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By the way, a good percentage of these "people" were old enough to know better. I know some outstanding young people who would never get themselves in this position.
By the way, a good percentage of these "people" were old enough to know better. I know some outstanding young people who would never get themselves in this position.
No, it's not very smart - I think we can agree on that. That said, again, these people were inexperienced, didn't know the drill and were brought up in a society that emphasized more = better. So we're insulting products of our own society who were victim to these greedy lenders. Unfair at best.
The buyers were greedy for more house than they could afford. The mortgage brokers were greedy and got paid only for placing mortgages, not for their repayment. Greed and stupidity all around.
Words like "meltdown" "crisis" etc. leave everyone nervous. Political correctness has brought us to the time of grinning baboons with special interests telling us how wonderfully they have managed our govermmental affairs; including regulation etc. Good market for shoulder surgeons correcting problems stemming from folks patting themselves on the back.
Honesty, candor and integrity have given way to PC.
Nervous ?????? I understand that Turkey Lurkey was recently seen tripping over a large piece of sky in the barnyard.
God bless us everyone !
The buyers were greedy for more house than they could afford. The mortgage brokers were greedy and got paid only for placing mortgages, not for their repayment. Greed and stupidity all around.
Bingo! That's it. Greed on all sides.
I am currently awaiting closing on a house (here, in CT. didn't get to wander to nc, oh well maybe we'll retire there lol). We sold our first home three years ago, and waited the market out-renting and saving as much as we could, also not spending the $ we made on the first house. No big-screen tv here, and our vehicles are not even from this millineum
This house we're buying, is less per month than our rent! Yes, it needs work. This work will primarily be done by us, for cash. Not getting the brand-new kitchen until I save the $ for it. Gonna tear up all that nasty carpet ourselves. Paint and much cleanup to do. We bought well below what we qualified for. I don't care what some mortgage broker thinks I can afford. 'I' know what I'm comfortable with. It's not rocket science! If you're doing ok paying $xx a month in rent, don't go buy a house that costs $ XXX a month.
When we applied for the mortgage, with our 20% down and almost no other debt, they looked at us like we were some space aliens In reality, we've taken the long road,and I don't regret it at all. I'd rather it be this way, than have gotten myself in over my head and be chained to a depreciating asset. We tell our children, it's worth waiting for something good, save and wait for what you really want. Sure, a fancy house with a nice granite kitchen would be nice-but my peace of mind is worth more. And I'll have that granite, when I have cash for it! Until then, used formica is fine. I've got all the time in the world...
Sure, we can agree to disagree if you change the word "stupid" to "inexperienced." The two words are not equivalent.
Agreed that one is responsible for their own missteps - therefore the bailout shouldn't have ever been proposed. Accountability is needed.
One of the things we have learned from the great depression is that the government must intervene quickly to avoid a depression. If we didn't bail out wall st, there would have been serious consequences.
You also have to understand Bush's point of view: as one of the worst presidents in U.S. history, I'm sure he wouldn't want to be responsible for a depression also.
One of the things we have learned from the great depression is that the government must intervene quickly to avoid a depression. If we didn't bail out wall st, there would have been serious consequences.
You also have to understand Bush's point of view: as one of the worst presidents in U.S. history, I'm sure he wouldn't want to be responsible for a depression also.
During the depression the government formed the RFC (Reconstruction Finance Corp) to subsidize everything - lenders, railroad, war materials. It worked for a short time but eventually it became so corrupt and actually worsened the depression overtime. Considering what's going on now - we can't afford that.
You're OK with the government using your tax dollars to give to a corporation who dug its own grave? No way. Let em fail.
The bailout was a complete joke. Now these CEOs are sipping fruity drinks in the Caribbean with their inflated bonuses. Ahh....corruption at its very best.
I am currently awaiting closing on a house (here, in CT. didn't get to wander to nc, oh well maybe we'll retire there lol). We sold our first home three years ago, and waited the market out-renting and saving as much as we could, also not spending the $ we made on the first house. No big-screen tv here, and our vehicles are not even from this millineum
This house we're buying, is less per month than our rent! Yes, it needs work. This work will primarily be done by us, for cash. Not getting the brand-new kitchen until I save the $ for it. Gonna tear up all that nasty carpet ourselves. Paint and much cleanup to do. We bought well below what we qualified for. I don't care what some mortgage broker thinks I can afford. 'I' know what I'm comfortable with. It's not rocket science! If you're doing ok paying $xx a month in rent, don't go buy a house that costs $ XXX a month.
When we applied for the mortgage, with our 20% down and almost no other debt, they looked at us like we were some space aliens In reality, we've taken the long road,and I don't regret it at all. I'd rather it be this way, than have gotten myself in over my head and be chained to a depreciating asset. We tell our children, it's worth waiting for something good, save and wait for what you really want. Sure, a fancy house with a nice granite kitchen would be nice-but my peace of mind is worth more. And I'll have that granite, when I have cash for it! Until then, used formica is fine. I've got all the time in the world...
Wander,
Now I know I'm not the only alien around! It certainly is a good feeling to have that kind of reassurance in the back of your mind, isnt it? Save your money, live within your means and it makes life that much easier.
In 1999 Bill Clinton signed into law the Gramm-Leach-Bliley Act which repealed the Glass-Steagall Act of 1933. "Glass-Steagall was passed by Congress to prohibit banks from owning full-service brokerage firms and vice versa so investment banking activities, such as underwriting corporate or municipal securities, couldn’t be called into question and also to insulate bank depositors from the risks of a stock market collapse such as the one that precipitated the Great Depression." (from cited article)
The repeal allowed Commercial and investment banks to consolidate and created much of the subprime lending that is now hitting the fan. Republicans in Congress fought against its repeal, but lobbyist from the banking industry managed to "convince" Democrats that the repeal would be in the Country's best interest. Now we are seeing the results of the Democrat economic policy.
"Republicans in Congress fought against its repeal"
What a load of crap! Gramm, Leach, and Bliley are all Republicans. The initial bill passed the Senate with 43 of 44 Democrats opposing the bill and every Republican in favor; it wasn't until the bill was rewritten to include anti-redlining practices (to prevent banks from refusing to loan to minority communities) that the bill passed both houses by 90% margins. Clinton had no choice but to sign as the bill had a veto-proof margin.
But there's plenty of blame to go around here. No one saw this coming. Blanket-blaming one party is just showing your ignorance.
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In reality, we've taken the long road,and I don't regret it at all. I'd rather it be this way, than have gotten myself in over my head and be chained to a depreciating asset. We tell our children, it's worth waiting for something good, save and wait for what you really want. Sure, a fancy house with a nice granite kitchen would be nice-but my peace of mind is worth more. And I'll have that granite, when I have cash for it! Until then, used formica is fine. I've got all the time in the world...
