The coming financial crisis

[PoopyfaceMcGee]

Oh, and this is part of the bill also:

The ceiling on the US national debt has been lifted by a further $800bn, giving the Treasury almost unlimited resources to prop up the two lenders.

Because, obviously, the problem with the stability of the American economy was that the government didn't already have enough debt.

[ice grillin you]

I certainly understand the desire to help those that are less fortunate, but this is blatantly rewarding stupidity and allowing both the homeowners and the mortgage companies to be let off the hook completely. Not to mention the fact that it is costing the government $400 billion. What a crock of shtein.

400 billion to help 400,000 people and essentially save the economy (because if freddie and fannie crashed burned all hell would brake lose) isnt that much...shtein the iraq war costs 2 billion a week

read the bill more closely...its actually a real nice piece of legislation...this is one of those instances of govt at its best

[PoopyfaceMcGee]

So, it costs the same as 2 years of the Iraq War, and that's not supposed to be an ugly comparison?

this is one of those instances of govt at its best

This is one of those instances when you show your true colors as an out-and-out Socialist.  This is an awful bill that goes over and above shoring up Fannie and Freddie.  Classic government overintervention that staves off the present crisis only to further jeopardize our economic future.

[rjs246]

Give me a break. You will absolutely not convince me that this is government at its best. I don't think we should be funding this massively expensive war and I don't think that we should be removing responsibility for making awful financial decisions from homeowners or mortgage companies. Where does it end? Anyone can do anything without repercussions in a world where the government spends money that it doesn't have to bail people out for being farging idiots...

[ice grillin you]

So, it costs the same as 2 years of the Iraq War, and that's not supposed to be an ugly comparison?

this is one of those instances of govt at its best

This is one of those instances when you show your true colors as an out-and-out Socialist.  This is an awful bill that goes over and above shoring up Fannie and Freddie.  Classic government overintervention that staves off the present crisis only to further jeopardize our economic future.

actually by comparing it to the iraq invasion makes it look that much better....the iraq invasion has killed a million people and destroyed an entire country....this bill helps save the homes of 400,000 people the equivalent to the entire city of miami...it also keeps our stock market from crashing and sends our economy back on the right track


but forget the homeowners and mortgage companies the bill has tons of other good stuff in it as well...revamping the fha and lending rules for example so that this doesnt happen again....really you should read the actual bill

[rjs246]

They can rewrite the lending rules without giving $400,000,000,000 to iceholes who can't make sound financial decisions.

[PoopyfaceMcGee]

it also keeps our stock market from crashing and sends our economy back on the right track

It artificially delays the natural correction of the market and increases the already-ridiculous national debt.

$400,000,000,000

It looks a lot uglier when you type in all the zeros.

[ice grillin you]

They can rewrite the lending rules without giving $400,000,000,000 to iceholes who can't make sound financial decisions.

cost a lot of money to revamp a govt agency...trust me...and again read the bill...you have no clue as to whats really in it...i know its the neat and easy thing to act hardcore just say farg dumb people....but if your sister or mother was gonna lose their entire life you might not feel the same way...not to mention this happened not because people were dumb (of course in some instances that may have been true) but much more so because of the rogue lending practices of the brokers...people didnt become dumb overnite...people didnt change...the way these lenders operated did

i dont like what happened anymore than you...but the solution isnt to farg everyone in the ass...its to help people and companies get out of this mess if possible...it will help us all in the long run...because in the end nobody wins unless everybody wins...and this legislation adresses some very important problems in a very good way

[Seabiscuit36]

farg people who took out zesty loans, its their own damn fault for not understanding what they were getting other than a low payment. 

[rjs246]

My mother or sister wouldn't be in this mess because they have sense enough to only buy things that they can actually afford. Like I said, the government should absolutely re-write the lending rules to keep shtein like this from happening again, but a no-repercussions, no-responsibility 'resolution' only costs everyone who followed the rules and made good decisions money and tells the world 'hey, feel free to make shady business deals that negatively impact the nation and the economy because when it crashes and burns we will be here to bail you out.'

I want no part of that. Responsibility, personal, financial or otherwise is something that is vastly under-valued these days and bleeding heart politics flies directly in the face of encouraging people/companies to take responsibility for their decisions.

[Seabiscuit36]

i wish i had bought that 400k house i always wanted, then to have the gubament bail me out

[ice grillin you]

farg people who took out zesty loans, its their own damn fault for not understanding what they were getting other than a low payment. 

most of these buyers were people who had never bought a house before and werent versed in financial matters in the least...people didnt go in and say i know i cant afford this loan but farg it if they will give it to me im gonna take it anyway...these were low income and often unedcuated home buyers who were buying a dream home for the first time in their life to get something better for their children and families and got misinformation from the lenders

the answer is not to throw them all out on the street and have their entire lifes destroyed...i guess i have a different mentality than you all in that i couldnt want someone homeless because i think they are dumb horrible people...isnt a much better solution to make their mortage a little more affordable so they can survive?...its not like this bill pays off anyones home or gives them free rent...it makes the loan a little more tolerable for them...in fact even with this bill some people will still lose homes but it wont be to a catastrophic degree

My mother or sister wouldn't be in this mess because they have sense enough to only buy things that they can actually afford. Like I said, the government should absolutely re-write the lending rules to keep shtein like this from happening again, but a no-repercussions, no-responsibility 'resolution' only costs everyone who followed the rules and made good decisions money and tells the world 'hey, feel free to make shady business deals that negatively impact the nation and the economy because when it crashes and burns we will be here to bail you out.'

I want no part of that. Responsibility, personal, financial or otherwise is something that is vastly under-valued these days and bleeding heart politics flies directly in the face of encouraging people/companies to take responsibility for their decisions.

its not a bail out and you wouldnt call it bleeding heart politics if you saw some of the republicans who voted for it...it a financially smart recovery bill that could only be done in a country like america...again govt at its best

[PoopyfaceMcGee]

you wouldnt call it bleeding heart politics if you saw some of the republicans who voted for it...

A good way to gauge the legislation is to see that a lot of Republicans (including Bush) are for it?

OK.

[Seabiscuit36]

farg people who took out zesty loans, its their own damn fault for not understanding what they were getting other than a low payment. 

most of these buyers were people who had never bought a house before and werent versed in financial matters in the least...people didnt go in and say i know i cant afford this loan but farg it if they will give it to me im gonna take it anyway...these were low income and often unedcuated home buyers who were buying a dream home for the first time in their life to get something better for their children and families and got misinformation from the lenders

the answer is not to throw them all out on the street and have their entire lifes destroyed...i guess i have a different mentality than you all in that i couldnt want someone homeless because i think they are dumb horrible people...isnt a much better solution to make their mortage a little more affordable so they can survive?...its not like this bill pays off anyones home or gives them free rent...it makes the loan a little more tolerable for them...in fact even with this bill some people will still lose homes but it wont be to a catastrophic degree

They can move back into more affordable housing that fits their payscale.  I was a first time how buyer, I have not completed college, yet i somehow figured it out.  I had to take a farging test from Fannie Mae so that i could get my loan as a first time homebuyer, did all these people not?  And maybe im an icehole, but if your making 70k a year, you should not be in a 400k+ house, its not hard to figure out. 

[ice grillin you]

farg people who took out zesty loans, its their own damn fault for not understanding what they were getting other than a low payment. 

most of these buyers were people who had never bought a house before and werent versed in financial matters in the least...people didnt go in and say i know i cant afford this loan but farg it if they will give it to me im gonna take it anyway...these were low income and often unedcuated home buyers who were buying a dream home for the first time in their life to get something better for their children and families and got misinformation from the lenders

the answer is not to throw them all out on the street and have their entire lifes destroyed...i guess i have a different mentality than you all in that i couldnt want someone homeless because i think they are dumb horrible people...isnt a much better solution to make their mortage a little more affordable so they can survive?...its not like this bill pays off anyones home or gives them free rent...it makes the loan a little more tolerable for them...in fact even with this bill some people will still lose homes but it wont be to a catastrophic degree

They can move back into more affordable housing that fits their payscale.  I was a first time how buyer, I have not completed college, yet i somehow figured it out.  I had to take a farging test from Fannie Mae so that i could get my loan as a first time homebuyer, did all these people not?  And maybe im an icehole, but if your making 70k a year, you should not be in a 400k+ house, its not hard to figure out. 

im sure you had a fair lender....if you had had a snake oil salemen as your lender perhaps you wouldnt have figured it out