Enough is Enough…The Bottom Line

[contraman]

It is time to get to the "bottom line" on a few things here. It is time to call things as they are and quit beating around the bush on this forum,  at least for me.

Firstly, we are not facing a housing crisis in so much as we are facing a VALUES crisis in this country.

I almost put my foot through my 25" tube television this morning (yes, I do not own a 52" flat screen with surround sound) watching the president talk about people "not understanding what loan programs they signed into" when they bought their homes.

Granted, although there may be cases where people have been abused by lenders, such as the elderly who have no caretakers, or those who are legally blind, (sorry, not the minorities Mr. Sharpton) this is a complete farce and is simply people not wanting to take responsibility for their actions. Period.

That is why I make the case that we have a values problem in this country.

The bottom line is this concerning your loan. You pay taxes to your city that builds libraries. At the library you can utilize the internet and hundreds of books for information pertaining to these loans to make an educated and wise decision concerning your mortgage. Turn off Desperate Housewives and the OC and get in your car, walk, run, or ride your bike to the library and EDUCATE YOURSELF AND THINK BEFORE YOU MAKE DECISIONS CONCERNING YOUR  HOME MORTGAGE AND REALIZE THAT THERE ARE RAMIFICATIONS TO THE DECISIONS YOU MAKE IN LIFE.

On your cash out refinance loan, Mr. Bailout, you had 3 days to look over every detail of the loan documentation and rescind your loan. That is your opportunity to see if you are making a stupid decision or not. Period.

You know why people did not do this? Because almost everyone bought a house because they thought the value would go into the stratosphere forever and that their home would be a perpetual ATM machine. They made decisions emotionally out of greed and a gambling mentality that is pervasive in this country and an "epidemic" that will destroy people's lives in the end.

Nobody wants to be responsible for their actions anymore and wants an easy out when things don't turn out in their favor. That is why their is such a lack of character and integrity in people these days becuase these "crisis situations" in the human experience are what keep your values in line and keep people grounded and create a healthy society of people. 

Case in point. You load up on consumer debt because you need a 52" TV, a travertine floor, a vanishing edge pool, a sports car, designer clothing,a motorhome, 58 pairs of shoes you never wear,a boat, jet skiis, a new kitchen with granite counters, another rolex, a time share, and whatever other material item to keep up with the Joneses. Then when you can't pay your bills because YOU MADE DUMB DECISIONS, I end up paying for it through taxation because you file BANKRUPTCY and FORECLOSE on your home and then I bail you out of your responsibility as an american citizen.

That was never the purpose of bankruptcy. It was a last resort for people and usually for those who were undertaking a huge risk starting a business and tried EVERYTHING but had to resort to this measure.

There was a time when BANKRUPTCY and FORECLOSURE was shameful in this country, now it is everyone's answer to their out of control spending habits, uneducated and lazy decisions, and materialistic pursuits that in the end are vain and empty.

We don't need any bailout in this country, we need an "economic crash" to reset our value system and remind people what is most important in life.

Sincerely,

Contraman 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Bugs]

Been hittin’ the expresso today, Contraman?

Just kidding.

If it’s any consolation, there are a lot of people who HAVEN’T forgotten about personal responsibility and who HAVEN’T gotten themselves in too deep. The 70% of buyers who used these toxic financing options in the 2003-2006 period does include a small percentage of individuals for whom that really was a reasonable option, as well as some folks who are both willing and able to live with their mistakes. These people are not part of the problem.

There is no financial literacy test for obtaining a mortgage, and if there was a lot of people, including some who are very responsible, would flunk it. Like it or not, some people have to rely on getting good advice from their professional service providers.

Suffice it to say that the maxim – you can’t cheat an honest man – is true for the most part. But’s it’s also true that securities brokers can’t get away with doing some of the things our realty brokers, mortgage lenders and appraisers have been doing for the last few years. There is an element of the public interest involved, above and beyond the personal accountability aspect of this problem.

[Bugs]

Been hittin’ the expresso today, Contraman?

Just kidding.

If it’s any consolation, there are a lot of people who HAVEN’T forgotten about personal responsibility and who HAVEN’T gotten themselves in too deep. The 70% of buyers who used these toxic financing options in the 2003-2006 period does include a small percentage of individuals for whom that really was a reasonable option, as well as some folks who are both willing and able to live with their mistakes. These people are not part of the problem.

There is no financial literacy test for obtaining a mortgage, and if there was a lot of people, including some who are very responsible, would flunk it. Like it or not, some people have to rely on getting good advice from their professional service providers.

Suffice it to say that the maxim – you can’t cheat an honest man – is true for the most part. But’s it’s also true that securities brokers can’t get away with doing some of the things our realty brokers, mortgage lenders and appraisers have been doing for the last few years. There is an element of the public interest involved, above and beyond the personal accountability aspect of this problem.

[Bugs]

Been hittin’ the expresso today, Contraman?

Just kidding.

If it’s any consolation, there are a lot of people who HAVEN’T forgotten about personal responsibility and who HAVEN’T gotten themselves in too deep. The 70% of buyers who used these toxic financing options in the 2003-2006 period does include a small percentage of individuals for whom that really was a reasonable option, as well as some folks who are both willing and able to live with their mistakes. These people are not part of the problem.

There is no financial literacy test for obtaining a mortgage, and if there was a lot of people, including some who are very responsible, would flunk it. Like it or not, some people have to rely on getting good advice from their professional service providers.

Suffice it to say that the maxim – you can’t cheat an honest man – is true for the most part. But’s it’s also true that securities brokers can’t get away with doing some of the things our realty brokers, mortgage lenders and appraisers have been doing for the last few years. There is an element of the public interest involved, above and beyond the personal accountability aspect of this problem.

[rocket science]

"..people not wanting to take responsibility for their actions. Period."

I would say that hits the nail on the head…..

And I am sick of it too.

rs

[rocket science]

"..people not wanting to take responsibility for their actions. Period."

I would say that hits the nail on the head…..

And I am sick of it too.

rs

[rocket science]

"..people not wanting to take responsibility for their actions. Period."

I would say that hits the nail on the head…..

And I am sick of it too.

rs

[sdnativeson]

Personal responsibility? How dare you speak contrary to “the what we are entitled to”.
Contraman sounds like some sort of a neocon fascist. How do you spend your evenings? Tasering your children and watching them twitch? Spend your weekends oppressing women and “minorities”? Vacations clubbing baby seals?

I concur with your diatribe and of course the comments above are entirely tongue in cheek.

[sdnativeson]

Personal responsibility? How dare you speak contrary to “the what we are entitled to”.
Contraman sounds like some sort of a neocon fascist. How do you spend your evenings? Tasering your children and watching them twitch? Spend your weekends oppressing women and “minorities”? Vacations clubbing baby seals?

I concur with your diatribe and of course the comments above are entirely tongue in cheek.

[sdnativeson]

Personal responsibility? How dare you speak contrary to “the what we are entitled to”.
Contraman sounds like some sort of a neocon fascist. How do you spend your evenings? Tasering your children and watching them twitch? Spend your weekends oppressing women and “minorities”? Vacations clubbing baby seals?

I concur with your diatribe and of course the comments above are entirely tongue in cheek.

[bsrsharma]

“we need an “economic crash” to reset our value system and remind people what is most important in life.”

Wow Contraman!

I see political attention focussing on this still incipient crisis. Hillary Clinton shed some crocodile tears on the fate of all the poor borrowers, there were segments on NPR/PBS radio & TV. Even President Bush spoke rationally on the topic – No bailout, no increasing GSE limits/purrchases.

Global liquidity is getting squeezed. Europeans are crying uncle. Their central bank injected $130B to prevent a run. (Fed injected only $10B so far). Since US needs to borrow $2B per day to keep going, this is going to get very expensive soon.

I think this may turn worse than S & L crisis. Significant recession/stagflation seems all but certain. It is starting to look like late 1970s/early ’80s rather than late 80s.

Contraman is going to get his wishes. But it will be very ugly. In the end, he will be liking to retract his wishes!

[bsrsharma]

“we need an “economic crash” to reset our value system and remind people what is most important in life.”

Wow Contraman!

I see political attention focussing on this still incipient crisis. Hillary Clinton shed some crocodile tears on the fate of all the poor borrowers, there were segments on NPR/PBS radio & TV. Even President Bush spoke rationally on the topic – No bailout, no increasing GSE limits/purrchases.

Global liquidity is getting squeezed. Europeans are crying uncle. Their central bank injected $130B to prevent a run. (Fed injected only $10B so far). Since US needs to borrow $2B per day to keep going, this is going to get very expensive soon.

I think this may turn worse than S & L crisis. Significant recession/stagflation seems all but certain. It is starting to look like late 1970s/early ’80s rather than late 80s.

Contraman is going to get his wishes. But it will be very ugly. In the end, he will be liking to retract his wishes!

[bsrsharma]

“we need an “economic crash” to reset our value system and remind people what is most important in life.”

Wow Contraman!

I see political attention focussing on this still incipient crisis. Hillary Clinton shed some crocodile tears on the fate of all the poor borrowers, there were segments on NPR/PBS radio & TV. Even President Bush spoke rationally on the topic – No bailout, no increasing GSE limits/purrchases.

Global liquidity is getting squeezed. Europeans are crying uncle. Their central bank injected $130B to prevent a run. (Fed injected only $10B so far). Since US needs to borrow $2B per day to keep going, this is going to get very expensive soon.

I think this may turn worse than S & L crisis. Significant recession/stagflation seems all but certain. It is starting to look like late 1970s/early ’80s rather than late 80s.

Contraman is going to get his wishes. But it will be very ugly. In the end, he will be liking to retract his wishes!

[citydweller]

Contraman,
Very, very well said! Thank you.

Although I find the thought of an economic crash somewhat frightening (fear of the unknown), I too tend to believe that we need one to “reset peoples value systems”.

It’s almost like watching a drug addict’s rapid decline and knowing that not until they hit bottom will they admit they have a problem that needs correcting.

[citydweller]

Contraman,
Very, very well said! Thank you.

Although I find the thought of an economic crash somewhat frightening (fear of the unknown), I too tend to believe that we need one to “reset peoples value systems”.

It’s almost like watching a drug addict’s rapid decline and knowing that not until they hit bottom will they admit they have a problem that needs correcting.

[Author]

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