Go ahead get yourself into massive debt that you can't afford, the American dream
- Thread starter Joab
- Start date
The situation is just as grim here in the UK.
In the boom times people were taking out huge mortgages (up to 5x salary) for their houses giving littleregard to what would happen if the market turned.
Now it has, these people are now screaming how it's everybody else's fault: the banks, estate agents, the govmnt.
Yeah whatever, I have no sympathy for these morons.
In the boom times people were taking out huge mortgages (up to 5x salary) for their houses giving littleregard to what would happen if the market turned.
Now it has, these people are now screaming how it's everybody else's fault: the banks, estate agents, the govmnt.
Yeah whatever, I have no sympathy for these morons.
I'm against every bail out except this one. They (Fannie and Freddie) were set up with the implicit guarantee of the govt. If they were to fail, it would result in a loss of confidence in the U.S.'s credit worthiness as a whole, thus sending the dollar plummeting, and increasing interest rates on all our debt. It's possible there would be no long term, as a speculative attack could wipe us out, just as it did to Asian Tigers during the financial crisis. Yeah, we're a lot bigger than the Tigers, but Fanne and Freddie were supposedly too big to fail, too. You don't want more than a decade of deflation. I want my folks to be able to retire in the next 15 years. That's not even short term thinking.
Quote from Joab:
The problem is this:
Whenever you act recklessly without consequences you have learned NOTHING.
This will only make the problem reappear later or manifest itself in another form twice as bad.
Seriously think about that
That's what really worries me.
Quote from ElCubano:
why Pedro and not Jermaine?? and if you sold your house at the top you wouldnt give a rats ass what they make or dont make....peace
remember Pedro took what he could; its not his fault that they let him live in a $1million Mcmansion on an $8.00/ hour salary..Nor is it his fault that we are now bailing the banks out...in the end people who dont give a rats ass, which number in the millions will take whatever they can get with no regards to what may or may not happen in the future..Knowing this...who's really at fault ?? .peace
A white man walks into Jig town at night and gets ass raped while coping a rock....who's fault is it...
You lend money to your cousin vinny knowing he aint gots no job; who's fault is it when vinny dont pony up and a week later you see him at the strip club and you lend him more money, hahahahahaha gets me point,.....
This is dead on accurate. Don't hate the guy that took a 500K loan when he could barely afford a 60K loan. All joe six pack knew was somebody was handing him a dream, he took it.
Hate the lenders and underwriters that acted recklessly and f'd everything up. You think the head of Bear Stearns lost any money? He walks away with millions.
Hate the gummit for backstopping/bailing out stupid ass institutions who had no clue what they were doing.
Don't worry though, once we bring back the uptick rule everything will be better. (see: sarcasm)
5X salary??? Thats it?!?!? In california they were taking out 12-15X near the top, with interest only ARMS!!!!!!!!
I wish it were only 5x here.
Yeah, I feel like a real dolt for putting down 20% and getting a 30-year fixed that I can afford.
This is George Bush's fault. I remember a few years ago how he was pushing home ownership. He must have known what was going on with the lenders.
I have zero simpathy for those living beyond their means, zero.
Now they are going to be bailed out? Its outrageous.
This is George Bush's fault. I remember a few years ago how he was pushing home ownership. He must have known what was going on with the lenders.
I have zero simpathy for those living beyond their means, zero.
Now they are going to be bailed out? Its outrageous.