U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-09-2010, 09:26 AM
 
Location: WA
5,548 posts, read 22,770,635 times
Reputation: 6315

Advertisements

Government programs (tax inducements, interest rate subsidies, funding GMOs, pressure to qualify marginal buyers, etc) have created a huge bubble in housing over the past thirty years. Now that this house of cards is falling (which would have never existed in a real free market) the government wants to paper over the problems with taxpayer funding.

This is just one more example of government programs stealing from the productive segments of the country to prop up poor political solutions to problems caused by previous poor political solutions. It is a death spiral.

A huge change of direction is needed to slow the decline in this country. Once the debt service overwhelms the budget there will be no way out.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-09-2010, 01:16 PM
 
Location: Business ethics is an oxymoron.
2,179 posts, read 2,644,722 times
Reputation: 4876
It all makes perfect political sense to me: We're of course going to do whatever we can to "help" the banks: They own the gov't and give the marching orders.

Helping out the "bottom" (i.e. "subprime") demographic makes equal political sense.

That is the group that collectively spends the most money. Give them a buck or two and they'll be the first ones to go out and buy a new TV, chrome rims for a new car, or whatever. Remember. It has nothing to do with who's right or wrong or what's even ethical or not. The one who spreads the money around is the one that's going to be heard first. In this economy, we need "spenders" more than ever before. Why do you think First Class flyers on the airlines get so much preferential treatment? Same prinicple.

And it should also be noted that if we DON'T placate that class through direct or indirect subsidies, they will also be the first to go out and create mayhem. Remember Los Angeles 1992? When you have nothing to lose, you're going to go for broke.

So all you "middle class" pretty boys and girls sitting in your nice little masterplanned communities just sit down and shut up.

That you are aren't getting carjacked on your little shopping trips to BevMo and Bed Bath and Beyond, or having your McMansion torched, THAT is YOUR reward. You still get to live the idyllic suburban lifestyle disruption free.

Your absolute worst nightmare would be to see someone barge their way through your door and ask you 'so whatcha got there on the stove'?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-09-2010, 01:52 PM
 
2,605 posts, read 4,903,115 times
Reputation: 1990
What a mess. So why don't they do this for people who are behind on their vehicles or their credit cards, or any other debt? So because someone wants to sell, now I and every other taxpayer has to help subsidize this mess. I didn't buy a home when prices were out of control because I wasn't stupid enough to be house-poor and knew that prices were inflated and couldn't go on like that forever. Once again, the bankers control the country and legislation is passed to protect them. The banks took the risk and they can take the risk that now comes with it. Once again, nobody learns a lesson and the same mistakes are made over and over again. People still refuse to learn from history.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-09-2010, 02:14 PM
 
Location: Wherabouts Unknown!
7,809 posts, read 17,648,051 times
Reputation: 9440
LeavingMA wrote:
the bankers control the country and legislation is passed to protect them.
This is the crux of the matter! All of the other scapegoats are secondary.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-09-2010, 03:10 PM
 
Location: Sierra Vista, AZ
16,992 posts, read 22,245,636 times
Reputation: 9253
Just remember, STUPID ALWAYS WINS
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-09-2010, 03:14 PM
 
1,824 posts, read 4,204,416 times
Reputation: 4929
Quote:
Originally Posted by Des-Lab View Post
It all makes perfect political sense to me: We're of course going to do whatever we can to "help" the banks: They own the gov't and give the marching orders.

Helping out the "bottom" (i.e. "subprime") demographic makes equal political sense.

That is the group that collectively spends the most money. Give them a buck or two and they'll be the first ones to go out and buy a new TV, chrome rims for a new car, or whatever. Remember. It has nothing to do with who's right or wrong or what's even ethical or not. The one who spreads the money around is the one that's going to be heard first. In this economy, we need "spenders" more than ever before. Why do you think First Class flyers on the airlines get so much preferential treatment? Same prinicple.

And it should also be noted that if we DON'T placate that class through direct or indirect subsidies, they will also be the first to go out and create mayhem. Remember Los Angeles 1992? When you have nothing to lose, you're going to go for broke.

So all you "middle class" pretty boys and girls sitting in your nice little masterplanned communities just sit down and shut up.

That you are aren't getting carjacked on your little shopping trips to BevMo and Bed Bath and Beyond, or having your McMansion torched, THAT is YOUR reward. You still get to live the idyllic suburban lifestyle disruption free.


Your absolute worst nightmare would be to see someone barge their way through your door and ask you 'so whatcha got there on the stove'?
BINGO. Right on the head my friend. The appeasement of the dispossessed is the most important government role and function second to maximizing the profits of the corporatocracy that owns it. The "marginally haves", which encompass the majority of this board and who bemoan their inability to keep up with their upper class "haves" heros and aspire-to-be's, are mere pawns and collateral damage within the scope of this end. Quite simply, the State doesn't work for you nor is concerned about your disobedience (since you are statistically uber-obedient), they are only concerned about the disobedience of the "have nots" and the preservation of wealth of the "haves". Just the way the cookie crumbles....
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-09-2010, 07:53 PM
 
372 posts, read 1,045,830 times
Reputation: 213
What's wrong with rewarding people who make mistakes?

To make things even, they should start penalizing people who pay their bills on time.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-09-2010, 08:12 PM
 
47 posts, read 151,698 times
Reputation: 36
This isn't what hurts, it's almost expected today.

What hurts is my ego and pride. Like many posters here, how many times were we cut off in traffic by the big cars, knowing full well they were in debt up to their ears, and we took it?

How many times did we walk along the boardwalk and see those people in the rentals along the beach, knowing full well they were in debt up to their ears?

How many times did we hear about the vacation trips, the weekend parties, the events with prime seats, or even just attending a special event because they had connections, were one of the A listers, knowing full well they were in up to their ears?

How many times did we hear how well their children were doing in school, with the added help and contacts for college, knowing full well they were in debt up to their ears?

How many times did we (or our spouses) hold our tongue because nobody would want to associate with 'whiners' or we would be deemed antisocial, and we did nothing?

How many times did we hear about how they scored reservations to the biggest restaurants in town, but would always complain that the food was so-so when we knew damn well it would make our mouths' water?

We lost out on so much for so long for trying to be honest hard working people, and now it is just thrown back in our face, as those same privileged people gloat over us and complain how hard life is now that the maid has been let go.

Like I said, I feel so ... stupid.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-10-2010, 04:06 AM
 
Location: Conejo Valley, CA
12,470 posts, read 18,302,612 times
Reputation: 4343
Quote:
Originally Posted by floridasandy View Post
....or you could just let people walk away without paying them,
This is usually the more costly solution and legally is different than doing a short sale in many states. Walking away does not always mean you don't own... In a short sale the bank and owner take the loss and the owner is able to come out of it with the ability to get back on their feet.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-10-2010, 06:25 AM
 
12,869 posts, read 13,763,514 times
Reputation: 4453
Quote:
Originally Posted by Des-Lab View Post
It all makes perfect political sense to me: We're of course going to do whatever we can to "help" the banks: They own the gov't and give the marching orders.

Helping out the "bottom" (i.e. "subprime") demographic makes equal political sense.

That is the group that collectively spends the most money. Give them a buck or two and they'll be the first ones to go out and buy a new TV, chrome rims for a new car, or whatever. Remember. It has nothing to do with who's right or wrong or what's even ethical or not. The one who spreads the money around is the one that's going to be heard first. In this economy, we need "spenders" more than ever before. Why do you think First Class flyers on the airlines get so much preferential treatment? Same prinicple.

And it should also be noted that if we DON'T placate that class through direct or indirect subsidies, they will also be the first to go out and create mayhem. Remember Los Angeles 1992? When you have nothing to lose, you're going to go for broke.


i don't think that the middle class needs to sit down and shut up. the middle class may have been okay with supporting the lower class, but they sure are not going to be okay with supporting the upper class who gambled away their money.


So all you "middle class" pretty boys and girls sitting in your nice little masterplanned communities just sit down and shut up.

That you are aren't getting carjacked on your little shopping trips to BevMo and Bed Bath and Beyond, or having your McMansion torched, THAT is YOUR reward. You still get to live the idyllic suburban lifestyle disruption free.

Your absolute worst nightmare would be to see someone barge their way through your door and ask you 'so whatcha got there on the stove'?
you think this "idyllic lifestyle" is going to continue long-term at the rate we are going?

if the upper classes do not support the poor, they are going to be up the creek without a paddle and the government will not be bailing them out, so perhaps this is a reality check for them as well. the government can't generate the revenue to support them by themselves, so they can threaten the other classes all they want but it doesn't make a difference at all. so maybe the government should think about creating jobs with capital instead of rewarding bad behavior with capital before this all ends badly.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top