There’s no such thing as a free lunch. If you’ve been on this forum for any length of time, you’ve probably gotten the e-mail from some nebulous African country stating that the royalty of this country wants to give you millions of dollars and all you have to do is send them the postage first! Sound too good to be true? Well then why did we think that we could go around giving home loans to every scumbag that wouldn’t even pay their credit card bills? Any landlord on this forum who has screened a tenant with a mid FICO of 510 can tell you the kind of jelly brained snakes in the grass have that kind of credit. Did we honestly think they would hang tough when things got hard? Years ago, World Savings had flex option loans, and they had a subprime program, and they had a strong balance sheet. Then they were bought up by First Union, now it’s Wachovia, which has watched it’s stock price basically double in the last five years, thanks to the cheap and easy real estate money. Now, following a 19% haircut, they want to cry like little schoolgirls. President Bush basically said that there is no reason why taxpayers should have to foot the bill for the subprime crisis, the banks took the risks, they even priced it into the cost of credit, they can afford to pay for the responsibility of banking those profits for the last five years. Furthermore, there is no reason for the government to come in and regulate the subprime lending markets into nonexistence. The central bank’s responsibility is to step in and keep the markets liquid, and that’s what they’re doing. There are trillions upon trillions of dollars in central banks around the world, and ours has infused 38 billion. Not every child in America should be a high school graduate, not every high school graduate should go to college, and not everyone in our country deserves the American dream. We need to find our way back to a time when owning your own home is something that must be earned. Our banks need to collectively grow up and stop acting like the scum that they’ve been giving money to for the last five years.
GREAT POST! :bobble
in the real world this country is still under the spell of a democratically controlled congress who’s threatening to move even further left. by next wednesday, all the blame will be placed at Bush’s doorstep. given the political connection between FNMA and the dems, it can’t be long before the hounds are released to gobble up market share and save the day. this week, as both fannie and freddie were chomping at the bit, their envolement was delayed but, make no mistake the gravey train is about to leave the station.
Housebroken - Aren’t you aware that President Bush has caused everything from 9/11 to Katrina? Of course he’s responsible for this mess! Thank God we have Nancy and Harry over on Capitol Hill to fix things!
It’s said that societies/civilizations ultimately die from within; call me crazy, but I fear we might die impaled upon the horns of political correctness and the pervading sense of entitlement that exists.
Call me crazy,
p.s. Like someone else on this board - I don’t want to “Press 1 for English” either!!
Hillary wants to establish a $1 BILLION fund to HELP home owners facing foreclosure???
1 BILLION DOLLARS…Do these people have ANY idea how much money is tied up in these mortgages???
$ 1 Billion… it’s like me sending 24 cents to New Orleans to help with Katrina cleanup.
She is trying to give out a free lunch, and stick tax payers with the bill.
Like her husband, dear Hillary’s political agenda tends to vacilate to current trends and matters of high profile public interest.
This is her way to tap into the national sympathy for the foreclosure issue that will surely translate into votes come 2008.
She is also on the prowl for predatory lenders—she has left no rock unturned on this subject.