Posted on 09/22/2006 8:47:25 PM PDT by churchillbuff
Thanks, as always, for you great charts! :-)
"They opted for an interest-only, adjustable-rate mortgage and counted on the value of their house continuing to rise as a way to build up equity. ..."
They're morons.
You may question my political judgment, but my judgment but the fact I voted against Clinton (twice), Gore, and then Kerry shows I have good judgment (not to mention my 5 votes for Reagan - in primaries and general elections of 80 and 84, and in the primary - against Ford - in 76). Yes, I criticized a sitting GOP president - Ford - just like Reagan did. And I criticize the current one, when he's made mistakes. The invasion of Iraq was one of those mistakes, and I count it as more evidence of my political judgment that I opposed that invasion before it happened - and years before it led to the turmoil in Iraq that I predicted, and before the majority of Americans came to oppose it (as they do now, according to all polls). My judgment on political things has never failed me. I opposed LBJ when most people were voting for him (by a landslide margin over my choice, Goldwater). I warned that Carter was a fraud and an incompetent, before most people caught on to that truth. And, yes, I warned that the invasion of Iraq was unnecessary and unwise. And now, I'm warning that if we don't get control of our borders, we're courting major trouble in the years ahead.
Actually, in the interest of truth, she was on this thread. But no matter. I regret listing any names at all. And I concede my actions haven't derived from my highest calling. I have found that the separation a computer screen creates can be a very dangerous thing. I hope you will find it in your heart to break off the second half of your screen name and apply it to me.
Sincerely, GGG
You do NOTHING but criticized this President Bush;/ nothing he has ever done or said, have YOU been for/given praise to him for.
You're completely wrong about the Iraq situation. You've been predicting complete failure in Iraq, not to mention calling it a "quagmire" before it was a week old, from day one. And you're proud of all of that. *snicker*
You're quite the doom&gloomer! How come you've never criticized Reagan for his BLANKET AMNESTY and for completely ignoring our Southern Border?
These interest rates are great. They may stay around 6% or go to 7% of drop to 8%, but I've lived long enough to tell you 6% is great.
I don't know if Japan has the same tax incentives for homeownership, so can't comment on why they have problems, I just know that our prices are very reasonable when you look at property around the world at as a whole and historically property has never been a bad long-term investment in this country... as long as you are careful in the purchase.
>>The premise is false.<<
Point eloquently made. It's really hard to fault your logic.
"Do you spend a lot of time searching for articles to trash America with?"
While you are at it, why don't you join forces with McAullife and remind us that Wallace is a republican tool?
It's the same spirit.
Truth is truth. Facts is facts. Read the article and make up your own mind pointing out factual inconistencies or incorrect deductions, but slamming the poster is really immature.
>>Of course, it's the fault of "unscrupulous financing," not "punchdrunk borrowers" or "careless fools."<<
Actually, it's the responsibility of both. But sadly, as a taxpayer I have a niggling feeling this is gonna cost me in the end.
I suspect that most of the people that fell for the creative financing were just hoping they wouldn't be the last ones in on the pyramid scheme.
The sad part of musical chairs is that when the music stops, SOMEONE is going to be left standing.
No kidding. Ahhh, the poor Philbrooks.
...And the Philbrooks, who had about $900 saved up for their daughter’s future, a few hundred more for emergencies and nothing in reserve beyond that, realized their entire dream now stood ready to fall.
But why is that?
Ahhh...here it is...
...Having not understood the small print of their contract, the Philbrooks were unaware that the loan’s rate would never be lower than its starting rate--meaning all the risk attached to the variable rate fell on them.
If they didn't understand the documents, why did they sign them? No sympathy.
You can't legislate stupidity.
I don't think they even read them. That stuff is written right there in the note.
John said the Realtor who arranged the loan verbally assured him it would never go up by more than a quarter of 1 percent at any time. In fact, in the (very) small-print clauses attached to that loan were four poison-pill provisions.
Having not understood the small print of their contract, the Philbrooks were unaware that the loan’s rate would never be lower than its starting rate--meaning all the risk attached to the variable rate fell on them.
Idiots that cant read shouldn't be making real estate deals without a third party adviser helping them. I signed an enlistment contract ... after that I make sure I READ EVERYTHING and understand all of it before doing ANY deal.
These people were complete fools to agree to these terms. A little research would have save their lives.
I did not say conservatism is Fascism. What I said is that if you accuse ME of being Marxist because I am concerned about outsourcing and the undermining of the middle class, then what could someone else call conservatism that is equally WRONG and INSULTING.
As to my class warfare, I never said that I thought that 30 years ago when CEOs were earning 40 TIMES what their low level employees earned that this was wrong. What I did question is what has happened in the interim to make these same CEO's 10 to 25 TIMES more valuable than they were before, and is this huge salary inflation at the top one reason for pushing jobs to cheap labor outside OUR country.
If I recall correctly, the Communist ideal was "from each according to his abilities, and to each according to his needs." I hardly think that a 40 time earnings disparity would ever be approved of in that thought pattern.
"You assume that people never before lost jobs or their savings."
Why would you think I assume that. First of all, I am in my late 60s, and I can remember how scarred my parents generation was by the "great depression". I heard plenty of tales of woe growing up. Before the crash, my fathers parents were earning around $50,000 per year. They lost all their money to an unscrupulous stock adviser. They also lost their work as they were professional artists. If it hadn't been for FDR's projects for the employment of artists, many would literally have starved. My maternal grandfather lost his job as a chief engineer on major passenger liners around 1916, and only could get work on tramp steamers after that. He had just bought a new house for his family, and my mother remembers that food became very restricted after that even though her mother went to work as a nurse/home health aide. Incidentally my grandparents were all loyal Republicans.
These people were fools, and they were INCREDIBLE fools for not even understanding their limitations and not hiring someone to represent them during the process. Can they READ? No one in their right mind would sign that contract.
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