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The stupid and irresponsible "home owners" bail out is happaning
- Thread starter RedDuke
- Start date
Quote from lindq:
The initial bad decisions were made by Greenspan and the Fed. The brilliant (!) Greenspan did not look ahead to fully consider the impact of his decisions.
They created an environment where mortgage brokers came out of the cracks in the pavement to push low/no interest ARMS to homebuyers. In most cases this was entirely legal, and they were simply taking advantage of a marketplace that was created by the Fed.
It is now entirely appropriate that the government should now take some roll in helping "responsible" homeowners to retain their ownership.
Negative Ghostrider, no one wants the government involved when they're making money by taking advantage of the situation...but as soon as the house of cards fall, they cry foul and demand gummint assistance, like sponger mentioned earlier.
Kind of like if your bank makes an error and deposits someone else's money into your account....you of course try to be slick and don't say anything, so you go off on a shopping spree and have a blast with the free money in your account....then the bank recognizes its error and takes all the money out, meanwhile you've spent all the money, therefore putting you in a debit balance....
It's your fault. The bank shouldn't eat the loss. You knew it wasn't right and you still did it. You sow to the wind you reap the whirlwind.
Quote from Reaver:
Negative Ghostrider, no one wants the government involved when they're making money by taking advantage of the situation...but as soon as the house of cards fall, they cry foul and demand gummint assistance, like sponger mentioned earlier.
Kind of like if your bank makes an error and deposits someone else's money into your account....you of course try to be slick and don't say anything, so you go off on a shopping spree and have a blast with the free money in your account....then the bank recognizes its error and takes all the money out, meanwhile you've spent all the money, therefore putting you in a debit balance....
It's your fault. The bank shouldn't eat the loss. You knew it wasn't right and you still did it. You sow to the wind you reap the whirlwind.
That's right. Banks can't be stupid. It's against their nature. Therefore they never make any mistakes that they are responsible for.
The golden rule in America is "He who has the gold, makes the rules".
And when it suits their purpose, those with the most gold go and change the rules right in the middle of the game.
Everyone on the Street was concerned about a potential derivatives market implosion when LTCM went under.
Try to enravel THIS spider web.....the web started to come down, so they tacked it back in place with SIV glue. Now, they think they can pull on a single strand marked ARM's, and not move the entire web.
And when it suits their purpose, those with the most gold go and change the rules right in the middle of the game.
Everyone on the Street was concerned about a potential derivatives market implosion when LTCM went under.
Try to enravel THIS spider web.....the web started to come down, so they tacked it back in place with SIV glue. Now, they think they can pull on a single strand marked ARM's, and not move the entire web.
Comments from Dennis Gartman........
ON THE CAPITAL MARKETS
ABANDON HOPE ALL YE WHO
ENTER HERE: Shame on President George W. Bush who is expected to outline sometime today his Administration's plan to freeze mortgage rates for five years for many U.S. homeowners facing sharp increases in their monthly payments. This is nonsense. This is wrong. This is so outside the bounds of what Republican philosophy should be that we find ourselves stunned and truly dismayed by it all.
We have stood by this President on his actions regarding the War on Terrorism; we have stood by this President regarding the War in Iraq. We have stood by the President as he faced down Iran, but we are abandoning him now and turning our back upon
the Administration if it pushes ahead with this initiative. We trust we are clear
ON THE CAPITAL MARKETS
ABANDON HOPE ALL YE WHO
ENTER HERE: Shame on President George W. Bush who is expected to outline sometime today his Administration's plan to freeze mortgage rates for five years for many U.S. homeowners facing sharp increases in their monthly payments. This is nonsense. This is wrong. This is so outside the bounds of what Republican philosophy should be that we find ourselves stunned and truly dismayed by it all.
We have stood by this President on his actions regarding the War on Terrorism; we have stood by this President regarding the War in Iraq. We have stood by the President as he faced down Iran, but we are abandoning him now and turning our back upon
the Administration if it pushes ahead with this initiative. We trust we are clear
Quote from MarketMasher:
That's right. Banks can't be stupid. It's against their nature. Therefore they never make any mistakes that they are responsible for.
No not saying that. They make mistakes hand over fist, just like the gummint does..but in my analogy, YOU knew it wasn't your money but still spent it. It's both of your fault (the bank for messing up its accounting, and yours for not reporting it). You spent money that wasn't yours hoping you wouldn't get called on it and lost. If you had done the right thing the mistake could have been corrected with no pain.
Stop being a smartass and try to get the point I am making.
The new economy has come.
I am going to buy the biggest house in the market that I can't afford. I am going to buy the most expensive HDTV if the stores offer no payment plan (most stores offer no payment till 2009 or 2010).
Please join me to buy all the goods you want so we have enough people that the government will bail us out when we don't pay in 2009 or 2010. The new President will come out with a new plan to freeze no payment plan till 2015.
Only the GREAT America can invent such a new economy for us. No need to work hard for the goods we want anymore!
I am going to buy the biggest house in the market that I can't afford. I am going to buy the most expensive HDTV if the stores offer no payment plan (most stores offer no payment till 2009 or 2010).
Please join me to buy all the goods you want so we have enough people that the government will bail us out when we don't pay in 2009 or 2010. The new President will come out with a new plan to freeze no payment plan till 2015.
Only the GREAT America can invent such a new economy for us. No need to work hard for the goods we want anymore!
1-800-911-HOPE is that the number to call if you need an education lesson in home finance?
Agreed
Quote from Reaver:
No not saying that. They make mistakes hand over fist, just like the gummint does..but in my analogy, YOU knew it wasn't your money but still spent it. It's both of your fault (the bank for messing up its accounting, and yours for not reporting it). You spent money that wasn't yours hoping you wouldn't get called on it and lost. If you had done the right thing the mistake could have been corrected with no pain.
Stop being a smartass and try to get the point I am making.
Oh well, that was better than dumb-ass.
MY point is that someone taking that money doesn't give a rat's ass about paying it back anyway. He'll default. So what?
But when the empty suit that GIVES him the loan doesn't give a crap either - that's like saying you leave your money in a shoebox on the sidewalk and then cry when someone walks away with it.