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Well, in a way, they sort of had it coming with their negative savings rates and all. Personal accountability really does go to die in the States although other

Well, in a way, they sort of had it coming with their negative savings rates and all. Personal accountability really does go to die in the States although other countries are approaching our levels. Fat? Liposuction. Ugly? Plastic surgery. Don't want to exercise or eat right? Pills. Poor? Welfare. Don't know what you're doing with massive gobs of money? $700 Billion Bailout!?

krschultz 18y ago
What are you talking about? There are plenty of people who put 20% down on a fixed rate mortgage, are paying that off perfectly, and the market value of their house is now below what they paid for it. Those people are going to get hammered if they sell the house and owe the bank tens of thousands of dollars. In that situation you just don't sell your house. But what if you have to sell your house? Medical bills? Job changes? Want to retire? It's nice that you think you are superior to all this vain people, but this crisis is not about vain people getting fucked. It is about responsible people have their American dream burned to the ground by morons with oversized sub prime mortgages and the banks that lent to them. This goes beyond hurting the people who caused the mess!
- fallentimes 18y ago
  Houses are not an investment vehicle. If you buy one, it should be the for the long-term. Otherwise - don't. And I do feel for the minority of people with special circumstances. I do not think I'm superior; I just try to know what I'm doing before acting. The people who took out those loans knew what they were getting in to, and if they didn't, they should have. If it sounds too good to be true... I'm well aware that this affects everyone in some way. We're at a point where fixing liquidity is crucial and something needs to be done, and we need to make sure to profit from any money lent. I really like what Sweden did: http://is.gd/3iO2 http://is.gd/3iO2 I just worry our government is going to react instead of decide.
  - krschultz 18y ago
    You keep speaking on the premise that it is contained to sub-prime mortgages. "The people who took out those loans knew what they were getting into" What about the other 90% of people who live on the same street as the asshole with the sub prime mortgage who are now unable to sell their house if they need to because the sub prime one is at auction for half the price they need to get? Liquidity isn't going to fix that, we have a problem with too many houses on the market and too few people buying them. If you have enough money you can still get a prime mortgage, people just don't want to buy right now.
    - fallentimes 18y ago
      No, I don't. I was talking about all houses and all mortgages when I said: "Houses are not an investment vehicle. If you buy one, it should be for the long-term."

krschultz 18y ago

What are you talking about? There are plenty of people who put 20% down on a fixed rate mortgage, are paying that off perfectly, and the market value of their house is now below what they paid for it. Those people are going to get hammered if they sell the house and owe the bank tens of thousands of dollars. In that situation you just don't sell your house. But what if you have to sell your house? Medical bills? Job changes? Want to retire? It's nice that you think you are superior to all this vain people, but this crisis is not about vain people getting fucked. It is about responsible people have their American dream burned to the ground by morons with oversized sub prime mortgages and the banks that lent to them. This goes beyond hurting the people who caused the mess!

fallentimes 18y ago
Houses are not an investment vehicle. If you buy one, it should be the for the long-term. Otherwise - don't. And I do feel for the minority of people with special circumstances. I do not think I'm superior; I just try to know what I'm doing before acting. The people who took out those loans knew what they were getting in to, and if they didn't, they should have. If it sounds too good to be true... I'm well aware that this affects everyone in some way. We're at a point where fixing liquidity is crucial and something needs to be done, and we need to make sure to profit from any money lent. I really like what Sweden did: http://is.gd/3iO2 http://is.gd/3iO2 I just worry our government is going to react instead of decide.
- krschultz 18y ago
  You keep speaking on the premise that it is contained to sub-prime mortgages. "The people who took out those loans knew what they were getting into" What about the other 90% of people who live on the same street as the asshole with the sub prime mortgage who are now unable to sell their house if they need to because the sub prime one is at auction for half the price they need to get? Liquidity isn't going to fix that, we have a problem with too many houses on the market and too few people buying them. If you have enough money you can still get a prime mortgage, people just don't want to buy right now.
  - fallentimes 18y ago
    No, I don't. I was talking about all houses and all mortgages when I said: "Houses are not an investment vehicle. If you buy one, it should be for the long-term."