With Hillary you get more government…it takes a lot of overheadd to run a Socialist state and be able to tell everyone, “You just send me all of your money and I’ll take care of everything!”
Keith
I once charged up a Best Buy card because it was interest free for one year. I had to pay it off within that yr. It took one month longer than I thought. I was hit with ALL the deferred interest pmts. that I would’ve paid. I thought I’d only have to pay interest on the balance at the offer’s epiration date. I was PISSED! Then I read the fine print and it was clearly stated that all deferred interest would have to be paid. I was still PISSED but only at myself. Govt. interevention only feeds this entitlement mentality that’s draining our pockets! It’s not just individuals, but now we’re bailing out banks! Whatever happened to taking responsibility for your actions? Banks and businesses and individuals need to adhere to to sound accounting principles that have been around for ages. If they don’t, :flush. Greed is what caused this mess. The govt. has stepped in to help. While that’s a nice gesture, I think it would be nicer for the govt. to equip the soldeir’s vehicles with bulletproof metal to protect our troops. Their excuse was they couldn’t afford it. what?!! :shocked . Our troops thought they were protected and noone told them! But the govt. has plenty of money to bail out greedy banks&homeowners! This kind of thing pisses me off! If the govt. is going to make decisions like that with our money, they should be FIRED. If you’re foolish with your money and lose it, my dad called it the “tough sh%t rule”. That goes for EVERYONE.
He was a successful executive and ran American Motors successfully into the ground.
I could be wrong…but I think you’re referring to George, (his father).
-Mike
I’d like to see a Congressional Hearing with this guy in the hot seat:
http://www.cnbc.com/id/23833707
I’m not usually a big Nancy Pelosi fan…but I’d get a charge out of her drilling him. Whether or not she still has the luxury of peppering those brought before Congress with questions…(now that she’s House Speaker)…I really don’t know. Aside from that, can’t stand her…another bickering politician.
-Mike
Wow. I know that Hell must be freezing over at this moment because all I can say is…You Go FDJake!!
Truly, I was prepared to write out pretty much exactly what you’ve already said. See, we do agree!
The economy will fix itself if the government would just let it. It has in the past, and it will again.
Steve, you may want to review your history again. When, in your life-span has the economy fixed itself without any intervention?
People asking for a total economic collapse. Are you insane?
And phlemboy, I don’t like it either, but I like it better than a total meltdown, and I’m also not prepared for a full blown overthrow of the gov’t.
Raj
I think we’re heading for an economic collapse whether we want it or not. I just hope I’m prepared enough when it hits.
Don’t worry, BushCo is sending us all checks to fix things. I feel better already.
Greenspan can’t fix this, the government, on the other hand, can and SHOULD.
There is no moral or ethical boundary that holds people to their obligations. This subprime problem is a disgrace! Jobs don’t matter, homes don’t matter families don’t matter, and the people who should be held responsible are instead held up as victims. They attain the status of rock star or sports hero. Look at this vermin who did the “I Am Facing Foreclosure” nonsense. He takes out like 2 million worth of loans and just flakes out. He didn’t rehab them, he didn’t rent them, his face was all over Suze Orman, he goes on an international tour to Australia to warn it’s citizens about the big bad loans he received which he refused to pay.
IT’S TOO HARD!!!
I CAN’T PAY!!!
MY HOUSE WENT DOWN IN VALUE!!!
That lazy, inept, unscrupulous weak little maggot should be thrown in handcuffs and hauled off to PRISON!!!
Children are the primary victims in this epidemic. They look at their parents backing down and defaulting!!! Quiet, honey, mommy’s going to be on the news. Meanwhile they’ve treated their commitment to buy a home the same way they treat their marriages, their jobs, AND THEIR ROLE AS PARENTS!!! Take your Ritalin, dear. They throw it away and give up on it like stale chewing gum or an old paint can.
NOT IN MY TOWN!!! NOT IN MY NEIGHBORHOOD!!! NOT ON MY STREET!!!
I refuse to allow these people to decapitate the American Dream thanks to their own weakness!!
We must fight for redemption. Fight to hold true to all that is good in this country and all that is good in this life.
IF WE DON’T WE’LL LOSE EVERYTHING!!!
You will lose your chance to borrow money. You will lose your chance to get a small business loan. This country’s financial reputation will be destroyed in the eyes of other nations!
People who default on any financial obligation should be held accountable for every penny AND assigned to community service! If you don’t feel like working to pay your bills then you can work for not paying them.
Financial institutions should be given tax loopholes inversely proportionate to their level of charge offs and REOs. This would actually hold their feet to the fire and encourage them to WORK (there’s that 4 letter word again) with people in default.
I don’t believe that people with good credit will suffer. In fact, FICO is going to start to “readjust” the way they compute your score. They’re putting emphasis on recent negative activity. They’re also looking to the types of credit usage ( revolving, consumer loans, etc…) and judging how you actually pay them. I believe that BOTH banks and borrowers deserve to take a bath in this mess!
I am really amazed at how many people are against the government for other but don’t mind the government helping them. Mike and I disagree on the entitlements, tax cuts and socialism, he thinks they are different I think they different flavors of the same kool aid.
Like it or not this country was formed and has succeded because of the intervention of the government. Like it or not those lazy section 8 people help the economy by spending. Sure not all of the money is theirs, but some of it finds its way into the landlords pockets. Take that entiltlement away, and those people would be in some government project, and you would have no one to rent. Instead the government says, “let the landlord handle this and we will give the money to the landlord instead of handling the houseing” Like it or not those people will be housed, no government program no one to live in your houses.
I heard another investor tell me to rent ONLY to poor people. You don’t want to rent to people who are upwardly mobile, because they will pay rent on time, leave your home in good shape, BUT they leave. You want someone who is lazy and has no asperations other than staying home while watching TV in YOUR HOUSE. Laziness is the landlord’s friend.
So let the government leave the rental market, who is going to guarantee your payments? How profitble is it to rent to people who pay first and last month and then leave after six months not paying anything additional?
Lastly look at Rush Limbaugh, anti drugs until he became addicted and HIS freedom was threatened. I doubt we will hear him be as vocal against drugs. You guys won’t get it until your government subsidy is taken away.
Jay
I know MANY successful landlords who DO NOT rent to Section 8 . These are people who have had both. They prefer people who have brains in their head, respect for other people’s property, and money in their pocket. I agree with them. I’ve seen the damage first hand that “entitlement sappers” do. The people who feel the world owes them a living are lazy scumbags that cost the landlord in taxes that he pays and the damage they cause to a property when they finally get kicked out for not paying their 20% of the rent. Also, the govt. tried to get into managing rental housing… Remember that fiasco? My whole beef is the fact that the govt. is using our tax dollars to bai out greedy people. G.W gets up to the podium with a bunch of financial “experts” and tells America that they need financial education!! :rolleyes Give me a break. Oh and these “experts” are willing to tell you just how to invest and spend the right way… The name escapes me at the moment but one of them was a guy from Merryl Lynch or one of those firms. The message I got was, you need to financial education, give us your money and we’ll show you… :banghead :banghead :banghead :shocked
Ok, let me get back on topic. Part of this problem is that banks have figured out ways to turn B and C rated debt into AAA rated debt. They simply mix the debt into one vehicle and pay interest dependent upon the rate of return/security some one wants. This thing is IMPOSSIBLE to value, if we had some standards, some regulation (and I can’t believe I am saying this because I thought I was as free market as they came) then these vehicles could be properly valued.
You need the government to act as referee sometimes. Its not always fair and its not going to be. I have three kids going to public school, its not fair that the 16 year old working at mcdonald’s has to pay for it, but we need education for the children correct?
What’s the end game? To keep this the greatest country in the world. Without the government stepping in from time to time that won’t happen. Yes I am livid that I am paying my mortgage and some people are going to get off, but I could do the same thing. I choose not to, I can’t hate those people for taking advantage of the system like I do when I have the chance.
Just curious, those of you guys who don’t like the government handing out entitlements, how many of you guys are going to refuse your $600 coming from GW?
(Just so you guys can get a sense of my political bent I side with the libertarians. But its difficult to measure how much government we need.)
I thought it interesting that Hillary made it sound like Greenspan and the other big names had already agreed to fix the economy for her.
I wonder how happy they are with having their names given out as her references. Because she managed to make it sound just like they are endorcing her campaign.
To me, it sounded an awful lot like trying to earn street cred by name dropping. I suspect that Greenspan et al have not been consulted, because she didn’t actually say that they were going to work for her. It was all presented in a way, though, that many people would make the inferance that it is a done deal and the arrangements have been made.
Apparently, it is pretty easy to trick a large number of Americans with slanted writing and advertising that hasn’t really said what people think they have heard.
Take that entiltlement (section 8 tenants) away, and those people would be in some government project, and you would have no one to rent.
No, if we REALLY took all of their entitlements away, I have a suspicion that the vast majority would decide that working is better than being homeless and starving. I would simply not give ANYTHING to people that are able-bodied but too lazy to work - NADA! If they wanted to survive, they can work or they can choose to starve in the street - they have the freedom to choose. That is how I would handle it. Where in the constitution does it say that people have the right to a handout???
Hard work and persistence are what made this country great - not the recent socialism; handouts for the lazy; and bailouts for big business!
Just curious, those of you guys who don't like the government handing out entitlements, how many of you guys are going to refuse your $600 coming from GW?
Jay, that money is NOT coming from GW. THAT IS MY MONEY that they are simply giving back to me. The government taketh and the government giveth a LITTLE back to the lowly masses - lucky us! You certainly don’t believe that the government has its own money!
I've seen the damage first hand that "entitlement sappers" do.
I have not seen any difference between “entitlement sappers” and regular paying tenants. They are equally likely to do damage to the property. They are just not substantially different. That’s not to say that I don’t disapprove of the government handouts - I do!
Mike
Do you think Bill Gates or Warren Buffet don’t think the 600 is a handout/entitlement? Its not just your money its OUR money. Since we don’t make as much as those guys could we be seen as lazy? When you get money from the government its your money, when you see entitlements its your money, and while you are right, you should be more incensed at the bailouts the rich guys get. They are taking billions of our dollars just so they can stay in business.
Bear Stearns CEO just sold his stock, he still made 60million. ONE PERSON!!! His stock should be worthless, he was “lazy” as he didn’t do his job of due diligence, his “work” was sub par and detrimental to millions (the workers who invested in the company), this is only possible if WE buy or gurantee his stock price. This entitlement is the worst kind because if we don’t pay it he still has a place to live. That few thousand the poor receive provides sustinance and not much more (and in our country the poor have big screen tvs).
The key take away is that our country needs Bear Stearns to fail gracefully, and we need people to live in homes not in the streets. So we pay taxes to make sure that these things happen.
And thanks for clearing up that point that renters are renters. Meaning that Section 8 or not, if a person has a renter mentality they don’t care about the property.
Ok, I am going to stop as I think we are both firmly rooted in our beliefs.
Jay
You are getting confused. We are talking about 2 different things. You are saying that the need to regulate banks is related to the manner that businesses managers get compensated. To make it clear the reason that property managers don’t manage your business as well as you do is the same reason that I don’t need the same level of regulation as a bank.
Since we don't make as much as those guys could we be seen as lazy?
No, we could not be seen as lazy. Lazy doesn’t have anything to do with how much you make. Lazy is a deadbeat sitting on their butt every day, watching their big screen tv, and swilling beer while the taxpayers are out there working their butt off to support them! Personally, I’m sick of it.
you should be more incensed at the bailouts the rich guys get. They are taking billions of our dollars just so they can stay in business.
I am absolutely against bailing out big business and big banks so they can stay in business. I am for letting the free market work and the banks fail - NEVER TO BE BAILED OUT AGAIN! If I had my way, we would abolish the Fed (central bank) and return to the gold standard ASAP!
The key take away is that our country needs Bear Stearns to fail gracefully, and we need people to live in homes not in the streets.
Quite the contrary. We need Bear Stearns to CRASH AND BURN so that the smoke can be seen all across the land. Then, other investment banks who are tempted to make crazy investments will think twice. Likewise, people who are too lazy to work should live in the streets and then others might choose to get off their lazy butts and work! Someone who is too lazy to work is NOT entitled to MY money that I work for! They choose not to work and they should be compensated accordingly - with nothing!
I’m all for giving people a hand UP, but I’m absolutely against an open ended handout that rewards laziness and that is destroying our country!
Mike
The idea of the govt. bailing out the lender/borrowers is the EXACTLY like the govt. publicly saying, " We’re going to assist the lazy slugs who are not willing to take responsibility for their actions or their lives. It’s up to us to take care of them."
My big problem doesn’t end with the sub-prime bailout. It’s the boneheaded way the govt. spends/wastes our tax dollars. The fact I’m getting a rebate from the govt. just tells me I overpaid them to begin with. The rebate I’m recieving is a handout from MYSELF!! Frankly, I could’ve had my rebate money working hard for me if it were in my own hands.
That REBATE isn’t a hand out from YOURSELF…
It’s a HAND OUT from your CHILDREN!!!
It’s ALL BORROWED MONEY BOYS. We have a HUGE BUDGET DEFICIT in this country REMEMBER???
Your Tax dollars AREN’T ENOUGH to keep THIS circus running…NOT EVEN CLOSE…our Goverment has to SELL IOU’s to CHINA inorder to keep this ship afloat!!
Our Goverment works JUST LIKE the people who make up this country do…
THEY LIVE ON CREDIT and spend WAY MORE than they take in!!!
Looking at the BIG picture…Mike is right…a complete MELTDOWN of this economy is EXACTLY what IS needed to get EVERYONE’s head STRAIGHT. The PROBLEM with that is it’s gonna take a LOT of US with it.
Those that don’t get CRUSHED, will be so broke by the time it’s over, that it’ll be OVER for them too!!
We might not agree with a bail out, but I have to say…if that bail out keeps ME from having to BAIL OUT OF THIS COUNTRY…I’d rather see it than NOT.
Two very good points. It is borrowed money.
And we all have a choice of where to live we can stay in this country or leave, and I would rather stay. That said if it got bad I would love to have the option of going to the second best country. 