Stupid: Hillary gets another 3 a.m. phone call — about mortgages; Update: McCain to issue response ad
posted at 4:22 pm on April 2, 2008 by Allahpundit
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That meeting on interest rates couldn’t wait ’til breakfast, I guess. Our gal’s circling the drain so let’s indulge her this fantasia, in which she’s somehow won the nomination and now has to start worrying about John McCain’s very straight talk on this subject (to which the public might be surprisingly receptive). What’s her thinking here? A goodwill gesture to the left by focusing her bile on the Republicans instead of Obama for once? Or an audition tape for the superdelegates, to make the thought of her as nominee slightly less strange than it is now? Whichever it is, I hope it was worth peeling off a few bills from that ever shrinking bankroll of hers.
Exit question: Maybe the call’s from her campaign manager to tell her that she’s rich?
Update: John Dickerson of Slate puts the same question to Hillary’s team that he put after the original 3 a.m. ad, i.e. when has she ever had to answer the phone? No pause this time, but no good answer either.
Update: Halperin reports that Maverick’s got a response ad in the works and has a copy of the script. Cheeky. I like it.
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Well, I guess we can all send our mortgage bill to Hillary.
Thanks, Hillary…
right2bright on April 2, 2008 at 4:26 PM
This crisis will cause the reps to lose votes…the dems are way ahead of them on this. The “let them eat cake” statments will not fly come Nov 4. We need to get a program that helps the avg person and not the avg banker
unseen on April 2, 2008 at 4:28 PM
What is more strange, that somebody thought this was a good idea for an ad, or that the campaign actually paid money to produce and distribute it? This is one of the strangest ads I have ever seen.
Think_b4_speaking on April 2, 2008 at 4:28 PM
It’s 3am…do know where debbie stabenow’s husband is?
LtE126 on April 2, 2008 at 4:30 PM
The first thing she should do is fire that dumb ass that keeps calling her at three in the morning.
rplat on April 2, 2008 at 4:31 PM
As evidence by the fact that 53% of Americans oppose government help for those individuals, with 17% remain unsure. Only 29% believe they should be bailed out.
Person responsibility. Google it.
amerpundit on April 2, 2008 at 4:31 PM
And why should the government help someone who willingly signed mortgage documents that clearly spell out the terms? I’m tired of the government bailing out people for being stupid.
BacaDog on April 2, 2008 at 4:33 PM
person=personal
Keyboard’s screwed u, need a can of air.
amerpundit on April 2, 2008 at 4:34 PM
I’m sure there is no law preventing you from sending part or all of your paycheck to make a mortgage payment for a borrower who wasn’t prudent. Why not just do it directly and avoid the government middleman? That way I don’t have send mine.
a capella on April 2, 2008 at 4:37 PM
No mortgage problems here. I just wanna know how to turn on the White House heating system.
Shy Guy on April 2, 2008 at 4:37 PM
amerpundit on April 2, 2008 at 4:31 PM
the actions of a few have impacted the entire economic system of the USA. So we should continue to let the actions of a few greedy wall street people and a few untruthful homeowners effect our entire economy. the GDP before the subprime crap was a nice around 4.0%, now we are barely holding on to a .065 growth. all because somepeople stretched for a bigger house, did not read contracts or just plain got greedy. so your logic dictates that the entire country continues to pay for the mistakes of a few?
unseen on April 2, 2008 at 4:37 PM
That is a really stupid ad. The “3 a.m. foreign policy crisis” ad at least had some plausibility. What sort of market/financial crisis is going to warrant a phone call in the middle of the night.
Hope she didn’t spend too much money on that one.
Slublog on April 2, 2008 at 4:38 PM
Great, so we need to spend billions to prop up the home prices that are far too high to begin with.
Let the foreclosures begin and let home prices drop to where they belong.
Propping up prices only helps long term homeowners who have plenty of equity still and people who bought houses they couldn’t afford.
It hurts those of us who want to buy a reasonably priced home.
NoDonkey on April 2, 2008 at 4:40 PM
Were the government to bail out homeowners who bought houses they couldn’t afford, we’d be doing exactly that.
Slublog on April 2, 2008 at 4:40 PM
Dumb & Dumber commercials
I thought Clinton and her Team were the smartest, brightest, best-est and most politically astute Group ever assembled–and they keep churning out this Dreck?
I predicted here last Summer that this mentally ill bee-yatch would not ever be POTUS, and she won’t be. I’m gratified and a little surprised at how many people agree with me, and act on our shared beliefs
Janos Hunyadi on April 2, 2008 at 4:42 PM
And why should the government help someone who willingly signed mortgage documents that clearly spell out the terms? I’m tired of the government bailing out people for being stupid.
BacaDog on April 2, 2008 at 4:33 PM
If we continue to let this thing run its course. All home vaules will decline, home equity will continue to erode, business will continue to layoff, the unemployment rate will increase, the stock prices will continue to fall, the tax revenues will decrease at the same time that more government money will go to unemployment, food stamps, medicaid etc and in the end you will pay regradless.
that is the point you will pay. One way or the other you will pay. you can pay alittle now and get the problem taken care of or you can wait and pay alot more later.
unseen on April 2, 2008 at 4:42 PM
Why didn’t they edit out her smile at the end? Is she happy about this middle of the night crisis? And a suit? I’m being picky, but the smile/smirk is pretty bad.
Topsecretk9 on April 2, 2008 at 4:44 PM
That Hillary! What can’t government fix with her and her smarty glasses in charge?
ronsfi on April 2, 2008 at 4:44 PM
BTW. How do I get that number they keep calling?
ronsfi on April 2, 2008 at 4:45 PM
Were the government to bail out homeowners who bought houses they couldn’t afford, we’d be doing exactly that.
Slublog on April 2, 2008 at 4:40 PM
No it is the opposite. If they bail them out we win with increased economic activity, increased home vaules and increased tax revenues. Everyone loses and loses big if the forclosures continue to go up.
unseen on April 2, 2008 at 4:45 PM
Piffle.
If home prices fall, that’s a good thing. Lower prices will increase demand among those who want a house and have thus far been unable to afford one due to the inflated housing market.
Paying to bail out those homeowners will only cause the crisis to get worse, since it’s not solving the underlying issue - these people bought more house than they could ultimately afford.
Slublog on April 2, 2008 at 4:47 PM
Well, the average person is stupid for taking on a no-down, variable interest loan…hadn’t they heard of “no such thing as a free lunch”? Gee, I think I will buy this house for no down, and interest only payments, and sell it and make a fortune…you must be too young to remember the different pyramid clubs, or Amway (Quixtar now).
The government should not bail out stupidity, until they allow us to teach them not to be stupid.
right2bright on April 2, 2008 at 4:47 PM
So, if I call her at 3 am demanding a higher salary, she’ll give it to me, right?
;-}
Yeah, right.
What a joke these libs are.
jdawg on April 2, 2008 at 4:47 PM
Propping up prices only helps long term homeowners who have plenty of equity still and people who bought houses they couldn’t afford.
It hurts those of us who want to buy a reasonably priced home.
NoDonkey on April 2, 2008 at 4:40 PM
I have no problem with a controlled decrease in prices. the problems come with a fast crash of prices. When you wake up one day and your house is worth 20% less then what you thought things tend to spiral out of control and fear takes over.
unseen on April 2, 2008 at 4:48 PM
Not at all. Easy credit and “free money” does not equal increased economic activity.
Slublog on April 2, 2008 at 4:48 PM
Again, nope. My house is worth less right now than when I purchased it. No fear here because I bought a house to live in, not as an “investment” and I purchased my home with a fixed-rate, long-term mortgage that I can afford to pay a little extra on each month.
Slublog on April 2, 2008 at 4:50 PM
right2bright on April 2, 2008 at 4:47 PM
even if that stupidity impacts all of us?
unseen on April 2, 2008 at 4:50 PM
Slublog on April 2, 2008 at 4:50 PM
and if you lose your job due to the economic contraction caused by the subprime crap and can’t make those payments thru no fault of your own?
unseen on April 2, 2008 at 4:51 PM
I think you have no clue as to why we’re having this crisis. Hint: it’s not simply a few foreclosures. Saving those people’s asses will do nothing to solve the real problem.
freevillage on April 2, 2008 at 4:52 PM
freevillage on April 2, 2008 at 4:52 PM
Let me guess your a goldbug…
unseen on April 2, 2008 at 4:53 PM
Then you sell your house ASAP, cut your losses move into a smaller home or apartment and try to start anew.
freevillage on April 2, 2008 at 4:53 PM
unseen on April 2, 2008 at 4:51 PM
dude. im still paying back taxes and credit card bills from when i was a serious screw up more than 10 years ago. maybe youd like to help me out with those ? then i could take the money im spending paying for my misspent youth and “boost” the economy with my cash. doesnt work.
reap what you sow.
palefaced on April 2, 2008 at 4:54 PM
I’m into reading and trusting professionals. This time it’s my friends investment brokers and macro economists from the IMF.
freevillage on April 2, 2008 at 4:54 PM
And what if an asteroid hits my house and it’s attacked by zombies!?!
There’s this thing called mortgage payment insurance. If it looks as though I’m going to lose my job, I will go for it. Always be prepared.
Look, we’re going to go through a recession - one caused by a number of factors completely unrelated to the subprime mortgage issue. If I lose my job, I look for another one in my field - simple as that. I’m not going to go crying to the government to bail me out for my own foolishness.
Slublog on April 2, 2008 at 4:55 PM
Am I the only one here who finds the thought of Shrillary at 3 AM a nightmarish one?
sondiehl on April 2, 2008 at 4:56 PM
sondiehl on April 2, 2008 at 4:56 PM
i was wondering why shes in makeup and jewelry and most likely a pantsuit at 3am.
palefaced on April 2, 2008 at 4:58 PM
Not at all. Easy credit and “free money” does not equal increased economic activity.
Slublog on April 2, 2008 at 4:48 PM
No one said anything about free money and easy credit. It is about keeping/expanding your economic base. I.e jobs, tax revenue/construction/ the free flow of capital etc vs. decreasing your economic base with forclosures/rentals/loss of jobs/loss of tax revenues/ loss of confidence.
Look the 1990 S&L bailout shows what happens. A few bad apples caused a problem. the government stepped in backstopped the loans and the taxpayers ended up making money on the whole deal. If the gov didn’t do what it did alot of innocent people would have lost their lifesavings. Now which would you rather have?
unseen on April 2, 2008 at 4:58 PM
sondiehl on April 2, 2008 at 4:56 PM
The thought of that at ANY time of the day scares the living daylights out of me.
jdawg on April 2, 2008 at 5:01 PM
palefaced on April 2, 2008 at 4:54 PM
dude, your mispent youth has not taken the entire economy down and neither did mine.
unseen on April 2, 2008 at 5:01 PM
It’s just Janeane Garofalo calling again. Hillary still hasn’t returned those glasses to her. Liar and thief.
Brat on April 2, 2008 at 5:01 PM
She’s waiting up for Bill.
BacaDog on April 2, 2008 at 5:02 PM
Look, we’re going to go through a recession - one caused by a number of factors completely unrelated to the subprime mortgage issue. If I lose my job, I look for another one in my field - simple as that. I’m not going to go crying to the government to bail me out for my own foolishness.
Slublog on April 2, 2008 at 4:55 PM
the entire recession is caused by the subprime mess. We were at 4.9% GDP growth before the credit crisis caused by subprime hit. And yes youlike I will look for work in or fields if we get laid off. and yes there is a decent chance of finding work. But the whole point is that we should not have too because of a few stupid/greedy people. why cause the entire economy to sink into a cesspool because of some bad actors. Just so they suffer for their stupidity. That’s stupid.
unseen on April 2, 2008 at 5:06 PM
unseen on April 2, 2008 at 5:06 PM
and then the govvernment can take over health care so well all be nice and healthy in our homes we couldnt afford.
point of my youth was reap what you sow. i live significantly beneath my means at this time. i will ride the wave as some learn a lesson.
palefaced on April 2, 2008 at 5:09 PM
LAME and DESPERATE
RobG on April 2, 2008 at 5:10 PM
amerpundit on April 2, 2008 at 4:31 PM
Right on amerpundit…we may not agree 100% on the border fence but you are right on in that thinking on this.
SoCalInfidel on April 2, 2008 at 5:10 PM
Then you sell your house ASAP, cut your losses move into a smaller home or apartment and try to start anew.
freevillage on April 2, 2008 at 4:53 PM
Good luck selling your house ASAP with a glut of housing on the market. You will more than likely be upside down in the house and welcome to the forclusure club when that happens.
unseen on April 2, 2008 at 5:11 PM
unseen on April 2, 2008 at 5:06 PM
if the government cares so much to save us from disaster, they should open anwr to drilling, loose the US companies to offshore drilling as well. almost instantly thousands of jobs and tax revenue and well pay lower oil prices.
i agree with Slublog as this has many faces. no one single problem with the economy.
palefaced on April 2, 2008 at 5:15 PM
i live significantly beneath my means at this time
palefaced on April 2, 2008 at 5:09 PM
As do I. This thinking that you will avoid/miss/catch the wave while the entire economy is failing is a nice dream but far from reality. already we are paying for the mess with higher credit card payments, increased bank fees, increased ATM fees/decreased savings rates, decreased investment income. Lower IRA’s 401k’s pensions all are our little down payment for this mess. and wait without a government intervention we will continue to pay for a long time. It’s the gift that keeps on giving.
unseen on April 2, 2008 at 5:16 PM
Yes, the government creates problems, not solves them. There will and should be a “washing” out of poor loans, those people get hurt (just like any investment, stocks, bonds, real estate, nothing is guaranteed). Our economy, even when weakened, is still robust. You want a bad economy, go back to Carter when he tried to control everything, and look at the 18% interest, lines at the gas stations, and economic mess of biblical proportions…all to “help”, it always is to “help”.
right2bright on April 2, 2008 at 5:17 PM
those people get hurt
right2bright on April 2, 2008 at 5:17 PM
that’s where you are wrong. We all will get hurt. the government doesn’t always screw things up. the S&L bailout, chrysler bailout all made money for the tax payer in the long run.
unseen on April 2, 2008 at 5:20 PM
unseen on April 2, 2008 at 5:16 PM
and if the govt. doesnt intervene well all be sick and wont be able to afford health care.
let me add to reap what you sow. keep the government out of our lives.
deliver my mail, and keep me safe and stay out of my life.
were creating the very government our founding fathers were fearful of.
palefaced on April 2, 2008 at 5:20 PM
What’s better a 5% loan that someone can pay keep their house, pay taxes on, add to the economy, increase wealth to the community. or a 9% loan that someone can’t pay, losses their house, no tax payment, and eyesore to the community, a possible crack house in the making, decrease in wealth of the community, decreased taxes etc.
But by golly the fool will learn his lesson.
unseen on April 2, 2008 at 5:22 PM
….all in the name of “help”.
as Ronald Reagan said ” the nine most feared words in the english language are ” im from the government and im here to help” “
palefaced on April 2, 2008 at 5:22 PM
and if the govt. doesnt intervene well all be sick and wont be able to afford health care.
palefaced on April 2, 2008 at 5:20 PM
It is kind of hard to have healthcare without a job, then the voices will be raised for helathcare coverage and guess who will be paying? That’s right the taxpayer. Look I don’t want the bailout either but I see it is the best choice out there. We can pay now or pay much more later. It’s like investing 200/month when your 20 for your retirement instead of waiting till your 60 and having to invest 600/month.
unseen on April 2, 2008 at 5:26 PM
People are dying in the streets. I just passed a starving baby on my way to the bus stop. The Republicans did this! The REEEEEEEPPPPPUUUUBBBLLLLIICCCAAANNNSSSSSSSSSSSSSSSSSSSS!!!!!!!!
I watched a starving, dying old lady cry as a Republican grabbed her house keys from her! What else will they do?!?!?!?!
The RRRRREEEEEPPPPUUUBBBBLLLIIICCCCAAAANNNSSSSS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
revolution on April 2, 2008 at 5:26 PM
The recession is being caused by the high price of oil and the resulting inflation in food. The high foreclosure rates are partially the subprimes who never should have gotten loans in the first place and those who bought a house at the border of their budget. When the price of transportation and food went through the roof they could no longer make the payments on their house. To bail them out only prolongs the mess for everyone. As long as the price of oil remains high these people will not be able to make their payments in three or four months even if the government pays for a couple of months for them. What they should be doing is making sure the ceo’s of these banks that allowed this to happen also pay the price. They want to be paid millions and not have any accountability. They made the choices for their companies - they should have to suffer the consequences just like the person who bought too big of a house.
Those that bought their house and had the value drop but plan on staying in the house are not hurt at all. Just like buying a stock and having it go down, if it goes back up later there is no loss. Budget what you have - not what you think you will have in the future.
Corsair on April 2, 2008 at 5:29 PM
We need to immediatly turn ALL banking over to the government. ALL OF IT!
We need to report to our local money unit for the days rations.
Stop off at your local food unit first to get your allotted certified portions, and don’t forget to fill out your “meal complete” forms!
Afterward report to the work unit where you will be assigned a task.
revolution on April 2, 2008 at 5:32 PM
No, it’s not. And I can see trying to debate with someone who believes such a thing is a waste of time.
I will leave you with this: what lesson did banks and consumers get from the government bailout of the S&L crisis you referenced? Hint: it has a lot to do with what’s happening now.
Slublog on April 2, 2008 at 5:37 PM
it’s 3 am, do you know where you pants suit is?
jimmer on April 2, 2008 at 5:38 PM
If you are upside down on your house in most markets in the US, you did not put enough down on it (whatever happened to 20% down?). If you can’t go three months on savings between jobs, you bought a house before you could afford to do so. If your house payment takes so much of your pay that you had to get an interest-only variable-rate loan with a balloon payment, you bought way too much house. I have sympathy for people who were taken advantage of, but this ‘buy now, worry later’ mentality has to stop. People need to act responsibly and learn some patience in life, and not depend on bailouts to fix their own mistakes.
Think_b4_speaking on April 2, 2008 at 5:59 PM
I’d love to call that commercial garbage but that’d be an insult to garbage.
Dave Rywall on April 2, 2008 at 6:01 PM
Can we leave aside for a moment the obvious idiocy of the government giving us all “free money” and get back to the ad itself?
What kind of ego would some psychopath need to come up with this commercial anyway?
“Oh noes! It’s 3 a.m., and some idiots bought houses they can’t afford; what on earth can be done to save planet earth?”
“I know, CALL HILLARY!”
Seriously, who besides her would that thought even occur to? She doesn’t have the faintest idea what the job of U.S. President entails. As far as she’s concerned, she’s running for the office of Center Of The Universe.
logis on April 2, 2008 at 6:18 PM
The more and more I see these 3AM messages, the less I want to vote for Hillary. I mean, who the hell wants a Prez that’s up until 3 AM? Do we want the Commander-in-Chief sleep deprived? Do we want her staffers calling her at 3 AM because Hamas lobbed some rockets into Israel? (I can see it now– “What? Ok. Ok. Hold on. Let me get my lipstick on.”)
I’d be happier with a POTUS that has people answering the phone at 3AM, screening them to make sure I’m not woken up because someone’s worried about the price of rice in Hong Kong.
Nethicus on April 2, 2008 at 6:37 PM
In an interview with Maria Bartiromo back in December, Hillary said she wanted a $5 billion fund to help communities as a result of the housing crisis. Maria asked her where that money would come from and Hillary said, “Well it’s gonna come from where it comes from…from the budget and it’s gonna come from emergency spending.” After that the camera then cut to the other CNBC anchor on screen who was making goofy faces. Yes, really. Her dream fund has since ballooned to $30 billion.
CP on April 2, 2008 at 6:54 PM
My mortgage is paid. Does this mean I am entitled to reparations?
diogenes on April 2, 2008 at 7:11 PM
Obama and the ‘L’ Word
Chakra Hammer on April 2, 2008 at 7:11 PM
Is anyone planning on being president during the day?
its vintage duh on April 2, 2008 at 7:22 PM
3 a.m. sure is one busy hour.
SoulGlo on April 2, 2008 at 7:23 PM
I saw some numbers some place about mortgages either on tv or the internet. Anyway, what they were saying is that 96% of mortgages are OK. 2% of the remaining 4% were in trouble. The remaining 2% were being or were foreclosed.
Did anyone else see these numbers? If so, is my memory correct?
cjs1943 on April 2, 2008 at 7:37 PM
Were the government to bail out homeowners who bought houses they couldn’t afford, we’d be doing exactly that.
Slublog on April 2, 2008 at 4:40 PM
No it is the opposite. If they bail them out we win with increased economic activity, increased home vaules and increased tax revenues. Everyone loses and loses big if the forclosures continue to go up.
unseen on April 2, 2008 at 4:45 PM
unseen,
You obviously have no idea how these markets work. Capitalism (free markets) is absolutely fascinating to learn about. You really should make the effort.
Keemo on April 2, 2008 at 7:39 PM
Why stop with Mortgage Loans? Let’s bailout car loan borrowers who are upside down in their loans too.
Cuz too many re-po’d cars will make the whole economic system crash.
Gov’t interference will hurt, help the avg person (ie. the 96% who make their mortgage payments on time)
kooly on April 2, 2008 at 7:40 PM
Let the foreclosures go up. I am getting ready to buy my first house, the more foreclosures the better deal I get.
So I win with people, being stupid 3 to 5 years ago, thinking a house was a short term investment and not a long term one.
F15Mech on April 2, 2008 at 7:49 PM
It’s 3am…if you signed for more house than you can afford you should be at your 2nd job working to pay for it.
I’m Southerngent, and I approved this message.
SouthernGent on April 2, 2008 at 7:50 PM
If anyone is calling her at 3 AM, it’s probably a collection agency looking for payment on one of her campaign bills.
Zoltan on April 2, 2008 at 7:52 PM
That 3 a.m. foreclosure call is from an outsourced collection agency in India.
geckomon on April 2, 2008 at 8:15 PM
A few years ago I lost my job and my income was cut in half and I had a mortgage payment. I took a crappy day job and delivered pizza at night. I sucked it up until I could get a better job. I worked two jobs and paid my bills. Even with two jobs my income was half of what it had been before. It took me years to work back up to where I had been.
.
I worked and slept and tried to catch a meal in between. Guess what. I made my payments and cut back on my lifestyle. Dropped my cable, stopped paying for trash pick up and took my own garbage to the dump and wore my clothes a very long time until they looked sad. And then started buying my clothes second hand.
.
I think it would be great if housing prices continued to drop. It just might allow responsible hard working poor people to own a house. To live the American dream. I would be ok with some hard working poor people for neighbors. They don’t act like everyone owes them.
USBB on April 2, 2008 at 8:20 PM
Don’t be negative. The Democrats I talk to aren’t big on the government aiding people who bought ridiculously houses and now can’t pay for them.
thuja on April 2, 2008 at 8:24 PM
Hillary-ous!
I’m immediately struck by the fact that they have the same little girl at the start of the video….the same girl that is now 17 or 18 and says she’s an Obama fan.
moxie_neanderthal on April 2, 2008 at 8:28 PM
OK Here is the “expert” use of Hillary!
the ad;
It’s 3 a.m. do YOU know where your HUSBAND IS? Is he still ‘OUT’?
Need someone with vast experience on these matters? Or maybe just talk to someone who ‘knows’?
.
Call the Expert, NOW;
call HILLARY at 1-800-losthubby or 1-800-cheater
or visit
http://www.wheresmyhusbandits3am.com
shooter on April 2, 2008 at 8:29 PM
It’s 3:00 am, and Hillary is wearing a pantsuit. I guess fashion never sleeps.
joeyb1955 on April 2, 2008 at 9:02 PM
Has Hillary and Bill ever even had a mortgage?
Dpet on April 2, 2008 at 9:16 PM
Winnar of teh thread.
freevillage on April 2, 2008 at 9:18 PM
unseen,
You obviously have no idea how these markets work. Capitalism (free markets) is absolutely fascinating to learn about. You really should make the effort.
Keemo on April 2, 2008 at 7:39 PM
Free markets you say? Hmmm. where is this free market you talk about. Not in the USA that is for sure, not since the great depression. all of your savings in a bank is risk free 100% backed up by the government. Interest rates are determined by a quasi governmental agency known as the FED. the poor are given enough to get by, the Companies are given welfare payments in the form of tax breaks. All industry is regulated by environmental and work place laws. Taxes are set to reward the “good” companies and discourge the “bad” companies (think tobacco).
all drugs including alchol are regulated and approved by governmental oversight. old people are taken care of even if they do not save for retirement, unemployed people are taken care of. In other words the entire economy is a big bailout. Those that think otherwise are living in a dream world.
You nor most on this board can see the forest for the trees. I understand economics. In fact I make good money in the stock market on a day to day basis. I manage my own 401k and my own IRA as well as an idividual account. I understand business cycles and I also understand how a decrease at the margins can and will impact the entire system in a negative feedback loop. the last six months has been nothing but a negative feedback loop. the rising price of Food and gas is not the cause of the slow down that is a transfer of wealth from one industry to another. m It may cause a slow down in some sections of the economy but it will increase economic output in others thereby given a net effect of zero on the economic scale. Sure apple may not be able to sell as many ipods but the farmer will be able to buy a new John Deere.
the slowdown is caused by a credit crisis where the free flow of capital is slowed and in some cases stopped because the banks are afraid to lend. because ALL loans are suspect. this causes a deflationary event (i.e wealth is destroyed) The banks and wall street had this niffty idea to bundle all home loans together, the good with the so-so with the bad. They thought this would lessen risk. In fact it did the oppisite and made it immposible to quantify the risk. Therefore all home backed loans and all loans that used these as collatrol are now basically worhtless. Noone wants them, there is no market for them. trillions of dollars are being price to next to nothing because of fear. that is capitalism. Now we can accept that human emotion rules our lives or we can rise above that use our minds and lift ourselves out of this mess. the quickest and easist way to do this is have the government backup these loans with the full faith and credit of the purse. About 96% of these loans are good. 2-4% are bad. we can continue to allow 1-2% of the population to destroy entire lifeworks of wealth for the other 98% of American or we can put our pettniess behind us and work together to fix the problem caused by the human emotions of greed and fear.
unseen on April 2, 2008 at 9:37 PM
think it would be great if housing prices continued to drop. It just might allow responsible hard working poor people to own a house. To live the American dream. I would be ok with some hard working poor people for neighbors. They don’t act like everyone owes them.
USBB on April 2, 2008 at 8:20 PM
Most poor have bad credit because they are poor. A missed payment, the car breaks one month so the electric is payed next month. How is a person with bad credit going to qualify for these homes when the requirements are tighten and 20% down is required with a credit score between 700-800? No what will happen is that the rich will come and buy up these houses for next to nothing, they will turn around and rent them out to the those poor people enabling the poor to pay for their house. Look how long it took you to get back on your feet. What if you didn’t have a house before you got laid off. Would you have been able to buy a house during your troubles? If you had no house you could not build any equity up, no wealth would have been created for you but your hardwork would have created wealth for the owner of your rental. Maybe under the lax credit standards of the 90’s and 2000’s you could have afford a house but you would be able to now with the 20% down, higher credit standards etc.
unseen on April 2, 2008 at 9:49 PM
Hillary Clinton - August 29th:
http://www.theclintonfiles.net/
revolution on April 2, 2008 at 10:07 PM
you are upside down on your house in most markets in the US, you did not put enough down on it (whatever happened to 20% down?). If you can’t go three months on savings between jobs, you bought a house before you could afford to do so. If your house payment takes so much of your pay that you had to get an interest-only variable-rate loan with a balloon payment, you bought way too much house.
Think_b4_speaking on April 2, 2008 at 5:59 PM
yeap “let them eat cake” If the lender told you you didn’t need 20% down (FHA requires 3% down) and your house falls the nationwide avg of 18% your in trouble. That’s 15,000 you have to come up with on a small 100,000 house just to get out of the loan. If your savings was your equity in your house then you are really in trouble, If you got an ARM not because you could not met the payments but because your banker told you that you could refinance in a couple of years at a lower rate then you are in trouble, if the banker also snuck in a prepayment penalty in the fine print then you are in really big trouble. If you are smart and you see this much red ink on your net worth then you will just walk away from the home take the hit on your credit and start again (which is what most people are doing).
So let’s let 1 nor 2 million people walk away from their loans, let’s flood the real estate market with cheap homes, put the home construction workers out of work, make most homebuilders go bankrupt, cause layoffs at home depot, lowes, the lumber industry, furniture companies etc etc At the same time we can cause massive system wide finacial panic in our economy, dry up all credit let business and comercial paper dry up, increase the rate at which all loans are given, cause the stock market to drop 20%, have major investment banks experience runs on their accounts and declare bankrupcty, then we can go hat in hand to our enemies and beg them to invest in our failing banks giving them more power over us. But by golly those people will learn their lesson.
unseen on April 2, 2008 at 10:23 PM
Hillary’s campaign is descending from tragedy to farce.
MB4 on April 2, 2008 at 10:36 PM
I didn’t read the transcript of McCain’s response.
Can you save me the effort of doing so by answering this one little question?:
Is he going to send people with mortgage problems over to his friend Keating’s Lincoln Savings and Loan for rescue?
LegendHasIt on April 2, 2008 at 11:21 PM
Then explain to me why I am able to buy a house during this time?
F15Mech on April 2, 2008 at 11:32 PM
Someone tell Lisa Loeb to quit yapping, hang up the damn phone and come sleep at the foot of my bed already.
awake on April 2, 2008 at 11:42 PM
Hillary can’t pay her own bills but she’s going to expertly manage the largest economy on Earth.
Snortworthy.
Cicero43 on April 2, 2008 at 11:56 PM
I noticed they gave that little girl new pajamas.
tikvah on April 3, 2008 at 12:12 AM
That has got to be one of the most “I am a victim” posts I have ever seen.
A house is not a short term investment. Your savings in a house is probably the best investment you can make.
And you believe the loaner when it come to managing your money? If so I have a investment in a bridge for you.
That is what a lawyer/buyer broker is for. Would someone really buy a house without one?
One would think that since the last 10 years were a sellers/builders market builders would have planned for a correction.
Damn they are…One builder is offering me 50k off if I sign a contract today. Why? They don’t want to start the next phase until the already built homes are sold. Builders are slowing down yes but they are still building.
Simply put there are people that are still looking to buy.
F15Mech on April 3, 2008 at 12:24 AM
Maybe she’s a vampire?
PattyJ on April 3, 2008 at 1:25 AM
Cheap homes?
That sounds very good to me.
Maybe people who were responsible enough to not bite off more than they could chew will now be able to buy one.
MB4 on April 3, 2008 at 1:34 AM
You’re supposed to suck it up, pay higher taxes and forgo buying your own home so that you can bail out the doofi(?) who bought more house then they could pay for. All so that you can save the economy and in doing so, save the children.
Oops, I forgot it’s FREE money!!! It comes from where it comes from.
jdkchem on April 3, 2008 at 3:33 AM
I’m not a cold hearted person. I truly feel for the folks in the mortgage mess, I have friend who is currently in it. And in my life I’ve been in a few financial scrapes myself, so I’m not unsympathetic.
But the government has no role, duty, responsibility or whatever you want to call it to cover people’s mistakes and bad judgment either by using taxpayer money or pressuring the lenders to make a new deal. If what the lenders did was above board and legal, and the grown people at the other side of the desk signed, then that is a contract between two individuals - the government has no business meddling. And common sense says, if the lender cant explain the contract to my satisfaction, I’ll take it to somebody who can, even if I have to pay a fee to do it.
But a lot of people in this country today want to be led and fed, and too many politicians want to do the leading and feeding because that leads to guaranteed votes.
Every time we allow the government to “help” us with another safety net, the responsibility of doing for ourselves diminishes. And dont forget - what the government giveth, the government can also taketh away.
abcurtis on April 3, 2008 at 6:40 AM
From my POV that is absolutely true. Just became a first time homeowner a few months back, in a Phoenix neighborhood I never could have afforded this time last year.
Can’t speak for everyone, but this is a good time for young people, recent college grads, etc… and a lot of them are taking advantage of it.
joewm315 on April 3, 2008 at 6:46 AM
Sorry, I don’t want one damn dime of my (hyperinflated) tax dollars going to bailout stupid people who screwed up on their mortgages.
This tax rebate is bad enough.
Are we ever going to be self-responsible as a whole/country? Or is it just the Republicans who understand this concept??
PoliticallyIncorrectSandy on April 3, 2008 at 8:18 AM
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