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Partially true, however you also have to note that some of the highest foreclosure rates are in places such as Detroit and Cleveland, which never had any significant appreciation in home prices, and are being damaged by the economic difficulties individuals are experiencing in these areas. Those folks generally are pretty blameless, and victims of the market.
Bailing out the banks won't help those people. In Cleveland, there are homes for sale under $10k and they still can't get people to buy them. I heard a story on NPR about this. The taxes and insurance just aren't worth the hassle.
Bailing out the banks won't help those people. In Cleveland, there are homes for sale under $10k and they still can't get people to buy them. I heard a story on NPR about this. The taxes and insurance just aren't worth the hassle.
Somewhat agree with you, but many of these homes need to be fixed up, and then would have value. Many are in areas that have been allowed to decline, and need to have the homes (and area) rehabilitated. Value is still very possible, but not in their current state and surroundings.
Partially true, however you also have to note that some of the highest foreclosure rates are in places such as Detroit and Cleveland, which never had any significant appreciation in home prices, and are being damaged by the economic difficulties individuals are experiencing in these areas. Those folks generally are pretty blameless, and victims of the market.
True. But I wonder how large a percentage this is. If only those people were foreclosing, we wouldn't be in this mess. I think a lot of people are walking away from their homes because the values dropped . Hey, if you paid nothing or barely anything down, it is easy to do.
Well, the house we bought in late 07 has dropped quite a bit too, in only 9 months. But we have a very small mortgage, so have to eat the loss in equity AND bail out those that were irresponsible? That is adding insult to injury.
Many people were in over their head from the beginning and counted on being able to refinance.
The whole thing stinks to high heaven.
But the bottom line is, why do those that always advocate for a "Free Market" now want to socialize the losses?????
It's either or, can't have it both ways. Especially not when the tax payers are always on the losing end.
__________________
The price of anything is the amount of life you exchange for it. ~Henry David Thoreau
It doesn' take long for Supreme Ruler Paulsen to say
""I want all your money with no accountability, no laws that can touch me, no oversight, I want complete control with no dissention from you, the unwashed masses.""
But the bottom line is, why do those that always advocate for a "Free Market" now want to socialize the losses?????
It's either or, can't have it both ways. Especially not when the tax payers are always on the losing end.
Privatized profit and socialized losses. A game to fungible to pass up.
Because the greed of Wall St. and it's CEO inflated virtually everything in order to make more money. If some sort of bill, not this one in particular, is not passed this will eventually trickle down to Main St. USA and virtually every business in America, credit will freeze up. The bad debt we the taxpayers are buying will be resold at a later date, at more than likely a net gain profit.
It is bad debt, their will be no profit. How can bad debt ever produce profit? If it would produce a profit, somebody, would buy it w/out the gov't. We're going to be stuck w/ much more than $700 Billion by the time this is all said in done. I hope our kids and grandkids will be able to forgive us in the future for placing this on them. Also, which country are we going to borrow from to come up w/ this money? We are already in debt, and I see no plan to cut spending in other areas to offset this cost.
Somewhat agree with you, but many of these homes need to be fixed up, and then would have value. Many are in areas that have been allowed to decline, and need to have the homes (and area) rehabilitated. Value is still very possible, but not in their current state and surroundings.
I know the Democrats are trying to include something to help the homeowners, but unless its a direct payout and not just tax cuts, it's really not going to help. Not only that, most of the stimulus checks went to pay off debt rather than spending to boost the economy. Value is possible. So is total and complete failure on top of billions of debt tossed on the backs of the taxpayers. This bailout does not guarantee anything other than our money being transferred to the very people who got us in this mess (banks and irresponsible home buyers).
This is beyond bearing. That it would even be considered that we would allow this man, previously heading up one of the Wall Street firms that will prosper through this bill, to have unfettered power over the taxpayers money. All he had to do to make a clean sweep of having the what little they haven't already taken us for turned over to them is to yell; "The sky is falling, the sky is falling" and everyone runs around like a chicken with their heads cut off. This is beyond stupid. First they come and tell us that the sky is falling if we don't invade Iraq. Then, after costing thousands of lives and more than a trillion dollars...and making their friends at Haliburton fat with war profits we are expected to fall for the same trick so that Wall Street can scoop up what Haliburton has left behind. I am almost speechless with rage. First that they treat us with such contempt and second that our representatives are so stupid or so corrupt that they appear ready to fall for it. ENOUGH!
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