Posted on 08/27/2007 4:06:37 AM PDT by Notary Sojac
Well, it is not an insight or even an opinion. It's just Math, and not very difficult math at that. If I recall, the concept of negative numbers were taught even before algebra.
Since when is it a conservative thing to use government to put pain on people. The government and the fed helped create the loose money situation which fueled the housing boom. Tightened too much is gonna crunch a lot of people, even those who were fairly responsible with their mortgage. I see this as a bunch of jealous losers. It is in the best interest of everyone to make this a soft-landing, which is what we currently have. If the housing market is hit too hard by getting too tight, the whole economy will be taken down with it. Good thing the fed gets it. I don't think the White House does, but the fed does.
I think this guy just hates any kind of financial success because he is a failure. But he does have a point that a lot of this was built on over greedy stupid people.
They knew what they were doing and called us stupid..now they will pay.
Sold our house in Florida just as the bubble was starting to lose air.
Now we are renting and waiting to scarf up some bargains. I consider myself a winner in this.
Great for you on that, but you are a renter now, and hoping someone goes bankrupt so you can pick up their house cheap. That is not a winner in my book.
The Fed partially gets it. They'll still wait too long to correct their mistake as usual. But as you say they are way ahead of the White House, if one goes by the statements of Paulson and W.
Considering that the Federal Reserve induces boom and bust cycles in the economy, I find it hard to blame people for wanting to get in on the boom.
hey ladies and germs..this mortgage disaster is a freakin cRISIS....!
i know the latch key kid crisis was way worse and the gol danged alar poison apple crises was a real cringer
...n that ‘land waste garbage is swallowin us up’ crisis was pretty mean ....not to mention the grand daddy of em all...the ‘polar bear aint got no ice floe no mo’ crisis...that one is more than even a crisis afficianado fan like me can stand.
see whut it is, is...i love polar bears...especially the ones in those coke commericals...i have coke stock so thats pretty good.
actually ..im an equal opportunity crisis kind a feller...yes i am.....i don’t descriminate amongst crises....
they’re diversified n IM proud to say so am i.
‘i’d like to invite a crisis over and buy it a coke..in perfeck harmoneee....’
Of course the WH doesn't get it. Remember how, for years after 9-11 Bush kept putting that "record home ownership" line in his State of the Union Address and in many other speeches?
The WH is in full Ostrich mode. Stick your head in the sand and pretend the world is still the way it was when you stuck your head in.
To admit the housing boom was created by the WH in concert with the fed would make them look bad.
I do not agree with this guy on his happiness.
Many FReepers have said for a while that this would happen and now it is coming like a run away train.
Financial disaster will be hard to stop as the panic sets in with already scared investors.
It was not more than a year ago that I jogged through a beach front community in San Diego and saw tiny 700 square foot homes selling for $795,00 dollars with a zero lot line and street only parking.
I pity the poor dufoos that ponied up a down payment and assumed a VRM on what I would have considered a $35,000 dollar bungalow at best.
Posters on many forums have told of their disdain for public welfare for the poor.
Some of these posters may soon have ample opportunity to find out for themselves just how lousy public assistance really is.
At least they will be able to tell the welfare folks to stick their help where the Sun don’t shine.
Class envy is in play here, though. I don’t think the government should bail anyone out. On the other hand, how are sub-prime loans “sleazy” when a good-sized portion of the population would never get a loan without them? Do we really want to go back to requiring sterling credit and 20% down on all mortgages? If we do, there will be far fewer homes bought and sold in this country, and the economy will no doubt tank.
There also seems to be an extremely naive belief that these developments will mean that housing prices will change "back to normal" (as he considers it). Why would anyone think that? I hope he and others like him don't get their hopes up too high....
Homeowner bailouts, as warm and loving as they seem, are, in fact, bailouts for mortgage companies, and they don’t deserve it.
Exactly. Easier loans are good for the little guy (remember what made Jimmy Stewart a good guy in "It's a Wonderful Life"?). But somehow they become "sleazy" when... um... too many little guys can get them. Or something.
I don't even begin to understand the dynamic at play here. How did so many people on the left get to a place where their main refrain is that loans are "sleazy" and money should be tightened up so that the little guy has a harder time buying houses? One can only conclude that the left becomes angry if "too many" people have houses. Or... the wrong kind of people? Or what?
I don't know, but I do know there are some really ugly emotions at play here.
I agree with most of what the author wrote.
Unlike her, however, I’m not happy about the suffering caused by a bunch of greedy bastard mortgage bankers making Cinderella loans to people with lousy credit.
Kudos! Be wary and careful, but go for it!! And, don your asbestos underwear, LOL!
“I see this as a bunch of jealous losers”
So, by following your logic, someone who is described in the article as having bought a Hummer on a home equity loan is simply a victimized “winner”?
If it were only a few thousand folks, then the guy might be correct in expressing this particularly ugly thought. However, the crisis is so big and involves so many people that it is likely to have a negative impact on everyone.
Hmmm...I don't. What is the biggest investment most people make in their lives? Cars? Daily Starbucks?...No! A house. I saw first-hand the pieces of garbage these people were buying for top dollar. Worked in a hardware store where they were coming to buy supplies to repair 2 year old overpriced houses. The BIGGEST inverstment in your life and you buy a piece of junk? That is pure stupidity. No pity!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.