Quote of the Day
The problem is the government doing something about foreclosures means the government using your and my taxes to pay for bad debts taken during the housing bubble. I don’t have a problem with my taxes being used to help out people of good will who have found themselves in a temporary tough spot with paying…
The problem is the government doing something about foreclosures means the government using your and my taxes to pay for bad debts taken during the housing bubble. I don’t have a problem with my taxes being used to help out people of good will who have found themselves in a temporary tough spot with paying the mortgage on their primary (and only!) residence and need some help to get through it. But the people who took out the liar loans, people with 2 or more properties, and the house flippers who got caught should all be foreclosed on if they can’t pay their bills imho. And the government should not be trying to prop up real estate prices any more than it props up my 401k.
— by northsloperenter in Blinder: ‘Fiddling on Foreclosures’
Whuh–you sound so nice and reasonable in this thread. Whuh gives?
BHO–seems like a fairly big leap to put us in Great Depression 2. Being an occasional producer of cable television myself I can tell you that the clients always demand the sensational thesis. Beware letting the History Channel influence your predictions.
“Heavens! A civilized debate – wasder get over here!”
Awww, I missed it! But I’m not civil anymore anyway. I have decided to call myself “redsaw” and be really pedantic and abrasive.
i know a business doing well: http://www.youwalkaway.com
“the keys are in the mail”â„¢
No way let the homes sell like finucchia 4 for a dollar. I am waiting for homes to start forclosing in Carroll Gardens. I have no intention of paying ballooned prices like the flippers did. So if you can’t pay get a move on it and get out, there is plenty of room under the brooklyn bridge. I have to pay higher rent because of greedy speculators. Now they want government help? Hell no!!
“In fact I recall certain hedge funds saying they would sue the guvment if they attempted to re-negotiate mortgages that backed securities that they were holding.”
I also read this and my first thought was great, let the hedge funds keep the headed to worthless holdings and when they go to zero up say you got what you asked for assholes no go away, no handouts for you! I hope every hedge fund who played with all this fire go up in their own smoke. Not a penny for anybody is how this has to be handled, or else we enter a decade long depression. As long as they keep prolonging the inevitable it just drags on and on. Let houses fall to 80’s prices, then people making normal incomes will buy them again. Those who foreclose can always rent, and with wages low and cheap properties everywhere rents will also fall. It’s a self correction in the easiest way – market forces will correct themselves. All this bailout crap just keeps everything artificial and unsustainable.
“Read my lips: No. Effing Way.”
Moving to Cuba, Whuh?
There is no free lunch for the economic “expansion” of the past quarter century. The piper must be “broke off”. Obama will do nothing to stop the “transaction” between leverage and deleverage. I predict, sadly, only a war with China will bring us out of this economic depression.
BTW, did anybody see that special on the History Channel, “Crash: The Next Great Depression”. Youtube it. When a topic like this reaches mainstream, it’s pretty much a done deal. Housing bubble? Yup. Subprime “Contagion” (if you want to misstate it as that)? Yup. Real estate collapse? Yup. Stock market collapse? Yup. Bank failures? Yup. Recession? Yup.
Depression? [You guessed it – Yup]
***Bid half off peak comps (too optimistic?)***
How in g*d’s name are they going to figure out who is acting in good faith?? Answer: they by and large can’t. Why should my tax dollars subsidize anyone’s imprudence, period? I have good credit, good cash flow and substantial resources for a down payment. Over the last two years I could have way overstretched my way into a lovely Brooklyn brownstone. I didn’t; but now I’m going to get taxed extra because you did? Read my lips: No. Effing Way.
Heavens! A civilized debate – wasder get over here!