The General state of affairs

[Fireant]

For the last week all I hear about on the news is how the Government needs to do something about all the homes going into forclosure and relief for americans with credit card debit. WTF is going on? Why does the government need to step in because YOU bought a house you could not afford? Did someone hold a gun to your head and make you use those credit cards? I don't think so. When will people ever start taking responsibility for the things they do and quit expecting someone else to fix their mistakes?

Maybe this should have been one of the old Friday flames we used to have.

[Dan Sierpina]

For the last week all I hear about on the news is how the Government needs to do something about all the homes going into forclosure and relief for americans with credit card debit. WTF is going on? Why does the government need to step in because YOU bought a house you could not afford? Did someone hold a gun to your head and make you use those credit cards? I don't think so. When will people ever start taking responsibility for the things they do and quit expecting someone else to fix their mistakes?

Maybe this should have been one of the old Friday flames we used to have.

Maybe the title should be changed to The General affairs of State?

[Johann the Horrible]

Think about the State of affairs in South Africa. My bond rate has now gone up to 13%. My bond repayments started at R2200 and now stands at R5700. I wish my salary has gone up like that.

[bountyhunter]

For the last week all I hear about on the news is how the Government needs to do something about all the homes going into forclosure and relief for americans with credit card debit. WTF is going on? Why does the government need to step in because YOU bought a house you could not afford?

The reason is that the real estate collapse is dragging the country into a recession and that will hurt everybody. I agree, it may set a bad precedent to "help" people after they do dumb things but that's not a new precedent. The government keeps selling flood insurance to the idiots who keep building and rebuilding homes in flood plains and we all pay for that.

IMHO, the FED should be doing what's best for the whole economy. I think that reducing the foreclosure rate would help, that's just my opinion.

Edited February 29, 2008 by bountyhunter

[ChrisStock]

I don't know about the rest of the world, but in this country I have noticed a steady slide towards folks not having their feet held to the fire for their actions. I have been preaching about this where I work, as the complete and utter lack of accountability is so widespread that it's enough to drive a man crazy. Careful though about spouting this concept in public... you'll be labeled a troublemaker and a malcontent. How do I know this? Trust me.... I know.

[Ledge]

For the last week all I hear about on the news is how the Government needs to do something about all the homes going into forclosure and relief for americans with credit card debit. WTF is going on?

Thank you! I couldn't agree more. One of the fundamental rights that we have in the country is the right to fail. When I bought my house 10 years ago, I went and got pre-approved. They offered me the chance to borrow about twice what I actually spent. I can't imagine what life would be like today if I agreed to their offer of living outside my means......I'd be screwed.

[Fireant]

For the last week all I hear about on the news is how the Government needs to do something about all the homes going into forclosure and relief for americans with credit card debit. WTF is going on?

Thank you! I couldn't agree more. One of the fundamental rights that we have in the country is the right to fail. When I bought my house 10 years ago, I went and got pre-approved. They offered me the chance to borrow about twice what I actually spent. I can't imagine what life would be like today if I agreed to their offer of living outside my means......I'd be screwed.

Same here. When we bought our house I lost sleep over it for a month before we finally commited to it. That was for a fraction of what we were offered to borrow. I see first hand everyday what life is like when you take the full amount and a monthly payment is more than one entire months pay for one of the adults in the house. I live within my means, my house payment is less than most people's car payment and I owe less than what a used car goes for these days on it. I can sleep at night knowing that sometime in 2008 I'll write the last check for it, not have any credit card debt or vehicle payment. One of us could loose our job and our quality of life would not be distroyed. I don't see anyone wanting to rush out and give me a boost because I've thought before I swiped a card or signed on the dotted line. What was it one of those comercials always screamed.......Stop the insanity!!! In a questionable economy don't over spend!

[GentlemanJim]

I always had to take MY lumps when I made a mistake

In an effort to keep my blood pressure under control...and not to crash the thread.....

I will cup my hand over my mouth now

Jim

[frenchwrench]

When we bought our house , we were well within our budget, comfortably so. 10 years later, I feel the water lapping at my chin. Price of everything goes up, while the services rendered drop like a rock. I could afford to pay for my oldest daughter's first two years of college. Now the twins are only getting 1 year payed because we'll be strapped. We see light at the end of the tunnel in 3 years ( lot's of pay offs) but who knows in this economy what is comming next. I've got my feet set, and No, I don't need, nor want, the Gov's help.

[EricW]

Big Gubmint®© (read: us) has never subsidized a destructive behavior and gotten less of it in the future. Always more. Epically more.

Edited February 29, 2008 by EricW

[Fireant]

When we bought our house , we were well within our budget, comfortably so. 10 years later, I feel the water lapping at my chin. Price of everything goes up, while the services rendered drop like a rock. I could afford to pay for my oldest daughter's first two years of college. Now the twins are only getting 1 year payed because we'll be strapped. We see light at the end of the tunnel in 3 years ( lot's of pay offs) but who knows in this economy what is comming next. I've got my feet set, and No, I don't need, nor want, the Gov's help.

That's part of the key, stay in or well below your budget. I work for the state. Last year we recieved a whopping 2% pay raise. Sounds good right? Well after my health insurance went up 36%, my other "benefits" increased 29% my paycheck decreased almost $200 per month. If I was right on the edge budget wise I'd have been in bad shape. Thanks for the cost of living raise Sonny (Purdue).

[dajarrel]

IMHO,

We should let the dust settle where it will. Let the loans foreclose, let the cars get repossessed....let the economy go into a recession.

I believe that when people get a dose of reality from the real world, instead of a panacea of "bail me out" by the government, that common sense will prevail in most of them.

We have way too much government. I'm not an anarchist, but damn, I've had some rebellious thoughts lately.

just my time on the soap box,

dj

[outerlimits]

that's why the government created bankruptcy

[AikiDale]

We have way too much government.

I agree, but am ever so thankful we don't get all the government we pay for.

[XD Niner]

Living well within your means is the primary key to financial success. Being smart enough to avoid short term ARMs is another one.

I agree, Roger. We all need to be accountable for our decisions and leave some room for unexpected downside impacts.

[Jaxshooter]

When I was starting out, you could borrow a maximum of 2 1/2 times your annual salary to purchase house if you had 20% down payment. Today the lenders are financing 100% + on homes with variable rate loans. People can barely afford the payments going in. Then the rate increases and the payment jumps up a couple of hundred a month and they can't make the payments. They can't sell the house to get out from under it because they owe more than it is worth.

As stated above, we don't hold people accountable for thier actions any longer. Next thing they will give this a new name and call it an illness and say people could not help themselves. Creditcardaholic or Homeaddict. Then the federal government can come up with some rehab program to bail them out. They need to put this on the congressional investigation calander after they get through with the steroid deal.

Edited February 29, 2008 by Jaxshooter

[rvb]

When I was starting out, you could borrow a maximum of 2 1/2 times your annual salary to purchase house if you had 20% down payment. Today the lenders are financing 100% + on homes with variable rate loans. People can barely afford the payments going in. Then the rate increases and the payment jumps up a couple of hundred a month and they can't make the payments. They can't sell the house to get out from under it because they owe more than it is worth.

As stated above, we don't hold people accountable for thier actions any longer. Next thing they will give this a new name and call it an illness and say people could not help themselves. Creditcardaholic or Homeaddict. Then the federal government can come up with some rehab program to bail them out. They need to put this on the congressional investigation calander after they get through with the steroid deal.

It's amazing how much $ they'll offer you... through ARMs, interest-only loans, etc.

I got my (humble) home 5 yrs ago at the age of 25 and the mortage guy acted like I was nuts cause I wanted what I could afford with a 30-yr fixed-rate loan. I didn't want my rate going up, I didn't want to worry about refi'ing in two years time, etc. Things -were- tight the first couple of years but now my salary has increased and life is good and I still don't have to worry about my monthy bill going up, even as rates rise from their "all time low" (you mean people didn't expect them to go up???). Regardless, if the government is going to help people out of their mortages, I want "help" too. Why should I not get handouts just because I was able to live w/in my means and took the time to read the fine print and understand how all the different loans worked? Where's my handout? Why do I feel I'm getting screwed again? Why are people who make less $ than me living in nicer houses and now getting federal assistance?

-rvb

Edited February 29, 2008 by rvb

[Round_Gun_Shooter]

For the last week all I hear about on the news is how the Government needs to do something about all the homes going into forclosure and relief for americans with credit card debit. WTF is going on? Why does the government need to step in because YOU bought a house you could not afford? Did someone hold a gun to your head and make you use those credit cards? I don't think so. When will people ever start taking responsibility for the things they do and quit expecting someone else to fix their mistakes?

Maybe this should have been one of the old Friday flames we used to have.

Damn, I thought I was the only one that felt this way. I have worked on bank foreclosure property for sale in the past and I will again in the future as long as people buy with nothing down and nothing to back it up.

[Carlos]

William F. Buckley - who died on Wednesday - once said that all of our country's modern ills stem from the deterioration of our school system. I agree with him.

[Fireant]

William F. Buckley - who died on Wednesday - once said that all of our country's modern ills stem from the deterioration of our school system. I agree with him.

I'll get my own thread closed if I comment on this one.

[Chris Keen]

The new thing going on in the real estate market is "short sales". The lender agrees to accept a reduced price on a house, letting the borrower walk away with no more worries.

Why does this contradict everything I learned while growing up about responsibility, living within your means, and saving for the future ?

[boo radley]

The entire situation is rotten to the core. I could give much of a f*ck if some moron homeowner (for now!) gets a small check to make the next payment. It won't matter and it won't help.

I live in mortal fear of a full-blown Federal bailout of the corruption and evil that created this mess. The lenders, the speculators and parallel investors AND the borrowers all need to be accountable, but it won't happen. The banks will wash their hands of the dirty laundry and hand it to FNMA, or maybe some new entity from Paulson and Bernanke that will be paid for with Chinese dollars, and the debt and house of cards will continue to grow....And those of us who continue to be responsible and try to invest wisely and live within our means, will get an even harder screw.

Bah. Nice rant, Fireant. We're supposed to be cheerful it's the weekend. :/

[J-Ho]

We have way too much government.

I agree, but am ever so thankful we don't get all the government we pay for.

+ a REALLY big number (if I actually typed the number I'd crash the server)

[enoon]

http://www.brasschecktv.com/page/187.html

For what it's worth, British humor on the topic of investments, bail-outs, etc. Dry.

[Fireant]

Bah. Nice rant, Fireant. We're supposed to be cheerful it's the weekend. :/

I was just getting it off of my chest so I could have a good weekend. Then I remembered I don't have a match close by, so I have to finish putting down the new wood floors in the house I can afford That's alright, maybe I'll slip out to the range in the afternoon and release some tension