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July 21, 2009 at 5:50 PM in reply to: california Budget deal, Kicking the can at counties and down the road #435310July 21, 2009 at 5:50 PM in reply to: california Budget deal, Kicking the can at counties and down the road #435384
XBoxBoy
Participant[quote=patb]What’s Arnold going to do next year?[/quote]
Arnold will term-limit out in 2010 I think. Then he will go back to movies I suspect.
[quote=Arraya]That kind of can kicking would take coordinated responses from entities with differing interests and varying abilities.[/quote]
Maybe, but my point is that it’s really amazing how long these things can go on for. You think, “For sure people will wise up to this bs and stop playing along.” But they don’t. If they did, then China would have stopped buying our debt five years ago, housing would be already bottomed out and a normal recovery would be starting. Instead, the whole house of cards that is our economy is stumbling along still in gross imbalance.
Just my 2cents
XBoxBoy
July 21, 2009 at 5:50 PM in reply to: california Budget deal, Kicking the can at counties and down the road #435553Participant[quote=patb]What’s Arnold going to do next year?[/quote]
Arnold will term-limit out in 2010 I think. Then he will go back to movies I suspect.
[quote=Arraya]That kind of can kicking would take coordinated responses from entities with differing interests and varying abilities.[/quote]
Maybe, but my point is that it’s really amazing how long these things can go on for. You think, “For sure people will wise up to this bs and stop playing along.” But they don’t. If they did, then China would have stopped buying our debt five years ago, housing would be already bottomed out and a normal recovery would be starting. Instead, the whole house of cards that is our economy is stumbling along still in gross imbalance.
Just my 2cents
XBoxBoy
July 21, 2009 at 2:42 PM in reply to: california Budget deal, Kicking the can at counties and down the road #434693Participant[quote=Arraya]That can is quickly coming to the end of the road, on many different levels..[/quote]
I wouldn’t be so sure. In 2004 I thought we were in a bad housing bubble, and that the wheels were going to come off that wagon with a crash. I thought within 6 months everything would collapse. Hah! was I wrong! Now I’ve learned just how slow these things unfold.
I suspect the government can keep this can kicking going on for at least another five to ten years. It will be just a long slow decline.
XBoxBoy
July 21, 2009 at 2:42 PM in reply to: california Budget deal, Kicking the can at counties and down the road #434898Participant[quote=Arraya]That can is quickly coming to the end of the road, on many different levels..[/quote]
I wouldn’t be so sure. In 2004 I thought we were in a bad housing bubble, and that the wheels were going to come off that wagon with a crash. I thought within 6 months everything would collapse. Hah! was I wrong! Now I’ve learned just how slow these things unfold.
I suspect the government can keep this can kicking going on for at least another five to ten years. It will be just a long slow decline.
XBoxBoy
July 21, 2009 at 2:42 PM in reply to: california Budget deal, Kicking the can at counties and down the road #435215Participant[quote=Arraya]That can is quickly coming to the end of the road, on many different levels..[/quote]
I wouldn’t be so sure. In 2004 I thought we were in a bad housing bubble, and that the wheels were going to come off that wagon with a crash. I thought within 6 months everything would collapse. Hah! was I wrong! Now I’ve learned just how slow these things unfold.
I suspect the government can keep this can kicking going on for at least another five to ten years. It will be just a long slow decline.
XBoxBoy
July 21, 2009 at 2:42 PM in reply to: california Budget deal, Kicking the can at counties and down the road #435289Participant[quote=Arraya]That can is quickly coming to the end of the road, on many different levels..[/quote]
I wouldn’t be so sure. In 2004 I thought we were in a bad housing bubble, and that the wheels were going to come off that wagon with a crash. I thought within 6 months everything would collapse. Hah! was I wrong! Now I’ve learned just how slow these things unfold.
I suspect the government can keep this can kicking going on for at least another five to ten years. It will be just a long slow decline.
XBoxBoy
July 21, 2009 at 2:42 PM in reply to: california Budget deal, Kicking the can at counties and down the road #435457Participant[quote=Arraya]That can is quickly coming to the end of the road, on many different levels..[/quote]
I wouldn’t be so sure. In 2004 I thought we were in a bad housing bubble, and that the wheels were going to come off that wagon with a crash. I thought within 6 months everything would collapse. Hah! was I wrong! Now I’ve learned just how slow these things unfold.
I suspect the government can keep this can kicking going on for at least another five to ten years. It will be just a long slow decline.
XBoxBoy
July 21, 2009 at 2:37 PM in reply to: Intentional defaulting, not subprime mortgage is the problem #434688ParticipantIs there any surprise that this is happening? I always find it interesting that so many people talk about how it’s in the bank’s interest to do loan mods. They look at the situation as if doing a loan mod will not have repercussions on other loans.
It’s no surprise to me that banks are very reluctant to give principle modifications. Every one they grant undoubtedly triggers dozens more.
If you want to cure the current problem, you need to allow the foreclosures to happen. If you want to keep this problem from happening in the future, you better make sure that banks only make loans to people that can/will pay them back.
Sadly, our politicians understand none of this.
XBoxBoy
July 21, 2009 at 2:37 PM in reply to: Intentional defaulting, not subprime mortgage is the problem #434893ParticipantIs there any surprise that this is happening? I always find it interesting that so many people talk about how it’s in the bank’s interest to do loan mods. They look at the situation as if doing a loan mod will not have repercussions on other loans.
It’s no surprise to me that banks are very reluctant to give principle modifications. Every one they grant undoubtedly triggers dozens more.
If you want to cure the current problem, you need to allow the foreclosures to happen. If you want to keep this problem from happening in the future, you better make sure that banks only make loans to people that can/will pay them back.
Sadly, our politicians understand none of this.
XBoxBoy
July 21, 2009 at 2:37 PM in reply to: Intentional defaulting, not subprime mortgage is the problem #435210ParticipantIs there any surprise that this is happening? I always find it interesting that so many people talk about how it’s in the bank’s interest to do loan mods. They look at the situation as if doing a loan mod will not have repercussions on other loans.
It’s no surprise to me that banks are very reluctant to give principle modifications. Every one they grant undoubtedly triggers dozens more.
If you want to cure the current problem, you need to allow the foreclosures to happen. If you want to keep this problem from happening in the future, you better make sure that banks only make loans to people that can/will pay them back.
Sadly, our politicians understand none of this.
XBoxBoy
July 21, 2009 at 2:37 PM in reply to: Intentional defaulting, not subprime mortgage is the problem #435284ParticipantIs there any surprise that this is happening? I always find it interesting that so many people talk about how it’s in the bank’s interest to do loan mods. They look at the situation as if doing a loan mod will not have repercussions on other loans.
It’s no surprise to me that banks are very reluctant to give principle modifications. Every one they grant undoubtedly triggers dozens more.
If you want to cure the current problem, you need to allow the foreclosures to happen. If you want to keep this problem from happening in the future, you better make sure that banks only make loans to people that can/will pay them back.
Sadly, our politicians understand none of this.
XBoxBoy
July 21, 2009 at 2:37 PM in reply to: Intentional defaulting, not subprime mortgage is the problem #435452ParticipantIs there any surprise that this is happening? I always find it interesting that so many people talk about how it’s in the bank’s interest to do loan mods. They look at the situation as if doing a loan mod will not have repercussions on other loans.
It’s no surprise to me that banks are very reluctant to give principle modifications. Every one they grant undoubtedly triggers dozens more.
If you want to cure the current problem, you need to allow the foreclosures to happen. If you want to keep this problem from happening in the future, you better make sure that banks only make loans to people that can/will pay them back.
Sadly, our politicians understand none of this.
XBoxBoy
July 21, 2009 at 11:29 AM in reply to: california Budget deal, Kicking the can at counties and down the road #434804ParticipantPatb,
Just what were you expecting? That our politicians would suddenly get responsible and tackle the hard issues? Of course the solution is little more than accounting gimmicks, a few minor cuts, and a whole lot of can kicking.
Six months from now we will be back to another crisis due to overly optimistic projections of revenue. Or maybe it just moves the crisis down to the counties.
XBox “the cynic” Boy
July 21, 2009 at 11:29 AM in reply to: california Budget deal, Kicking the can at counties and down the road #435194ParticipantPatb,
Just what were you expecting? That our politicians would suddenly get responsible and tackle the hard issues? Of course the solution is little more than accounting gimmicks, a few minor cuts, and a whole lot of can kicking.
Six months from now we will be back to another crisis due to overly optimistic projections of revenue. Or maybe it just moves the crisis down to the counties.
XBox “the cynic” Boy
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