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Old 09-29-2008, 06:34 PM
 
2,317 posts, read 4,639,647 times
Reputation: 1248

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Quote:
Originally Posted by ScranBarre View Post
The problem, my dear Summering, is that those of us who have been living financially responsible lives---"not biting off more than we can chew"---are going to inevitably be paying dearly to finance the mistakes of others if a revised version of this bail out should happen to pass. Excuse me for being rather callous right now, but when I see NYC transplants to the Poconos whining on WNEP about how they were "deceived" into buying homes they couldn't afford I just shake my head in disbelief. If you're a single mother making $40,000 per year as a receptionist in Brooklyn, then why on Earth would you think you could feasibly afford a $250,000 home in Monroe County? If you don't read the "fine print," then you're just asinine and deserve NO sympathy from the rest of us that did our homework and educated ourselves about our financial situations.

I'm sure Dan or someone will chime in with a "you're still in mommy's basement" comment, but regardless I earn $15,000 per year and live within a budget. A year from now it is very likely that I will be earning at least $40,000 per year as an accountant. Am I going to rush out and buy a McMansion in the suburbs like many of my peers wish to do? No. I'll likely buy a small three-bedroom, 1.5-bath, 1,500 square foot home on a 40' x 140' city lot for perhaps $100,000. Will I run out to buy an Audi TT Roadster? No. I'll run out and buy a Honda Civic or a Ford Focus. For far too long millions of Americans have been charging and charging like drunken sailors, and now that the time has come to "pay the piper" everyone is crying. Why should the rest of us bail them out? Let them live on the streets for all I care!
Suave...hot damn that comment is suave...
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Old 09-29-2008, 06:38 PM
 
Location: Sunshine N'Blue Skies
13,320 posts, read 20,143,944 times
Reputation: 11645
I understand ya' My dear Scranbarre..........( LOL) but this is a deeper problem then what your mentioning. I understand your points, totally.........agree with a bunch too.
But, read the about the depression. Yikes, do you want that? I'm very mad at the bankers who did this.....( part of the problem in 1929 also) You don't want your fellow man having to live in another Depression in America. I know you don't.......
I'd like it in the works that the banks have to in the long run pay this all back........( few million a week is ok, I'll take payments)
And.... no paying the big-wigs a tidy sum. We have to sign something, or we're done.......
Corartist HI, and is Dan still here..........another name perhaps?

Last edited by Summering; 09-29-2008 at 06:38 PM.. Reason: add
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Old 09-29-2008, 06:41 PM
 
Location: Polish Hill, Pittsburgh, PA
30,205 posts, read 67,351,355 times
Reputation: 15854
Quote:
Originally Posted by coartist88 View Post
Suave...hot damn that comment is suave...
Or nasty. I apologize because I feel like I was rather mean-spirited there, but I'm tiring of seeing so many people living so obviously far beyond their means, crying about it , then being "rewarded" with all of these Federal bail outs. Whatever happened to personal accountability? Perhaps this is just the inner-CPA in me showcasing itself, but I always believe that before making any moderate purchase (not even just the "major" ones like vehicles or homes), one should sit down and figure out how payments for it could be phased into their budget. If they don't think they'll be able to swing it, then why buy it? If it's a "must-have" item, then pick up a second part-time job delivering papers, working retail, etc. to get the extra income necessary to achieve your goal. Don't just say "well I'll just default and someone else will pick up the tab!"
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Old 09-29-2008, 06:43 PM
 
2,317 posts, read 4,639,647 times
Reputation: 1248
Quote:
Originally Posted by Summering View Post
I understand ya' My dear Scranbarre..........( LOL) but this is a deeper problem then what your mentioning. I understand your points, totally.........agree with a bunch too.
But, read the about the depression. Yikes, do you want that? I'm very mad at the bankers who did this.....( part of the problem in 1929 also) You don't want your fellow man having to live in another Depression in America. I know you don't.......
I'd like it in the works that the banks have to in the long run pay this all back........( few million a week is ok, I'll take payments)
And.... no paying the big-wigs a tidy sum. We have to sign something, or we're done.......
Corartist HI, and is Dan still here..........another name perhaps?
Hello summering...I think...it's all....going to....work out...it was alot of greed
and irresponsible people....we are going to be o.k...have faith...

http://bestsmileys.com/angles/5.gif (broken link)
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Old 09-29-2008, 06:44 PM
 
2,473 posts, read 4,840,681 times
Reputation: 1203
Quote:
Originally Posted by ScranBarre View Post
The problem, my dear Summering, is that those of us who have been living financially responsible lives---"not biting off more than we can chew"---are going to inevitably be paying dearly to finance the mistakes of others if a revised version of this bail out should happen to pass. Excuse me for being rather callous right now, but when I see NYC transplants to the Poconos whining on WNEP about how they were "deceived" into buying homes they couldn't afford I just shake my head in disbelief. If you're a single mother making $40,000 per year as a receptionist in Brooklyn, then why on Earth would you think you could feasibly afford a $250,000 home in Monroe County? If you don't read the "fine print," then you're just asinine and deserve NO sympathy from the rest of us that did our homework and educated ourselves about our financial situations.

I'm sure Dan or someone will chime in with a "you're still in mommy's basement" comment, but regardless I earn $15,000 per year and live within a budget. A year from now it is very likely that I will be earning at least $40,000 per year as an accountant. Am I going to rush out and buy a McMansion in the suburbs like many of my peers wish to do? No. I'll likely buy a small three-bedroom, 1.5-bath, 1,500 square foot home on a 40' x 140' city lot for perhaps $100,000. Will I run out to buy an Audi TT Roadster? No. I'll run out and buy a Honda Civic or a Ford Focus. For far too long millions of Americans have been charging and charging like drunken sailors, and now that the time has come to "pay the piper" everyone is crying. Why should the rest of us bail them out? Let them live on the streets for all I care!
Paul, I agree 101% with your entire post, but that last sentence is "tangier than a cranberry"!!!
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Old 09-29-2008, 06:46 PM
 
994 posts, read 1,780,049 times
Reputation: 421
after 1 year of work with 40k income you wont get a loan for 100k without 20% down and a score of 750. Debt to income below 35%. I fear people are seeing beyond this "crisis" to how it will effect them. Money exchange will slow to a crawl. I work in an industry worund investing but it stricky deal with IT so we are cool for now.

This economic thing is gunna hurt. You'll wish your biggest complaint was local politics.
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Old 09-29-2008, 06:48 PM
 
2,317 posts, read 4,639,647 times
Reputation: 1248
the main problem was alot of people where sold a dream,and should have never gotten the morgage is right...the people where very convincing...
but than again you know what you can afford...
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Old 09-29-2008, 06:48 PM
 
Location: Sunshine N'Blue Skies
13,320 posts, read 20,143,944 times
Reputation: 11645
Quote:
Originally Posted by coartist88 View Post
Hello summering...I think...it's all....going to....work out...it was alot of greed
and irresponsible people....we are going to be o.k...have faith...
Ok time for jammies.... a good book.... and some faith.........
I'll start filling up the basement tomorrow for the financial Armageddon
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Old 09-29-2008, 06:55 PM
 
Location: Polish Hill, Pittsburgh, PA
30,205 posts, read 67,351,355 times
Reputation: 15854
Quote:
Originally Posted by coartist88 View Post
the main problem was alot of people where sold a dream,and should have never gotten the morgage is right...the people where very convincing...
but than again you know what you can afford...
Well-spoken, our wise retiree. I was angry when WNEP gave the Pocono transplants from NYC the time of day to do a story about their "plight" for not being able to afford their homes due to the mortgage meltdown. Boo hoo! As you said you KNOW what your wage or salary is. You KNOW the needs of your family. You therefore should KNOW when you are spending beyond your means. If you didn't know what "adjustable-rate" meant, then why didn't you go on the Internet and do some research and/or seek legal counsel before agreeing to sign upon the dotted line? "It isn't my fault," is the common theme in America today---and it's that mentality of passing the buck that is partially responsible for the mess we're currently mired in.
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Old 09-29-2008, 07:38 PM
 
2,317 posts, read 4,639,647 times
Reputation: 1248
Quote:
Originally Posted by ScranBarre View Post
Well-spoken, our wise retiree. I was angry when WNEP gave the Pocono transplants from NYC the time of day to do a story about their "plight" for not being able to afford their homes due to the mortgage meltdown. Boo hoo! As you said you KNOW what your wage or salary is. You KNOW the needs of your family. You therefore should KNOW when you are spending beyond your means. If you didn't know what "adjustable-rate" meant, then why didn't you go on the Internet and do some research and/or seek legal counsel before agreeing to sign upon the dotted line? "It isn't my fault," is the common theme in America today---and it's that mentality of passing the buck that is partially responsible for the mess we're currently mired in.
adjustable rate...interest only....no money down...that was the ruination..
owning a home is called "the american dream" which in my opinion is hard
work and sacrifice...it's not for everyone,I said it before...you have to
do your homework,alot of people got scamed,and misled...but..let the
buyer beware...you are suppose to know better and know your limitations
right now I have 2 homes..but thats from alot of hard work,dedication,
sacrifice...and from being suave...marie antoinette said...if they can't
afford bread..let them eat cake...just a thought..
http://bestsmileys.com/halloween3/10.gif (broken link)
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