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Home › Forums › Housing › Rewarding Bad Behavior and Stupidity = Bailout

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  • December 4, 2008 at 3:03 PM #14568
    23109VC
    Participant

    I was watching some “expert” last night who worked for the gov’t talking about the proposed bailout packages for distressed homeowners….

    I wanted to vomit.

    Essentially she was stating that they want to keep people in their homes…blah blah blah… and they were going to do various things:

    1) reduce their interest rate
    2) extend their repayment period, and
    3) reduce principal (if needed)

    all of the above three methods would be done to get their payment down to 31-38% of their income. and of course they woudl “verify” income..

    I’m thinking wow – this is great. they will reduce rates, do all kinds of things to help people get their payments down – oh but wait – it’s all tied to income, etc…

    basically – if you took out a mortgage you COULD afford, they can’t help you. never mind that the moron next door who bought the same house as you – but who makes half what you make and had no business buying it in the first place – he will get a better rate than you, better terms than you, and even might get some of his loan forgiven… because he bought a house he could NOT afford.

    so we are going to reward the idiots and do nothing for the responsible people who bought within their means.

    I literally screamed “BS” at the TV… I should NOT have bought my house – NO. I should have gone out and taken out a frickin’ ARM, interest only, neg am loan and picked up a $1.5 million dollar palace up here in Temecula and then cried for a bailout when it reset and I couldn’t afford the palace payment…

    it is not right to bail out idiots who bought stuff they could not afford. I would NOT qualify for any of these programs b/c my house is not “too expensive” given my income and debt load.

    I guess what I should do is go out and buy a new Corvette, maybe rack up all my credit cards, and get seriously into debt, you know – buy $hit that I can’t afford – and then tell my mortgage company that I can’t afford the house b/c I have too many debts – and they need to reduce my housing payment…

    why are there not more “responsible” people screaming that this is wrong and unfair. the gov’t is rewarding people who bought stuff they could not afford – bad behavior is being rewarded and the “responsible” people who were NOT a part of this whole mess get told to just “take it”.

    how do I get in on the bailout???? quit my job? maybe I shoul try to buy another house! that’s it! another house, a few more cars – then I can get a bailout too.

    December 4, 2008 at 3:40 PM #311509
    XBoxBoy
    Participant

    The concept of moral hazard seems to have completely escaped our government. It’s really sad, but the reality is if you are a politician, you get on TV and get exposure by talking about how you are going to help some poor sap. If you talk about how you are going to hold people responsible you will be seen as mean and spiteful. I guess we get the government we deserve.

    XBoxBoy

    December 4, 2008 at 3:40 PM #311985
    XBoxBoy
    Participant

    The concept of moral hazard seems to have completely escaped our government. It’s really sad, but the reality is if you are a politician, you get on TV and get exposure by talking about how you are going to help some poor sap. If you talk about how you are going to hold people responsible you will be seen as mean and spiteful. I guess we get the government we deserve.

    XBoxBoy

    December 4, 2008 at 3:40 PM #311868
    XBoxBoy
    Participant

    The concept of moral hazard seems to have completely escaped our government. It’s really sad, but the reality is if you are a politician, you get on TV and get exposure by talking about how you are going to help some poor sap. If you talk about how you are going to hold people responsible you will be seen as mean and spiteful. I guess we get the government we deserve.

    XBoxBoy

    December 4, 2008 at 3:40 PM #311919
    XBoxBoy
    Participant

    The concept of moral hazard seems to have completely escaped our government. It’s really sad, but the reality is if you are a politician, you get on TV and get exposure by talking about how you are going to help some poor sap. If you talk about how you are going to hold people responsible you will be seen as mean and spiteful. I guess we get the government we deserve.

    XBoxBoy

    December 4, 2008 at 3:40 PM #311896
    XBoxBoy
    Participant

    The concept of moral hazard seems to have completely escaped our government. It’s really sad, but the reality is if you are a politician, you get on TV and get exposure by talking about how you are going to help some poor sap. If you talk about how you are going to hold people responsible you will be seen as mean and spiteful. I guess we get the government we deserve.

    XBoxBoy

    December 4, 2008 at 5:06 PM #312035
    bobby
    Participant

    there aren’t too many stories of people being bailed out.
    Someone has to take a hit for this bail out and so far it’s NIMBY.

    December 4, 2008 at 5:06 PM #311969
    bobby
    Participant

    there aren’t too many stories of people being bailed out.
    Someone has to take a hit for this bail out and so far it’s NIMBY.

    December 4, 2008 at 5:06 PM #311946
    bobby
    Participant

    there aren’t too many stories of people being bailed out.
    Someone has to take a hit for this bail out and so far it’s NIMBY.

    December 4, 2008 at 5:06 PM #311917
    bobby
    Participant

    there aren’t too many stories of people being bailed out.
    Someone has to take a hit for this bail out and so far it’s NIMBY.

    December 4, 2008 at 5:06 PM #311559
    bobby
    Participant

    there aren’t too many stories of people being bailed out.
    Someone has to take a hit for this bail out and so far it’s NIMBY.

    December 5, 2008 at 1:26 AM #311661
    scaredyclassic
    Participant

    Here’s how it goes in the criminal law business. The petty thief asks why he has to do jail time when there are violent offendors on the streets. The violent guys ask why they have to do time when there are child molestors on the street. The child molestors want to know why they have to do time when murderer rapists are walking the streets.

    If we compare our deal to other peoples’ deals, everyone everywhere thinks they’re getting screwed. And they probably are, in one way or another. The only way to attain peace in this life is to resolve yourself that human affairs are fundamentally screwed. In the end , we’re all guilty of something, and we’re all dead, so, chill out, or at least don’t yell at the tv.

    ps i rarely follow my own advice. that doesn’t mean it’s wrong, just that im kinda dumb.

    December 5, 2008 at 1:26 AM #312022
    scaredyclassic
    Participant

    Here’s how it goes in the criminal law business. The petty thief asks why he has to do jail time when there are violent offendors on the streets. The violent guys ask why they have to do time when there are child molestors on the street. The child molestors want to know why they have to do time when murderer rapists are walking the streets.

    If we compare our deal to other peoples’ deals, everyone everywhere thinks they’re getting screwed. And they probably are, in one way or another. The only way to attain peace in this life is to resolve yourself that human affairs are fundamentally screwed. In the end , we’re all guilty of something, and we’re all dead, so, chill out, or at least don’t yell at the tv.

    ps i rarely follow my own advice. that doesn’t mean it’s wrong, just that im kinda dumb.

    December 5, 2008 at 1:26 AM #312051
    scaredyclassic
    Participant

    Here’s how it goes in the criminal law business. The petty thief asks why he has to do jail time when there are violent offendors on the streets. The violent guys ask why they have to do time when there are child molestors on the street. The child molestors want to know why they have to do time when murderer rapists are walking the streets.

    If we compare our deal to other peoples’ deals, everyone everywhere thinks they’re getting screwed. And they probably are, in one way or another. The only way to attain peace in this life is to resolve yourself that human affairs are fundamentally screwed. In the end , we’re all guilty of something, and we’re all dead, so, chill out, or at least don’t yell at the tv.

    ps i rarely follow my own advice. that doesn’t mean it’s wrong, just that im kinda dumb.

    December 5, 2008 at 1:26 AM #312074
    scaredyclassic
    Participant

    Here’s how it goes in the criminal law business. The petty thief asks why he has to do jail time when there are violent offendors on the streets. The violent guys ask why they have to do time when there are child molestors on the street. The child molestors want to know why they have to do time when murderer rapists are walking the streets.

    If we compare our deal to other peoples’ deals, everyone everywhere thinks they’re getting screwed. And they probably are, in one way or another. The only way to attain peace in this life is to resolve yourself that human affairs are fundamentally screwed. In the end , we’re all guilty of something, and we’re all dead, so, chill out, or at least don’t yell at the tv.

    ps i rarely follow my own advice. that doesn’t mean it’s wrong, just that im kinda dumb.

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