happening and a school system that would ingrain the most basic elements of financial responsibility are needed. Reading the damn contract before you sign it and regs that would not permit the fast and lose lending of the last few years would have prevented all of this, so now we need a pound of cure because collectively as a society we did not institute these ounce of prevention countermeasures.
Dude - the REAL reason for these kinds of problems are IDIOTS like you. You sit there pretending to champion responsibility and freedom of choice, and then immediately demonstrate that you don't really grasp the underlying problem.
E.g.,:
a) "we did not institute these ounce of prevention countermeasures."
- freedom of choice IS the countermeasure. You sign a contract, you honor it. People like you want to remove that freedom of choice.
b)"if it prevents the greater economy from being derailed and causing greater harm"
- I am so sick of this perverted and utterly ignorant type of thinking that I want to vomit. Pray tell, genius, just how is the economy "derailed" by market corrections? What is wrong with paying debt? What is wrong with being solvent? What is actually "wrong" with a recession, or indeed, a depression? Do you realize that the Great Depression was perpetuated because of the weak minded and shallow mentality that you project? Tell me, just what is exactly wrong with a general deflation?
Man, it really sucks that "people will lose their homes", doesn't it? Have you considered that over the long run just as many people will be "gaining homes" while still having money left for other things in life? Ever stop to wonder why this kind of thing is never stated by the media or the government?
You are weak minded and ignorant to actually believe the colorful propaganda of politicians and bankers that tell you only one side of the story so they look like the good guys as they're "helping" so many people (when in reality they're harming just as many others). And the REAL truth, __jerkoff__, is that all of it is a sleight to distract you from the bottom line - that YOU will work your entire life to benefit THEM via instruments called "debt" and "inflation" (counterfeiting).
And you will thank them for it.
Hillary will make it all better!
our horrendous image overseas
-----------------------------------
Where did this notion of the USA ever being loved over seas????? I spent a lot of time in Europe in the 70s and 80s and our image back then wasn't any better than it is now. We have been disliked since we became the world's dominant superpower.
Our image has always been degrees of "horrendous". Personally, I don't care a whole lot as long as we are trying to do the right thing.
Iraq was an f-up. Afghanistan was the right thing to do though we should have gone in more aggressively and put more effort into getting the bogeyman. Look at our success with N. Korea, though you have work at paying attention given our cr*ppy left wing MSM. Who knows what will happen with the other axis of evil, Iran.
corporate welfare (to include all Military-Industrial complex excesses, earmarks and pork barrel spending which all tolled are in the mid 1/2 trillion range)
--------------------------------
I call the military industrial corporate welfare "workfare". At least those tax dollars go to employ a lot of people. Better than handing the dollars out directly to "social programs".
i.m moving to canada!
--------------------------------
you are being funny, right? You would move to a more socialist country in order to escape hillary's socialist programs????
What is it like in Australia? How much more socialist are they than the USA?
to budvar:
"To all the "Borrow as much as you can and pay in inflated $$", and "All you renters will be so f*cked paying inflated rents" read how that worked out in reality."
Assuming that you will hold more $$ just because the dollar will be worth less is a huge mistake.
You said...
Where overseas? It's often worse there. The EU churns out regulations by the hour, the European housing bubble is twice as inflated as ours, and handouts are the norm in most Western countries.
Actually, like most americans you read too much civics class and Fox news propaganda and misinformation. Try living abroad in a civilized place and you will never go back to U.S.A. You DO NOT CRACK THE TOP 10% for quality of life and you guys are getting dumber and dumber.......Its better in Europe, Australia, New Zealand and yes Japan. Stay there please.
Silly and stupid yank said:
What is it like in Australia? How much more socialist are they than the USA?
We pay lower taxes, have no SS---your savings are put in an account of your choice. You do get a reduced college education and there are less violent crimes in all of Australia (22 million) than in Baltimore(600k). We are not socialist we are a parliamentary democracy with a booming economy. Read a book will you mate!
It's not so much the inevitable crash that concerns me, but the post-crash politics.
I'm an American, and I invite total destruction and chaos. The sooner the better. If I don't make it through, so be it. If I do, the sooner it happens, the sooner I can get on with my life.
Anonymous said...
corporate welfare (to include all Military-Industrial complex excesses, earmarks and pork barrel spending which all tolled are in the mid 1/2 trillion range)
--------------------------------
I call the military industrial corporate welfare "workfare". At least those tax dollars go to employ a lot of people. Better than handing the dollars out directly to "social programs".
October 15, 2007 12:35 AM
-------------
Then you obviously have no idea as to what you're talking about. They are called LIFERS and their goal is the gold plated military pension w/o any effort and who hide in the rear with the gear while others who do not want a retirement take a bullet.
Lazy
Ignorant
F*cker
Expecting
Retirement
To: bryce in canada (Vcvr&Clgry bubbls) said...
RE:
Anonymous said...
i.m moving to canada!
------------------------
To the tune of 90%, it's no different up here.
The good: much less religiosity;
The bad: even more of a nanny state than the US
The rest: pretty much the same
October 14, 2007 9:23 PM
---------------------------
REALLY? THE REST: pretty much the same?
Are you trying to tell us that Canada has 50 million puttos from south of the border who have illegally invaded you as well?
I'd rather pay taxes for police and military protection than lazy scumbag welfare queens who breed like cockroaches.
FYI - The general welfare clause doesn't mean welfare checks for every lazy piece of crap who decides to leech off people who work. Get a clue, you lazy socialist idiots.
Insulted Aussie said:
We pay lower taxes, have no SS---your savings are put in an account of your choice. You do get a reduced college education and there are less violent crimes in all of Australia (22 million) than in Baltimore(600k). We are not socialist we are a parliamentary democracy with a booming economy. Read a book will you mate!
----------------------------------
I have always heard that of all the countries in the world, Australia was the closest match to the USA. Perhaps Australia is how the US once was, except that you drive on the wrong side of the road!
Seriously, is there a "socialist" movement there in Australia like there is here in the US? We are turning into a bunch of cry babies that want daddy government to make everything better for us. A surprising large and growing percentage of our population think you should be able to make a "living wage" and have a family while working at starbucks. We are destined to be like one of those northern european countries with an 80% tax rate. Everything I have ever heard about Australia makes me think that if I was to immigrate to another country that Australia would be the one.
Is this the McDonald's employee you're talking about? -
'Summers had said she was forced to accept a criminal conviction of unlawfully imprisoning Ogborn because McDonald's failed to warn her and other employees about strip-search hoax calls that had plagued its restaurants and other fast-food chains for 10 years.'
Or is she an example of failing to take personal responsibility, after participating in this -
What in the hell has this got to do with taking out a loan for a home you could not afford? Only a mental midget would try to equate the two.
Actually, America is so utterly screwed up at this point, you can't even really place indiviudal blame anymore - just like how America is proudly torturing people in secret prisons
Another defender of Islamic terrorism.
"if it prevents the greater economy from being derailed and causing greater harm then it just might be the lesser of two evils. "
The economy is not going to be derailed by allowing home prices to fall to affordable levels. Stop with the propaganda in an effort to get government assistance for your own benefit.
Concerning Canada:
"To the tune of 90%, it's no different up here"
Canada's the world largest resource export nation which is in the G7, along with a 30 million population, and is considerably less than 300 million.
What that does is allow Canada to survive when nearly 80% of technology work is in east Asia or eastern Europe during the next couple of decades. In other words, Canada's more likely to be able to place a large percent of its once white collar workforce on welfare in contrast to let's say the US or even the EU, as it runs out of resources.
"Actually, like most americans you read too much civics class and Fox news propaganda and misinformation. Try living abroad in a civilized place and you will never go back to U.S.A. You DO NOT CRACK THE TOP 10% for quality of life and you guys are getting dumber and dumber.......Its better in Europe"
I have been to Europe several times and if this were 25 years ago, I'd agree. However, today it is a cesspoll thanks to all the Muslims that most European nations have allowed in over the last 20 years. In most cities, graffiti covers the public walls and women cannot walk alone for fear of being raped by one of the muslim savages.
"Yeah, you are right. Why GM is almost dead? TOYOTA gives their employee less benefit, but never mention they haven't develop any successful model for many years. Chinese toy is toxic, yeah, but nobody mention majority of the problem is design, not manufacture.
It's easy to avoid responsibility, but it's toxic candy. USA will lose it's leadership ( it is loosing, is it? ) pretty soon."
Learn to speak English before you come here and criticize our country.
"There's plenty of blame to go around. Some people---for their own dark reasons---are more willing to blame generally naive and poor (and not quite perfectly white) people doing"
Why even bring race into this? You must be a liberal Democrat!
What a bunch of looter scum.
These democrats who support a mortgage bailout should not only be voted out of office but should be arrested, tried, and convicted of treason.
According to their logic I should be entitled to a government bailout if I lose all my money gambling in Vegas.
Amazing.
Ahhh, America, the land of the everything is someone else's fault.
Now who signed the form when you bought your mortgage?
I would have, maybe, a little sympathy if the lender forced you to sign the mortgage agreement at gun point.
Realize you could have simply just walked away.
"Why even bring race into this? "
Because my Reagan loving dad told me that blacks and whites shouldn't date and intermarry. So let's stop pretending that the Klan mentality still doesn't exist.
Anonymous said...
"if it prevents the greater economy from being derailed and causing greater harm then it just might be the lesser of two evils. "
The economy is not going to be derailed by allowing home prices to fall to affordable levels. Stop with the propaganda in an effort to get government assistance for your own benefit.
October 15, 2007 6:53 AM
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I'm not referring to housing prices Dumb@$$. I'm referring to the greater socio-economic costs & the damage to the financial system which are threatened by a massive multi- 100's of billions of dollars in defaults. It will make the S&L scandal look like child's play. I sold just before the peak & rent a nicer place for less & have the proceeds of the sale working for me. Thus I have no vested interest as my motive for my statements, as you've intimated. Unlike you I put the greater good of society in front of my own petty greed. If you'd do the same thing along with the masses we'd live in a much better place. But we are destined for a very hard lesson because of the petty likes of you who arbitrarily and capriciously make wild @$$ speculate conclusions based upon your own selfish biased myths. $crew you Dumb@$$
A friend of mine, who is a commercial banker, was doing a courtesy visit to a businessman who recently got a $500,000 loan.
When he got to the furniture store, it was closed and had a sign that it was out of business. He found out through neighboring businesses that he had a "going out of business sale" recently. And that the businessman was returning to his home country, vietnam.
After some investigating, the banker found out he had sold his house to another vietnamese guy, who also bought his house at inflated prices. Both of these houses are in foreclosure.
Long story short, this businessman fled to Vietnam with over $1 million dollars of borrowed money. My banker freind said there is no way of recuperating this money. And that this was not an isolated case, it's becoming a problem nationwide.
Are you trying to tell us that Canada has 50 million puttos from south of the border who have illegally invaded you as well?
8888888888888888888888
Americans?
heh
"Wanting a job and enough money to provide for ones family is fine; wanting to live it up at someone else's expense is appalling. Maybe we should make "The Little Red Hen" required reading matter for every child, and our president, too (if he can read it)."
What is unfortunate is that the people you speak of above are always the main ones hurt in all of these "excesses". And all the Anti-bailout, anti-everything else people on this blog need to realize that the big boys have already left with all the money, and always will. I used to say, lets let them cook, but unfortunately I have seen first hand that it is not the people that bought SUV's and refi'd that are getting hurt, it is the new formed households that got suckered in to a sub-prime when they could have qualified for a FHA or other normal mortgage. Now they can't get anything else because of the loss in value. The a$$holes that made the money off of all of this cashed out and are living it up. IE: Orange Mozillo, and that jerkoff that owned Ameriquest that just became and Amabssador. Why anyone would ever make that guy an amabassador and not put him in prison I will never know - oh thats right, this is the Bush Administration...
"THe mcdonalds girl - it was her fiance who did the sex act. THerefore I call hoax espcially considering they asked for 200m and got 6m.
HOAX."
Well, damn - If that is how it works, I will have my wife strip search me, sue for 300m and get 10m. That still is a pretty good swindle....
"Anonymous said...
All these ACORN idiots and "Community Activists" are nothing but a bunch of low-life criminals who made a stupid and irresponsible decision and are now trying to cover their A$$es and make America pay for it.
Did you know over 70% of current foreclosures involved the borrower falsifying information on their application?? 70%!!!!
Unfortunately, the only thing that will fix our housing crisis now, is for prices to CRASH HARD, returning to the historical mean.
When affordability returns, people will start buying again for the right reasons...a painful lesson in the consequences of leaving beyond your means is much needed, and cannot be avoided.
October 14, 2007 3:03 PM"
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Boy, this is a perfect example of the stupid republican knee-jerk reaction. Do you honestly believe that the people that ACORN represents are all speculators and criminals? Has it occured to you that a lot of the people that lied on their applications actually had their applications "adjusted" by the loan underwriters and mortgage brokers? Ever heard of appraisal fraud? Not only that, they were steered to these loans INSTEAD of the FHA and regular 30 year fixed loans due to much higher commissions and yield spread premiums. Many of these people could and would have qualified for normal loans if there was not so much INCENTIVE to put them in LOANS THAT PAID THE BROKER MORE.
Apparently you are an expert at everything right? If a mechanic tells you that a certain thing is wrong with your car, and to get it driving again you need to purchase this part, what would you do? most likely you would trust the expert. Your statement is assuming that everyone is an expert at Real Estate. The speculators and the crooks understood this more than the people ACORN is trying to help.
Lets look at what would happen if the market is allowed to crash like you want it to. First of all, if you are a renter, the house that you are renting may either be foreclosed or the landlord may decide he no longer wants hold a depreciating asset and Guess what? YOU are homeless too. If you own, you will feel an intense problem if you have to sell due to a job transfer. Now if you don't work, and your house is paid for, then you will be one of the few that is left standing. However, unless you live in the middle of nowhere, you will have to deal with higher crime from all of those "low life" debtors that just lost everything and turn to crime and come to ROB YOU!
Jackasses like you always like to preach about how everything should come to a crashing end to "teach everyone a lesson" until that everyone is you. Well, when you are dealing with two things that people are VERY sensitive about - their home and their finances and multiply that by tens of millions, you can't honestly believe that YOU will not be affected....
The ONLY solution to this is to try and ease the pain for the honest, unfortunately you are going to save some filth for the greater good. The second part is to FORCE through election to get leaders that put those responsible at the TOP in JAIL. IE: Mozillo, and make them feel real losses. Such as all of Mozillo's ill gotten millions put in to a fund to modify loans not funded through fraud. Investigate mortgage fraud and hold the brokers responsible. Last, change the laws to get rid of the incentive to create a problem like this again. Until the incentive is gone, this will just happen again and again.
You Gready Bastards should all be put into servatude and your youngest daughter sold for cash to pay back the losses caused by your selfish lieing ways.
"Because my Reagan loving dad told me that blacks and whites shouldn't date and intermarry. So let's stop pretending that the Klan mentality still doesn't exist."
Oh I know that. DEMOCRATIC Senator Robet Byrd was a member of the KKK.
You're such a liberal democrat!
"I'm not referring to housing prices Dumb@$$. I'm referring to the greater socio-economic costs & the damage to the financial system which are threatened by a massive multi- 100's of billions of dollars in defaults. It will make the S&L scandal look like child's play. I sold just before the peak & rent a nicer place for less & have the proceeds of the sale working for me. Thus I have no vested interest as my motive for my statements, as you've intimated. Unlike you I put the greater good of society in front of my own petty greed. If you'd do the same thing along with the masses we'd live in a much better place. But we are destined for a very hard lesson because of the petty likes of you who arbitrarily and capriciously make wild @$$ speculate conclusions based upon your own selfish biased myths. $crew you Dumb@$$"
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Hey genius, you say you cashed out and now you rent and have your money working for you. Where exactly is that? Do you think that your money will not be affected by this because you sold out early. Unless you have it all in Euros or are buying a lot of drums of crude oil and storing them, I strongly doubt that your money will escape the problems of the day.
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