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The current mortgage crisis today is the result of yet another failed social experiment. Can't wait for obama to give us all that free healthcare and college --- I am sure it won't cost us a thing, after all the messiah promised us it wouldn't.
The current mortgage crisis today is the result of yet another failed social experiment. Can't wait for obama to give us all that free healthcare and college --- I am sure it won't cost us a thing, after all the messiah promised us it wouldn't.
Why does every thread about every subject have to immediately become a McCain/Obama food fight?
There are election threads. If the ONLY thing you want to accomplish all day today is to bash a candidate, please stop wasting our time over here, and get your sorry a$$ (Not just you, camping, but everybody) over the the elections board. Quit hijacking every single thread.
So a combination of political correctness and affirmative action of sorts contributed to this. What a shock.
It sure does seem that the "American Dream" is treated as an entitlement lately, doesn't it? Used to be you had to work for it.
Well, now, many who shouldn't be living the American Dream have successfully done so (albeit temporarily) and now the rest of us (and our children) are going to work for a long time to pay for it.
Perhaps, this thread would be better in the elections forum. Since Obama has close ties to the ACORN group and Fannie and Freddie. I wonder how the libs will explain all that.
Mod, can you please move this thread to the election forum?
Why does every thread about every subject have to immediately become a McCain/Obama food fight?
There are election threads. If the ONLY thing you want to accomplish all day today is to bash a candidate, please stop wasting our time over here, and get your sorry a$$ (Not just you, camping, but everybody) over the the elections board. Quit hijacking every single thread.
Politics is very closely tied to this financial meltdown - it doesn't take a rocket scientists to see that. He hasn't hijacked anything since his post DOES have close relation to the OP. Both parties are to blame for the banking disaster this created. However, the push for everyone to own a home backfired - a social plan largely created by Democrat administrations. Trying to claim that more social plans run by the government is unrelated to this threat, well that's nonsense. When Republicans have an administration that does something that turns out to be costly to America, we bring it up in every thread because it does have some relation - like the Iraq War. So stop trying to ingnore historical fact by disconnecting connected concepts.
Edit: While you're at it.. go police every thread created in here that bashes the other candidate on RELATED topics.. just as the social programs are related to a party.
Why does every thread about every subject have to immediately become a McCain/Obama food fight?
There are election threads. If the ONLY thing you want to accomplish all day today is to bash a candidate, please stop wasting our time over here, and get your sorry a$$ (Not just you, camping, but everybody) over the the elections board. Quit hijacking every single thread.
Ah, too true you are right, my bad. My intent was to illustrate that social experiments always come with a cost.
Look, I'm not going to assert that the mortgage meltdown rests squarely on the shoulders of black people and other non-whites by virtue of being poor by proxy like the article suggests, that's myopic, there's plenty of white people with bad paper all around so give me a break. That article is tickling on white people's natural desires to not have a black neighbor to give them a warm fuzzy about the fact non-whites also contributed to the mess.
BUT, I will agree with the sprit of the article in that in so far as the banks and investment firms screwed the pooch by packaging all that bad paper in the hopes that the myth of eternal home appreciation would hold true (another classic myth under the pillars of the service economy and no-goods production), at the end of the day it was the responsibility of individuals to recognize what they can and cannot afford. By looking at threads upon threads on this board, and listening to international broadcasts such as BBC where they interview the average american joe about their house woes, it is CLEAR the average american does not want to accept responsibility for their greed (yes wanting a standard of living you cannot easily afford is a type of greed, get it through your thick skull) and risky decision making.
When it comes time to explain why so many people are upside down, everybody all of a sudden sits next to the medical bankruptcy case. Everybody is a victim. Everybody trusted their "mortgage professional"and "didn't know any better". Gimme a break. Everybody willingly ignored the risk involved in not being able to do away via a re-finance and otherwise adjust or sell out of a resetting payment terms YOU KNEW you couldn't handle. You bet the farm that the house would not depreciate, and it wasn't the fortune teller's luck that the house was going up in value, but as soon as the outcome was different instead of it being your doing, now it's the fortune teller's fault your gamble didn't pay off and you want a do over. Casinos will throw you out the street for that, bookies will crush your knee for that, and you're still whining. And there are thousands upon thousands of americans with this attitude and it boils my viens. I have more respect for the guy whose walking away from his fixed rate because the house lost 50% appraised value and wasn't really into it for the utilitarian value (retarded in my view but that's his prerrogative), than I do about the ARM whining crowd. At least that guy's being honest in displaying that he was looking at his house as an ATM machine and is willing to part with a bad investment, credit hit taken and he "learned" his lesson. But the rest of these folks with no doc loans and option ARMs pointing the finger at the banks are the exemplification of the whining american whose at grips the the impending lowering of standards of living in America, thanks to the service economy bag of goods, and is crying and whining and pointing fingers at everybody else but themselves because they just don't want to accept it.
In that regard the spirit of the article is right on.
You're dang right is people's own fault. I know I can't afford a house in a place I would love to live, without feeling stretched. Do i love living where I do? No, I rent for a little better quality than I can buy and I'm not living paycheck to paycheck, and I LOVE THAT! Much better quality of life than hoping all my life plans become funded by waking up in the morning and looking at my appraised value to see if I can afford to breathe today. Get out of town!
It has to do with political correctness. Our society has this new way of thinking (a liberal way of thinking) that everyone should be equal. That no one should be excluded from everything. Well, the stats show that minorities own less homes as a %, then white people. So since the world needs to be perfect, the govt stepped in and threw out reality for sake of political correctness and eased lending standards and forced the hand of these lenders. It has nothing to do with white people not liking black people. This is why America is screwed up. Do you not understand? It's about homeowners are homeowners for a reason. Apt dwellers are apt dwellers for a reason. Life isn't perfect. We can't force it to be. When you screw with the free market this is what happens. It's got nothing to do with racism and everything to do with political correctness.
I had posted this in another forum on this site yesterday, but it fits with this thread too:
I don't know if low interest rates were necessarily the root cause of the financial problems existing today. My view is that folks were able to purchase homes with less of a down payment than was historically required, and that documentation and verification of income for home purchases were significantly reduced.
Likely, the central beginning culprit was the HUD objective to increase the % of folks who were homeowners, a core objective of HUD under Clinton. Though this could be viewed as an admirable goal, especially in the area of minority home ownership, it appears to have opened the gates to loan abuse.
The Bush administration made this problem worse, in further espousing deregulation throughout government. Free markets are very good, but require some appropriate oversight and regulation to retain investor faith. At the moment, this is completely shattered.
Subsequently, I view Moody's, Fitch, and Standard and Poor's as being significant contributors to the problems by not appropriately analyzing loan risk, resulting in "inadequate pricing" of these higher risk loans, and inappropriately low mortgage rates for variable rate mortgages.
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