Four More Years ???? (unemployment, gas prices, democrat, Republican)

[ucfjtm]

Originally Posted by burdell

And WHY shouldn't the lenders, who ALSO made a gamble pay for it?

Exactly. That's why I completely oppose any bailout now. Buying a house and taking on a mortgage of several times a yearly salary is a risk. Buying stock is a risk. Giving out a loan to people who likely can't afford it is a risk. Investing in a company that trades in bad loans is a risk. They all lost, and we shouldn't bail them out.

Yes, I have a 401k and stocks that are diversified, so I'll take a hit on my investments, but they'll eventually come back. I don't invest for a short-term flip. I'm looking more toward realistic house prices so my friends and the next generation who aren't home owners yet have the ability to afford decent housing for realistic prices. We're not there yet, so I'm happy to see home prices fall due to very tight lending and foreclosures now. Refusing the bailout is better than us encouraging companies in the future to take larger risks that they're willing to lose because they think the government will bail them out again.

[WillysB]

Originally Posted by RD5050 View Post
Most Republican voters at City-Data are probably too young to remember that gas was $1.25 a gallon when Bush took office!

You could fill your entire gas tank for around $20 back then !!!

Originally Posted by Canine*Castle

Ha! Gas was that price when I started driving in 1964.

It was 15cents when I learned to drive. Unless there was a gas war, which always included a decorative drinking glass.

[burdell]

Originally Posted by ucfjtm

Exactly. That's why I completely oppose any bailout now. Buying a house and taking on a mortgage of several times a yearly salary is a risk. Buying stock is a risk. Giving out a loan to people who likely can't afford it is a risk. Investing in a company that trades in bad loans is a risk. They all lost, and we shouldn't bail them out.

Yes, I have a 401k and stocks that are diversified, so I'll take a hit on my investments, but they'll eventually come back. I don't invest for a short-term flip. I'm looking more toward realistic house prices so my friends and the next generation who aren't home owners yet have the ability to afford decent housing for realistic prices. We're not there yet, so I'm happy to see home prices fall due to very tight lending and foreclosures now. Refusing the bailout is better than us encouraging companies in the future to take larger risks that they're willing to lose because they think the government will bail them out again.

I caught the tail end of a news story the other day talking about E-mails and/or phone calls of executives referring to their house of cards and how long it would last. While there's certainly more than enough guilt to go around if these loans were being peddled with outright lies I can only hope they're brought to trial as the sleazeball grifters they are.

[ucfjtm]

Originally Posted by RD5050

If there was PROPER government regulation ... we would never have BEEN in this housing crisis in the first place !!!

There would have been much stricter rules for who could obtain a mortgage.

Republicans constantly push for LESS regulation ... and this is the mess we end up with !!!

Just look at the Savings and Loan debacle from the late 1980's. Remember who was president?

We are right back to where we were then, once again using billions of taxpayer dollars to bail out the markets!

If government didn't get involved in the financial market in 1995, when Clinton began requiring banks to give out quotas of risky loans to meet merger ratings, this wouldn't have happened. I love the fact that people blame deregulation, but it goes back 4 years to 1995 when the government started pushing bad loans in the first place.

[Canine*Castle]

Originally Posted by WillysB

It was 15cents when I learned to drive. Unless there was a gas war, which always included a decorative drinking glass.

You know what? I think it was $.25, not $1.25. I believe I'm getting forgetful, but oh well, it was 44 years ago. I just found this information about prices in 1964 and it said gas was $.30.

1960s Flashback-Economy / Prices****

[Ruru]

Originally Posted by RD5050

This coming from someone who joined the forum 18 months ago with a reputation of 14? Remember ... we all started with 10 points.

Yeah standing up for you was a mistake?...so I'll just speak about inevitable change and dark horses

I know better...I remember when gas was .20 a gallon.

Popularity is usually couched in great vice.

[RD5050]

Originally Posted by ucfjtm

If government didn't get involved in the financial market in 1995, when Clinton began requiring banks to give out quotas of risky loans to meet merger ratings, this wouldn't have happened. I love the fact that people blame deregulation, but it goes back 4 years to 1995 when the government started pushing bad loans in the first place.

Bush has been in office for EIGHT years. Republicans controlled the ENTIRE CONGRESS for SIX of those eight years.

At what point do Republicans TAKE RESPONSIBILITY for the problems which occurred during THEIR administration?

It is always so easy for Republicans to blame Clinton. If what Clinton did was so bad, why didn't these problems surface way back then????

Also, remember that Republicans controlled Congress during Clinton as well!

[amploud]

Originally Posted by RD5050

If there was PROPER government regulation ... we would never have BEEN in this housing crisis in the first place !!!

Americans' general inability to manage their finances, budget, save, and plan for the future caused this mess. Many of these foreclosures would not have happened if Americans:

-bought the home they could afford, not the one they "just had to have"

-saved until they could put at least 20% down and avoided "creative financing." Yes, this means that one might have to rent just a little longer in order to save for a down payment. It also might mean than one's first home won't have 2500+ square feet, granite counter tops, high ended flooring, etc. Ahhhh.... the horror!

-maintained a 6 to 12 month emergency savings fund to cover unexpected job loss

-learned to work a damned calculator

-create a budget and stick to it.

-stop trying to appear rich by financing everything: "cool" cars, vacations, 2nd homes, expensive jewelry, 65" plasma TV's, etc.

-much, much more...

Americans have "consumed" their way so far into financial hell, I'm not sure any level of "bailout" is going to fix this mess. An entire shift in the mentality of the American consumer is needed, not a bailout. Until we stop acting like a bunch of "the Man" and "Prima Donnas", we are in big, big trouble.

If you want to blame the government for something, try this reason: How do public schools not do a better job teaching about basic personal finance, budgets, the proper use of credit, etc?

[ucfjtm]

Originally Posted by burdell

I caught the tail end of a news story the other day talking about E-mails and/or phone calls of executives referring to their house of cards and how long it would last. While there's certainly more than enough guilt to go around if these loans were being peddled with outright lies I can only hope they're brought to trial as the sleazeball grifters they are.

I completely agree with you. Any executive, manager, realtor, broker, or involved employee who was aware of unethical activity should be held accountable. Most of the upper management within the entire industry were well aware of the scheme they had going and definitely need some form of justified punishment.. this has a lot to do with why I don't support the bailout at all. Let the companies that acted with some restraint take over. I don't hear Bank of America having much trouble. Or 5th/3rd. Or Citizens. There's a huge list of banks that may feel some effects of this fallout, but there will be plenty within the next year that are perfectly capable of filling some shoes..

[RD5050]

Originally Posted by Ruru

Yeah standing up for you was a mistake?

Sorry ... I didn't see your "hidden" meaning the first time I read your "reputation points" comment. I see it now.

Most of my posts are in the San Diego forum ... not politics.