Saturday, September 20, 2008

Economy and the Mortgage "Crisis"

Just a few comments - one woman's opinion - the Congress of the United States, under the Liberal Socialist Democrats, passed laws/regulations that demanded that banks and mortgage lenders HAD to lend money for mortgages to a percentage of clients who everyone, including the "client", knew could not and would not be able to sustain payment on the mortgage. Mortgages would be "foreclosed" and people with already bad credit would find their "credit" getting worse. This was all very "politically PC" designed to buy votes. Banks and mortgage lenders typically do not lend money to folks who cannot sustain the payments. Period. So now, it is time to pay the piper and guess who will get to pay the billions to "buy up" this bad debt. We - the Americans who actually pay taxes and who actually pay their own debts - will now pay for the debts made to folks who could not pay their debts. Well, that makes me feel warm and fuzzy... Screwed again. It's like what we are paying for Section 8 housing: the rent is subsidized by US; the landscaping companies are paid for by US; the office manager is paid for by US; the appliances are bought by US.... Ever wonder why you have to go into debt to paint your home, to upgrade your appliances.... Well, forget about buying that new car your family needs. You can't afford it because a commission MAY be set up that will guarantee that will ensure that risky practices by lending institutions will be underwritten by US. Yup! Hold tight to the money you have 'cause we really have become our "brothers' keeper", literally... You try and get a home mortgage and see if you can get a loan/mortgage for a $300,000.00 home on your $35,000 salary... This crisis belongs right at the feet of Representatives and Senators who voted for regulations that demanded that lenders lend money to high-risk clients. One woman's opinion....but now we know why government should not be involved in "free enterprise" such as Fannie and Freddie - failure was only a matter of time...


Blogger Rich said...

Thanks for telling it like it is. Illegal Immigrants and uh hum certain other folks are entitled to a piece of the American dream yup, paid for by US.

7:36 PM  
Anonymous Anonymous said...

I'm curious about your views on the socialist bail-outs of the fortune 500 companies that provided these predatory loans to people that were known bad risks to begin with. Again, this is the fault of poor people with virtually no economic training or educations rather than the responsibility of the MBAs on Wall Street? It's bad enough that your political brethren have robbed the meekest of us blind but now you want to attack them for their blindness. I'm just curious, since the country has been driven into the ground on Bush's watch, shouldn't you be a little more humble and contrite?

9:43 PM  
Blogger Jillian said...

Well said. I can't believe this is happening, either.

1:24 PM  
Blogger A Jacksonian said...

Even worse is that the Executive has no power to act and has done so anyway. That is the legacy of Progressivism and I am not enthused on that 'modern' concept which begins to look quite nasty. As Head of State he could ask the agencies involved to issue such backing... but that would require that the American People are issued the direct holdings as it is our money and good faith being put on the line, not that of our government. Rarely does the President put on that hat for a domestic crisis, but it is the one necessary when limited government puts unwarranted tools of power into the hands of those who don't deserve it. Let the American People vote by accepting such debt... or turning it back in to the Treasury and saying 'no, that is not to be done in my name'.

That would require trust in the people and the Constitution... instead we get expediency. Liberal democracies putting forward a limited government under due process of law are not ones that ever look to 'expediency' unless they are shifting from being a liberal democracy. Strange we see someone in authority wielding such power for expedient ends. Those governments soon get another moniker: authoritarian.

I trust my fellow citizens in this.

Why doesn't our government?

6:46 AM  
Blogger Beach Girl said...

Jacksonian - our government is afraid of we, the people - look what our government is doing regarding the invasion from Mexico and now the drug cartels are growing their drugs for sale in the US here in our national parks (USA Today article). I see the government allowing the invasion so that we will scream louder and they will "fix" the problem by putting tighter restrictions on law-abiding citizens, much more easily controlled.

Lazslo - I'm not happy with some of the actions of our president but I see no reason for me to be humble and/or contrite. I thought Kerry would have been interesting in the White House in 2004 if for only two reasons: gridlock and the assurance of a Republican-controlled House and Senate.

I grew up poor and was taught to work hard and that education was not a "right" but a privilege. I was taught that no one owed me anything and that if I defaulted on a loan, I'd have to take the responsibility. In some ways, one could argue that "poor" people were further abused by being "given" loans everyone knew they could not re-pay - for what - for the interest the lenders would make.

If you have time, read The Death of the Grown-up by Diana West. We need a bit of common sense and adult guidelines for our "teen-agers" to follow.

I'd rather the $700 billion come to the citizens to off-set the devaluation of our assets. I do marvel that Democrats are getting off scot-free and they passed the "politically correct" regulations that forced some lenders to lend money to folks who could not afford the loans they were given.

I'm not at all sympathetic with Fortune 500 execs. No, humble and contrite - I am not. Ticked off at the lack of leadership and curious about how this "crisis" happened just in time for our elections causes questions - don't you think? Rather interesting. I don't mean to blame the "poor"; we are all held in bondage to the socialists within our gates.

There is plenty of blame to go around and it starts with our inept government educational system that does not prepare our citizens.

I have long believed, rightly or wrongly, that our elite governing class will allow us to own x-number of cars or ipods, etc. but will exert their power over us periodically just because they can and because they don't want us to get too uppitty!

I am reading several very good books about James Madison and our Founding Fathers. Very interesting.

But more regulations and higher taxes on industry drives businesses out of the country taking jobs away from us. Who passed legislation that forced much of our industry out of the nation?

I think we should end our dependence on foreign oil as quickly as possible and I think we need to encourage industry here. Why do we have to punish success? Who employs people? Business...

But on the economy - the worst idea I have heard was the idea of establishing a "committee" that would guarantee that we, the people, will always be there to bail-out companies that lend money.

I think there is much more going on than I certainly know about - all I know is that loans will be more difficult to get for any of us who come through this in anything close to good "financial" health. But maybe we - the American people - will stop using our credit cards so much.

I think it is abusive to give a family earning $35,000.00 a year a loan you know they cannot repay. But it does give some people - who shall remain nameless but one has been a consultant to Obama - opportunities to get richer by buying up foreclosed homes for pennies on the dollar. The very rich get richer, the poor get poorer, and more folks who snuck into the middle-class will have slipped into the upper-lower class. All but the super rich will have been taken to the woodshed and gotten our spanking for being successful.

I think Thomas Jefferson said it well - to paraphrase - when the Congress is in session, no one is "protecting" or looking out for the American people...

5:36 PM  

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