Taxpayers: Furious over homeowner bailouts

[AVGWarhawk]

Originally Posted by Neal Stevens

Edit: Oh yeah, don't forget, we need to help her get health care for her and her 4 kids.

Yeah, I agree. This is the kind of crap that encourages blowing off responsibility.

Of course is encourages irresponsibility and it also rewards it! Sit on your thumbs, blame someone else, get paid. It is a wonderful life!

[DeepIron]

I was laid over in LA the last couple of days and watched the committee hearings concerning the auto industry bailout... what a joke... on both sides... A recent poll showed 60% of American were against bailing out the Big 3... So you know, it will happen...

What sickens me is that Joe Average American, if he or she is late on filing taxes or gets behind, gets raked over the coals and penalized...

Our political system need an overhaul and that to me means getting people elected who are in touch with reality...

Not guys like Harry Reid or Chris Dodd...

When I saw a Florida senator vote in favor of the bailout bill I wrote him a nasty little letter that basically told him to go stick the bailout plan where the sun don't shine and finished by saying I can't wait to see you leave public service. He still hasn't got back to me....

The last thing I want to be doing is helping to bailout a bunch of idiots who made the wrong choices by living beyond their means. Meanwhile, me and my wife & soon-to-come daughter are barely getting by while I'm protecting this country. So where's my friggin' bailout?!

So much for justice in this country.....

[AVGWarhawk]

Originally Posted by DeepIron

I was laid over in LA the last couple of days and watched the committee hearings concerning the auto industry bailout... what a joke... on both sides... A recent poll showed 60% of American were against bailing out the Big 3... So you know, it will happen...

What sickens me is that Joe Average American, if he or she is late on filing taxes or gets behind, gets raked over the coals and penalized...

Our political system need an overhaul and that to me means getting people elected who are in touch with reality...

Not guys like Harry Reid or Chris Dodd...

Do not forget our good friend Barney Frank One of the many who are not taking part of the blame here on the loan/housing issue.

[AVGWarhawk]

Originally Posted by -SWCowboy.

When I saw a Florida senator vote in favor of the bailout bill I wrote him a nasty little letter that basically told him to go stick the bailout plan where the sun don't shine and finished by saying I can't wait to see you leave public service. He still hasn't got back to me....

The last thing I want to be doing is helping to bailout a bunch of idiots who made the wrong choices by living beyond their means. Meanwhile, me and my wife & soon-to-come daughter are barely getting by while I'm protecting this country. So where's my friggin' bailout?!

So much for justice in this country.....

Exactly bud! Since you are current but still struggling, will the bank offer up a reduced interest to you or an additional 10 years on your loan? I'm betting not. Got to take care of the 'oh woe is me group' first so they can schedule in their vacation next year on time. They are easy to spot, they just rolled up in the banks parking lot in BMW's. This is total BS. I'm also waiting to see the statistics of those that successfully got their act together as opposed to those that got a deal and screwed it up anyway. Watch, a majority of these people will go into default again.

I thank God every day my parents didn't spoil me into thinking money can buy you happiness, because these days it doesn't mean crap to me.

The average American has 8 credit cards and owes at least 20k on them altogether (from what I've heard). Me, I only have 1, and it's usually kept low unless I need it for emergencies. My part of town is in between a really ritzy suburb of Jacksonville and the country, and these yuppies who live out here drive around in their big old SUVs or Mercedes-Benz/BMW's like there isn't enough luxury to go around. Their homes were worth 300k+ and a lot of them are moaning because they're seeing foreclosures pop up all around.

It really makes me sick ... all the greed some of these people have...

[AVGWarhawk]

Originally Posted by -SWCowboy.

I thank God every day my parents didn't spoil me into thinking money can buy you happiness, because these days it doesn't mean crap to me.

The average American has 8 credit cards and owes at least 20k on them altogether (from what I've heard). Me, I only have 1, and it's usually kept low unless I need it for emergencies. My part of town is in between a really ritzy suburb of Jacksonville and the country, and these yuppies who live out here drive around in their big old SUVs or Mercedes-Benz/BMW's like there isn't enough luxury to go around. Their homes were worth 300k+ and a lot of them are moaning because they're seeing foreclosures pop up all around.

It really makes me sick ... all the greed some of these people have...

I'm the hypothetical guy named Mark that Neal posted up. 3 bedrooms, two baths. Two cars. ZERO credit cards. I learned my lessen many years ago with credit cards. Paid them off and never looked back. Although I do have a Lincoln Continental and Mercury Mountineer. So hey, you got me there. Need wheels. My first house I got an ARM loan. I learned fast about that deal. Dumped it for a conventional. I ended up renting the home and purchased a second home. The first has long been sold off. Anyway, there is no way these people can say they were suckers. I recognized a bad deal when I saw it in the first 6 months with the ARM loan. I did something about it and not just sit there waiting on Uncle Sam.

Ahh but you probably have a family, I can see the need for larger vehicles there. I'll have a newborn on my hands soon so I don't need anything huge, yet

[PeriscopeDepth]

While Joe sixpack must take some blame for overextending himself, the banks are also at fault. They sold these things like used car salesmen and probably DID sucker a fair amount of people. They lobbied government for looser lending practices. And while many will fail (some already have), many will not because of a taxpayer funded handout that the bigger banks likely expected all along should things go bad.

Were the people who took these loans naieve? Of course. But they were going to a bank and asking for financial help, expecting bankers to know what's best financially for them. Just like when I go to my doctor I trust his medical advice. Banks should have been morally, legally, and common sense obligated not to be giving these people loans. But instead maximizing short term profits was their priority. Banks were greedy as well.

PD

[August]

Originally Posted by PeriscopeDepth

They lobbied government for looser lending practices.

Government also put the arm on them to give home loans to people who couldn't afford them so that's a two way street.

[mookiemookie]

Originally Posted by August

Government also put the arm on them to give home loans to people who couldn't afford them so that's a two way street.

Banks set their own underwriting standards in terms of what sort of credit risk they're willing to take on, not the government. The rise of securitization of mortgages meant that banks didn't care one way or another about silly things like "ability to repay" as they didn't have to hold the loan on their books. So the blame for this still goes back to the banks.

[August]

Originally Posted by mookiemookie

Banks set their own underwriting standards in terms of what sort of credit risk they're willing to take on, not the government. The rise of securitization of mortgages meant that banks didn't care one way or another about silly things like "ability to repay" as they didn't have to hold the loan on their books. So the blame for this still goes back to the banks.

I didn't say the banks were blameless but one only has to look at the Fannie Mae and Freddy Mac debacles to see the government has contributed their share to this mess.

[Zachstar]

It is times like this that I actually look forward to possible despression.

I see so many of these people basically living off their credit cards. Fully knowing that in 10 years or less they will hit bankruptcy.

But this is not just limited to Mary. It comes from decades of people demanding more from government while shunning technology that could have made today's living sustainable.

If raw energy was 20 dollars a unit... more mines would be open, more farms running and exporting.. More distilleries cracking air.. etc.. Instead the mines close the farms collapse and people work in hotels instead of good high paying union jobs.

The way things are cant last forever. Eventually the dollar will be so worthless and so many people demanding bailout that a shutdown of all nonessentials will have to happen. Taxes, Military, Standards...

[AVGWarhawk]

Originally Posted by Zachstar

It is times like this that I actually look forward to possible despression.

I see so many of these people basically living off their credit cards. Fully knowing that in 10 years or less they will hit bankruptcy.

But this is not just limited to Mary. It comes from decades of people demanding more from government while shunning technology that could have made today's living sustainable.

If raw energy was 20 dollars a unit... more mines would be open, more farms running and exporting.. More distilleries cracking air.. etc.. Instead the mines close the farms collapse and people work in hotels instead of good high paying union jobs.

The way things are cant last forever. Eventually the dollar will be so worthless and so many people demanding bailout that a shutdown of all nonessentials will have to happen. Taxes, Military, Standards...

Good high paying union jobs:hmm: Is that such a good thing? Look at GM, Ford, Chrysler. Unions have ruined more companies then saved them. What does energy have to do with the housing debacle? All I see is banks beings strong armed by the government, banks raping people and the people who got the snow job getting in over their heads with help from the banks and some on their own. I really do not understand your post.

[Hylander_1314]

Zachstar,

As of last year the value of the dollar dropped to the point that what cost Americans 1.00 dollar in 1913 took 20.60. The dollar is already worthless. It is a note, or fiat currency. There is nothing stating that it is backed by anything tangable like it used to be with silver and gold.

Or as Thomas Jefferson put it,

"If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."

And what is the Federal Reserve, and look at the mess we are in. All because of a poorly conceived system of credit.