National debt time bomb ticks toward crisis

[samoth]

The United States real estate fiasco put people into homes which they could not afford.

It was the individuals who chose to buy something they couldn't afford.

I never understood how people could do something financially stupid then walk away from it with no consequences. If someone can't afford their mortgage or loses money on it, then the banks should have legal recourse to garnish the homebuyers' wages until they die.

I'm just going to blame the fucking liberals on this whole mess.

 

[puddlemonkey]

I

I'm just going to blame the fucking liberals on this whole mess.

absolutely

 

[mrplunkey]

It was the individuals who chose to buy something they couldn't afford.

I never understood how people could do something financially stupid then walk away from it with no consequences. If someone can't afford their mortgage or loses money on it, then the banks should have legal recourse to garnish the homebuyers' wages until they die.

I'm just going to blame the fucking liberals on this whole mess.

Ultimately it is the buyer's responsibility, but the government shouldn't be in the business of creating artificial mortgage markets in the first place.

 

[samoth]

Ultimately it is the buyer's responsibility, but the government shouldn't be in the business of creating artificial mortgage markets in the first place.

Not sure how you think the government's involved (moreso than other businesses), but financiers are in the business of making money. They made the markets. The government isn't responsible for you buying a car or pair of jeans you can't afford just because there's someone out there willing to sell it to you; no different with a house.

Those who were truely too stupid to realize the complexities of "variable-rate mortgage" and "sure you can afford this $400k house on your $40k salary" who were unable/unwilling to read the fine print on a legally binding document carry the responsibility to live a lifetime of wage-garnished poverty or go to prison until they can work off what they stole from the government and millions of taxpayers.

But no, liberal fucktards bailed these idiot homebuyers out at the expense of ARE COUNTRY. Fuck you, libtards!

 

[mrplunkey]

Not sure how you think the government's involved (moreso than other businesses), but financiers are in the business of making money. They made the markets. The government isn't responsible for you buying a car or pair of jeans you can't afford just because there's someone out there willing to sell it to you; no different with a house.

Those who were truely too stupid to realize the complexities of "variable-rate mortgage" and "sure you can afford this $400k house on your $40k salary" who were unable/unwilling to read the fine print on a legally binding document carry the responsibility to live a lifetime of wage-garnished poverty or go to prison until they can work off what they stole from the government and millions of taxpayers.

But no, liberal fucktards bailed these idiot homebuyers out at the expense of ARE COUNTRY. Fuck you, libtards!

I do agree that buyers are responsible. I also recognize the fact that many shouldn't-be homeowners were in the upper priced markets.

Having said that, this also contributed to the mess in a major way: Community Reinvestment Act - Wikipedia, the free encyclopedia

 

[samoth]

I do agree that buyers are responsible. I also recognize the fact that many shouldn't-be homeowners were in the upper priced markets.

Having said that, this also contributed to the mess in a major way: Community Reinvestment Act - Wikipedia, the free encyclopedia

I was just trying to flame a random polical party, but TY for the interesting reading material.

BTW, know any good technical/academic books analyzing the mortgage/fincial meltdown? I've followed it all kinda ex-post, but never read anything detailed.

 

[EnderJE]

I do agree that buyers are responsible. I also recognize the fact that many shouldn't-be homeowners were in the upper priced markets.

Having said that, this also contributed to the mess in a major way: Community Reinvestment Act - Wikipedia, the free encyclopedia

One challenge that I'm seeing is that some people are "better" then others for certain situations. For example, I know enough not to have credit card debt above $500 regardless of what the advertisements say. That said, given a look at the advertising and how "life would be better" if they had this or that (ie house, car, etc), I can understand why people are not as logical as a person would hope.

 

[mrplunkey]

I was just trying to flame a random polical party, but TY for the interesting reading material.

BTW, know any good technical/academic books analyzing the mortgage/fincial meltdown? I've followed it all kinda ex-post, but never read anything detailed.

I don't know of anything out there analyzing the meltdown (but I haven't really looked either). It would make for an interesting read.

 

[PICK3]

BTW, know any good technical/academic books analyzing the mortgage/fincial meltdown? I've followed it all kinda ex-post, but never read anything detailed.

Inside The Meltdown | FRONTLINE | PBS

On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. "There was literally a pause in that room where the oxygen left," says Sen. Christopher Dodd (D-Conn.).

Breaking The Bank | FRONTLINE | PBS

The bets were huge and risky -- billions of dollars on the housing market. The upside was undeniable -- superbanks reaped billions of dollars, dominated the landscape, and gobbled up competitors.


Ten Trillion And Counting | FRONTLINE | PBS

All of the federal government's efforts to stem the tide of the financial meltdown have added hundreds of billions of dollars to an already staggering national debt, a sum that is expected to double over the next 10 years to more than $23 trillion. In Ten Trillion and Counting, FRONTLINE traces the politics behind this mounting debt and investigates what some say is a looming crisis that makes the current financial situation pale in comparison.

 

[samoth]

PBS and NPR != technical/academic, hth