Your thoughts on the Mortgage Bailout

[The Count]

I hate to link to another thread, but I'm interested in what more of you think, and after reading a poll on it tonight, I figured it was worth putting a link in Gen Chat.

Santelli on the mortgage bailout

[leesredgt]

I didnt read the link,but i think the morgage bailout is a pile of s*** personaly.Its jsut screwing up my future and raising the cost of living.Whatever though.I dont care anymore.America is going to Hell in a handbag.

[Jesda]

1. Throw other people's money at a problem hoping it magically goes away.2. ????3. PROSPERITY!

[The Count]

^ Haha!

The poll is up to 92,400, and still at 92%. Nice!

[themadscientist]

1. Throw other people's money at a problem hoping it magically goes away.2. ????3. PROSPERITY!

[dangeris]

Personally, I think the govt made a HUGE mistake by bailing out the banks. It obvious that they couldn't make sound financial decisions so what does the govt. do?.... give them more money. What a bunch of $hit. The should have just given the money to the people to help them out in these times of need.

[numbnuts240]

i'm sick of all these bailouts. someone else made bad judgment calls and screwed up so now it's up to the american taxpayers to get them out of trouble? i'm sorry, but that's a load of bulls***. i'm not in danger of losing my house, and if i were, i wouldn't expect anyone to help me out. if it were my own careless spending, or me taking on more mortgage than i could handle, it would be my own fault. if i lost my job, then hey, times are bad, and i should have saved more money to hold me over until a new job came along.

same thing with these big businesses. how is it my problem that they failed as a business? why should my tax dollars go to help them out? they made the poor business choices, that's just capitalism. free business succeeds, and free business fails, it's just how it is.

[nissangirl74]

I hate to link to another thread, but I'm interested in what more of you think, and after reading a poll on it tonight, I figured it was worth putting a link in Gen Chat.

Santelli on the mortgage bailout

The federal governemnt has failed miserably once again. When they bailed out the banks, they did ZERO to help out the American people. They should have taken that money and paid off people's mortgages. THAT would have been a win/win situation. It would have prevented people from losing their homes and as a side effect, stimulated banking activity. Banks and lenders made poor business decisions. They made loans to people who could not afford to pay them back and I think they should have to accept responsibility for that.

[Cold_Zero]

Do we have any details of the plan? From what I understand, money will go to make new terms (possibly new loans) to Mortgages that were subprime, under water (I assume upside down in their loan) and with already sky rocketed ARM interest rates. While it sounds noble to 'bailout' these homeowners, I can't help but think that we would be condoning irresponsible behavior. Now before anyone jumps my case, I have said (in this forum) before on this topic that everyone from the borrowers, builders, realtors, inspectors, lenders, mortgage brokers, secondary market, investment firms to the investors in toxic securities are all culpable in this mess.

And what about the home owners that cut back, budgeted, saved and paid their mortgage? Where is the benefit for doing the right thing? To me it appears that the benefit goes to people who were irresponsible and the people that did the right thing, will have to pay for that..

[numbnuts240]

And what about the home owners that cut back, budgeted, saved and paid their mortgage? Where is the benefit for doing the right thing? To me it appears that the benefit goes to people who were irresponsible and the people that did the right thing, will have to pay for that..

that's what i'm saying. i budget my money very well, i have money in the bank for emergencies, and i am nowhere near to being in trouble with my mortgage payments. where is my reward for being smart about things? it's almost to the point where i should max out my credit card, spend all my savings, stop paying bills, and let the government use tax money to get me out of trouble.

[Cold_Zero]

it's almost to the point where i should max out my credit card, spend all my savings, stop paying bills, and let the government use tax money to get me out of trouble.

That is what got us in trouble, from 2005- Present, in the first place. Why didnt the Government and the American Public take note that there were companies/not for profit groups helping people just walk away from their debt load with out even trying??? They even advertised on TV and radio on how to do it.

[OriginalWheelman]

Any parent can tell you that you should not reward someone for doing something wrong. This is another slap in the face to responsible people all over the country.

[numbnuts240]

because people are morons. it's the american mindset, live in excess and when you fall flat on your face, uncle tom will bail you out. while it's good in theory, it doesn't make the situation any better. the lesson doesn't get learned.

[DrifterXRPS13]

+3 on what tito has said. testify brother!

[OriginalWheelman]

But it will get Obama a lot of votes when he runs for reelection.

[audtatious]

People do not automatically deserve something just because they are humansPeople do not automatically deserve something just because they are AmericansPeople do not automatically deserve something because they are "X" skin colorPeople do not automatically deserve something because someone else has itPeople do not automatically deserve something just because some people say soPeople do not automatically deserve something just because they can have kidsPeople do not automatically deserve something just because they may have to work harder than the next person

People do not automatically deserve a damn thing

[numbnuts240]

everyone needs to stop being lazy and earn everything they have. i'm sick of people getting handouts with my money that i earned because they're lazy, stupid, etc.

[OriginalWheelman]

Exactly. I have no idea where this sense of entitlement comes from. Yes you can be anything you want and do anything you want, but you have to WORK for it. This is the land of opportunity. There is nothing that keeps you tied into your current standard of living but yourself. The credit system can slow you down, but America did fine without credit before it came around less than 100 years ago. If you can't afford something, you save for it. For modern Americans, this has become, If you can't afford something, you charge it. People used to leave homes to their children, now their children sell everything in their parents estate trying to get it to break even. People swipe cards and sign papers with no concept of how it's all really going to end up, and they crash and burn. Now the people who are themselves struggling because of the economy, but still making it, are being mantled with a burden to carry the people who couldn't make it? Better idea, let them sell their house to the people who were saving and could afford it. The housing surplus would surely lower housing cost, and that would make a buyers market. Then, people who couldn't afford a house because of the higher price, but now could, would buy houses and *Gasp* pay their mortgages.

[heliochrome85]

People do not automatically deserve something just because they are humansPeople do not automatically deserve something just because they are AmericansPeople do not automatically deserve something because they are "X" skin colorPeople do not automatically deserve something because someone else has itPeople do not automatically deserve something just because some people say soPeople do not automatically deserve something just because they can have kidsPeople do not automatically deserve something just because they may have to work harder than the next person

People do not automatically deserve a damn thing

this comes to mind...

[heliochrome85]

Do we have any details of the plan? From what I understand, money will go to make new terms (possibly new loans) to Mortgages that were subprime, under water (I assume upside down in their loan) and with already sky rocketed ARM interest rates. While it sounds noble to 'bailout' these homeowners, I can't help but think that we would be condoning irresponsible behavior. Now before anyone jumps my case, I have said (in this forum) before on this topic that everyone from the borrowers, builders, realtors, inspectors, lenders, mortgage brokers, secondary market, investment firms to the investors in toxic securities are all culpable in this mess.

And what about the home owners that cut back, budgeted, saved and paid their mortgage? Where is the benefit for doing the right thing? To me it appears that the benefit goes to people who were irresponsible and the people that did the right thing, will have to pay for that..

i could have sworn that bloomberg.com had an article describing the restrictions on this bailout. it doesnt look like people who signed up for mortgages that they could not possibly afford (eg. Octomom and her new 1.2 million dollar home...) would qualify. ill have to find it. i just wish i remember where i saw it.

[audtatious]

this comes to mind...

You make a good point. Please show me where it lists what people deserve by taking away from others? American Citizens have the right to life, liberty and the pursuit of happiness. They are born and allowed to live their life, with liberty and freedom to make choices and they have the right to pursue happiness. There is no guarantee they will be happy.

[heliochrome85]

i agree. if i wanted state mandated happiness, id move to utah.

[Cold_Zero]

To be honest, we have been bailing out people all the time in this country. We are re-building New Orleans because someone got the great idea of building a major metropolitan area under sea level. So when the next super hurricane comes along, I am going to have to pay for the rebuild again. Flooding along the Mississippi River, Forest Fires in California, Mud Slides in California and Hurricanes along the Gulf Coast and Atlantic States, we all pay for the rebuilding efforts..

[audtatious]

ooof

[Cold_Zero]

Here is a novel idea to avoid Foreclosure. Donate your house to charity!http://www.foxnews.com/story/0,2933,497426,00.html

[nissangirl74]

This probaboly wouldn't be considered a reliable source of information within the political forum but i thought it was interesting, so i thought I'd pass it along.

http://news.yahoo.com/s/ap/200...ayors

Obama seems to be thinking in reverse here. Give people a truckload of money and THEN ask them to account for it? BS! Make them give you a list of what they need, for what, and then make them file timely itemized statements as to how the money was spent.

UGH!!! This is so frustrating! Why is that those of us outside of Washington seem to see the situation so much clearer than the ones in charge????

[heliochrome85]

more like why is it that everyone thinks they can be an arm chair quarterback? Where was this scrutiny for the last 8 years? suddenly because Obama hasnt brought about Unicorns and pots of gold for everyone within the first month! of his presidency, he has been branded as a failure. Sounds to me like someone looking for a reason to not like the guy, vs. legitimate analysis. from the right? color me surprised.

[nissangirl74]

The accountability has not been there for a very long time and everything got dumped into Obama's lap. A great majority of those voicing opinions (everywhere) want to blame Obama. This is not his fault. This mess was here long before the election. Unfortunately, it is now his burden to bear. The best that we can hope for is that he surrounds himself with people that are willing to also step up and make the tough decisions necessary to save this country. I am in no way discounting his efforts to fix the mess. I just hope and pray that the accountability is much better with his plan than it was with the original bailout.

[audtatious]

more like why is it that everyone thinks they can be an arm chair quarterback? Where was this scrutiny for the last 8 years? suddenly because Obama hasnt brought about Unicorns and pots of gold for everyone within the first month! of his presidency, he has been branded as a failure. Sounds to me like someone looking for a reason to not like the guy, vs. legitimate analysis. from the right? color me surprised.

This was a long time coming and goes back further than the last 8 years (of which 2 were Dem-controlled Congress). I don't put the issue at Obamas feet but any failure and fallout via the stimulus spending I will.

[OriginalWheelman]

Where was this scrutiny for the last 8 years?

Are you seriously suggesting the Bush administration wasn't scrutinized?