2. If you had it to do over again, would you not buy as many properties as you could using those crazy loans and then just sell in 2005. I believe you would. Because in the end most of you would throw out all of your concerns voiced on this site if it meant you could net a couple million.
Ok I'll play along…. If I had a time machine and knew exactly when to buy and sell RE and buy and sell each stock without losing money, yeah I would do it, if there was such thing as "doing all it all over again". However, this isn't reality. People speak as if they are so smart that "you should have bought X and sold Y"…You would have made a killing. Sorry, it doesn't work that way. Things are always so obvious in hindsight.
As far as the bailouts. I'm pissed not because I missed out buying a home. In fact I bought a home in arguably the worst time. In fact, I had to save/invest/work quite a lot to buy a place, while paying my yearly dues to taxes, etc.
I'm pissed because my tax dollars are going to subsidize and reward irresponsible behavior. The analogy would be if someone mugs me and steals my iphone, a cop tasered the mugger as he was committing the crime, the mugger's family turn's arround and sues the police for excessive force, and the judge awards the mugger punitive damages. ( I guess in Los Angeles, this is entirely possible…which is why I hated living in L.A. 🙂 )
I'm not really concerned about the individuals that will "benefit" from this bailout in the short term. In fact, those people are probably going to be stuck in the same situation 5 years down the road anyway. I seriously doubt people that are in this mess to begin with are magically all the sudden going to stop using their credit cards, stop buying worthless crap from walmart, and adopt a fiscal conservatism. People that are financially illiterate are probably going to continue being financially illiterate. They're going to continue down that rathole they are already in and get into a bigger hole. Fine with me.
My concern is that the Government is now going to waste my tax dollars and everyone else's tax dollars to help out these people who shouldn't have been able to buy a home to begin with. I'd rather donate that money to really needy kids who at least have a possible brighter future.
The good news is that as I read more and more about this "bailout", it's really not going to bailout many people at all.
How many people on these teaser rates have credit > 600, never missed payments, are + in equity? Ha!. That's the irony. These people who are in trouble stretched too thing already. I doubt this is really going to help. I just hope the Government doesn't go down this rat-hole to help more people out. This is such a bad idea at so many levels.
