stupid, stupid, stupid, stupid!!

[jon chapman]

I havnt been watching the debates 'cause I get incensed by the stupidity I hear. last night I turned the debate on against my better judgement and the very first statement out of John McCain (Whom I support, begrudgingly,) is:
"As president I will order the secretary of the Treasury to buy up these bad mortgages and demand banks renegotiate the loans to reflect current values." or some such nonsensical crap!

I couldnt beleive my ears. Thats democrat talk!
My wife and I have worked years to afford what we have. We have never bought over our means and have never used our home equity except as a down payment on the next house.

I agree that something had to be done and the bailout was a necessary evil, although I'm angry as hell that they loaded it with more spending. But now I have to pay for the idiot who signed a loan for more than what they could afford. And dont you dare try to blame 'predatory lenders'
If the people who signed the papers couldnt read or refused to read the fine print, then they shouldnt own a house! and they deserve to loose thier home.
I'm friggin mad! and my only hope is that Obama wins, does every thing he says he will do and the country goes to hell whis is where Obama will take us and unfortunaly so will McCain. Then finally these Idiots in congress will hold down spending, the public will remember personal responsibility and we can get back to where this country should be.

I really wish I supported Ron Paul when he could have made a difference!!!

[CarolinaProWash]

Speaking from a place of one who was put into a home 9 years ago by a "predatory lender", we have absolutely taken FULL responsibility for the high interest rates that we are paying by DOING WHAT IS NECESSARY TO STAY IN OUR HOME. I did the actual closing documents and read the fine print so I knew going in that if we ever had a change in circumstances, we might struggle. We (husband/wife) chose to start our own business - we have worked our ***** off to make ends meet, which, as you know means your taxable income is sort of puny those first years. NOW, because of all of the "other" people who don't have a decent work ethic or enough integrity to take care of themselves, not only are we still going to be paying nauseating interest rates, but still won't be able to reach our goal of refinancing because (a) the market value is crap AND (b) lending rules are less apt to allow us to do so. So here we are - doubly screwed by stupid politicians and deadbeats. Wonderful.

You know what will happen - we will continue to work like hell to make our business stronger, continue to pay and be productive citizens. Will there ever come a time - in either administration - where an average hardworking family won't get boned every time they turn around?

[MudDuck]

This problem is due to those "mom and pop" mortgage shops that popped up on every street and strip mall in the country. They didn't give a rip about CHECKING the validity of the info put on the application. (income / job) In fact they "coached" people concerning income amounts and what to put down to get approved. They didn't care because they got 3-6% on every loan they could get approved as soon as it was approved. They then sold their mortgage bundles to a bigger guy who then sold them to the big guy who could absorb some losses and needed some losses for their sheets then sold them to Fanny and Freddy.
Those who got caught in the sub prime interest scam were told they would be able to "re finance" in a few years AFTER THEY GAINED SOME CREDIT by making payments on these loans and could avoid it,,,no problem...Bear in mind most if not all of these folks NEW how lucky they were to get a loan to start with so they jumped when given the chance at a "no money down" 110% to value loan. I mean heck I get a new house and another 15k in my pocket to buy new furniture!!! Who'd a thunk it. When the sub primes re set and things got tuff those folks just walked away because they didn't have anything in it except a little "rent money"...It was ACORN and special interest groups,,aka African american advancment groups that threatened banks with bad press about being racist and discriminatory to push these loans. The banks then learned to re package them and sell them to Fanny and Fredy aka privately owned Fed banks who could eat them, who were run by sympathetic Libs who were in the pocket of those special interest groups to start with...And here we are folks!!! Everyone in the biz knew this was going to happen they just took the easy free money as long as it was there to take. Just a big "pyramid pass the buck up and let the govt eat it" scheme is all it was. From the beggining.

[Mountain View]

Originally Posted by jon chapman

Then finally these Idiots in congress will hold down spending, the public will remember personal responsibility and we can get back to where this country should be.

As much as I'd like to return to the Leave it to Beaver times myself, don't hold your breath. I'm as frustrated as anyone. I pay my bills, taxes, mortgage, etc. don't live above my means (although I am soooo tempted to finance a bigger PW and trailer!). Like it or not, there does need to be more regulation on the financial sector. When you mix large amounts of money and greedy people together and DON'T have strong oversight and regulation, what does anyone seriously expect to happen? There are so many things that led to this; SEC reversal on the requirements of financial institutions to maintain adequate cash reserves along with allowing these institutions to “self regulate” themselves (fox in charge of the hen house comes to mind), deposit banks being allowed to operate like investments banks, investment banks offering "swaps”, not insurance (which would be regulated) as coverage for risky financial instruments, and the list goes on. Until the American electorate gets pissed off enough and puts pressure on our elected representatives, this will continue. Apathy on all of our parts is the biggest problem. Not willing to put in the effort to understand issues, allowing ourselves to be spoon fed propaganda (by all sides) is the real issue here. (Pete steps down from his soap box)

[Jeff]

Jom. I am mad also. They both said nothing good. I couldn't believe when I heard yesterday that we are buying out all this crap. I to know somethings have to be done. But what happens when we buy them out, give them better rates lower payments and they still can't afford their $200,000. $300,000, $400,000 homes, what do we buy them out again. I feel for people but I am sorry we can't bailout and buy everything like our President is proposing and doing and the two candidates say they are going to do. They both said crap last night I turned it off after a while it was useless to watch

I am no financial guy, far from it, but when I went to several lenders and they said take more $ than I wanted or do this type of loan or this other type I knew enough to know I wanted to know how much I had to pay every month. Could I have gotten something other than a Fixed Loan, yes but I wouldn't because I didn't want some floating rate or didn't know enough about them. We can't bailout the whole country.........well I guess we can because we are.

I hope the economy does its natural turn around because sure as hell no one at the top really know what th hell to do

Forget about getting rid of regulations like we have over the years, we have to regulate so this never happens so bad and if it does happen at all , there's laws to put these theives in jail. Now there are very few or any laws and these mortgage brokers, banks etc a getting away with the crime of the century. Crap this is all wrong

Good luck to us

[Jeff]

Originally Posted by MudDuck

This problem is due to those "mom and pop" mortgage shops that popped up on every street and strip mall in the country. They didn't give a rip about CHECKING the validity of the info put on the application. (income / job) In fact they "coached" people concerning income amounts and what to put down to get approved. They didn't care because they got 3-6% on every loan they could get approved as soon as it was approved. They then sold their mortgage bundles to a bigger guy who then sold them to the big guy who could absorb some losses and needed some losses for their sheets then sold them to Fanny and Freddy.
Those who got caught in the sub prime interest scam were told they would be able to "re finance" in a few years AFTER THEY GAINED SOME CREDIT by making payments on these loans and could avoid it,,,no problem...Bear in mind most if not all of these folks NEW how lucky they were to get a loan to start with so they jumped when given the chance at a "no money down" 110% to value loan. I mean heck I get a new house and another 15k in my pocket to buy new furniture!!! Who'd a thunk it. When the sub primes re set and things got tuff those folks just walked away because they didn't have anything in it except a little "rent money"...It was ACORN and special interest groups,,aka African american advancment groups that threatened banks with bad press about being racist and discriminatory to push these loans. The banks then learned to re package them and sell them to Fanny and Fredy aka privately owned Fed banks who could eat them, who were run by sympathetic Libs who were in the pocket of those special interest groups to start with...And here we are folks!!! Everyone in the biz knew this was going to happen they just took the easy free money as long as it was there to take. Just a big "pyramid pass the buck up and let the govt eat it" scheme is all it was. From the beggining.

Gov its and now we eat it. good post for a Duck

[Doug Dahlke]

Originally Posted by jon chapman

I really wish I supported Ron Paul when he could have made a difference!!!

People thought Ron Paul was a joke. A candidate like him is the only hope that this country will ever return to what it was meant to be.

Almost all the politicians on both side of the aisle are dirt bags.

[Beth n Rod]

Originally Posted by jon chapman

I havnt been watching the debates 'cause I get incensed by the stupidity I hear. last night I turned the debate on against my better judgement and the very first statement out of John McCain (Whom I support, begrudgingly,) is:
"As president I will order the secretary of the Treasury to buy up these bad mortgages and demand banks renegotiate the loans to reflect current values." or some such nonsensical crap!

I couldnt beleive my ears. Thats democrat talk!
My wife and I have worked years to afford what we have. We have never bought over our means and have never used our home equity except as a down payment on the next house.

I agree that something had to be done and the bailout was a necessary evil, although I'm angry as hell that they loaded it with more spending. But now I have to pay for the idiot who signed a loan for more than what they could afford. And dont you dare try to blame 'predatory lenders'
If the people who signed the papers couldnt read or refused to read the fine print, then they shouldnt own a house! and they deserve to loose thier home.
I'm friggin mad! and my only hope is that Obama wins, does every thing he says he will do and the country goes to hell whis is where Obama will take us and unfortunaly so will McCain. Then finally these Idiots in congress will hold down spending, the public will remember personal responsibility and we can get back to where this country should be.

I really wish I supported Ron Paul when he could have made a difference!!!

Yeah, that was a real WTF?!?! moment. I could not believe my ears. It's about the WORST idea I have heard in a long time. There are no easy answers to the problems we are facing, no simple equation, and it certainly will not improve overnight. And while we are on it, I am not sure I agree with cutting the prime rate again either. What a joy that was to wake up to.

Beth

[John T.]

Its going to be another close race again since this country is so divided. They should have both of these guys just answer yes and no to alot of these questions instead of just talking circles all the time....but then again thats what Politicians do.

[Beth n Rod]

I'm not so sure it's going to be that close of a race....Not like Bush vs Gore.

Beth

[copgib]

I have never been impressed with either candidate. Normally I am a Republican but I don't like the ticket this time. I feel there were stronger subjects in the republican party that would have faired better than McCain is doing. I don't like his pick as VP either. It seems all she is doing now is running around the country bad mouthing Obama. I feel all this is doing is hurting McCain with all the negative talk. They should be driving home the ideas of what they are going to do to save our country. My prediction is that Obama wins by a large point spread. Reason, all the negativity from Palin & McCain will be like the Titantic going down. As far as Obama for President I guess it will be either the best 4-years to come or we will all be getting for food from the welfare offices that they will have to setup as they continue to totally ruin our country and economy. Like all others have said before, I am real mad also. Those fat politicians have been raping our country and economy for many years with all the pork barrel spending, now we see the results. If I had the power I would hire everyone of those guys & gals and replace them all with middle class people and I would tax the hell out of anyone making over $300,000. Well I better go calm down now I said what I wanted too. We have been crapped on too long, I can hardly see anymore with crap up to my cheeks. Hugh

[Scott Stone]

I think that it will be closer than you think. I am betting within a half percentage point. It certainly will not be a land slide, unless something comes up that proves one or the other candidate is really, really dirty, and all the media outlets pick it up, ad Nauseum.

Just remember, we are all dependent on high income people. If they are getting taxed to death, it means that they dont have the money to pay us for our services, particularly those that do residential. If that happens, it effectively lowers the actual tax revenues that are collected. Remembering, that every dollar spent, on average, is turned over 7 or 8 times in the economy, before it is eaten up in taxes.

[Mountain View]

Without playing favorites (I don't trust any of them) unless Obama / Biden screws up, I don't see it being close.

[Douglas Hicks]

Both candidates are full of crap. Each promises what they personally will do for us and neigther one mentions that the Congress decides what will be funded and what will not be funded. No funds, no program.

[CarolinaProWash]

Has anyone wondered just how many people would be so interested in the capitol hill jobs if their salaries were "normal" and their retirement package was like an average worker's? Honestly, if the pres were not to get such unbelievable perks in and after office, you think they'd fight so hard to be one? Or if they'd be more responsible when they were in office?

Celeste