Reply to WTF? Govt rewarding bad behavior Part II

Forum Index » Political Discussion

Reply to "WTF? Govt rewarding bad behavior Part II"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=jsteele][quote=Anonymous]
I don't think anyone is excusing the banks.  However, some dude that bought a McMansion he couldn't afford in the first place, nah.  For each single poor down-on-his luck guy--- there are a half-dozen educated people that got greedy and wanted it all.  There were those of us offered very big loans in the early/mid 2000s that did our own math, went the conservative route and managed to still be able to pay our mortgage even with job loss.  I had a guy bragging at work back in the day that he got qualified for a 1.5 million dollar house. He was a GS-14 like me.  I distinctly recall saying "just because you [u]Qualify[/u] doesn't mean you can afford it. Now you want me to bail his ass out too?  Check what was in the driveways of many of those foreclosed Phoenix, Ftlauderdale houses.... Sure wasn't a 10-year old paid off Honda.  Values. Old-fashioned. Don't buy what you can't afford.  Work hard and save. Don't take the easy route. Personal responsibility. "they just were lucky".  That's lazy talk, son.[/quote]

I'm all for seeing the McMansion guy get foreclosed on, but the banks and the investment firms need to swallow the loss. As it is, McMansion's mortgage has been sliced, diced, whipped, and stirred, sold, and re-sold countless times. Nobody is sure who owns it anymore and anyone who might be left holding the hot potato is "too big to fail". So, tax payers get blackmailed to bail out the big guys, while the little guys and the McMansions get screwed. I think any "too big to fail" bank should be nationalized if it can 't afford its losses.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics