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Old 05-11-2012, 09:33 AM
 
Location: Police State
1,472 posts, read 2,410,530 times
Reputation: 1232

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Quote:
Originally Posted by 18Montclair View Post
GOOD.

California money to the tune of around $1 Trillion has been spent in other states over the past 20 years or so. We've been building bridges to nowhere and financing pork barrel projects in evil, ungrateful, podunk red states full of sanctimonious hypocrites who then bite the hand that feeds them by badmouthing CA. They can plant a wet one on my rear end.

Whatever the fed is spending to help Californians is nowhere near the amount they really OWE US!
Gosh, it would be great if you knew what you were talking about.

Quote:
Originally Posted by Bideshi View Post
You called it. This is all about November.
Buying votes is a tradition as old as the country itself.
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Old 05-11-2012, 09:58 AM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,313,597 times
Reputation: 6471
I'm pretty sure that program is either now funded by the 26 Billion dollar settlement against the banks or reimbursed by that settlement. I don't have the time to dig up a link now, I'll look for it tomorrow.
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Old 05-11-2012, 10:36 AM
 
Location: Sputnik Planitia
7,829 posts, read 11,790,682 times
Reputation: 9045
An absolute outrage and the pinnacle of socialism.... redistribution of wealth.

The LEAST deserving people are getting the MOST help - the income limits means that many people who are severely underwater will not get any help at all...how is this fair?
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Old 05-11-2012, 10:52 AM
 
7,150 posts, read 10,900,367 times
Reputation: 3806
Ah. Yes. By all means. Bail out the pigs on Wall St., but don't give a dime to the folks who got caught up in the fleecing.

Anyway, pretty sure DMenscha is correct: this is financed by the settlement with the banks. So you knee-jerk ers can stand down.
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Old 05-11-2012, 10:56 AM
 
Location: Sputnik Planitia
7,829 posts, read 11,790,682 times
Reputation: 9045
Nugello, the banks are insolvent, the banks have been shored up with tax dollars, that is the fact... the settlement is nothing more than tax money given back to the govt...

In addition a huge number of upside down households are excluded due to income limits!
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Old 05-11-2012, 11:02 AM
 
7,150 posts, read 10,900,367 times
Reputation: 3806
Quote:
Originally Posted by SportyandMisty View Post
I'm not so sure about that. In general, they use money to buy electoral votes. California's electoral votes will go to Obama, not to Romney. To the best of my knowledge, California long ago took itself out of the picture. They don't even need to hold an election come November insofar as electoral votes are concerned.
Correct.
Quote:
Originally Posted by TrueTimbers View Post
Rewarding bad behavior is never a good idea.. Secondly, this sucks, for me...

Sure down market, I have to sell lower in WI, but with the fed bailing out people in California, this will artificially keep prices up in CA...

Not good for me... Fed taking my tax dollars to reward peoples mistakes, AND screwing me because housing prices will not drop as hard and fast as they should in CA..
I find your posts almost always spot on, True. But I think you missed a ton here on several points.

First, this is hardly rewarding bad behavior. Millions of ordinary people were swimming along with the tide, trying to keep afloat in what was sold as the American dream.

Second, this won't change the drop in housing prices a bit. That has already happened. This will mostly allow people to hang on to their homes that were super-inflated, and which are now closer to the level at which the same folks would have bought them had not the fat cats toyed with everyone's psyches.

As for how is this fair?
It isn't, particularly.
So what? Life is like that.
At least this time the little guys are getting a little taste of the mercy usually gobbled up by only the big boys at the top of the food chain.

And finally, what is most important now in this debacle, is regaining stability ... and this is an example of doing what it takes to get the country population back on the bicycle after a nasty wreck. What's fair is what works for the nation as a whole ... bickering about everyone not getting the same piece of pie is shortsighted and self absorbed thinking.
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Old 05-11-2012, 11:17 AM
 
Location: Quimper Peninsula
1,981 posts, read 3,151,872 times
Reputation: 1771
Quote:
Originally Posted by 1AngryTaxPayer View Post
Depending on the hood it's already going up.

100k would buy me a decent cabin.
I see that... The 100K is off mortgage, not total value of loan.. Least the way I read it..

It is also aimed at low to mid income... That is me or a big proportion of self sufficient/land owner farmer types.... We tend to be property rich and cash poor...

I am still thinking this will impact the properties I am looking at... (Rural parcels with small junk homes, but usable acreage...) There are already very very few of these types of property on the market... Most have been bought years ago, where someone stuck some McMansion on it before going underwater on the property..


Grrrr.. Times are tough enough...


--------------------------

On another note, Yes I am a Socialist, and yes this can help mend a bleeding real estate market.... But IMO many of these folks were irresponsible, and overbuilt, beyond their income, with easy money from the deregulation of the banking industry... Yes I feel deregulating the banks was wrong. No I did not approve of the banks greedy risky behavior of loaning to anyone with a pulse.... But fiscally responsible people such as myself did not borrow beyond our means, even though, I remember banks practically begging you to borrow more.....

So essentially they are punishing those that were fiscally responsible...
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Old 05-11-2012, 12:29 PM
 
7,150 posts, read 10,900,367 times
Reputation: 3806
Quote:
Originally Posted by TrueTimbers View Post
...
So essentially they are punishing those that were fiscally responsible...
No. They are not "punishing" anyone. They are trying to solve a problem.
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Old 05-11-2012, 12:37 PM
 
Location: San Diego
50,294 posts, read 47,056,299 times
Reputation: 34079
Quote:
Originally Posted by nullgeo View Post
No. They are not "punishing" anyone. They are trying to solve a problem.

I have a no money problem


100k would solve it
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Old 05-11-2012, 12:49 PM
 
7,150 posts, read 10,900,367 times
Reputation: 3806
Quote:
Originally Posted by k374 View Post
Nugello, the banks are insolvent, the banks have been shored up with tax dollars, that is the fact... the settlement is nothing more than tax money given back to the govt...

In addition a huge number of upside down households are excluded due to income limits!
What banks are insolvent? If they are insolvent, they are shut down and assets sold.

But anyway, what's your point? That the settlement is just the government getting some of its money back? Yeah. Good.

And then you are upset that the government is giving some of that recovered money back to the people? Why not, if it is part of a solution for stabilizing the economy? The government gets its money from where? Right: We the people. So some of the people are getting a little back. Problem?

Oh I get it! You're not one of the people getting any of the money! -- this time.

Get with the program. This is a nation. A culture you are part of. Be happy for your brothers and sisters. No? Only happy when you get a slice. Well, when the economy stabilizes, you DO get a slice.
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