Posted by
Vonnie on Monday, October 06, 2008 10:58:02 AM
This mortgage and credit crunch were a ponzi scheme. The house of cards was ready to come down many steps on the way.
I would ask those people who blame our lawmakers as to why they did not stand up to this before, why did they stay silient. At least twice republicans in unison voted to stop and regulate this and democrats in unison voted to keep piling on the cards.
I would ask the speculators who bought houses to flip them, you speculated. Didn't you believe it was wrong to add on $30,000 and profit of $100,00. You speculated to gain or lose. You lost. I have two friends that lost every thing during the 1987 market drop -- one lost his small business and the other his inheritence.
I would ask those mortgage holders who got stuck, then why did you accept these esclated prices. During my wind down to retirement, we looked for a house. The cost was too high, so we went back to work for another year. The next year the prices were 10-20% higher, which wiped out that working year's profit.
After two more tries, we got in at 20% more than we wanted to pay. We paid cash. And, we are not looking for the government to make it easy. It was our choice.
I would ask those who don't want to bail out the rich investor that took the risk and got caught, look at the entire picture. Go down the line to each who passed along bad mortgages without caring or fudging the details. I agree that who last bought the pig and the poke, have to accept their loss. This is capitalism. But, to blame the rich and not the investors who kept wanting more return than the year before, only fuels the fire toward socialism.
I would ask those who blame Obama for his associations, this is not totally to blame, but it did setup the entitlement age. Obama trained young people to terrorize banks to make more loans to minorities. Ayers specializes in education starting at kindergardening. This is where lifelong thinking begins. Once adults, it impossible to break hate and blaming others.
With all the blame to around, the capitalism works even when groups are socializing it. As the house prices go up and down, so does the market. Recession and even depressions come and go. These are natual events.
As people had houses above their means, they had to borrow to have a nice car to go with their nice house. This causes the credit crunch because they could no longer make their payments.
I understand they already are re-structuring mortgages for the poor. After this reimbursement, the poor individuals who were making their payments will want the same hand-out.
Congress brought up items that could make our capitalism healthier so this downturn is as short as possible. Many of these can be enacted with a stroke of a pen. They will go to the way side once the glar of the money is shown.
I believe this was divine intervention.
Obama has a 800B bailout in spending for every year. Some programs once installed, can not and will not get undone. And, the Fairness Doctrine will shutdown any who disagree on the radio or internet. Then, those people who do blaming can blame those that were mussled.
Once, I told a friend that social security is a ponzi scheme. She just giggled. She was against privatizing social security for the young people. Even this market down will pass, once they retire. Like the constitution, personal responsibility is a thing of the past.