Now he's after your home.

Originally Posted by Buddahaid

I can't follow your logic. On the one hand, you say TS to the defaulted borrower, on the other, Obama is taking property. How? He's making the borrower default and forcing a sale to himself? You'll have to baby step me through that.

Buddahaid

Blinded by the light.

Do you own a home? Do you pay your mortgage? If the answer is no to either question...move on. This doesn't concern you.

[UnderseaLcpl]

Originally Posted by Respenus

The Americans will linch me for this, yet it has to be said. Goldman Sachs has made $3.44bn net profit in the second quarter and is expected to make even more profit by the end of the year. Why not take their extra money they want to spent on bonuses and not investments and use it to pay some of your bills. I am certain that home owners would be most pleased.

Yes, that all sounds very resonable in the mind of an economic liberal. Money is here, why not transfer it to where it is needed? Surely, there can't be any kind of complexities along the way. The state can be trusted to re-allocate funds from the fabulously wealthy to the desperately poor, right?

Respenus, I can see where you are coming from on this issue, but one does not simply re-allocate wealth in a market economy, or any successful economy for that matter. The whole point of trade, in any system, is that one is allowed to retain profit from trade. If it were not so, no one would bother to trade. The system would collapse and no one would take the trouble to exchange their own goods or services for others' goods and services.

I do not mean to be offensive or condescending, but minds far greater than yours or mine have attempted to develop systems of wealth redistribution and none of them have ever worked to the benefit of the populace or the nation in the long run. Your well-meaning attempts do not transfer wealth from the wealthy to those who are in need, they simply transfer wealth to the undeservedly wealthy and deceptive persons who have what it takes to succeed in state. If it were so easy to translate executive bonuses into debt-relief or affordable housing programs, there would be a good example of such a thing.

Again, I do not mean to be insulting, but it is hard to be innocuous whilst making such a defined point; Any idiot can say that these excess funds should be transferred here or spent thusly. The state does so all the time.
What you must realize is that no agency exsists to effect efficient transfer of said wealth, other than the market, which is not an agency or organization at all. It is a product grater than the sum of its' parts and it is produced by the conflicting wills of billions of individuals, not some be-all end-all state policy.

Finally, I will tell you that you, and the peoples of every nation that is not the US, should pray for free-market policy and the weakening of the US state. The world has already had a taste of what the US can do when it is united by a common agenda. Would you favor a truly united United States? Perhaps one set upon the agenda of wealth redistribution for the entire globe?
I have no illusions about the power of my nation and I do not trust it. The world is better served by the ferocious competiton of the US free market, rather than the united front it could present. Take a moment and imagine what could be if the US decided to step in and say that the wealth of Germany or Austria or Belgium or England or any other nation should be given to some other nation. The results of such policy would be catastrophic, just as they would be if we aggresvely pursued a policy of redistributing the wealth of our own people. Trust me, you do not want a United States with a common national agenda, or a common international agenda. The world is spared a hell of a lot of pain from the US by virtue of the fact that we do not always operate upon the equation that "this person has more than this person so something should be changed."

I would advise that you have some care before saying that "This wealth would be better spent thusly". Remember which agencies you trust to effect that change, and the effects upon the system of trade we all depend upon to maintain our standards of living.

the weakening of the US state.

That is what it is all about.

[Buddahaid]

Originally Posted by CastleBravo

Blinded by the light.

Do you own a home? Do you pay your mortgage? If the answer is no to either question...move on. This doesn't concern you.

The answer is yes to both (no debt other than a single mortgage ending in five years with savings in the bank) and your avoiding the question.

Buddahaid

[geetrue]

Originally Posted by CastleBravo

If I erroneously accused you, I beg your forgiveness. But my point is valid. Mr. Obama is a communist and everyone should wake up to the fact. And Europeans should stay out of our politics...even on this board.

This is no way to make friends ... this is an international audience

I wouldn't click on your link if you had one

I can't follow your logic.

Thats because there is no logic there, CastleBravo has simply gone off on one without giving the topic any thought.
The suggested proposal is just a scheme to attempt to save taxpayers money and prevent a further meltdown of the domestic property sector.

[mookiemookie]

Originally Posted by CastleBravo

It's about Barack Obama and his Communist policies..

Wait, I thought he was a socialist? The two are mutually exclusive.

You wingnuts can't even get your sloganeering right....

[AVGWarhawk]

I do not think this is a bad thing. Really, some folks are just so far under. How many tent cities do we need? It is a big debacle. However, those that did not screw up and kept up with the mortgage are seeing diminishing returns. I do not feel good about that. I feel I'm getting penalized for doing the right thing. Then talks of removing deductable interest on your home loan for your taxes? Where is the incentive anymore?

Also, will this make the government a slum lord? I would venture to guess it would.

[Oberon]

So, the second American Civil War is coming along alright then? Good good, carry on

[AVGWarhawk]

Originally Posted by Oberon

So, the second American Civil War is coming along alright then? Good good, carry on

Ummmm....how does home mortgages defaulting equate to the American Civil War?

[Oberon]

Eh, just the pro and anti-Obama wars, that's all.

[AVGWarhawk]

Originally Posted by Oberon

Eh, just the pro and anti-Obama wars, that's all.

I see. I think there is some reality starting to sink in on both sides. Reality one: He is not a rock star and one wave of his hand removes any ills the country and world are facing. Reality two: Those that were never for him are realizing this is a tough position to be in as a person(Obama) and although they were never for him these folks do wish some success for Obama. I'm one of the latter. Really, Obama has done nothing to me. He has done no more that any other politician who raised or lowered taxes, etc. I still moved forward. So, hey, throw in the towel and give the guy a hand or two for some successes. Give him some support on the real issues he faces. Obama is 4 years older than me. Hell, there is no way I would want his job at the moment.

[mookiemookie]

Originally Posted by AVGWarhawk

I see. I think there is some reality starting to sink in on both sides. Reality one: He is not a rock star and one wave of his hand removes any ills the country and world are facing.

I agree on this point. But those who thought he would do such a thing had completely unrealistic expectations. There are those of us who saw him as merely a smart guy who could do a better job of it than the other guy. He was not my first choice (still a Kucinich fan) but he's doing an okay job. Not great, but probably the best he can do given the mountain of problems we have.

[SteamWake]

So let me see if I have this right.

If you are defaulting on your home loan the federal goverment will allow you to 'pay rent' instead.

Pay rent to whom?

[AVGWarhawk]

Originally Posted by SteamWake

So let me see if I have this right.

If you are defaulting on your home loan the federal goverment will allow you to 'pay rent' instead.

Pay rent to whom?

Government would assume the loan and become slum lords from the looks of it.