Journal banky's Journal: How is this a partisan issue? 11
I've seen a number of blogs essentially "blame" Bush and/or the Republican party for the increase in foreclosures.
Ok, so, what, Delay invented the ARM? Hasturt was responsible for covering up the idea that your payments could one day increase? Frist personally led the surge in McMansion purchases?
I *suppose* you could argue that the Republican fiscal policy was in part based on the housing boom which relied on people taking these stupid, risky mortgages, but still aren't you always left with "assholes wanting 4x more house than they ever need risking their ass"?
If I'm wrong, I welcome the correction, it just seems to be that this is about people, not party. (Or maybe, "If the Congress can engage is deficit spending, why can't I"? That sorta makes sense too EXCEPT I DON'T BELIEVE IN DEFICIT SPENDING SO I DON'T SPEND MORE MONEY THAN I HAVE. What a concept.)
Our loan guy tried to sell us on some
Anyway I welcome reasons pro or con. Alle economics!
Hard to disagree with you (Score:2)
You're completely right about the current culture of people (Americans in particular, I don't know about other places) living beyond their means. This, I believe, is the heart of the problem. We are a nation of credit. Too many of us abuse that, and, while it's not their job to be role models, our government certainly doesn't set any good examples about responsible spending. It's clear to me that the average American doesn't get it, when the only comment that our increasting debt brings is "So long as I
It's about partisan beliefs... (Score:2)
Re: (Score:2)
Re: (Score:2)
Re: (Score:2)
Re: (Score:2)
Re: (Score:2)
Re: (Score:2)
How is it? or "Bush's Bubble" (Score:2)
An old hand (Score:1)
http://www.bloomberg.com/apps/news?pid=20601039&si d=aYwCAToaB484&refer=columnist_baum [bloomberg.com]
"And that was before mortgage lenders lured unqualified borrowers into the market with exotic adjustable-rate mortgages, known as option ARMs, compounding the pressure to unload homes. (Some of these homeowners are starting to understand that not paying is not an option!) "
"In this business cycle, it will be some damned silly thing in housing that does the economy in. "
Re: (Score:2)