Get fired up! Congress considering bailing out SUB PRIME!

[Artifact]

I hate that this seems to pan out as a “democrat” – “republican” issue since I am somewhat on the liberal side myself. To me it just pans out as the usual political stupidity that Washington manages to churn out once in a while regardless of party.

I am one of those renters who has been somewhat careful, not taken a stupid mortgage, etc.

They are proposing quite a double-edged sword:

First, bail out the people who were not careful – and more importantly in a political sense, some of the finanical institutions and investors.

This of course will then help keep the housing bubble inflated, in essence keeping people like myself, now paying for the idiots who used the sub-prime mortgages to keep their homes while I will not be able to afford one myself as long as we artificially prop up the prices.

So I get the privelege of paying to bail out the lenders and borrowers so that they can keep the homes I should be able to afford but can’t –

Nice –

[meadandale]

@Artifact

The reason that this is being painted as a liberal issue is:

1) It is being proposed by Democrats in Congress
2) It is simply another example of the nanny state in action that liberals tend to embrace.

Examples?

Drop out of school and can’t get a job? No problem, we’ll give you welfare. Can’t get a good job because you are too lazy to take advantage of free educational and work training opportunities that we’ve provided? No problem, we’ll mandate a living wage. Have kids you can’t afford or have more kids when you can’t afford the ones you have? No problem, we’ll give you welfare and AFDC. Didn’t manage to save any money for retirement? No problem, we’ll confiscate it from others and send you a check.

I’m fiscally conservative. In general, I believe in a hand up not a hand out.

Don’t even get me started about the IRS…

[kewp]

SD Realtor,

No offense taken; I appreciate your contributions here greatly!

I think at times we are guilty of just as a myopic viewpoint as the perma-bulls. As with most things, the reality of any situation is somewhere between the extremes of the prevailing viewpoints.

I think the ‘devils advocate’ approach is that the are poor folks in the subprime market that are not living extravagant lifestyles, that are still at risk of foreclosure. Their toxic sub-prime loans are the best they could do. I have a feeling we will see people like this held up to the spotlight in the MTM by the REI in order to pressure a full bail-out.

That said, my personal opinion is that they should get dinged, just like everyone else. Nobody ‘has’ to buy; they made a decision to purchase something that ultimately they can’t afford. Not a sob story by any means.

But really, who is ultimately to blame here. The fool with the credit, or the greater fools providing it to him? In my opinion, they all need to be punished in the end.

[Artifact]

meadandale –

I did not mean that as if it was not being proposed by democrats – The democrats are generally more inclined to propose welfare-like ideas when it includes individuals – while the republicans generally propose equally welfare-like ideas when it invloves business, farmers, fisherman, etc., – Both parties provide “welfare” at the expense of the average taxpayer, just to different groups depending on who your voter base is. If the Republicans were in power this would be a “we have to save the lenders” proposal instead.

In the context of this proposal, I agree that it is a “Democrat” proposal – but I think that the “poor homebuyer” bit is just window dressing for the politicians to hide behind while they try to prop up the businesses who have given them money. I am guessing there will be a number of Democrats opposed to the idea, just as there will be a number of Republicans in favor of it.

Personally, I think it is a horrible idea for the reasons I posted and while I generally consider myself a democrat, I am not a huge proponent of much of the way we go about welfare in this country. I am all for helping people, I just don’t think we always do it in a very prudent way.

[meadandale]

Artifact,

I wholeheartedly agree that the banks that have gotten rich off of these predatory lending practices in the sub prime market need to face the music. I’m not advocating a bail out for anyone, individuals or corps.

Certainly both republicans and democrats alike want to grease the palms of the financial industry that is their bread and butter. However, I think that you are right regarding their motives. 1) They get to look like a savior for the little guy while 2) helping out their banking friends.

At least most republican politicians wouldn’t try and hide their true motives 😉

[AK]

It is, and isn’t, a Democratic proposal.

It is a Democratic proposal because the proponent is a Democratic senator who also happens to be a presidential candidate.

It isn’t a Democratic proposal because the REIC has bought influence in both parties, and just happens to be using the party in power as its mouthpiece.

[ibjames]

ignorance is bliss

[chewie83]

http://www.house.gov/writerep/

Write to your local representative! I already gave him a piece of my mind.

[drunkle]

matt drudge is oddly silent on the speculation of a dem give away to the poor. i wonder why that is.

oh yeah, he knows. it’s a give away to the rich.

[dontfollowtheherd]

THERE IS NO WAY THIS PIG IS GONNA FLY !

How many fiscally responsible TAXPAYERS and more importantly, CONSTITUENTS do you think are going to sit by while Congress asks them to pay for the bad decisions of others? There is no way, no how, they will get very far on this before it unleashes a firestorm of protests. These members of Congress have their livelihoods at stake. Besides all this, the government can’t afford it. Look at Bernanke’s latest speech about the deficit.

The US is so far in debt already that it would further compromise programs like social security which is in doubt already. Don’t think for one minute that John Q Public is going to sit back and let their hard-earned retirement be taken from them because of some stupid political decision. Let them take it from the overblown defense fund or some $200 billion dollar pork barrel project in Iowa.

[Anonymous]

This is a Liberal Democrate issue! End of story….

http://money.cnn.com/2007/03/14/magazines/fortune/sanon.fortune/index.htm?postversion=2007031410

I can feel it….I’m going to get screwed for working hard and doing the right thing!! We are all going to get screwed! Just wait. As this spirals out of control, the Liberal media will keep pumping up these stories about the poor (mostly low income, minorities) losing thier homes! Yup….I can feel it already. Increased taxes on the “rich” if you are single and making more than $80,000 a year…you are “rich” and you will pay for others mistakes.

Un-friggin-real!!!!!!!!!!!!!!!!!

Biotech-Dude

[hipmatt]

I’m glad this pissed you all off as much as it did me. I feel the same way you all do, I have a savings, and rent responsibly, and am waiting to buy again, but this type of gov. behavior will reward everyone who shouldn’t deserve the help. It’s like giving a gambler cash after he’s blown it all.

Please let your voices be heard, or the dumbing down of America will continue.

[masayako]

I have written to 3 of my local respresentatives already.

Please do the same. This is insanely wrong and should not be allowed to happen.

http://www.house.gov/writerep/

[Tone]

Rotting in debtor’s prison was once the punishment for those who could not manage their money.

My how the pendulumn has swung.

[4plexowner]

IMO it is impossible to have an honest, healthy economic system that is based on a dishonest, fraudulent monetary system

Fraudulent and dishnonest describes the US Federal Reserve System and its fiat currency the US Dollar – the Federal Reserve is a private corporation – it is not a part of the US government and it does not have the best interests of Americans at heart

The current credit/real estate bubble is just one more reason to abolish the Federal Reserve and return to a commodity-backed currency

Another aspect of having a fiat currency is that politicians can use this funny money to buy votes – in this particular thread we are talking about politicians buying votes from the several million people who will lose their homes without a bailout

~

Read “The Creature from Jekyll Island: A Second Look at the Federal Reserve”, by G Edward Griffin – this book should be required reading for all Americans

[Author]

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