Economic Stimulus… UR Doin It Wrong!
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Economic Stimulus…
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If only it weren’t so true!
Buy low…
…ur doin it rite
Whatever dude, the market will fix itself. It does not need your stimulus! Do not listen to all those economist who say otherwise, trust the free market!
With all the crap that has been done to “fix” the economy, it has only made the swing worse. Those idiots in Washington don’t care about doing what’s best, they just want to be able to say they tried to fix it. All they do is “fix” the immediate to keep the masses satiated.
When they stop messing with the interest rates and stop borrowing money from China to give us as a “stimulus” so we can buy things made in China, THEN the market will right itself.
THANK YOU.
We’ve had panics since the country gained independence. 1819 was the first big one. They fix themselves.
It’s only going to get worse….
This is what happens when you have bonehead in DC crying about owning a house is a right for everyone. Guess what….it isn’t, it’s a privilege. I see this as a failure of education. If it was better, maybe people could use math. Adjustable mortgages are a joke. Don’t fall for them unless you are loaded. If you can’t afford it, don’t get it. And yes, if the gov’t would just butt out, the market would fix itself. Oh and as for that stimulus crap, I used mine on an additional payment on my mortgage.
…and that is how I bought my first house. Some idiot purchased a house for which his loan payment was at the upper limit of his ability to pay, took a bad variable-rate mortgage, and had to sell the place after having only lived there 3 years. I get a nice house because I can put a down-payment on it and can afford to pay the loan plus some additional principal every month without tightening my belt. Aforementioned idiot gets a lesson in fiscal responsibility.
I could have been in your situation if I thought everything in the world would go my way forever; I am, however, not comfortable gambling with things such as my home. I purchased a home for which the payment is less than half of my monthly (post-taxes, post-bills, post-food/drink/entertainment) income. I don’t get to live in a large home, but I don’t have to worry about losing my small home.
How IS living without a soul?
He has a soul, he just has a brain, too. The two are not mutually exclusive.
I think you’re rather wrong there…
I think you are rather wrong there. Just because you have a brain doesn’t mean you don’t have a soul. The thing is, Ryan is just looking at this logically. Logic should tell you that if you are barely qualifying for the loan you are getting, that you are going to need to find some other way to pay for that loan. You can’t just assume that everything is going to be ok when the loan is taking over 3/4 of your income to pay monthly. Yes there are some true victims in this market crash, but that doesn’t mean that we should pity everyone who has made bad decisions in their home purchases. You need to look at all aspects of buying a home, which includes your loan payments and your taxes on the home. You need to know what your limit is, and not what the loan officers or banks are telling you that your limit is. Don’t fault Ryan for seeing the reality of the situation. Everyone needs to open their eyes and take a good look at what reality is instead of living in this little fantasy land that many people seem to be living in.
Which part of the reality would that be? The one where the President encourages everyone to buy a house, because he’s touting an economic boom and using speeches to get the average person to believe that NOW really is the time for that move to an actual house? Or the part where banks use smoke and mirrors and bait and switch tactics in acts of predatory lending practices to make homebuyers believe they will be able to afford this new property, taking advantage of the fact the average working class individual didn’t take multiple classes in accounting or economics, and relying on the fact they got Republicants and a few useful tools (thanks, Biden!) to pass new, severe bankruptcy laws in the hopes these individuals would be caged into their new, more severe (and unrealistic) percentage rates?
I have no pity for the people who got suckered into their second (or third, or fifth) house by the flipping crazy or the loony belief that house values would just keep going Up, UP, UP!!! I warned more than a few first-timers about the market, as well. But when people take the attitudes like you have expressed above because you cashed in on the crushed dreams of true home ownership that was the result of marketing, very deliberately and very unjustly, at first time owners by banks who only sought a greater share of these first-timers income, then I really do have to question if a soul exists in that vile vessel.
So, you’d rather Ryan have NOT bought the house & had the bank have to foreclose on it instead? Why do you say Ryan “cashed in on the crushed dreams of true home ownership that was the result of marketing?”
.
How do you know the schmuck who took out too big a mortgage – and an adjustable one at that – took it as a result of marketing? And what about RYAN’s dream of true home ownership? Aren’t Ryan’s dreams just as valid as the overspenders? And who are you to judge? That’s sheer arrogance.
.
The old standard that your mortgage & escrow payments should not take up more than 1/3 of your take-home pay worked for years and years and years. If the guy who had to sell Ryan his house had followed that rule, he’d still be living in it.
If they are mutually exclusive, which one do you have?
win
Thank goodness for someone smart left in the world.
Goaat agree with you there. Just remember, if the deal looks too good to be true, IT IS NOT TRUE.
Intelligence FTW.
Actually, alot of the problems with the housing market isn’t due to the companies that sell houses. It is mainly the banks who were screwing people over. They told people everything would work out if they got these adjustable rate loans and then they turned right around and adjusted that rate until the people got foreclosed on. The government doesn’t need to butt out of the housing problem. They need to get a grip on the banks and tell them to stop screwing people out of homes. The banks were also pre-qualifying people for loans much larger than they actually pre-qualified for. Either way, the banks are a large part of the problem. Sorry. I happen to work at a real estate office and I hear about this daily. Just figured I’d add my 2 cents.
Y’know what’s great for me? I live in an apartment, because I am not going to be staying here for 20-30 years (leaving once I finish school), so the housing thing has only worked in my favor (my rent got lowered last year).
Between an oversaturated market, unethical lenders and uneducated borrowers, this problem got a lot bigger than it ever should have.
‘Swhy you should make sure you know whatcha doin’ witcha money, holmes.
Homes. Short for homie. Just saying.
Perhaps he was playing a streetwise Watson to Holmes. As in Sherlock. Just saying.
“I’m Ziggy wid it.”
I suggest we make John Edwards’ ‘two Americas’ a reality. Let’s find the arithmetic mean IQ for citizens over 18. The government can build nice housing units for those folks, and the rest of us can live free.
Oh, and if you are a member of the free housing group, you don’t get to vote. If I am going to be paying for you to live, I should get to select who is telling me how much I have to pay. If you want to be treated as a helpless child, you should have the same voting rights as a helpless child.
As the flamethrowers are heating up, let me say that I realize there are some truly innocent victims of the current housing crunch; but we are only gauranteed life, liberty, and the pursuit oif happiness (and a few others) as rights – healthcare, a really nice house, a job that pays what you WANT to make, living in the city where you WANT to live – those are not rights; those are priviledges. Priviledges are earned, not deserved.
“Anyone who tells you otherwise is selling something.”
Funny how it was initially supposed to be “Life, Liberty and Property”, itnit? By the way, the Constitution doesn’t enumerate rights. It’s sort of assumed that government is supposed to help protect and better the social contract (can we talk about how many industries would have collapsed without “taxpayer support”? But I guess major corporations are entitled to handouts… or something…).
The original use was Life, Liberty, and Property, but at the time that the Constitution was written they didn’t want everyone to have the right to property because alot of stuff was decided by white men who were landholders. If everyone had the right to property then there was a possibility that some of the poorer men or eventually endentured servants who were free could get land and therefore gain the same rights as the other men. Therefore, they changed it to be the pursuit of happiness. You can pursue it all you want, but you are not guaranteed happiness.
Is true… selfish bastards….
Yeah, but these days you’d have people suing for free land – or a piece of yours – because, dammit they have a RIGHT to property.
I tend to agree on one side, mat – rights and responsibilities go hand in hand and if responsibilities of self-sufficient adulthood is too much, why are the rights?
That said – the United States is one of the few first-world nations left that does not consider a place to live (not a good one, just a place) a basic human right, the States actually outright refused that when it was brought forward by other countries, and I believe the UN. *shrug*
As I, and several others apparently see it, everyone has a right to a nine by nine room with a bed in it, and access to a toilet, sink, and tub. (Felons in the slam for life already have smaller quarters than that provided for them, no need to fix that.) No one has a basic right to an 1800 sq ft furnished house, and I shouldn’t have to pay for it.
My stimulus check just came in…and I’ll be spending it in Ireland in a couple of months.
One thing I would like to add is that I am not making a statement on the “real” economics that we face. I am using what some of us call humor to make a statement about the pain many of us are experiencing. I am not an economist and would never claim to have such knowledge. Last time I checked this wasn’t the Wall Street Journal, and perhaps such conversations should be taken there. Here we should just laugh and perhaps reflect on the world, before we lash out against everyone.
too true! People needs to lighten up around here!
Buy high? Epic fail.
It’s a perfect time to buy a house right now. Everyone is dropping the cost just to sell them. Bad news if you’re trying to sell though. Most think that since the housing market is in the toilet, that your house should be REALLY cheap. I tried selling mine a while back, but every buyer either 1. couldn’t qualify for the amount I was asking, 2. tried to talk down the price to where it wasn’t even worth selling. So I stayed in it, gonna change a few things, and try it again in a few years.
The market currently is a buyers market. There is a plethora of foreclosures and other sellers. The problem with being a seller currently is that the foreclosure properties are in general going to sell for less than an actual property. The price of a home is based on comparables in your neighborhood. Your agent should let you know if you are priced to high or if you have other things that might be effecting the sale of your home. It’s possible that the market will bounce back in a few years. If you aren’t working with an agent or a broker, I would definitely recommend it. They can help you with alot of suggestions about selling your home.
Long story short. PAY YOUR BILLS AND MAKE SURE YOU CAN AFFORD IT BEFORE SIGNING FOR IT
It’s so easy to sit on a high horse and criticize.
While I agree that people should use common sense, no matter what line they are being fed, there’s lots of proof that even the most vigilant could have gotten caught by fraudulent practices. And life happens, esp. in the US where so many have little or no health insurance and the overall downturn has been much worse.
These examples of consumer complaints are about Litton Loans, an offshoot of Goldman Sachs: http://www.consumeraffairs.com/finance/litton_loan.html
This company buys up mortgage debt, and then proceeds, it would seem from these many complaints, to make life complicated for people. While some of these behind in payments and were trying to make arrangements, others had had no difficulties at all and were pushed into them.
So let’s put our feet back on the ground.
This picture is reflective of a great deal of heartache for someone.
even now in 2009 it’s still true