This has nothing to do with obama. This has to do with tax money. It doesn’t matter if you are renting a home or not paying on the mortgage because if you are doing either, then you are squatting. Those here who think it is a good thing have never been landlords or owned rental property. Nobody gets to live in a house for free. Somebody pays when someone else is a freeloader. Plain and simple.
I agree private citizens and businesses do have a primary responsibility for their actions. If none of this bailout happens banks foreclose and liquidate properties in a timely manner. People go find places to rent and live within their means. Prices fall and old debt is wiped out. New money comes into the system and creates a stronger foundation and fundamentally lower price levels. It hurts. Weaker financial institutions fail and stronger ones emerge.
Stop with the economy would have crashed and we all would be living in caves excuse about the bailouts okay? Bush sucked and Obama sucked and they were nothing but yes men to Wall Street.
There is no “new administration”. Republicans and democrats are all controlled by Wall Street. The current administration has a spokesman who is very good at what he does. If you noticed Wall Street seems to be very happy with him.
Banks are not foreclosing because they don’t have to, and more and more legislation is being pushed to create more hurdles to prevent foreclosures. Imagine how many hard working people who saved money could be in homes by now if the housing market would have been left alone. People who have no business owning homes are still in them, living in default, getting loan mods and now reductions in their balance.
The social costs of the crash… really now, to think that there could have been no better way to let the market normalize that would have resulted in a much healthier market AND saved taxpayer money is quite closed minded. However, there is no way that could have happened right? Why not? Because they told us so! In the end the social cost of not allowing the crash could be a hell of alot more damaging.
To applaud people for essentially squatting is ridiculous.
