why am i paying my neighbor's mortgage?

  • kaccioto

    Posts: 284

    Feb 20, 2009 3:01 AM GMT
    for an extra $8 in my paycheck?



    werk santelli aviance

    no sweeping democratic/republican remarks please..more an 'american' affair if anything..so just dumb remarks on that, mine included.
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    Feb 20, 2009 3:48 AM GMT
    you're question answered without a rough summation of the video. These videos are dull prolongations of my time.

    You are paying for your neighbor's mortgage because they are the ones that failed the economy. Someone said one day, "I'll give you a hundred bucks now and pay you 1,000 more hundred bucks later." Everyone trusted everyone's word. Now we have an economic crisis. No one can pay the "1,000 more hundred bucks later."

    Unless you've never had a loan or credit card than you are not in this. We pay taxes. We are in this together. The economy might actually shape itself up sooner or later.

    Americas economy has dwindled because of greedy bastards that are off to make a quick dollar
  • kaccioto

    Posts: 284

    Feb 20, 2009 4:15 AM GMT
    debussy81 saidThese videos are dull prolongations of my time.


    appreciate your prolonging via response

    why am i capped at 500k, where's my incentive..should i become a journalist
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    Feb 20, 2009 9:03 AM GMT
    You make 500k, and you're complaining?

    I have no pitty for those who have more than enough to live a luxurious life, yet still want more.
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    Feb 20, 2009 9:08 AM GMT
    kaccioto said
    debussy81 saidThese videos are dull prolongations of my time.


    appreciate your prolonging via response

    why am i capped at 500k, where's my incentive..should i become a journalist


    if you run a company and it's going bankrupt/losing oodles of money and you're taking another oodle-load of money from the government (and raising rates and fees on your consumers) to keep going... you should be fired. i wouldn't even begin to question why you're getting capped at 500k. that's entirely disregarding the entirely unethical bonus.

    i was taught that if i didn't have the money, don't spend it. if it isn't mine, don't take it. if i borrow it, use it as it is supposed to be used, and return it promptly.

    i was never rewarded lavishly for making a huge mess out of something.

    i DON'T ... run a company into a huge financial crisis, being responsible for dropping the share value to pennies on the dollar, go beg a few billion dollars out of the government and immediately throw lavish executive parties with huge bonuses, fire a bunch of low paid workers, jack interest rates sky high on customers, go beg more billions of dollars, buy a new top of the line corporate jet, throw more lavish parties and give out huge pay raises to myself.

    if you're responsible for a company that tanks, then you go down with it.

    i'm not hurting, but a lot of people ARE. my 401k deflated like sticking a pig with a running chainsaw. the way these fatcats cry and whine when someone even suggests they act ethical is beyond reason. the rest of my thoughts on this subject need to stay in my head lest my venting cause a 5-alarm fire.
  • rnch

    Posts: 11524

    Feb 20, 2009 11:14 AM GMT
    yeh, how dare i buy and make regular, monthly payments on houses i can actually afford for the last 20 years?

    HOW "un-american" of me! icon_rolleyes.gif
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    Feb 20, 2009 11:26 AM GMT
    I agree with Santelli. I'm a fiscal conservative, and have never been more disturbed than I am right now. I don't blame the Obama administration because, after all, it was the Bush administration that got this stimulus package started, and it's largely the conservative, greedy bankers who got us in this pickle in the first place (though there are plenty of liberals who were also on this bandwagon).

    My concern is that we're rewarding bad behavior by penalizing those of us who work hard to make our mortgage payments and pay off our credit card bills each and every month. It's insane, really.

    I hate to say it, but the stimulus package is one big fail. It won't work.
  • coolarmydude

    Posts: 9190

    Feb 20, 2009 12:33 PM GMT
    Tapper said, "My concern is that we're rewarding bad behavior by penalizing those of us who work hard to make our mortgage payments and pay off our credit card bills each and every month. It's insane, really. I hate to say it, but the stimulus package is one big fail. It won't work."




    PREFACE: I will equate "bad behavior" with lazy.


    It's obvious that people largely view losing a job (or jobs) due to layoffs and contraction as a sign of laziness. It's obvious that people still don't realize that these "lazy" unemployed who, after wiping out their 401k and savings, still can't make ends meet because there is no job (spare me the McDonalds load) to help them stabilize their home economy.

    Of all people, Mr. Bigshot Santelli has the nerve to strike this chord when he didn't squawk the same when Big Banks and Wall Street were getting their bailout! I think he was expecting the remaining $350B to come their way and it's not! The way I see it, Wall Street needs to focus on lawyers and an alibi.

    This bailout plan is a stop gap measure. But I do have one question about it: If this is intended to shore up the shrinking value of homes, does the bailout recipient have to pay it back when the home value increases again? Valuation is a fluid thing.
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    Feb 20, 2009 12:37 PM GMT
    jprichva said
    Tapper said I hate to say it, but the stimulus package is one big fail. It won't work.


    It's astonishing to me that anyone can say something like that when it was signed into law 2-1/2 days ago. If you have even a shred of intellectual honesty, you will admit that you don't know that it will work, and you don't know that it won't.

    Personally, this Santelli rant is just cheap, easy demagoguing. The truth is that foreclosures help propel the housing market downward, and while it may be annoying that someone who didn't "play by the rules" is going to benefit from a foreclosure aid plan, the fact is that the other 93% who do pay their mortgages on time will benefit also, by halting the decline in their property values and their neighborhoods.

    This is a crisis whose proportions a lot of people don't seem to understand yet. Recessions are ended only when something essentially happens along to end them. There is nothing on the horizon that looks like it will happen along. Americans do not have incomes to support a pre-crash level of spending. There can be no more internet bubbles, no more housing bubbles---as it is, houses are too expensive even now, even after these price declines--for the average American. There is no more easy credit expansion.

    There is NOTHING that will swoop down and solve this. But to listen to those who complain about the stimulus and the foreclosure package, we will grow our way out of it.

    Yeah, in 25 years or so, which is how long it took the Dow to recover its pre-1929 price levels. Literally. It was 1954.



    Far too much of the stimulus funds are going back to homeowners who never should have been given a loan in the first place. This is where Obama's solution hits a wall. Those in power seem to think that a vast majority (not a majority, but a VAST majority) of friggin' irresponsible homeowners currently in default, or damn near close to it, will suddenly become responsible. It's ridiculous to assume this, and it's a philosophy that will only end up hurting us more.

    This is not a simple recession we're in. It's much deeper than that. We are on the verge of a global depression. The ripple effects are ripping through every single industry; every one. I don't know of a single industry that's not being negatively impacted by this.

    I'm not saying I know it all, because I certainly don't, but anyone with the ability to balance a checkbook knows this stimulus bill is a huge gamble. The admin's scales favor the irresponsible. It's that simple ... and that's scary. To put trust in those who care little about their credit rating is nothing short of retarded.
  • coolarmydude

    Posts: 9190

    Feb 20, 2009 12:41 PM GMT
    Tapper,

    That argument would only hold true if the $700 Billion bailout didn't pass to begin with. This bailout is taken from that $700 Billion that half went to the lenders and investors already. Remember that we still don't have an accounting of where it all went?

    What's good for the goose is good for the gander.
  • coolarmydude

    Posts: 9190

    Feb 20, 2009 12:45 PM GMT
    Continuing from my previous post...

    The first $350B was intended for banks and lenders to refinance mortgages and especially change ARMS to fixed-rates. In concert with that bailout, the FEDs lowered the interest rates to get this all going. It was to create market fluidity so that the cash could start flowing.

    But the banks and lenders have already balked and many are reportedly buying more assets and smaller banks. They're not using their share properly. If this whole deal fails, it's because of that.
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    Feb 20, 2009 12:58 PM GMT
    Good question. Now it is mortgages, next it will be credit card debt, auto workers and auto executives, etc.. I think it is called "moral hazard". By seemingly rewarding irresponsible behaviour we increase the risk of it happening again. All I know is that if you are responsible and pay off your debts, and live within your means, you have the dubious reward of helping out those that did not, and seeing your retirement investments plummet in value. icon_mad.gif

    Now that I have vented, the reason why the politicians are helping out the homeowners is the same reason they helped out the financial institutions and the car companies. By doing so they are trying to avoid a very long and deep recession with all its' negative ramifications.

    As for the 500K limit, I personally think it is silly to try and control the market place for salaries, that should be left up to the board of directors and the shareholders, but as long as private sector companies go to the government for help, that is the price that will have to be paid.
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    Feb 20, 2009 1:12 PM GMT
    SurrealLife said Now it's mortgages, next it will be credit card debt, auto workers and auto executives, etc.. I think it is called "moral hazard". By seemingly rewarding irresponsible behaviour we increase the risk of it happening again.


    We all know people who took out home-equity loans and spent the money on vacations or over-lavish kitchen redos. Others took out interest-only mortgages to buy McMansions they should have known they couldn't afford. A mortgage bailout is a blunt instrument that can't distinguish these people from those who lost their jobs and deserve help.
  • coolarmydude

    Posts: 9190

    Feb 20, 2009 1:21 PM GMT
    For what it's worth, if I were in office at the time of voting for the $700B, both times I would have voted against it. Not because I don't believe that the situation will take care of itself, but because it was too loosely written and moved without careful consideration. The crisis was just starting to come down and the initial reactions overpowered common sense and decency. The bill was too vague and left room for failure. It is a gamble.

    The good thing is that it has left itself for writing more rules, which is what this homeowner bailout is and what the "Bad Bank" will be.
  • Mikeylikesit

    Posts: 1021

    Feb 20, 2009 1:39 PM GMT
    Welcome to Socialism...........icon_biggrin.gif
  • Posted by a hidden member.
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    Feb 20, 2009 1:43 PM GMT
    and what about the Wall street bailout, the Bank Bailout, the Auto Bailout. Why shouldnt the american home owners get help????
  • HndsmKansan

    Posts: 16311

    Feb 20, 2009 1:45 PM GMT
    Now Leach!!!
    icon_mad.gif


    Sorry I just had to say that in public......
  • Mikeylikesit

    Posts: 1021

    Feb 20, 2009 1:46 PM GMT
    sfinboston saidand what about the Wall street bailout, the Bank Bailout, the Auto Bailout. Why shouldnt the american home owners get help????


    My guess is that your benefiting from all this crap. Where as Us responsible citizens that lived within our means get ....well...All of $13/month....Let me run to the bank with that.......LMAO....icon_surprised.gif
  • rnch

    Posts: 11524

    Feb 20, 2009 1:51 PM GMT
    don't worry so much!

    Barry's gonna fix it.

    "hope and change" yeh rite icon_rolleyes.gif

  • Posted by a hidden member.
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    Feb 20, 2009 1:53 PM GMT
    I often see this behavior when dating. "It's all about me" syndrome.

    Sorry this is the UNITED States of Americe..Not the All about Me America. I was taught you help out your fellow American's when they are in troubloe. You help out your nieghbor when they ar in trouble. Not just go through my life forgetting about those in trouble.

    You're helping your Nieghbor out. You're helping them keep thier home, Helping them get back to work or keep thier job until times get better.

    United We Stand!
  • Timbales

    Posts: 13993

    Feb 20, 2009 2:00 PM GMT
    Your neighbor, along with many other people, spent money they didn't have.
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    Feb 20, 2009 2:03 PM GMT
    Timberoo saidYour neighbor, along with many other people, spent money they didn't have.


    I guess you have never spent more than you have. Did it make you a bad person, or just a person who made a mistake? Or one who like many got caught up in keeping up with the Jone's? It doesn't make them bad people. Nor should it keep you from helping them.
  • Timbales

    Posts: 13993

    Feb 20, 2009 2:05 PM GMT
    Cowboiway said
    Timberoo saidYour neighbor, along with many other people, spent money they didn't have.


    I guess you have never spent more than you have. Did it make you a bad person, or just a person who made a mistake? Or one who like many got caught up in keeping up with the Jone's? It doesn't make them bad people. Nor should it keep you from helping them.


    You get a lot of exercise jumping to conclusions?
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    Feb 20, 2009 2:09 PM GMT
    1. TARP and the stimulus are getting mixed up in this discussion. They are different bills passed by different Presidents.

    2. Someone wrote:

    Far too much of the stimulus funds are going back to homeowners who never should have been given a loan in the first place.

    But:

    Half of the money in the stimulus bill is going to tax cuts. I don't think any of it is for homeowners.

    None of the money in TARP is for homeowners. It's for banks.

    There *is* a housing plan put forward. But it is very selective in who it helps. And it doesn't help people who took risky mortgages. In fact, it doesn't help that many people at all:

    From the New York Times:

    Not many of the subprime loans at the heart of the foreclosure problem will be eligible. And the loan cannot exceed 105 percent of the current value of the property. Since prices have fallen almost 50 percent in some areas, like Phoenix, Las Vegas and parts of Florida, the cap will exclude many homeowners.

    3. I don't like the bailout either, but the results suck either way. If say one fifth of the houses in my town get foreclosed on, my house suddenly becomes worthless. Republicans don't believe this, but sometimes sharing a community (or a country) means sharing a future.



  • Posted by a hidden member.
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    Feb 20, 2009 2:10 PM GMT
    No, I just really dislike people who condemn those in trouble. Those who are his fellow Americans who got them selves into some trouble and need our help.

    Instead of lending a helping hand they turn thier back on them, condemn them as if many don't already feel bad enough facing losing thier homes.

    Try showing a little compasion.

    We are Americans and United We Stand? Or do we forget this when it comes to money? Do we now turn our backs on each other?