Bail-outs

zepboy · Post by **zepboy** » Wed Oct 01, 2008 8:57 am

Don't bail out the financial institutions. Allow the free market to self correct. It'll hurt, but will be worth it in the long run (for those willing to stick it out). The economy will emerge much stronger if we quit meddling in the free market dynamic.

As far as the individual homeowner, well. I think they should go to mortgage contract reading classes. That would eliminate roughly half of those who got themselves in trouble. I really cannot buy into the idea that they were "tricked." We are all supposed to held accountable for our commitments.

Nonetheless, perhaps an assist program similar to unemployment. For those who can provide legitimate evidence of hardship, a grant or low interest loan can be set up to get them over the hump.

Also, DO NOT allow those who make the law oversee the operation! That's what got us in this mess in the first place!

Walkinghairball · Post by **Walkinghairball** » Wed Oct 01, 2008 9:01 am

My home loan is not thru them why should I suffer?

Either way.

ElfDude · Post by **ElfDude** » Wed Oct 01, 2008 9:07 am

If the government buys up all these mortgages from failing institutions... the whole escence of America changes. We're going to suffer through this whether the government acts or not. I think I also find myself in the camp of believing that we're better off hurting for a while, but hanging onto the whole "land of the free" thing.

Big Blue Owl · Post by **Big Blue Owl** » Wed Oct 01, 2008 9:13 am

ElfDude · Post by **ElfDude** » Wed Oct 01, 2008 9:27 am

awip2062 · Post by **awip2062** » Wed Oct 01, 2008 10:42 am

What about the thought that was put forth about giving the monies that bill had been going to give to the companies to the people who have mortgages instead. Pay down a portion of all the mortgages or pay off all the mortgages under a certain price, and what that would do to the economy?

I'm not saying this is the way to go, but am interested in hearing the BT thoughts on this.

zepboy · Post by **zepboy** » Wed Oct 01, 2008 10:51 am

gonna take time to think about that one . . .

awip2062 · Post by **awip2062** » Wed Oct 01, 2008 11:01 am

I have a number of thoughts, but want to hear the boards' first and not influence anything.

Big Blue Owl · Post by **Big Blue Owl** » Thu Oct 02, 2008 7:13 am

One knee-jerk thought that came to mind is that this method may bail out folks temporarily, but they learn nothing and they may be doomed to repeat their mistake. People are so "entitled!" Ach, that's irritating.

Perhaps people who accepted a shady mortgage that they wouldn't be able to afford for years or maybe ever, and if they hadn't pulled their socks up and bettered themselves and their income, should do now what they should have done then. Live in what they can afford. Rent an apartment or buy a used trailer. Buy your furniture at yard sales. And don't get fat. Nothing worse than a fat, poor person. Such a contradiction in terms.

But seriously, I'm not sure any of these issues can be solved without propping the financial industry back up, since we now operate almost completely on credit. From banks having money to loan to our places of employment to the stocks of all companies dying, we are all slaves to the "bind."

Walkinghairball · Post by **Walkinghairball** » Thu Oct 02, 2008 7:34 am

That would be a sad day to see the houses being demolished to make room for ghetto styled apartment projects all over the place. (I'm being hypothetic mostly.)

I know I wouldnt like it. I lived in an apartment once, I don't plan on doing it again.

Big Blue Owl · Post by **Big Blue Owl** » Thu Oct 02, 2008 7:50 am

Walkinghairball wrote:That would be a sad day to see the houses being demolished to make room for ghetto styled apartment projects all over the place. (I'm being hypothetic mostly.)

I know I wouldnt like it. I lived in an apartment once, I don't plan on doing it again.

Right on! Sounds like you have your sh together, bro! No ballooning mortgage for you. No low down - a million later for the hairballs. But not everyone should be in a house, especially if they can't afford the aspirin for the headaches they can cause.

zepboy · Post by **zepboy** » Thu Oct 02, 2008 8:00 am

I would love to see a ban on credit for 10 years (or however long it takes to learn a lesson). Allow existing loans to carry to term so they can give birth to a living, healthy economic status, but aside from that, let no more credit babies be conceived until we show we are mature enough to raise them correctly!

I think we should approach this the same way we should approach welfare: No check until you show you can handle what you already have correctly!

Radical? You bet! But it was the lack of personal responsibility that got us in this mess, and until the individuals of this nation get themselves under control, we will continue in the same pattern of self destruction.

If we actually began thinking like rational, mature adults, we would not let these clowns in office who assisted in perpetuating this credit mess.

Sound judgment should be the mantra of a new economy.

Big Blue Owl · Post by **Big Blue Owl** » Thu Oct 02, 2008 8:26 am

I'm right there with you, Zep.

Walkinghairball · Post by **Walkinghairball** » Thu Oct 02, 2008 12:59 pm

zepboy wrote:I would love to see a ban on credit for 10 years (or however long it takes to learn a lesson). Allow existing loans to carry to term so they can give birth to a living, healthy economic status, but aside from that, let no more credit babies be conceived until we show we are mature enough to raise them correctly!

I think we should approach this the same way we should approach welfare: No check until you show you can handle what you already have correctly!

Radical? You bet! But it was the lack of personal responsibility that got us in this mess, and until the individuals of this nation get themselves under control, we will continue in the same pattern of self destruction.

If we actually began thinking like rational, mature adults, we would not let these clowns in office who assisted in perpetuating this credit mess.

Sound judgment should be the mantra of a new economy.

'Scuse my French here, but Fuck-n-A!!!!

ElfDude · Post by **ElfDude** » Fri Oct 03, 2008 6:59 am

Just a sampling of the pork in the bailout bill that the Senate passed yesterday:

"This is how Washington works," said Keith Ashdown of Taxpayers for Common Sense, a Washington research group. "A big pot of pork is their recipe for final passage."

The special provisions include tax breaks for:

* Manufacturers of kids' wooden arrows - $6 million.

* Puerto Rican and Virgin Is- lands rum producers - $192 million.

* Wool research.

* Auto-racing tracks - $128 million.

* Corporations operating in American Samoa - $33 million.

* Small- to medium-budget film and television productions - $10 million.

Another measure inserted into the bill appears to be a bald-faced bid aimed at winning the support of Rep. Don Young (R-Alaska), who voted against the original version when it went down in flames in the House on Monday.

That provision - a $223 million package of tax benefits for fishermen and others whose livelihoods suffered as a result of the 1989 Exxon Valdez oil spill - has been the subject of fervent lobbying by Alaska's congressional delegation.

Some of the pork-barrel measures buried in the financial rescue package had been contained in a bill that previously passed the Senate, but died in the House.

Both my Senators (Republicans) actually voted FOR this thing. I need to call their offices and let them know I will NEVER vote for them again.