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Old 02-18-2009, 04:31 PM
 
16,092 posts, read 35,844,380 times
Reputation: 6264

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Um so where was our bailout plan in Texas when we went through the oil bust, S&L Crisis and Real Estate Depression back in the 1980s?

Guess what - it eventually worked out. Without billions to stop foreclosures.
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Old 02-18-2009, 04:40 PM
HDL
 
Location: Seek Jesus while He can still be found!
3,093 posts, read 5,867,683 times
Reputation: 8078
Cool I'm GLAD that you asked that question Houston3!!!



I've devised my own BAIL OUT Plan for the little folks!!!


Quote:
Originally Posted by Houston3 View Post
Where can we apply?
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Old 02-18-2009, 04:44 PM
 
2,197 posts, read 6,603,213 times
Reputation: 1684
Quote:
Originally Posted by evilnewbie View Post
The Republicans sent a letter to the White House asking for answers regarding this plan.... I think they are pretty good questions, I would like an answer as well...

Here was an important part of Obama's speech...

Obama's response to critics: The plan will not support irresponsible homeowners.

"It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans. It will not help speculators who took risky bets on a rising market and bought homes not to live in but to sell," Obama said Wednesday. "It will not reward folks who bought homes they knew from the beginning they would never be able to afford."
Those were excellent questions. Too bad Obama couldn't answer them. As for his promises, remember his promises to do away with pork bills. It took him less than a month to pass the biggest pork bill ever. Or how about his promise to offset incremental revenue commitments with corresponding cuts. He just signed the biggest spending bill ever with NO cuts anywhere. Talk is cheap, but his programs sure aren't. Get out your checkbooks.
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Old 02-18-2009, 09:26 PM
 
9,817 posts, read 19,062,182 times
Reputation: 7541
Glad the republicans are starting to grow a pair.

The downward spiral will continue as long as we continue to reward irresponsibility and stick the cost with responsible people.
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Old 02-19-2009, 04:31 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,473 posts, read 13,442,879 times
Reputation: 6346
Quote:
Originally Posted by evilnewbie View Post
"It will not reward folks who bought homes they knew from the beginning they would never be able to afford."
There's the out. Doesn't look like an out, but see..you're probably smarter than a rock. Some people look to rocks for guidance. That's how dumb they be.

How can they prove you "knew" you couldn't afford it? Seems like a simple equation, doesn't it?

"Sir, your payment is 3K and you make 9 bucks an hour running a machine."

"I was gonna get a second job."

"Sir, your initial payment was 24,000 a year. 9 bucks an hour works out to 18K a year, before taxes." "Now, when it resets, it's 3K, or 36,000 a year."

"It's cool, we get a child tax credit."

"Sir, that's not enough."
"My wife was gonna start work at 'Pennys on Tuesday, but they stopped hiring."
"Sir, that job pays minimum wage. Even with your money combined, you can't afford this house. And you need to feed your 3 kids, too, right?" Yeah...Um, we're going to take your house now."
"But, I got this hot lottery ticket. It's all of our birthdays and stuff! It's A WINNER, I SWEAR!! IT"S A WINNAR!!! OH PLEASE GOD DON'T TAKE MY HOUSE!!! BANKS FAULT!!!BANKS FAULT!!! THEY TRICKED MEEEE!!!! YEEEUURGHHHHHHHHHH!!!!"
************************************************** *********************

See? He didn't know.
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Old 02-19-2009, 05:59 AM
 
Location: western East Roman Empire
6,115 posts, read 10,182,783 times
Reputation: 4851
Exactly, the issue is that this country, out of its wealth and borrowing ability, and not out of current income, subsidizes luxury housing for people who produce little or nothing, they do not grow food, make clothes or furniture, and who have to consume energy to operate these homes and gasoline to go to jobs where they produce nothing useful to their creditors (in the final instance, foreign holders of US bonds).

On top of that, it requires significant resources to maintain a house, not to mention all the different types of insurances that most Americans are saddled with.

In other words, tinkering with mortgage payments is only a fraction of the problem.

Finally, from the point of view of a property tax payer, having an inflated house price is no reward, rather it is a burden.

Economically speaking, there is no gain by having housing stock at high prices.

If anything, land prices should rise in relation to the economic value of land's relative location, meaning that the people in and around it do productive work and exchange goods and services of real value for each other, and there is overall gain because of proximity.

Generally speaking that is not the case with the housing stock built and the people who took out mortgages in the past six years or so. Where is the economic gain of building a house in southwestern Florida, for example, when the productive job that the mortgage holder should be doing is in China? Many of these houses are now rotting in the humidity.

Responsible US citizens and the rest of the world are carrying the burden of one of the greatest misallocations of resources in human history.

It would have been much better to allocate these lost resources to training these deadbeats to do something useful in a brave new world.

But it was politically more expedient to buy them off and dump the burden on the productive because the ruling classes in this country have decided that the productive on US soil are a nuisance.

Finally, it is ironic to observe that the so-called "minorities" are taking over this country just as it accelerates down the slippery slope of decline and soon it will not even be worth having the responsibility of governing it, a parting shot so to speak. But this has happened before in human history.

Last edited by bale002; 02-19-2009 at 06:16 AM..
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Old 02-19-2009, 06:02 AM
 
Location: Virginia
931 posts, read 3,414,917 times
Reputation: 447
Quote:
Originally Posted by Lakewooder View Post
Gee my sister was so dumb for putting down 20% on her home in California a few years ago!
When a home buyer puts 20% or more for a down payment, they can avoid PMI (Private Mortgage Insurance),
which is another fee tacked on to the monthly mortgage payment.
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Old 02-19-2009, 06:15 AM
 
18,184 posts, read 16,518,588 times
Reputation: 9778
I used to joke at work about there being 3 kinds of workers. The ones who pull the wagon( actual workers) the ones who steer the wagon( management), and the ones who are just along for the ride( slackers). Get too many people riding or steering, the wagon slows down and the ones pulling it get the blame. They have to pull harder to keep going.
That is this country in a nutshell. We have the steerers( government) the pullers( productive citizens) and the riders( entitlement dependants). How long can more and more pile on this wagon before it just stops? Even a horse will stop pulling eventually no matter how much you whip it and yell at it to pull.
My family was burned indirectly by this mortgage meltdown and its going to cost me to cover their losses. I'm not getting a bailout, the ones who caused it( irresponsible banks and home buyers). I could benefit from lower property prices when the real estate bubble completely bursts and corrects itself but the government wants to prevent this.
I lived within my means and am getting nothing. I took no risks and am getting nothing. I ask for no help and get nothing. Why am I pulling this wagon again?
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Old 02-19-2009, 06:20 AM
 
Location: Virginia
931 posts, read 3,414,917 times
Reputation: 447
Quote:
Originally Posted by Icy Tea View Post
I used to joke at work about there being 3 kinds of workers. The ones who pull the wagon( actual workers) the ones who steer the wagon( management), and the ones who are just along for the ride( slackers). Get too many people riding or steering, the wagon slows down and the ones pulling it get the blame. They have to pull harder to keep going.
That is this country in a nutshell. We have the steerers( government) the pullers( productive citizens) and the riders( entitlement dependants). How long can more and more pile on this wagon before it just stops? Even a horse will stop pulling eventually no matter how much you whip it and yell at it to pull.
Nice! Thanks for sharing.

I've got one for you, -- Even monkeys fall out of trees.
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Old 02-19-2009, 06:48 AM
 
2,886 posts, read 3,201,493 times
Reputation: 3070
Reality check, the Housing Rescue Plan is not about helping people save their homes, its about helping banks get bad assets off of their books.

Of course, it will not work. It is just prolonging the problem.

We the people must take control of OUR country again. If this type of bu&*sh*& program is what we are going to get from our government, a revolt is inevitable.
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