Home › Forums › Financial Markets/Economics › CALL YOUR REPRESENTATIVES!!!
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September 21, 2008 at 9:54 AM #273773September 21, 2008 at 11:10 AM #273495yojimboParticipant
While I disagree with FLU at times, this time I totally agree. I believe the fiscally responsible citizen is now a minority. Perhaps even a small one.
While I do believe that there was (is) greed and fraud at the top levels of the banking, finance and real estate related industries as well as incompetence at all levels of the political structure (nothing new there), what bothers me more is the level of fraud at the borrower’s level.
Nearly every property I look up on the MLS has been refinanced multiple times over the last five years and large amounts of equity have been extracted and, of course, spent. This did not occur on a minority of homes but rather on a large majority of homes. As all of us here know, this allowed those borrowers to live a lifestyle they would otherwise not be able to enjoy while the fiscally responsible people watched on the sidelines wondering when the shoe would drop. Well, it has dropped but unfortunately it has dropped on those who have been responsible and conservative over the last decade. Their neighbors will walk away from their mortgage debt but most likely keep all their toys and other remnants of the opulent lifestyle and move down the street to rent another home. Our politicians have made sure that some of them will not have to pay income tax on their debt relief so their lifestyle over the last few years and accumulated material goods will be essentially free.
Perhaps it’s not rational but for some reason that bothers me a lot more than some CEO walking away with $16 million after running a company into the ground. Maybe it’s because I can see it happening all around me whereas the world of CEO’s et al is far removed from my reality.
I somewhat expect some CEO’s to be greedy, incompetent and dismissive of the little guy but to have my neighbors flaunting their Escalades, giant plasma TV’s, Hawaiian vacations etc. in my face day after day grates upon me after a while. It almost cause me to refinance my own property and by some “stuff” but in the end I was rational and decided not to. Perhaps that was the wrong decision for it appears as though I am going to pay for it all anyway and, in the end, will have gotten nothing from it.September 21, 2008 at 11:10 AM #273740yojimboParticipantWhile I disagree with FLU at times, this time I totally agree. I believe the fiscally responsible citizen is now a minority. Perhaps even a small one.
While I do believe that there was (is) greed and fraud at the top levels of the banking, finance and real estate related industries as well as incompetence at all levels of the political structure (nothing new there), what bothers me more is the level of fraud at the borrower’s level.
Nearly every property I look up on the MLS has been refinanced multiple times over the last five years and large amounts of equity have been extracted and, of course, spent. This did not occur on a minority of homes but rather on a large majority of homes. As all of us here know, this allowed those borrowers to live a lifestyle they would otherwise not be able to enjoy while the fiscally responsible people watched on the sidelines wondering when the shoe would drop. Well, it has dropped but unfortunately it has dropped on those who have been responsible and conservative over the last decade. Their neighbors will walk away from their mortgage debt but most likely keep all their toys and other remnants of the opulent lifestyle and move down the street to rent another home. Our politicians have made sure that some of them will not have to pay income tax on their debt relief so their lifestyle over the last few years and accumulated material goods will be essentially free.
Perhaps it’s not rational but for some reason that bothers me a lot more than some CEO walking away with $16 million after running a company into the ground. Maybe it’s because I can see it happening all around me whereas the world of CEO’s et al is far removed from my reality.
I somewhat expect some CEO’s to be greedy, incompetent and dismissive of the little guy but to have my neighbors flaunting their Escalades, giant plasma TV’s, Hawaiian vacations etc. in my face day after day grates upon me after a while. It almost cause me to refinance my own property and by some “stuff” but in the end I was rational and decided not to. Perhaps that was the wrong decision for it appears as though I am going to pay for it all anyway and, in the end, will have gotten nothing from it.September 21, 2008 at 11:10 AM #273745yojimboParticipantWhile I disagree with FLU at times, this time I totally agree. I believe the fiscally responsible citizen is now a minority. Perhaps even a small one.
While I do believe that there was (is) greed and fraud at the top levels of the banking, finance and real estate related industries as well as incompetence at all levels of the political structure (nothing new there), what bothers me more is the level of fraud at the borrower’s level.
Nearly every property I look up on the MLS has been refinanced multiple times over the last five years and large amounts of equity have been extracted and, of course, spent. This did not occur on a minority of homes but rather on a large majority of homes. As all of us here know, this allowed those borrowers to live a lifestyle they would otherwise not be able to enjoy while the fiscally responsible people watched on the sidelines wondering when the shoe would drop. Well, it has dropped but unfortunately it has dropped on those who have been responsible and conservative over the last decade. Their neighbors will walk away from their mortgage debt but most likely keep all their toys and other remnants of the opulent lifestyle and move down the street to rent another home. Our politicians have made sure that some of them will not have to pay income tax on their debt relief so their lifestyle over the last few years and accumulated material goods will be essentially free.
Perhaps it’s not rational but for some reason that bothers me a lot more than some CEO walking away with $16 million after running a company into the ground. Maybe it’s because I can see it happening all around me whereas the world of CEO’s et al is far removed from my reality.
I somewhat expect some CEO’s to be greedy, incompetent and dismissive of the little guy but to have my neighbors flaunting their Escalades, giant plasma TV’s, Hawaiian vacations etc. in my face day after day grates upon me after a while. It almost cause me to refinance my own property and by some “stuff” but in the end I was rational and decided not to. Perhaps that was the wrong decision for it appears as though I am going to pay for it all anyway and, in the end, will have gotten nothing from it.September 21, 2008 at 11:10 AM #273789yojimboParticipantWhile I disagree with FLU at times, this time I totally agree. I believe the fiscally responsible citizen is now a minority. Perhaps even a small one.
While I do believe that there was (is) greed and fraud at the top levels of the banking, finance and real estate related industries as well as incompetence at all levels of the political structure (nothing new there), what bothers me more is the level of fraud at the borrower’s level.
Nearly every property I look up on the MLS has been refinanced multiple times over the last five years and large amounts of equity have been extracted and, of course, spent. This did not occur on a minority of homes but rather on a large majority of homes. As all of us here know, this allowed those borrowers to live a lifestyle they would otherwise not be able to enjoy while the fiscally responsible people watched on the sidelines wondering when the shoe would drop. Well, it has dropped but unfortunately it has dropped on those who have been responsible and conservative over the last decade. Their neighbors will walk away from their mortgage debt but most likely keep all their toys and other remnants of the opulent lifestyle and move down the street to rent another home. Our politicians have made sure that some of them will not have to pay income tax on their debt relief so their lifestyle over the last few years and accumulated material goods will be essentially free.
Perhaps it’s not rational but for some reason that bothers me a lot more than some CEO walking away with $16 million after running a company into the ground. Maybe it’s because I can see it happening all around me whereas the world of CEO’s et al is far removed from my reality.
I somewhat expect some CEO’s to be greedy, incompetent and dismissive of the little guy but to have my neighbors flaunting their Escalades, giant plasma TV’s, Hawaiian vacations etc. in my face day after day grates upon me after a while. It almost cause me to refinance my own property and by some “stuff” but in the end I was rational and decided not to. Perhaps that was the wrong decision for it appears as though I am going to pay for it all anyway and, in the end, will have gotten nothing from it.September 21, 2008 at 11:10 AM #273813yojimboParticipantWhile I disagree with FLU at times, this time I totally agree. I believe the fiscally responsible citizen is now a minority. Perhaps even a small one.
While I do believe that there was (is) greed and fraud at the top levels of the banking, finance and real estate related industries as well as incompetence at all levels of the political structure (nothing new there), what bothers me more is the level of fraud at the borrower’s level.
Nearly every property I look up on the MLS has been refinanced multiple times over the last five years and large amounts of equity have been extracted and, of course, spent. This did not occur on a minority of homes but rather on a large majority of homes. As all of us here know, this allowed those borrowers to live a lifestyle they would otherwise not be able to enjoy while the fiscally responsible people watched on the sidelines wondering when the shoe would drop. Well, it has dropped but unfortunately it has dropped on those who have been responsible and conservative over the last decade. Their neighbors will walk away from their mortgage debt but most likely keep all their toys and other remnants of the opulent lifestyle and move down the street to rent another home. Our politicians have made sure that some of them will not have to pay income tax on their debt relief so their lifestyle over the last few years and accumulated material goods will be essentially free.
Perhaps it’s not rational but for some reason that bothers me a lot more than some CEO walking away with $16 million after running a company into the ground. Maybe it’s because I can see it happening all around me whereas the world of CEO’s et al is far removed from my reality.
I somewhat expect some CEO’s to be greedy, incompetent and dismissive of the little guy but to have my neighbors flaunting their Escalades, giant plasma TV’s, Hawaiian vacations etc. in my face day after day grates upon me after a while. It almost cause me to refinance my own property and by some “stuff” but in the end I was rational and decided not to. Perhaps that was the wrong decision for it appears as though I am going to pay for it all anyway and, in the end, will have gotten nothing from it.September 21, 2008 at 5:25 PM #273665kev374ParticipantBill Gross guy is saying its not a bailout and the government is going to be making a lot of money on this…on CNBC right now.. can someone explain his statement?
September 21, 2008 at 5:25 PM #273912kev374ParticipantBill Gross guy is saying its not a bailout and the government is going to be making a lot of money on this…on CNBC right now.. can someone explain his statement?
September 21, 2008 at 5:25 PM #273917kev374ParticipantBill Gross guy is saying its not a bailout and the government is going to be making a lot of money on this…on CNBC right now.. can someone explain his statement?
September 21, 2008 at 5:25 PM #273960kev374ParticipantBill Gross guy is saying its not a bailout and the government is going to be making a lot of money on this…on CNBC right now.. can someone explain his statement?
September 21, 2008 at 5:25 PM #273983kev374ParticipantBill Gross guy is saying its not a bailout and the government is going to be making a lot of money on this…on CNBC right now.. can someone explain his statement?
September 21, 2008 at 5:32 PM #273672CA renterParticipantcan someone explain his statement?
——————-Why…yes I can!
Bill Gross just happens to have…mortgage paper, other debt, and all the lovely paper associated with therewith.
He would just LOVE for the govt to bail his sorry a$$ out, now wouldn’t he?
I used to respect him because he was talking about a housing bubble years ago, and seemed to know what was coming. Maybe he knew exactly what was coming and made the money in the meantime, KNOWING that the govt would bail him out in the end. He is a pig.
September 21, 2008 at 5:32 PM #273916CA renterParticipantcan someone explain his statement?
——————-Why…yes I can!
Bill Gross just happens to have…mortgage paper, other debt, and all the lovely paper associated with therewith.
He would just LOVE for the govt to bail his sorry a$$ out, now wouldn’t he?
I used to respect him because he was talking about a housing bubble years ago, and seemed to know what was coming. Maybe he knew exactly what was coming and made the money in the meantime, KNOWING that the govt would bail him out in the end. He is a pig.
September 21, 2008 at 5:32 PM #273921CA renterParticipantcan someone explain his statement?
——————-Why…yes I can!
Bill Gross just happens to have…mortgage paper, other debt, and all the lovely paper associated with therewith.
He would just LOVE for the govt to bail his sorry a$$ out, now wouldn’t he?
I used to respect him because he was talking about a housing bubble years ago, and seemed to know what was coming. Maybe he knew exactly what was coming and made the money in the meantime, KNOWING that the govt would bail him out in the end. He is a pig.
September 21, 2008 at 5:32 PM #273965CA renterParticipantcan someone explain his statement?
——————-Why…yes I can!
Bill Gross just happens to have…mortgage paper, other debt, and all the lovely paper associated with therewith.
He would just LOVE for the govt to bail his sorry a$$ out, now wouldn’t he?
I used to respect him because he was talking about a housing bubble years ago, and seemed to know what was coming. Maybe he knew exactly what was coming and made the money in the meantime, KNOWING that the govt would bail him out in the end. He is a pig.
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