Bailout lament: What about me?

[WHAMPOM]

Originally posted by: smack Down

Originally posted by: Kwatt

Originally posted by: Dman877
Not a homeowner but have talked to to several and they all say the same thing, despite their houses being worth much less than they were even a few years ago, the towns they live in refuse to re-assess their properties. It's lose-lose for frugal borrowers.

BINGO

Not only are they not being reduced. Mine went up and the rate increased!
Although the value went down. Strike that the value is the same it is still home.
It would just be priced lower.


Where did all these lenders come from. I usually finance with a credit union and they have a formula for deciding how much you can afford to pay monthly based on your pay and your other debt. Your pay is verified and if the percentage is to high the conversation is over!!

What idiot lends money without attempting making a real effort to find out if the person has a good probability of being able to pay it back?

And can I get their name and contact information? I'll stand in line for some of that!! If they don't care if it can be repaid. They must not care if it is repaid.







.

Their plan was always to foreclose on the house when the homeowner stopped making payments. Of course they never planned that the house would be worth 50% of what it was when the money was lent.

I am glad you can see the scam.

 

[Saga]

Originally posted by: CycloWizard
Let home values fall. Then, those of us who have been saving up to buy a house for ten years can buy a house at a legitimate price. Hell, I could probably buy four houses. Then I can rent them out to the douchebags that bought them when they were retardedly expensive and I was living in my hellhole rental.

Ding ding ding ding! I'm of the same mind, and in the same financial position.

 

[her209]

Originally posted by: bozack
Her what am I missing, I clearly said I am not getting a bailout....and there is no honor in renting or buying, it is simply a choice and a matter of needs, if I didn't have a family I would be renting as well but apts typically aren't that big.

Sorry, it sounded like you were bitching about your property rates.

 

[Slew Foot]

Originally posted by: Pocatello
Rewarding those who make bad judgment. Why am I not surprised. That's what we get for sending monkeys to represent us in government.

RACIST!!!!!!!

 

[jpeyton]

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

If anything, the middle/lower classes will have more money in their pockets this year from Obama's income tax cuts and variety of tax credits.

 

[charrison]

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

It bails out all those that mad mistakes and removes moral hazard.

 

[jpeyton]

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

It bails out all those that mad mistakes and removes moral hazard.

That's "rewarding bad judgment". I'm asking how it "punishes the wise".

 

[MotF Bane]

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

If anything, the middle/lower classes will have more money in their pockets this year from Obama's income tax cuts and variety of tax credits.

On the off chance you aren't trolling and actually can't figure it out, the people who didn't fuck up are going to be paying for those who did fuck up to be bailed out. The people who made the smart decisions get nothing to show for it, and those that made dumb decisions get shown the government will fix you up when you're retarded.

 

[charrison]

Originally posted by: jpeyton

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

It bails out all those that mad mistakes and removes moral hazard.

That's "rewarding bad judgment". I'm asking how it "punishes the wise".

And who do you think is going to be paying for bad behavior rewards. It will be the wise.


When you reward bad behavior, we will have more of it.

 

[jpeyton]

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

It bails out all those that mad mistakes and removes moral hazard.

That's "rewarding bad judgment". I'm asking how it "punishes the wise".

And who do you think is going to be paying for bad behavior rewards. It will be the wise.

Well the "wise" in this case must be the top 5% of taxpayers, because they are the only ones paying more in taxes under Obama.

 

[soccerballtux]

Originally posted by: jpeyton

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

It bails out all those that mad mistakes and removes moral hazard.

That's "rewarding bad judgment". I'm asking how it "punishes the wise".

And who do you think is going to be paying for bad behavior rewards. It will be the wise.

Well the "wise" in this case must be the top 5% of taxpayers, because they are the only ones paying more in taxes under Obama.

Currently. He's going to let the tax cuts expire, he's said that.

 

[umbrella39]

Originally posted by: Fear No Evil
This is the issue that is going to cause the democrats to lose in the 2010 mid-term elections.

Bookmarked.

 

[charrison]

Originally posted by: jpeyton

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

It bails out all those that mad mistakes and removes moral hazard.

That's "rewarding bad judgment". I'm asking how it "punishes the wise".

And who do you think is going to be paying for bad behavior rewards. It will be the wise.

Well the "wise" in this case must be the top 5% of taxpayers, because they are the only ones paying more in taxes under Obama.

And you believe that a multi-trillion bailout is going to be covered by only the top 5%?

 

[jpeyton]

Originally posted by: umbrella39

Originally posted by: Fear No Evil
This is the issue that is going to cause the democrats to lose in the 2010 mid-term elections.

Bookmarked.

He'll get off on a technicality. Even if the Democrats lose one seat in the House and one in the Senate, their "loss" will still leave them with a huge majority in Congress.

 

[BoberFett]

Originally posted by: jpeyton

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

It bails out all those that mad mistakes and removes moral hazard.

That's "rewarding bad judgment". I'm asking how it "punishes the wise".

Someone responsible buys a modest house for $200K that they can afford and make their payments faithfully.

Someone irresponsible buys a McMansion for $500K that they cannot afford on an interest only loan and is now in default.

Through the magic of taxation and redistribution the poor sap in the first example will now be paying for the greedy pig in the second example to stay in their McMansion. The lesson in the future will be that everyone will overextend themselves, because if you do you'll get bailed out. Why be the only one left back in a crappy little house?

 

[jpeyton]

Originally posted by: BoberFett

Originally posted by: jpeyton

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

It bails out all those that mad mistakes and removes moral hazard.

That's "rewarding bad judgment". I'm asking how it "punishes the wise".

Someone responsible buys a modest house for $200K that they can afford and make their payments faithfully.

Someone irresponsible buys a McMansion for $500K that they cannot afford on an interest only loan and is now in default.

Through the magic of taxation and redistribution the poor sap in the first example will now be paying for the greedy pig in the second example to stay in their McMansion. The lesson in the future will be that everyone will overextend themselves, because if you do you'll get bailed out. Why be the only one left back in a crappy little house?

So you're planning on overextending yourself before the next bailout? Can you share the details of your plan?

 

[StageLeft]

Originally posted by: jpeyton

Originally posted by: BoberFett

Originally posted by: jpeyton

Originally posted by: charrison

Originally posted by: jpeyton

Originally posted by: bamacre
What is ironic is that the party who supposedly loves science and embraces evolution runs on a platform that rewards bad judgment and punishes the wise.

How exactly does this "punish the wise"?

It bails out all those that mad mistakes and removes moral hazard.

That's "rewarding bad judgment". I'm asking how it "punishes the wise".

Someone responsible buys a modest house for $200K that they can afford and make their payments faithfully.

Someone irresponsible buys a McMansion for $500K that they cannot afford on an interest only loan and is now in default.

Through the magic of taxation and redistribution the poor sap in the first example will now be paying for the greedy pig in the second example to stay in their McMansion. The lesson in the future will be that everyone will overextend themselves, because if you do you'll get bailed out. Why be the only one left back in a crappy little house?

So you're planning on overextending yourself before the next bailout? Can you share the details of your plan?

I imagine it would depend how this pans out. Seems to me that the administration is taking the stance that unless you are WOEFULLY overextended in your house, it's your God-given right to never be kicked out of it.

You need to think longer term, too, regarding the payment of these. Like, for example the pitiful little $13/week requires extra government debt, debt which has an interest rate, so long-term the implication is more that a person will end up with a net loss.

Further, it's already been relayed how this punishes the wise, case in point all those people who lived in apartments instead of buying what they construed (and were right in construing) as bad investments. Now with prices out of fantasy land, they're more likely to buy. Artificial propping of homes can keep some of them out.

If you look at home values vs median income you'll note that the market is closing in on a correction now.

 

[piasabird]

Why do people need big houses? Answer they dont; they just choose to buy them so they can put on airs and feel important.

 

[bozack]

Originally posted by: her209
Sorry, it sounded like you were bitching about your property rates.

No, I am just annoyed I didn't have the foresight to see this comming...we should have really overextended ourselves on a house we would have wanted in a neighborhood that we wouldn't have had to move from for decent schooling as then we would have gotten assistance...instead we bought here conservatively figuring that we wouldn't lose money on the deal (weren't hoping to make anything either but that would have been nice) and then in a few years move out...plan hasn't changed but chances are we won't even recoup our initial dump into this place because of others who did what we decided we couldnt do in good conscious.

 

[Kwatt]

Originally posted by: bozack

Originally posted by: her209
Sorry, it sounded like you were bitching about your property rates.

No, I am just annoyed I didn't have the foresight to see this comming...we should have really overextended ourselves on a house we would have wanted in a neighborhood that we wouldn't have had to move from for decent schooling as then we would have gotten assistance...instead we bought here conservatively figuring that we wouldn't lose money on the deal (weren't hoping to make anything either but that would have been nice) and then in a few years move out...plan hasn't changed but chances are we won't even recoup our initial dump into this place because of others who did what we decided we couldnt do in good conscious.

Well considering how fast and effectively the government has moved in past by the time the help gets to where it is ( supposed to be ) going. You may be glad you chose the way you did.

Every agency and department from the fed. on down that is even remotely involved is going to need to take a little as it flows by. And the ones that aren't in are going to try and convince the ones that are to give up there regular budget and make it up with bailout funds.


.

 

[StageLeft]

It's true that some, probably many, will get more than they ought, but more now than ever I am so glad that my confidence in living with some sense of fiscal responsibility was the way to go. We always used credit and consumer debt less than most of the people we knew, and there is a great comfort to it now looking down the barrel of an economic howitzer that we are not strapped. Even if the gov comes in and helps people out they will still reap the product of their greedy seeds and it will be a lesson for some more than others.