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You know..the government is doing it, CEO's are doing it..everyone has their hand out..privatize profits and socialize debts. I'm in no way condoning what they do..but seeing how everyone is bailout happy and has a feeling of entitlement.."not my fault..someone help me" I can't say I blame them.
They are doing what lots of others today are doing.
snippet:
"The Bush and Obama administrations have compensated foolishness and irresponsibility. The financial bailouts reward bankers who took insane risks. The auto bailouts subsidize companies and unions that made self-indulgent decisions a few decades ago that drove their industry into the ground.
The stimulus package handed tens of billions of dollars to states that spent profligately during the prosperity years. The Obama housing plan will force people who bought sensible homes to subsidize the mortgages of people who bought houses they could not afford. It will almost certainly force people who were honest on their loan forms to subsidize people who were dishonest on theirs.
These injustices are stoking anger across the country, lustily expressed by Rick Santelli on CNBC Thursday morning. “The government is promoting bad behavior!”
MAM..I guess this article sums it up quite nicely.
These injustices are stoking anger across the country, lustily expressed by Rick Santelli on CNBC Thursday morning. “The government is promoting bad behavior!”
My husband works at the CME and loves Santelli.
I am more of the mind that they have to keep the banks open, cause the alternatives and consequences are unimaginable.
The only way out? Out of what? Out of a home that was inconvenient to own and into a nicer home?
With $140K in cash, these people were not in financial distress. Why would a lender, let alone Government, bail them out?
And unfortunately, this is legal, for now.
You are troubled by what this homeowner is doing (buy and bail) but they have the financial means to cover their loss. But that would mean they would lose 140K in hard earn cash.
So the question is are you troubled by the government bailing out homeowners in distress. In essence the government's financial package to each bailed out homeowner would be the equivalent of giving each homeowner between 30-150K in subsidies with taxpayers money. Say they reduce the mortgage payment of each homeowner by $500 a month (that's 6K a year) times 5 years=30K min taxpayer subsidiy. This does not even include asking for the lender for principal mortgage reduction and the homeowners get a 5K credit applied to principal at the end of 5 years.
What do you have to say for these bailed out homeowners if you are troubled by the buy and bail homeowners?
My neighbor just bought a beautiful house with cash (~140K) and walked away from their not so good and high priced current house (~300K mortgage). I guess their credit will be ruined for seven years. But they no longer have a mortgage. Will you do that if you have cash and a huge upside down mortgage?
What do you have to say for these bailed out homeowners if you are troubled by the buy and bail homeowners?
I am more inclined to believe that bailing out homeowners is more noise than reality.
The lack of consequences for corporate and personal irresponsibility/fraud sickens me. The concept of corporate and individual bail outs keeps me awake at night.
I also like that my ATM spits out my money, upon demand, and that my money buys the same thing as it did yesterday.
There is an enormous gap between the Ron Paul "do nothing" approach and the expectation most people have for increased Government intervention/regulation, so long as they do not have to pay for it and/or they personally benefit from it.
I also like that my ATM spits out my money, upon demand, and that my money buys the same thing as it did yesterday.
Not true for food..prices are going up and containers are shrinking.
We do have price inflation in several sectors.
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