09/16/2008 11:45:25 AM EST

America's finest hour?!

posted by ellemaffa

  The reublicans think the decision to drill here drill now is America's finest hour? If these guys truly believe that, this country is in one heap of trouble.
  I wish i could talk to these guys face to face. We got people losing there houses and the government is bailing out mortgage companies? Let me tell you what america's finest hour could be. The government, instead of saying "sure, mortgage companies! we'll pay of all your debt, at the cost of the amercian public, and you all can get your exit packages worth 20, 30 100k. because we just really dont care about the little guys." no, instead, the gov says you cant afford to make your mortgage payments, so, guess what. we'll bail you out. every american with a mortgage payment, the gov will pay the companies the pay off balance for your house. it's yours, and your debt has been paid in full." the companies are happy, the public is DAMN happy and all that money that would have been spent on mortgage payments goes into the economy. I really REALLY, wish i was president.

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America's finest hour?! | 6 comments (6 topical, 0 hidden)
Basically right. (none / 0)

It makes no sense to bail-out the lenders.  A lot of the mess they are in is because they foreclose homes that aren't worth the mortgage, they take the loss and the homeowner loses his or her home.  Bailing out lenders doesn't fix any of this.

What should have been done was a program for the government to BUY THE LOANS that are in default, and give the homeowners either payment terms they can afford or allow the homeowners to REPAY THE LOANS THROUGH PUBLIC SERVICE.  If people are in homes they really cannot afford, then the government should help them sell their home and purchase another home (preferably another home in the program) more within theiir budget.

ATTACK THE PROBLEM NOT THE SYMPTOM.

Such a program would help the lenders by taking bad loans off their books, but also penalize them for holding bad paper.  It would help homeowners to stay in their homes or in homes they can afford.  It would help the housing market because their would be fewer foreclosed homes on the market.  It would help out-of-work homeowners by placing them in public service jobs.  It would reduce the cost of public works projects, military and other public institutions by providing a labor force at reasonable market rates.  The public works jobs could also be in the private sector.  And it would reduce unemployment.

Sometimes we are better off healing the wound than we are just stopping the bleeding.

by rbruck on 09/16/2008 02:24:51 PM EST

I'm really, really, glad you're not (none / 0)
Do you have any idea of the kind of money you're talking about?  You're talking about adding several trillion dollars to a public debt that is already nearly 10 trillion.  Why should the government pay for people's homes?  They didn't pay for mine.  Let them all take their licks, lender and borrower alike.  It might make them a little smarter next time.

by bfaul on 09/16/2008 02:36:30 PM EST

too bad... (none / 0)
the lenders are getting severence packages...

by chrisandyasemin on 09/16/2008 03:21:12 PM EST

[ Parent ]
Not the National Debt! (none / 0)

bruck is not talking about adding to the national debt, he's talking about moving the economy.  Whenever families have to clothes their children and go to the shops and stores in droves, it drives the economy -- no matter how they got the money.

I've been a renter all my life, but I can appreciate you paying for your own home.  I hope that's not the only reason you want the government to bail out the mortgage holders rather than the lenders.

If America (the current admin) can give trillions to the Iraqi homeowner, I should think you'd be in favor of "giving a helping hand" to fellow Americans who lost their jobs through no fault of their own. 

If the government blows up the homes of some of the best American workers who lost their jobs through no fault of their own; and builds them new ones to replace; give then a warning first and blow them up.   I know this is silly, but the Iraq expedition proves it works.

 

by Lennilenape on 09/16/2008 05:15:33 PM EST

[ Parent ]
The money MUST come from somewhere! (none / 0)
We haven't payed for what's happened in Iraq.  We borrowed the money we've spent there.  Don't you get it?  You're playing word games.  The government is running a deficit.  Any nickel it spends bailing anyone out is borrowed.  It all adds to the debt.  This can't go on forever.  Huge loans are being made that will never be paid back.  What do you think is going to happen to these people you're talking about if the dollar collapses?  Never mind them, what do you think will happen to you?

by bfaul on 09/17/2008 01:22:03 AM EST

[ Parent ]
bailouts (none / 0)
  Yeah, your point would be valid, except that the gov has already started bailing out lenders. and guess what. every lender with bad loans is going to hold out their hands for some corporate welfare. and point 2? Thats OUR money. if its used to help anyone, it should be the people that put up the money in the first place. The public.

by ellemaffa on 09/16/2008 07:40:26 PM EST

[ Parent ]
America's finest hour?! | 6 comments (6 topical, 0 hidden)
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