Subprime Tent City

[rpanic]

According to BBC News, tent cities are now springing up outside of Los Angeles- filled with victims of the subprime crisis:

http://housingdoom.com/2008/03/14/subprime-tent-city/



Saw this on the BBC last night. I have not seen anything about this even on the local news, which I think is pretty sad. Also saw a lot of videos on youtube about this.


Most of it is probably their own fault, but it is still sad. A lot of people moved out there for cheap housing but I never saw any real job market there except for retail jobs, and with gas going up people are finding it harder and harder to commute to LA even with the Metrolink train. The people being interviewed seemed trailery but not sure if that made up the majority there.


I hope things like this are not signs of whats to come with our crumbling economy that our government seems to not care about.

 

[Arkaign]

I'm lol over the domain name.

All kidding aside, this situation sucks bigtime, hopefully it doesn't get much worse before it gets better. I'm no economist though, LK and Vic have a good set of perspectives on these things.

 

[theeedude]

Victims? They are not victims at all. Noone forced them to take out these subprime loans and buy houses they couldn't afford.
I make 6 figures and have several hundred K saved, and I am living in an apartment, because housing is still overpriced.
Their problem is they knowingly (they had a responsibility to know what they were signing) overstretched themselves to live in a house they could not afford comfortably, making a stupid assumption that housing prices would keep going up, and they are paying the price. But they are no victims. Idiots is more like it.

 

[Arkaign]

Originally posted by: senseamp
Victims? They are not victims at all. Noone forced them to take out these subprime loans and buy houses they couldn't afford.
I make 6 figures and have several hundred K saved, and I am living in an apartment, because housing is still overpriced.
Their problem is they knowingly (they had a responsibility to know what they were signing) overstretched themselves to live in a house they could not afford comfortably, making a stupid assumption that housing prices would keep going up, and they are paying the price. But they are no victims. Idiots is more like it.

And you drive a Mazda3. I mean this with honest respect, you are the poster child of financial responsibility. Most folks I know around here making 6 digits are driving AMG, /M, Aston, etc.

 

[StageLeft]

Originally posted by: senseamp
Victims? They are not victims at all. Noone forced them to take out these subprime loans and buy houses they couldn't afford.
I make 6 figures and have several hundred K saved, and I am living in an apartment, because housing is still overpriced.
Their problem is they knowingly (they had a responsibility to know what they were signing) overstretched themselves to live in a house they could not afford comfortably, making a stupid assumption that housing prices would keep going up, and they are paying the price. But they are no victims. Idiots is more like it.

What did you do with senseamp and where did you put him?

--

It does sound more like unemployment here is the culprit more than anything else.

 

[Arkaign]

Originally posted by: Skoorb

Originally posted by: senseamp
Victims? They are not victims at all. Noone forced them to take out these subprime loans and buy houses they couldn't afford.
I make 6 figures and have several hundred K saved, and I am living in an apartment, because housing is still overpriced.
Their problem is they knowingly (they had a responsibility to know what they were signing) overstretched themselves to live in a house they could not afford comfortably, making a stupid assumption that housing prices would keep going up, and they are paying the price. But they are no victims. Idiots is more like it.

What did you do with senseamp and where did you put him?

--

It does sound more like unemployment here is the culprit more than anything else.

Yeah. In general : unemployment of people who had overreached a bit on their living situation, without the savings necessary to provide a safety net. Of course, I don't blame them entirely, as the home investment champions were singing long and loud about the wisdom of dumping your $$$ into the biggest most expensive home you could get your hands on.

Albatrosses, those McMansions .. when even a small blip of unemployment sends you to Davy Jones locker.

 

[Mursilis]

Originally posted by: Arkaign

Originally posted by: senseamp
Victims? They are not victims at all. Noone forced them to take out these subprime loans and buy houses they couldn't afford.
I make 6 figures and have several hundred K saved, and I am living in an apartment, because housing is still overpriced.
Their problem is they knowingly (they had a responsibility to know what they were signing) overstretched themselves to live in a house they could not afford comfortably, making a stupid assumption that housing prices would keep going up, and they are paying the price. But they are no victims. Idiots is more like it.

And you drive a Mazda3. I mean this with honest respect, you are the poster child of financial responsibility. Most folks I know around here making 6 digits are driving AMG, /M, Aston, etc.

I can top that - I drive a 11-year-old Toyota pick-up! More or less a base model, even!

 

[rpanic]

Originally posted by: Skoorb

Originally posted by: senseamp
Victims? They are not victims at all. Noone forced them to take out these subprime loans and buy houses they couldn't afford.
I make 6 figures and have several hundred K saved, and I am living in an apartment, because housing is still overpriced.
Their problem is they knowingly (they had a responsibility to know what they were signing) overstretched themselves to live in a house they could not afford comfortably, making a stupid assumption that housing prices would keep going up, and they are paying the price. But they are no victims. Idiots is more like it.

What did you do with senseamp and where did you put him?

--

It does sound more like unemployment here is the culprit more than anything else.

I agree with both of you.

Just a little surprised that I don?t see this covered by local news or something. It?s always strange when the BBC picks something up something that seems like a growing local problem that the local media seems to be ignoring.

 

[Capt Caveman]

It's the BBC.

I saw a similar article a couple of months ago about the Tent Cities. Of those interviewed, none were from foreclosures but from losing their jobs.

 

[shiner]

Kills me every time I see these idiots mentioned as victims. The only thing they are victims of is their own stupidity. Now they want government handouts to bail them out. Sorry, fuck you dumbass.

All the wringing of hands and crying that the government hasn't done enough to help them is total bullshit. The problem here is stupidity and what can the government do about that? Honestly if the government could eliminate stupidity there would no longer be a Mississippi.

 

[Dr. Detroit]

Originally posted by: senseamp
Victims? They are not victims at all. Noone forced them to take out these subprime loans and buy houses they couldn't afford.
I make 6 figures and have several hundred K saved, and I am living in an apartment, because housing is still overpriced.
Their problem is they knowingly (they had a responsibility to know what they were signing) overstretched themselves to live in a house they could not afford comfortably, making a stupid assumption that housing prices would keep going up, and they are paying the price. But they are no victims. Idiots is more like it.

It's like I channeled my thoughts into your keyboard.

People need to own up and take personal responsibility!

 

[Vic]

"They bought their tickets, they knew what they were getting into. I say let 'em crash."

 

[ayabe]

Originally posted by: Vic
"They bought their tickets, they knew what they were getting into. I say let 'em crash."

Looks like I picked the wrong week to quit sniffing glue.

 

[RightIsWrong]

Originally posted by: shinerburke
Kills me every time I see these idiots mentioned as victims. The only thing they are victims of is their own stupidity. Now they want government handouts to bail them out. Sorry, fuck you dumbass.

All the wringing of hands and crying that the government hasn't done enough to help them is total bullshit. The problem here is stupidity and what can the government do about that? Honestly if the government could eliminate stupidity there would no longer be a Mississippi.

Are you talking about the former home owners or those in the mortgage industry? I'm a little confused.

And I completely agree with your last sentence.

 

[Capt Caveman]

These Tent Cities have been around for years - http://www.boston.com/news/nat..._a_place_of_their_own/

Everyone interviewed in the OP's link was unemployed, not sub-primed.

 

[Arkaign]

Originally posted by: Capt Caveman
These Tent Cities have been around for years - http://www.boston.com/news/nat..._a_place_of_their_own/

Everyone interviewed in the OP's link was unemployed, not sub-primed.

Yeah but there's no real excuse for being homeless. Work is out there if you want it bad enough, you just have to keep trying. In between IT jobs, I've worked at places as various as Ross and Schlotzsky's. I'd sooner eat a bullet than file for unemployment or welfare.

 

[GTaudiophile]

Originally posted by: senseamp
Victims? They are not victims at all. Noone forced them to take out these subprime loans and buy houses they couldn't afford.
I make 6 figures and have several hundred K saved, and I am living in an apartment, because housing is still overpriced.
Their problem is they knowingly (they had a responsibility to know what they were signing) overstretched themselves to live in a house they could not afford comfortably, making a stupid assumption that housing prices would keep going up, and they are paying the price. But they are no victims. Idiots is more like it.

I agree with you, but that is because I am in a similar boat, albeit I don't have the same annual salary.

 

[manowar821]

Originally posted by: Arkaign

Originally posted by: Capt Caveman
These Tent Cities have been around for years - http://www.boston.com/news/nat..._a_place_of_their_own/

Everyone interviewed in the OP's link was unemployed, not sub-primed.

Yeah but there's no real excuse for being homeless. Work is out there if you want it bad enough, you just have to keep trying. In between IT jobs, I've worked at places as various as Ross and Schlotzsky's. I'd sooner eat a bullet than file for unemployment or welfare.

Sorry, I like you and all, but the bolded part is bull.

 

[Dari]

Originally posted by: Vic
"They bought their tickets, they knew what they were getting into. I say let 'em crash."

What about Wall Street? Are they better than these people?

 

[techs]

Technically they are called "Bushvilles" after the American tradition started when Hoover was President and the Republicans crashed the economy and people started to live in tents called "Hoovervilles.

 

[Vic]

Originally posted by: ayabe

Originally posted by: Vic
"They bought their tickets, they knew what they were getting into. I say let 'em crash."

Looks like I picked the wrong week to quit sniffing glue.

I knew somebody would get the reference. Best movie ever!

edit: oops, added :beer: on me

 

[Vic]

Originally posted by: Dari

Originally posted by: Vic
"They bought their tickets, they knew what they were getting into. I say let 'em crash."

What about Wall Street? Are they better than these people?

You don't read the news? Wall Street isn't profiting from the housing bust. Bear Stearns just about went bye-bye this morning in fact.

 

[Dari]

Originally posted by: Vic

Originally posted by: Dari

Originally posted by: Vic
"They bought their tickets, they knew what they were getting into. I say let 'em crash."

What about Wall Street? Are they better than these people?

You don't read the news? Wall Street isn't profiting from the housing bust. Bear Stearns just about went bye-bye this morning in fact.

The Feds is trying its hardest to bail them out. Lending them hundreds of billions of dollars to save them from their own mistakes. Double standards FTW.

 

[techs]

Originally posted by: Vic

Originally posted by: Dari

Originally posted by: Vic
"They bought their tickets, they knew what they were getting into. I say let 'em crash."

What about Wall Street? Are they better than these people?

You don't read the news? Wall Street isn't profiting from the housing bust. Bear Stearns just about went bye-bye this morning in fact.

Yes, but Wall Street has gotten hundreds of billions of dollars of Federal help.
While Americans have been loaned a few hundred dollars.

 

[Vic]

Originally posted by: Dari

Originally posted by: Vic

Originally posted by: Dari

Originally posted by: Vic
"They bought their tickets, they knew what they were getting into. I say let 'em crash."

What about Wall Street? Are they better than these people?

You don't read the news? Wall Street isn't profiting from the housing bust. Bear Stearns just about went bye-bye this morning in fact.

The Feds is trying its hardest to bail them out. Lending them hundreds of billions of dollars to save them from their own mistakes. Double standards FTW.

And I say let 'em crash.

Do you have a reading comprehension problem?