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Bush To Help Mortgage Flunkies

Discussion in 'Political Discussion' started by scout, Aug 31, 2007.

  1. scout

    scout Veteran Starter w/Big Long Term Deal

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    #15 Jersey

    What a freakin' joke. What happened to the conservative Republican Party. I have no doubt the Democrats would offer up a similar plan, but its just wrong. Crack down on the banks in which gave these mortgages to people who couldn't afford them, but don't reward the customer for bad judgement. Heck, I would love to get a lower payment, should I miss a payment so that I can get it through this initiative. I know examples of people who remortgaged so they could drive a bigger vehicle. They need to eat some luxury if they get government help.

    http://money.cnn.com/2007/08/31/news/economy/bush.ap/index.htm?cnn=yes
     
  2. STFarmy

    STFarmy In the Starting Line-Up

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    I agree completely. If one did any research at all, they would have discovered that these sub-prime loans were a TERRIBLE idea. Just terrible.
     
  3. fleabassist1

    fleabassist1 In the Starting Line-Up

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    #12 Jersey

    Bush is SUCH an idiot that even when he helps ppeople he is wrong!


    And yes, I agree with you that these where a bad idea xD
     
  4. QuiGon

    QuiGon Banned

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    Unfortunately when one party is offering free money to people, it's tough to be the party that opposes that (and stay in office). The party giving away free money is called "compassionate" and "tolerant" while the other party is called "heartless" and "nazis".
    I said the same thing when people suggested the government should help bail out Enron employees who lost their entire 401(k)'s back in 2001. Unfortunately the government we have elected loves to give hand outs.

    They shouldn't bail anyone out and they shouldn't crack down on anyone. The banks that were stupid enough to give these mortgages and the people who were stupid enough to take them should all have to live with the consequences.
     
    Last edited: Aug 31, 2007
  5. scout

    scout Veteran Starter w/Big Long Term Deal

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    #15 Jersey

    Bush's administration has been anything but conservative. It is not tough to not give out money, its called being fiscal restraint. Something we have not seen during Bush's term. Bush only recently called for constraint, after the Republicans were voted out. Yes, there needs to be restrictions on giving out mortgages for people who have no right receiving them. Pres. Hoover, who is always portrayed as a loser, insisted on restrictive policies immediately after being elected. He was denied and we all know that result.
     
  6. godef

    godef In the Starting Line-Up

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    Aaaah!... so that's what tax cuts are all about? :D
     
  7. scout

    scout Veteran Starter w/Big Long Term Deal

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    #15 Jersey

    Just to confirm my position, yes Bush is an idiot. Has not shown fiscal responsibility during his tenure to go along with his inept foreign policies. As I stated, makes no difference to me which party makes this policy, it is wrong.
     
  8. Real World

    Real World Moderator Staff Member

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    #1, most people have been saying for years that GW is not a conservative, or a fiscal conservative that is. He's spent more than a liberal dem could have ever dreamed.

    #2, I agree that government bail outs are wrong. It's not the governments problem. It's the problem of the idiots who took out stupid loans they couldn't pay, and more importantly, of the companies that gave THEIR money to people they should've known, weren't going to be in a position to pay it back. By bailing out stupidity, and fiscally irresponsible people, you only stand to encourage similar behavior in the future.

    #3, it's too bad most people's outrage at a government handout here, amazingly disappears when the same handouts & waste are given elsewhere. Hmmm....why is that so?

    BTW, I didn't read the article, but I'm pretty sure I know what the simplistics are inside it.
     
  9. Real World

    Real World Moderator Staff Member

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    I 100% agree on how hand outs are viewed. People just don't get how wasteful our government is, and how it isn't intended to be a crutch for people.

    The government shouldn't bail out people by rule.

    This is where I may disagree. I think the government does have an obligation to "crack down" on sinister practices. I would agree with you in the sense that it shouldn't over regulate, but it should keep a watchful eye for criminal intent.
     
  10. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    A lowering tide lowers all boats. You can bet that if too many people lose their homes it will have negative consequences for all of us. Sure, those in sensible mortgages shouldn't have to pay extra to help out the ones who need a separate bathroom for every member of the household; but lets say you work for a bank which is in danger of going under because of all the dummies. Why should you pay by way of losing your job just to hold firm on some vague principle? Sure it sucks to have to rescue a bunch of idiots; but the alternative is worse.
     
  11. QuiGon

    QuiGon Banned

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    Tax cuts: Allowing people to keep more of their money that they earn.

    Wealth redistribution: Taking money from me and giving it to other people. In this case, the idiots that got into trouble with their mortgages. Anyone that pays their monthly mortgage bills faithfully is being punished. The irresponsible are being rewarded and bailed out.
     
  12. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    :mad: The alternative is to stop electing the smiley-faced TV characters or the ones who you like the looks of or the ones with the right religious point of views. Wake the fu-k up, everyone! This should put an end to the debate on who's more conservative, the democrats or Republicans. Who's more liberal? Which one is in favor of continuing the "war" in Iraq? The answer is NEITHER. THEY"RE BOTH THE SAME!

    Ron Paul for President ...or if you're more liberal, Dennis Kucinich. To me, these guys are the only ones left with any semblance of decency and integrity. No one else stands for the People any more. A vote for anyone else is a vote for the status quo, and my friends, we can't afford it any more! :mad:
     
  13. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    It wasn't clear to me exactly what the bailout consists of so I don't have much comment on the details.

    In general, though, there's a lot of stupid people who did a lot of stupid things and I agree with the majority here that they should suffer the consequences. And although I was smart enough to get a fixed loan (at a higher rate than I could have had an adjustable), it would still hurt me if the stock market tanked another 1,000 points if there were no bailout - so I'm not saying it just because it doesn't affect me, it affects me and probably everyone here in some way. Evictions and apartment rentals should be the result.
     
  14. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I think the alternative is better. Like I said, it would hurt my stocks. It would hurt my house value. But so be it. At some point people have to learn there's consequences for their actions, don't they ? Additionally for everyone it hurts it will help someone else by repricing houses to more reasonable levels so those who can actually make their payments on a fixed loan can by a $200K house for $200K not $500K.
     
  15. Real World

    Real World Moderator Staff Member

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    Say what? Are you sane? It is not the responsibility of the government to subsidize the stupidity, profiteering, or irresponsibility of any person or corporation. If a bank is retarded with it's money, it is the banks fault. I feel bad for the employees, but that not my problem. If I can't run my masonry business responsibly, should the government take your hard earned money and give it to me, cuz I might close or lay off some employees? No way!
     
  16. Real World

    Real World Moderator Staff Member

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    AMEN! Oops, sorry for getting religious. :D

    But Amen anyway Wistah! :mad:
     
  17. Real World

    Real World Moderator Staff Member

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    Exactly. These things happens in all finacnial fields. Housing goes up, exceeds it's actual value, and the overreach ends up correcting itself. If people are too stupid to know that paying $450k for a single family is Revere, or $420 for one in Chelsea, is a bad financial decision, then they have to pay the price. That goes for the tardo that decided to give said person a $400+k loan on a $40k annual salary.

    Those are not my problem. Again, when you bail these people out because you "feel bad" for them (emotion and government people), you only serve to encourage the same behavior to continue.
     
  18. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    That's just it, those people are exactly your problem. Everyone has a job or business for just one reason, because someone else can afford to buy whatever product or service is provided. If nobody can afford to buy your product you lose your job or your business fails. If hundreds of thousands of people lose their houses, hundreds of thousands more will be affected. In the end you get a domino effect that triggers a recession or depression. Which will cost a lot more than the bailout.

    We don't need to worry about encouraging behavior. All we need to do is go back to the sensible credit laws we had for decades. This crisis didn't just appear out of thin air. You could have seen it coming when the credit rules were relaxed.
     
  19. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Democrats would love a recession or depression. Man would that be great.

    This whole mortgage thing is a mess but it's a mere bump in the road to a strong economy. It was always overblown and can't come close to what Democrats would like. We need to let it run it's natural course, all take a little or big hit, and let the market reset property prices appropriately.
     
  20. Real World

    Real World Moderator Staff Member

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    Oh, ok, I see now. Yup, you're right. The government should bail people out when they make dumb, stupid, idiotic financial decisions. I think I've seen the light. I'm going to go buy an S500 Mercedes tomorrow even though I can't afford it. Afterall, the government will just pick up the tab. :rolleyes:



    These problems fix themselves when you don't bail anyone out. If Visa goes under, that's their problem, not mine. If you're a dope that lives on credit you can't afford, guess what? THAT"S THEIR PROBLEM!
     

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