Who are victims in American (U.S.) society?

[MtnBiker]

Who would they be?

[Trigg]

Anyone can be a victim of crime, rape or natural disaster.

Letting it control or direct your life is another matter.

[Kathianne]

Who would they be?

Until the past few weeks, I'd have said there weren't any. Today, well it's most of us that tried to pay our bills on time. That paid the rent or mortgage on time. If we owned our home, we put 20-30% down and thought long and hard before buying anything else. It hurt, but was worth it.

Now we find that we are to keep paying our mortgages, full value. Those that got cheaper, no money down mortgages, without a good credit rating, without even a job, well the US government is being encouraged to change their principle, pick up their interest. If this comes to pass, I'm for overthrowing the government and say, :fu: to it.

[MtnBiker]

Oh, interesting, so you are saying that responsible Americans are victims of they own government's actions?

[Trigg]

Until the past few weeks, I'd have said there weren't any. Today, well it's most of us that tried to pay our bills on time. That paid the rent or mortgage on time. If we owned our home, we put 20-30% down and thought long and hard before buying anything else. It hurt, but was worth it.

Now we find that we are to keep paying our mortgages, full value. Those that got cheaper, no money down mortgages, without a good credit rating, without even a job, well the US government is being encouraged to change their principle, pick up their interest. If this comes to pass, I'm for overthrowing the government and say, :fu: to it.

Two words that everyone needs to learn.

PERSONAL RESPONSIBILITY

[Kathianne]

Two words that everyone needs to learn.

PERSONAL RESPONSIBILITY

Agreed. I'm so pissed off since I heard Biden repeat, "Reduce the principle". I'll admit I would be pissed on the idea of reducing or refinancing the interest, but the principle? Good grief! We're beyond socialism, entering into a fantasy world that is supposed to be non-communist, but non-responsible? There are not words...

[Trigg]

Agreed. I'm so pissed off since I heard Biden repeat, "Reduce the principle". I'll admit I would be pissed on the idea of reducing or refinancing the interest, but the principle? Good grief! We're beyond socialism, entering into a fantasy world that is supposed to be non-communist, but non-responsible? There are not words...

I couldn't believe it when I heard those words either.

People won't learn to control themselves unless they're held responsible for their bad decisions.


How many millions of people own a car (or have owned a car, myself included) that they owe more on than it's worth. You do that once (hopefully) and you learn. It''s the same with this mortgage mess, if the people in this situation simply hold on to their homes the price will more than likely even out. Why should WE be bailing them out for their poor decisions????

[Kathianne]

...

How many millions of people own a car (or have owned a car, myself included) that they owe more on than it's worth. You do that once (hopefully) and you learn. It''s the same with this mortgage mess, ...

A car is different, though as you said, similar in the sense we may owe more than it's worth, if we chose a poor financing deal, or what we wanted because we 'wanted' a car we really couldn't afford, so financed longer than it was worth. I've not been there, but can understand it.

This housing thing is really different. I 'wanted' a house, about $200k, but couldn't afford it. I didn't have $40-50k to put down on it. The 'bank' said, ok, no problem. Just sign here, the mortgage is only $3k per month, and you make 5k, no problem. in 5 years the payments go to $7.5k per month. You sign, 'knowing' that in 5 years you will be making more. (I'm ignoring those that weren't employed.)

5 years later, your house is worth 2/3 of what you paid, but is above what you owe. Why would you keep paying? It's only worth $140k, I owe more than that, I walk away.

Meanwhile, those of us that put down 35K on a 130k loan? Well we get to pay ours and those that walk. More maddening is that we pay for those that don't walk, don't pay, in fact, get their principle and interest adjusted or wiped out.

[Yurt]

Agreed. I'm so pissed off since I heard Biden repeat, "Reduce the principle". I'll admit I would be pissed on the idea of reducing or refinancing the interest, but the principle? Good grief! We're beyond socialism, entering into a fantasy world that is supposed to be non-communist, but non-responsible? There are not words...

you know, that is a very salient point....we are supposedfully a free market capitalist republic, yet we act socialist, which is it and how exactly is our government, economy, etc...defined?

[Yurt]

I couldn't believe it when I heard those words either.

People won't learn to control themselves unless they're held responsible for their bad decisions.


How many millions of people own a car (or have owned a car, myself included) that they owe more on than it's worth. You do that once (hopefully) and you learn. It''s the same with this mortgage mess, if the people in this situation simply hold on to their homes the price will more than likely even out. Why should WE be bailing them out for their poor decisions????

and check this....some of us have student loans that are the size of small mtgs and student loans are exempt from bankruptcy and bailouts from the government....i'm not complaining, i chose to continue in school knowing it cost me a fairly high amount, with the plan of course to capitalize on that loan with higher wages........which wages of course are taxed and go back to the government......yet these speculators and peole who had no business securing mtgs and mtg companies that cared only about greed get off the hook

[manu1959]

great observation......those of us that were responsible get to continue to be as such....those that were not get to walk away or even be rewarded.....and the responsible ones get to pay for it.....if we reward bad behaviour we should expect to get more of it....

[Yurt]

great observation......those of us that were responsible get to continue to be as such....those that were not get to walk away or even be rewarded.....and the responsible ones get to pay for it.....if we reward bad behaviour we should expect to get more of it....

exactly

[manu1959]

exactly

but we really have no choice......well we do but it would most likely result in the great depression of 09

[avatar4321]

Who would they be?

The people who choose to be victims.

[avatar4321]

but we really have no choice......well we do but it would most likely result in the great depression of 09

Seems to me that no matter who is elected president will be facing the great depression of 09 no matter what we do. We havent been following sound financial principles and there are consequences that follow that. We may be able to delay them for a bit but we cant eliminate them.

It also seems to me that the main problem isnt economic, its moral. Our society is dishonest and irresponsible. Until we fix that problem, we will continue to see economic problems.

[manu1959]

Seems to me that no matter who is elected president will be facing the great depression of 09 no matter what we do. We havent been following sound financial principles and there are consequences that follow that. We may be able to delay them for a bit but we cant eliminate them.

It also seems to me that the main problem isnt economic, its moral. Our society is dishonest and irresponsible. Until we fix that problem, we will continue to see economic problems.

i was listening to an economist this morning that was saying we are doing almost the exact opposite of what the govt did in 28 and 29.....so we shall see.....

as for morality.....the government voted to have financial institutions lend money to those that could not afford to borrow it and when they balked the said they would insure it.....oddly enough several banks refused and they still exist.....so i believe the evil have suffered and the good prevailed.....pity we have decided to reward the evil with 700 billion....

[Yurt]

but we really have no choice......well we do but it would most likely result in the great depression of 09

that choice has been made by our government...the rest of it is up to us