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View Full Version : New home sales drop by record amount



gabosaurus
01-28-2008, 11:31 AM
Another legacy of the Bush administration -- the U.S. economy goes into the tank on his watch.

http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/012908dnbusnewhomes.4da81e9.html

Trigg
01-28-2008, 01:03 PM
This has less to do with Bush and more to do with the banks lending to people they knew couldn't afford it.

This is also caused by so many Americans living WAY beyond their means. People should not be $13,000 in debt on credit cards. Instead of trying to find people to blaim these people need to take a good look in the mirror and start chanting PERSONNAL RESPONSIBILITY.

Bank One was making loans to illegal aliens and giving them credit cards. Now I wonder, why are we having these problems again????????

Monkeybone
01-28-2008, 01:14 PM
This has less to do with Bush and more to do with the banks lending to people they knew couldn't afford it.

This is also caused by so many Americans living WAY beyond their means. People should not be $13,000 in debt on credit cards. Instead of trying to find people to blaim these people need to take a good look in the mirror and start chanting PERSONNAL RESPONSIBILITY.

Bank One was making loans to illegal aliens and giving them credit cards. Now I wonder, why are we having these problems again????????

Trigg is exaclty right on this one. no one in the gov made these ppl sign that dotted line. if they knew that the house was beyond the capabilites then why buy it? that is Re-Re 101 right there

LiberalNation
01-28-2008, 01:15 PM
What does a bank get out of lending to people who can't pay it back. You'd think that would be a way to lose money in the long term.

Pale Rider
01-28-2008, 01:20 PM
What does a bank get out of lending to people who can't pay it back. You'd think that would be a way to lose money in the long term.

Someone buys a $300K house, pays on it for three years, interest rates go up and they can't make their payment anymore, bank forcloses on house, all money already paid is pure profit for bank. Home buyer is out everything, including the equity in the house, which goes to the bank.

LiberalNation
01-28-2008, 01:23 PM
Ahhhh, forgot they could take your house for not paying.