The hand outs continue

[mar1t1me]

The overarching problem here is the fact that Americans have been largely brainwashed into believing that owning a home is better than renting living space. So they'll do about anything to get that American Dream home. No one owns property anymore. Try not paying the so-called property tax and see how long you own it! Then property and home values are artificially inflated to create higher property tax assessments and so on....then there's that ol' imminent domain bullshit. Thought ya owned it? Nah....

You also have a much greater chance of being unemployed if you own a home because unlike renting, you can't just pack up, pay off the outstanding rent and split for greener pastures.

There's no easy answer. And still.....not one of the guys that crashed the economy has been held accountable.....

[Vedubin01]

There's no easy answer. And still.....not one of the guys that crashed the economy has been held accountable.....

I agree with you but who should be held accountable? The Crash was done 1 home loan at a time.....

[z31maniac]

I think the biggest problem isn't the desire to own a home, but the desire to own a McMansion. So people go out and saddle themselves up to the limit, instead of being reasonable and trying to plan for future problems.

That's why when we bought a house, we bought one that we could afford to keep if one of us lost our jobs/became unable to work.

Not only is a smaller house cheaper to begin with, but it's cheaper to heat and cool, cheaper to maintain (smaller HVAC units, etc), less property taxes......................and you actually have money to do other things.

Like play with cruddy old BMWs, take vacations/road trips, save for emergencies, save for retirement.

[Vedubin01]

^^^ I think that is called BEING RESPONSIBLE, you also have morals and values that help you make that decision. Unlike the majority of the people here in America that feel its your neighbors responsibility to take care of you if you get in a bad situation.

[mattdk318i]

This plan will fail miserably.

I rent a small house, I drive a shitty E30 and the wife drives a E34. Both of which are paid off. I have been laid off twice. Both times i had to sell many of my toys and Rare E30 parts i was saving. Im 24 with a 2 year old, We made the concious decision to stay away from buying a house until we actually have the money to buy one.

People need to grow the fuck up and stop acting like they deserve shit. This society breeds entitlement.

[mrsleeve]

^ that

Dub as usual, spot on as well.

The overarching problem here is the fact that Americans have been largely brainwashed into believing that owning a home is better than renting living space. So they'll do about anything to get that American Dream home. No one owns property anymore. Try not paying the so-called property tax and see how long you own it! Then property and home values are artificially inflated to create higher property tax assessments and so on....then there's that ol' imminent domain bullshit. Thought ya owned it? Nah....

You also have a much greater chance of being unemployed if you own a home because unlike renting, you can't just pack up, pay off the outstanding rent and split for greener pastures.

There's no easy answer. And still.....not one of the guys that crashed the economy has been held accountable.....

dude we finally agree on something for the most part .

If these people can take a year break from their mortgage, Can I take a break from my property taxes????


Raxe: This is why every one should have at least bare minimum 2 months gross pay (or at least expenses) in the bank at all times, preferably 6-12 months (I keep about 8 months in the bank minimum and about 6 weeks in cash at the house) so when bad shit does happen you are prepared for it and not running to your neighbors with you hand out to save you from your own stupidity

[herbivor]

Maybe it doesn't sit well for those of us who are fiscally responsible and have not had the bad luck of getting fired but from a pure economics standpoint I think it's a good move by the administration. If you don't give the grace period they lose the house immediately. The bank loses money, the homeowner loses a place and the overall economic impact is a negative. If you allow the grace period it allows an opportunity for some to get back on their feet and pay back the loan. Some won't of course but when you look at the overall economic impact it is not as bad as kicking them out immediately.

Is it really that different than the bank bailout that Bush supported or the auto industry bailout? Most of that money was returned with interest and was a net positive for the economy as a whole.

[Vedubin01]

auto industry bailout? Most of that money was returned with interest and was a net positive for the economy as a whole.

Way WRONG!

http://www.theblaze.com/stories/obama-admin-admits-govt-will-lose-14-billion-on-auto-bailout/

And America is going to have to grow some thick skin and allow those that messed up, pay for it.

[mrsleeve]

^

thank you uh---oh thats a tinfoil hat Glen beck site link...............................;)


Veggie I will deal with you again later

[herbivor]

Way WRONG!

http://www.theblaze.com/stories/obama-admin-admits-govt-will-lose-14-billion-on-auto-bailout/

And America is going to have to grow some thick skin and allow those that messed up, pay for it.

Uh, did you read the article? As I said "most" of TARP has been repaid (99%). and 80% of the $80 billion auto bailout has been repaid. Would it have been better for the economy to let the banks and auto industry fail altogether? You say yes, but the majority of Americans and politicians disagree.

[Vedubin01]

did you say TARP?

http://www.csmonitor.com/Business/Donald-Marron/2010/1201/How-much-did-TARP-cost-25-billion

The good news, budget-wise, is that the government is on track to make about $22 billion on its assistance to banks.


However, CBO estimates that TARP’s other activities will cost $47 billion. This reflects aid to AIG ($14 billion), the auto industry ($19 billion), mortgage programs ($12), and a few smaller programs ($2 billion).




So Im guessing with Fuzzy Math that would be a Net Loss of $25 Billion? Well maybe give or take a few Billion right,



And does that take in account the huge waste in Cash for Clunkers, the $45 billion tax break GM will now get?

http://online.wsj.com/article/SB10001424052748704462704575590642149103202.html

[herbivor]

^Nice articles from 2010.

[Vedubin01]

^Nice articles from 2010.

Disprove it then....

[gwb72tii]

Haha okay what do you suggest as an alternative, kick families to the street and leave them homeless? Introduce children to gangs and women to prostitution while the men take off to northern Canada for work? That'll totally fix everyones problems!

I get that you're upset whenever tax dollars are spent on anything that doesn't directly benefit you personally, but you really should try to stop and think for a minute before losing your shit every time Obama moves a finger.

allowing people to grow accustomed to support from the federal government is slavery.

paying people to be poor will only gurantee more poor people. and paying people/companies for their stupidity/greed thru programs like no mortgage payments/bailouts gurantees more of the same behavior. there is no downside to failure anymore. bailing out GM/Chrysler and the housing industry makes everyone poorer.

eliminate the possibility of failure eliminates the chance of success.

how about we try something different? as in job creation? create wealth? create opportunity? quit bankrupting the country and my children?

this president is so beholden to his political views he cannot see the forest for the trees. nor does he learn from history that the economic solutions his admin is supporting have never worked, here or around the world. FDR reied to spend his way out of a depression and unemployment never fell below 14%, and infact was headed much higher before WWII started.

yet letting capitalism have a chance is somehow the problem with the O-man. and central planning is the answer. no matter history.

this pres deserves to be out of office, as of today

[Vedubin01]

Spot on!