The coming financial crisis

[phattymatty]

its never stopped you before.

zing.

[rjs246]

Truer words were never typed you big hairy jerk.

[ice grillin you]

Any thoughts on the latest bailout? Home owners getting $75 billion.

I for one think people who are saying 'if the banks and auto-industries are getting help, where's my bailout?' are asking the wrong question, but I don't know enough about this type of direct assistance to regular people to intelligently comment on it.

if the govt really cared about people they would use the trillions of dollars spent on these various bailouts and the stimulus package and just pay off every mortgage in he country...and while they are at it pay off peoples credit cards too


or i you really wanna do something tangible with the banks just take the 700 billion from the stimulus package and just start a new bank...let the old ones rot and you an begin lending again

[PoopyfaceMcGee]

I don't think current home owners that actually pay their bills are getting anything.

[Tomahawk]

Any thoughts on the latest bailout? Home owners getting $75 billion.

I for one think people who are saying 'if the banks and auto-industries are getting help, where's my bailout?' are asking the wrong question, but I don't know enough about this type of direct assistance to regular people to intelligently comment on it.

I'm not sure if it was instituded because of people wanting some of the pie too, but I do believe it will help keeping people from having to foreclose, and for people like me that can actually pay their mortgage it may go toward home improvement projects, or other goods and services as $7,500 or $8,000 on top of your normal return is a pretty good chunk o' change

[ice grillin you]

I don't think current home owners that actually pay their bills are getting anything.

they are getting a tax cut

but theres enough money in the stumulus and all the bailout money thats been spent to pay off EVERY mortgage in the country and most car loans and CC bills...what would help the people of the country more than eliminating their debt

[PoopyfaceMcGee]

I don't think current home owners that actually pay their bills are getting anything.

they are getting a tax cut

but theres enough money in the stumulus and all the bailout money thats been spent to pay off EVERY mortgage in the country and most car loans and CC bills...what would help the people of the country more than eliminating their debt

Wait, are you saying that the stimulus money would have been put to better use by paying off people's mortgages?  That is not very much like you.

[rjs246]

I don't think current home owners that actually pay their bills are getting anything.

According to CNN they are getting something. They're getting a chance to refinance if they meet certain criteria I believe.

if the govt really cared about people they would use the trillions of dollars spent on these various bailouts and the stimulus package and just pay off every mortgage in he country...and while they are at it pay off peoples credit cards too

Uh, that might be the worst idea anyone has ever had. Removing all responsibility for people's bad decisions is not 'helping' them. It's treating them like children who can't and shouldn't make decisions on their own for risk of making bad ones occasionally. Bad bad precedent to set.

The problem isn't that everyone deserves a bailout but only certain people are getting one. The problem is that NO ONE deserves a bailout but the government is picking and choosing certain companies, industries and now private citizens to give bailout money to.

You can't run your company profitably? Here's some money.
You took too much risk on in your investments? Here's some money.
You bought a house that you couldn't afford and/or ran up credit card debt? Here you go, feel free to make more bad decisions in the future because we'll be here to make it all go away based on our whims.

It's bad business. I understand the urge to play tit for tat and say 'Well they're getting money, why shouldn't we?' but that's the wrong way to look at this problem.

Of course the flip side of the coin is people who were taken in by predatory lending probably have a legit gripe. But just offering up wholesale debt relief is not a responsible option.

[Tomahawk]

The way I understand it, not many homeowners are getting a credit. If you are a first time homebuyer who bought a house between April 9, 2008 and July something of '09, you get $7,500 (Bush stimulus plan). This is basically a 15 year interest free loan. If you are a first time homebuyer on any date in 2009, you get $8,000 (Obama stimulus plan) which does not have to be repaid unless the house is sold within three years after taking up residency

[ice grillin you]

I don't think current home owners that actually pay their bills are getting anything.

they are getting a tax cut

but theres enough money in the stumulus and all the bailout money thats been spent to pay off EVERY mortgage in the country and most car loans and CC bills...what would help the people of the country more than eliminating their debt

Wait, are you saying that the stimulus money would have been put to better use by paying off people's mortgages?  That is not very much like you.

im saying if they want to stimulate the economy by having banks start to loan money again and by people spending more there are no better solutions than to start a new bank than can lend and eliminate individual debt

[PoopyfaceMcGee]

Wait, I thought you were talking about paying off mortgages, not paying off one mortgage with a government mortgage.

[ice grillin you]

i am

you could pay off every mortage in the country with the stimulus + bailout money

[Diomedes]

wow, that would be a nightmare

[shorebird]

I don't think current home owners that actually pay their bills are getting anything.

No, we aren't. The government is once again rewarding failure and irresponsibility.

[shorebird]

I don't think current home owners that actually pay their bills are getting anything.

they are getting a tax cut

but theres enough money in the stumulus and all the bailout money thats been spent to pay off EVERY mortgage in the country and most car loans and CC bills...what would help the people of the country more than eliminating their debt

Wait, are you saying that the stimulus money would have been put to better use by paying off people's mortgages?  That is not very much like you.

im saying if they want to stimulate the economy by having banks start to loan money again and by people spending more there are no better solutions than to start a new bank than can lend and eliminate individual debt

My my, were have I heard that idea before??

And we are going to bail out the rest of these motherfargers. What about the people who didn't make bad decisions and could actually pay their mortgage, but are now having trouble because of the housing market and the general economy going in the toilet? Take those billions and help those people by paying off their mortgage. Anyone with 20 or more years to pay on. That would help both the home owners and the mortgage companies.