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The real problem : Swingers Discussion 1139461021
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TOPIC: The real problem
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I commend you or having the ability to comprhend the whole idea , purpose and responsibility of taking on a loan Poly,

sad thing is whether or not a bail out is approved WE will be paying for it and they will still bitch about that too.......

guess there will be no pleasing everybody.....

Burlingham NY
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you state "We're far to eager to believe the lies of the politicians, the salesmen, the spokesmodels posing as journalists.... We are far too eager to beleive beautiful lies. We're far too dogmatic in our thinking. We're far too greedy, and we let that greed blind us to what is really going on."

what lies did your politicians tell you? because they made loans easier to obtain or those wo would not normally qualify for nonsensical items why is it their fault??

why did change the rules then in the first place we in the first place ? because the people crying now wanted the ability to get loans they could not normally afford. The same people crying the loudest now about how they spent money foolishly , and how they werent aware they would pay for it.......were crying then......just as loud .

here we go with new rules that will get chastised after the next crisis.

why are we in this mess? maybe because people foolishly invested like a common get rich quick scheme, with money they really could not afford to do it with .How many people read the get rich quick books , watch the infomercials telling how to do it? how many read magazines telling how to to and what to invest in? you are right greed is the problem but stop blaming every body but the one in the mirror for all the problems . be careful what we ask for because me et what we all deserve............

Burlingham NY
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Yes, Freddie and Fannie were a major problem... but to blame them for what is going on now is silly.

This is about 30 years of declining savings rate, 30 years of becoming more and more dependant on debt, 10 years of wages not keeping up with inflation, 50 years of pretending we can all be rich and have a 30-year vacation at the end of our lives...

This is about $14 trillion in consumer debt. This is about $10 trillion in business debt.

BOTH PARTIES are to blame. Anyone that thinks this is the fault of one party or the other has their head up their stink hole.

This is not jsut a problem of people borrowing money they can't repay. This is a problem of government and the Fed that encouraged that. It is the problem of people too stupid to realize a Ponzi when they see one. It is a problem of people participating in a Ponzi, screwing over others, and thinking there is nothing wrong with that.

This is a fundamental, systemic flaw in our national psycology. We're far to eager to believe the lies of the politicians, the salesmen, the spokesmodels posing as journalists.... We are far too eager to beleive beautiful lies. We're far too dogmatic in our thinking. We're far too greedy, and we let that greed blind us to what is really going on.

WAKE THE HELL UP!!!!

Stop being a simple minded fool looking for simple answers. Stop being dogmatic in your thinking. Stop believing the lies!

Glendale AZ
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"Anything to put undo blame on the Democrats... but that is what simple minds do."

Personal attacks is exactly why I hesitated to come back to these forums. But I felt the topic and truth were important enough to try to shed some light on this.

Go to YouTube and watch the videos that have the Dems, including Barney Frank (who was on the banking committee), saying there is nothing wrong with Freddie and Fanny. They had a chance to fix it and overrode Bush and the Republicans.

Just recently, Arthur Davis (D - Alabama) has admitted he and his fellow Dems were "too slow to appreciate the recklessness of Fannie Mae and Freddie Mac." At least one Dem has the character to admit to their mistake.

With this, I'm out of here. Trying to convey some truth to an elitist Lib is a complete waste of time. Feelings always trump the the truth for Libs.

Henderson NV
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Community Reinvestment Act....

Anything to put undo blame on the Democrats... but that is what simple minds do. They look for simple answers that are consistant with their existing dogmas.

Truth is that the Community Reinvestment Act was passed and twice modified WELL before the housing bubble took off.

The real truth is that the Tech Bubble went bust, and instead of accepting the recession we desperately needed, we dropped interest rates to 1/3rd the rate of inflation, throwing huge quantities of cheap money into the economy. Much of that money found its way into Mortgage Backed Securites, exploding sub-prime, Alt-A, Option ARM, etc and dropping lending standards to checking for a pulse.

The ability of anyone to get a loan resulted in false demand that caused prices to increase, and increasing prices created a speculation bubble of enormous proportions.

Prices got too high to be affordable, and as with all bubbles.... pop, crash.

Glendale AZ
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To understand the mess we are in you need to understand the Community Reinvestment Act and how Freddy and Fanny were used by that act to become instruments of social engineering by the Democratic Party.

Google it. Start with Wikipedia to get the history behind the act. Then read the other websites for their analysis.

Henderson NV
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poly; you made some very valid points , and If you ( a generic you) are disciplined enough to pay those items of in a timely manner. I love to hear from people who take such deals and cry to the heavens for help when they end up with the balance as well as the interest on top

I guess that we we all have to be responsible for our own actions a novel Idea missed by many

Burlingham NY
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To me it makes total sense. If you have good enough credit to get the no finance charge for 6-12-18-24 months and will commit to making payments on it so it is paid off before it needs to be go for it. I've done it before. My dad does it all the time. Right now I can't do that my credit is not stellar enough to qualify (and yes you usually have to have very good credit history to get those deals) although it is on the upswing again after a couple of hard years at the farm.

PG

Louisville KY
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"Oh forgot another ploy...just watched a TV commercial for flooring---"BUY NOW AND PAY NO INTEREST FOR 24 MONTHS!" Hope those people have their jobs in 24 months....Mr. S "

Most people who have good enough credit to get such a deal are the type that are going to make monthly payments on the debt so that it is gone before the 24 months is up. That is why they have good credit ;)

PG

Louisville KY
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Glen,

I read your posts on this thread last night and I am trying to figure out why "flipping" houses if done right is wrong? Now the only exp I have with flipping is through watching "Flip this House" on tv. With a few exceptions most of the people who invest in flipping are buying houses that have been foreclosed on, abandon, or taken over by the city's/county and need some work. They invest time and money into making the house better and sell it at a profit. Now as far as I can see nothing wrong with that. The city, county, state wins in the tax revenue generated, the flippers win in creating income and helping others find a house to own. The new owners win as well.

Now the USA as a nation needs to start living with in our means and being smart as far as our fiances. This has to start with our leaders we need to demand that the budgets are balanced and our national debt is paid off. If our leaders refuse to do so then we need to exercise our right and vote them out.

We have a President who in a time of a dubious "War"( There was never a vote in the Senate for war there for no state of war exist at least in my opinion) tells us to spend money, not to save or conserve. We have a Congress and Senate instead of insisting that we pay for this war NOW and forces the President to pay for it now gives our children and grandchildren the bill.

Our leaders instead of taking the steps to resume being the leading exporter and lender in the world do everything they can to make us the leading importer and debtor in the world.

We have a party that calls itself the party of "family values" yet the family values they push are hollow. We all know that wages have not kept up with the cost of living or inflation. Now a days parents need to work 2-3 jobs in some cases to make ends meet when we used to get buy on one income. Why are our leaders not asking the tough question on why this inbalance has not been corrected? CEO's pay packages keep going up by astronomical amounts yet the people who do the work to make the products or customer service goes down when all factors are looked at. To me this is a major "Family Value" issue but we never hear the question asked.

There are many symptoms in this disease no one person, group, demographic. or party is the one responsible. We as a country have failed to demand that our leaders work together to make things right even if in the short term we have some hardships.

Elkridge MD
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TOPIC: The real problem