Originally Posted by
eighballsidepocket
Ok.......Say your right.............We live with four years of it, and just like an old biblical term, you get beat down enough, the scales fall of you eyes, and you see the light.
I think the Charisma will wear off real fast with President Obama. All these glazed-eyed folks who walked in lock step to his every word, can't maintain that level of hypnotic focus forever. When they realize that his economic plan gets them laid-off, cause their employer decided to cut back or to protect his tax status from getting thoroughly "raped", then they will start to think on the objective side of their brains.
As for McCain: I don't dig the mortgage re-negotiation plan. People got into housing with 10% or less down on a very hot, inflated housing market. Even though certain politicians of a certain party forced or coerced Fanny and Freddie to lower their qualifying terms for home buyers, doesn't excuse the fact that buying homes with little or no down is plain old "playing craps" and nothing else.
I got burned in the High Tech implosion back at the end of Clinton's presidency. I lost 80% of my investments as I bought at the peak of the high tech explosion. I have no one to blame, but myself. I took a chance and I got burned.
Many of my sons Gen-x friends that range in age from late 20's into mid 30's now, are the ones that got sucked into the housing market a few years back with low a and no downs. Also their debt to asset ratios were much different in qualifying than in previous years. Most of these young people were living in houses, devoid of furniture, just so they could afford their mortgage and three square meals.
When their equities went negative, a panic happened, and then add on a sluggish, but not quite recessive economy, and some were losing jobs, and then we had ensuing bankruptsys, and foreclosures.
Is it our responsiblity as tax payers to pay the equity loss difference so that folks who bought with little or no down and may have negative equities well over $100k, can have that negative equity erased, and have a cheaper home loan.
I realize that Sen McCain is an empathetic guy, but stuff happens. One of my sons lost his home but was able to rent it back currently. He and his wife had to go the bankruptsy root. They have learned a heard lesson in living beyond their means.
Just because a lender or broker says, "You qualified" doesn't mean it's affordable with the debt/asset ratios being so terrible favoring higher debt in the ratio.
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I've taken advantage of the housing buble myself, but have owned much longer and still have a decent equity even with some refinancing. Never the less, this situation has taught me to tighten-up.
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