Fantastic responses (with the exception of Breeze).
PW I will start with yours. My intention is not to place any blame at all. A few things always kind of irked me with the “bring it on crowd”. The first was captured quite eloquently by Coop
“Maybe people will start to realize what other people do does matter whether they think it affects them or not.”
This is so darn true. Furthermore I have alot of respect, admiration, and yes envy for those who elevate themselves through hard work, risk taking, etc… rather then move forward at the expense of others. I don’t enjoy seeing friends and family lose employment. There is simply nothing good about that. Great I can buy a new home and have my unemployed friends over for a BBQ. What fun…
Additionally, in some of the posts I detected a sense of smugness or omnipotence and that just is crazy in times like this.
Second and even of a more dark nature. The presumption that we have to go through this to get better may indeed be correct. HOWEVER, I am VERY concerned that the actions taken by our leaders are and can be much more devasting and actually excasserbate the problems. Geez, the TARP stuff is freeking scary don’t you think? Our government can give tax payer money to ANYONE THEY WANT. They are IMMUNE from prosecution, they will not even tell us who they just gave 2 freeking TRILLION dollars to. Does this seem like a responsible way to deal with these problems? Has transparency increased or decreased? It is like, all bets are off, no rules anymore, and who the freek knows where taxpayer money is now going. Paulson is a crook, and Barney Frank is a crook and Bernanke is like a pimple faced kid with his thumb in his ass.
The guys in charge of fixing this mess are not guys like Roubini and such. They are friggin politicians. The one hope I have is that Obama keeps Volker close to his side. Get that freeking governer from Michigan out of there. Do you see what she did to that state? Volker on the other hand is someone whom I have tremendous faith in.
So don’t think that I don’t want prices to come down either cuz I do. I also want this country to be on firm footing once again. My post wasn’t to blame anyone… it is just that I am much MUCH more fearful of our chances of getting through this IN A QUICK manner then others are. To me there is just to much incompetence around…
What about the massive effort to keep people in there homes? This is not a solution at all. It is simply going to prolong the damn problem right? Give a guy a loan mod at a teaser loan rate so he can stay in his home a few more years. Then what? In a few years he is in the same boat. This is how our government is going to put us on the path to sustainability?
Are you kidding me?
Finally there is this undercurrent of entitlement…Like hey I saved money and scraped and I deserve this… well no not really. Yes I to feel vindicated for not overextending and that is good. However as pointed out in the last part of the post by creechr, many caught up in this are those who were prudent. Look, the guy who makes 60k and plunked down no money for 600k home in 05 and gets a loan mod and works for the city as someone who fills potholes or whatever keeps is home and his job while a young guy who works for an engineering firm or pharma company and saved his cash and didn’t buy a home gets laid off. There is nothing fair there. Nobody is getting helped. I see no path to sustainability with that.
The element of randomness is completely ignored and thoughts that those who “deserved to lose the home” will actually lose the home is deeply flawed. In fact as we may soon see, those who DESERVE to lose the home may indeed NOT loose the home and MAY get to keep it longer.
Anyways PW sorry for running long. I enjoy your posts as well as all the others from everyone else. PW no I have not shot any lowball offers in since Caminito Pudregal back in July. Nothing is hitting my liking. I was chasing another foreclosure in Scripps but the guy got a damn loan mod.
Breeze your posts have been reduced to caricatures of sarcasm based on your political beliefs. I am an electrical engineer with a BSEE from UCSD and 20 years in the industry as well as owning my own brokerage for almost 6 years now. I will gladly match my intelligence and skill level in most any field against you at any time.
I sleep very well at night because I have always been honest and up front with all of my clients.
Your posts are pretty much jokes these days.
Everyone else sorry for not addressing them all but yeah those who wanted to Bring it on, it is on and by the looks of things, our current leaders don’t seem able to cope with it. Hopefully the new batch will.
