Post Number: 93
|Posted on Wednesday, July 23, 2008 - 04:26 am: ||
I'm sure we're all sacrificing somehow, but I'm pissed at the prospect of paying taxes to support the above entities. I missed the housing bubble. I was living on student loans. Now I'm stuck working in major metropolitan areas where housing is unaffordable.
The thought of subsidizing not just a bank but fanmac as well iritates me since I live in an apartment and will never have any home equity to show for it. Do I want the housing market to stabilize and even (gasp) improve? No. It's in my best interest to have it hit rock bottom despite the drastic effect it will have on the economy. Am I nuts?
Post Number: 1499
|Posted on Wednesday, July 23, 2008 - 10:53 am: ||
I feel just like you, but for a different reason. I DO own a home . . took out no loan, built it as I could afford it over 3 years and now it's mine . . been mine for 17 years. I'm fed up with people living without self control, beyond their means, and then wanting me to bail 'em out so they can continue to excercise zero self control.
This country needs a reality check that shakes it to its foundations. If that means those folks trying to keep up with the Jones' have to live out of a Kenmore box for awhile . . GOOD!
Post Number: 1939
|Posted on Wednesday, July 23, 2008 - 01:03 pm: ||
I'm not as fortunate as Hack, I do have a mortgage, but I based what we could afford on a lower salary and only my salary at the time even though my wife was working when we took it out. Fortunately for us if times got tight around here our housing market is still strong, I could still sell our house for about 1.5 times what I have in to it. But I have no interest in selling so the market doesn't matter to me right now.
What drives me nuts is all the politicians saying they are bailing out the homeowners and lenders because all the poor people are going to end up on the streets, but in reality the majority of people they are bailing out are the ones who make 70K and bought a 500K home because rates were so cheap. THEY are the ones that deserve a reality check.
Post Number: 1721
|Posted on Monday, July 28, 2008 - 03:04 am: ||
Post Number: 9078
|Posted on Monday, July 28, 2008 - 05:38 pm: ||
Interesting point of view, Paul. They are correct that the main beneficiaries of a mortgage bailout would be banks rather than homeowners. Unfortunately, the "credit crisis" has effects on the entire economy. I suspect that a failure, or even the threat of insolvency, of either Fannie Mae or Freddy Mac would plunge the country into a very deep recession.
There are echoes here of the S&L crisis of the 1980s, which cost the government roughly $600 billion to solve. It was depressing how few individuals went to jail for what was basically wholesale fraud in an entire industry. I fear the same will occur with the current situation.
Post Number: 1722
|Posted on Monday, July 28, 2008 - 09:43 pm: ||
I'm not saying that I'm 100% in agreement with the angryrenter people. It just seemed apropos to this thread, so I thought I'd toss it in.
My wife and I get steamed about this topic, too. We carry a 30-year fixed on a house we can afford and we don't keep rolling that over to pull out equity. We pay cash for used cars after the old ones hit 150K miles. We don't run out and buy every toy we see or go on expensive vacations just because the neighbors do. We tell our kids to lump it when they complain that "everybody else has" a laptop/cell phone/new wardrobe/etc. Our reward for being good little savers will be increased taxes to cover the butts of the prodigal children all around us.
Post Number: 381
|Posted on Tuesday, July 29, 2008 - 06:11 pm: ||
Just wait until people can't retire because they don't have a retirement savings and then have the expectation to be taken care of at their current lifestyle.
Those who own a home or have saved and have 401Ks or equivalents will be taxed to pay for these poor people so they do not end up on the street.