Obama Done Plssed Me Off in his Speech Tonight

[Jadow]

When he talked about the lady who was a "victim" of predatory lenders who loaned her more money than she could afford now her house is getting forclosed and her and her TWO BLIND CHILDREN are going to be out on the street.

The two blind children was just obvious flaming, but yo Barak, is this woman not at all responsible for her situation? Is it fair to bail her out at the taxpayers expense?

 

[ProfJohn]

Where did this lady live before she got the loan?

All the "out on the street" talk about people lossing their homes tend to ignore the fact that these people weren't homless prior to buying said houses.

Obama if you want to do something about "predatory lenders" then outlaw payday loans and other rip offs like that.

 

[StageLeft]

Obama if you want to do something about "predatory lenders" then outlaw payday loans and other rip offs like that.

Pay day! I don't see those much now. When I lived in alabama, there were a lot of them. I remember one day in montgomery, AL, I was driving and within a single mile of road I believe I counted 7 of them, no crap. it was 2-3 miles at the most. It was truly insane, they are everywhere, and for those businesses to exist, you know some dumbasses in great numbers are using them like crazy!

 

[woodie1]

This just in ... the Government will fix everything - you are not responsible for your bad judgment.

 

[NFS4]

Originally posted by: woodie1
This just in ... the Government will fix everything - you are not responsible for your bad judgment.

Bet you won't turn down that $600 handout from the government in May...

 

[Bitek]

IDK, its a complex situation. There are those who were dumbasses who took huge loans out on big houses they can't afford and now are getting hit by the adj rates. There are speculators who were just trying to flip houses and now are getting burned. There are also some who got taken in my very shady lending practices (overly complicated lending contracts to obscure true costs and terms) and sometimes outright lies. These were often sold to poor/minority communities tend not very fiscally sophisticated. I think the first two groups deserve what's coming to them, but as in any bubble market, there were some just trying to steal as much as they can before the bubble bursts. Those thieving lenders need to get whacked as well. Obama has also talked about how speculators should not be bailed out as well, so....

In the end its bad for everyone and the broader economy if huge segments of the housing market forecloses and everyone's property value starts dropping, even if they were responsible. The next pres has a lot of shit to sort out for sure.

 

[Ronstang]

Originally posted by: NFS4

Originally posted by: woodie1
This just in ... the Government will fix everything - you are not responsible for your bad judgment.

Bet you won't turn down that $600 handout from the government in May...

How is getting your own money BACK a handout???? If you pay no taxes and get the money....that is a handout.

 

[Aegeon]

While we don't know about the woman in question right now, there were definitely cases where people could have afforded and had the credit score for a fixed rate loan they could afford at the time, but they got suckered into a lousy situation with an adjustable rate loan by a slick loan broker who avoided clarifying what they were actually getting into. (I.E. the fact the loan was adjustable was hidden in very fine print and he avoided verbally mentioning anything about the loan being adjustable at all.)

Cracking down on really dubious practices in how the loan was sold is a legitimate function of the government.

 

[yowolabi]

Originally posted by: Jadow
When he talked about the lady who was a "victim" of predatory lenders who loaned her more money than she could afford now her house is getting forclosed and her and her TWO BLIND CHILDREN are going to be out on the street.

The two blind children was just obvious flaming, but yo Barak, is this woman not at all responsible for her situation? Is it fair to bail her out at the taxpayers expense?

He didn't say anything about trying bail her out. He did say he wanted to stop predatory lending.

 

[StageLeft]

And there were many, many people who outright lied the fvck out of their income, many didn't even have jobs at the time, and they got ridiculous homes. They didn't care because they were too stupid to care more than six months ahead when they'd get foreclosed and kicked out.

 

[miketheidiot]

Originally posted by: ProfJohn

Obama if you want to do something about "predatory lenders" then outlaw payday loans and other rip offs like that.

amen

while there was alot of stupid going on in regards to subprimes, I have a tough time blaming consumers too much considering that its the lenders responsibility to make sure those loans got paid back and they were offering people actually assinine things that were mostly not true.

 

[woodie1]

Originally posted by: NFS4

Originally posted by: woodie1
This just in ... the Government will fix everything - you are not responsible for your bad judgment.

Bet you won't turn down that $600 handout from the government in May...

That $600 is a small portion of the taxes I pay. Just what part would you consider to be a handout?

 

[1prophet]

Is it best to help these people or is it better to just pass them by like the self rightous priest and levite and hope for some good samaritan to come along?

 

[Kirby]

Originally posted by: Skoorb

Obama if you want to do something about "predatory lenders" then outlaw payday loans and other rip offs like that.

Pay day! I don't see those much now. When I lived in alabama, there were a lot of them. I remember one day in montgomery, AL, I was driving and within a single mile of road I believe I counted 7 of them, no crap. it was 2-3 miles at the most. It was truly insane, they are everywhere, and for those businesses to exist, you know some dumbasses in great numbers are using them like crazy!

There are still tons of them. When I worked at a bank, one of the local lenders used to make there deposits and get change. They make damn good money.

 

[JSt0rm]

How is getting your own money BACK a handout???? If you pay no taxes and get the money....that is a handout.

It's not your money. Who's going to pay for what the government owes already? Me? The next generation? Who? At least the dems want to tax and spend the repubs are worse "lets cut taxes and spend future generations money"

 

[JSt0rm]

and who the hell in this country feels that they shouldn't pay taxes? The wealthy that could only become wealthy by living in this system? Try living in some 3rd world country where you and your family get your arms chopped off with machetes by roving bands of rebels. You pay taxes for the security you are afforded for yourself and your family. That stability is what created the environment for you make money in the first place (unless you are good with a machete). Yes, some of that money goes to social issues to show that we are a society instead of small segregated fiefdoms.

 

[lupi]

Originally posted by: JSt0rm01
It's not your money. Who's going to pay for what the government owes already? Me? The next generation? Who? At least the dems want to tax and spend the repubs are worse "lets cut taxes and spend future generations money"

and who the hell in this country feels that they shouldn't pay taxes? The wealthy that could only become wealthy by living in this system? Try living in some 3rd world country where you and your family get your arms chopped off with machetes by roving bands of rebels. You pay taxes for the security you are afforded for yourself and your family. That stability is what created the environment for you make money in the first place (unless you are good with a machete). Yes, some of that money goes to social issues to show that we are a society instead of small segregated fiefdoms.

Since less than 10% of the population pays about 50% of the income tax taken in, I'm sure they are probably pretty concerned over how that money is spent. Top that off with people like RP talking about the effect of eliminating the income tax would only result in the government having to shrink it's spending levels to that of about a decade ago due to the amount of money coming in via other funding streams, and you get serious questions about the continued viability of the IRS tax system. If the people weren't taxed so much wouldn't they then have that money to spend? Since we are far gone from a manufacturing society, doesn't the spending of additional money further expand the economy and the revenues taken in by the government in business taxes, customs fee and what not?

 

[MovingTarget]

Originally posted by: Skoorb

Obama if you want to do something about "predatory lenders" then outlaw payday loans and other rip offs like that.

Pay day! I don't see those much now. When I lived in alabama, there were a lot of them. I remember one day in montgomery, AL, I was driving and within a single mile of road I believe I counted 7 of them, no crap. it was 2-3 miles at the most. It was truly insane, they are everywhere, and for those businesses to exist, you know some dumbasses in great numbers are using them like crazy!

I don't know when you moved out of the state, but I suspect that it wasn't too long ago. It has gotten worse. People go to those out of desperation. They aren't called "banks of the poor" without reason. (See "The Working Poor: Invisible in America" by David Shipler) Unfortunately the laws in Alabama allow those places to proliferate, its just that they aren't allowed to call themselves "banks" proper. The terms of the "loans" amount to legalized loan sharking and imho should be clamped down upon.

 

[sandorski]

Originally posted by: Ronstang

Originally posted by: NFS4

Originally posted by: woodie1
This just in ... the Government will fix everything - you are not responsible for your bad judgment.

Bet you won't turn down that $600 handout from the government in May...

How is getting your own money BACK a handout???? If you pay no taxes and get the money....that is a handout.

Except it not yours. Yours is already spent.

 

[JSt0rm]

Since less than 10% of the population pays about 50% of the income tax taken in, I'm sure they are probably pretty concerned over how that money is spent. Top that off with people like RP talking about the effect of eliminating the income tax would only result in the government having to shrink it's spending levels to that of about a decade ago due to the amount of money coming in via other funding streams, and you get serious questions about the continued viability of the IRS tax system. If the people weren't taxed so much wouldn't they then have that money to spend? Since we are far gone from a manufacturing society, doesn't the spending of additional money further expand the economy and the revenues taken in by the government in business taxes, customs fee and what not?

how about no taxes until your in the top 90% really though I have no idea if any of this stuff works. I do know under the current system people shouldn't bitch and whine about paying taxes when this government spends so much. And most people who bitch about taxes are people who make a lot. So who has to actually pay for this war? Should we keep printing money until the peso is worth more then the dollar? I guess then we could be like 30 trillion in debt and be totally fine with it

 

[Moonbeam]

Personally, I would like to distinguish between those who were financially naive and fell for low cost initial loans that balloon later and those who were speculating in real estate beyond their first home. Bush would brag that home ownership was up and encouraged people to get on board the American dream.

We have no trouble blaming folk who fell for these ridiculous loans so why have any sympathy for the mortgage industry. We can simply laugh at their tears in the sure knowledge they should have known that liberal government would hold them and not the borrowers responsible. If you don't like government interference and second guessing the validity of your product, move to China.

 

[Moonbeam]

Originally posted by: woodie1
This just in ... the Government will fix everything - you are not responsible for your bad judgment.

They are no more responsible for their blithering ignorance than you are for this pathetically stupid remark.

 

[JEDIYoda]

Originally posted by: Jadow
When he talked about the lady who was a "victim" of predatory lenders who loaned her more money than she could afford now her house is getting forclosed and her and her TWO BLIND CHILDREN are going to be out on the street.

The two blind children was just obvious flaming, but yo Barak, is this woman not at all responsible for her situation? Is it fair to bail her out at the taxpayers expense?

You need to listen to whats being said instead of jumping to conclusions and mis labeling your post.....

Obama did not say they were going to bail her out. Not at all!!

He didn't say anything about trying bail her out. He did say he wanted to stop predatory lending.

 

[Whoozyerdaddy]

Originally posted by: JSt0rm01

How is getting your own money BACK a handout???? If you pay no taxes and get the money....that is a handout.

It's not your money. Who's going to pay for what the government owes already? Me? The next generation? Who? At least the dems want to tax and spend the repubs are worse "lets cut taxes and spend future generations money"

It absolutely IS my money. I worked for it. I earned it. It's mine. It was taken away from me and now Uncle Sam is giving it back to me.

Your next statement, "Who's going to pay for what the government owes already?" is a completely separate argument and is completely irrelevant in regards to whether or not the money is mine. It's mine.

Just because you think MY MONEY should go toward funding some government program rather than my golf/beer fund doesn't make it any less mine.

 

[Painman]

When stupidity and/or ignorance reaches critical mass and threatens to blow a barren, radioactive crater into the nation's economy, something needs to be done.

The rhetoric of Individual Responsibility may sound good, but this mess is a fine example of how we will all end up being our brother's keeper in the end, whether we like it or not.

Sit back and let the shit hit the fan, and we all end up being janitors.