10-28-2008, 12:33 AM
JoeH wrote:
[quote=karsen]
[quote=decocritter]
I am more than sick of these bailouts. It is time for big 3 to die, or get with it.
There's more coming. I heard today there's another 300 Billion dollar bailout planned when/if Obama takes office.
incognegro wrote: Stop the foreclosures first. Screw the big 3.
Screw the big three and screw foreclosures.
Why stop foreclosures? Isn't there any personal responsibility anymore? Most of these foreclosures are people who took on a second mortgage in hopes of flipping a home and making a profit. That's a gamble they took and it didn't work out, too bad. Should I get a government handout if I lose my life savings in Vegas?
Yes, there are some mortgages out there by so called "predatory lenders" but this is not the majority of forsclosures. If you signed on the dotted line take responsibility for it. The terms of your shitty mortgage were clearly written in that paperwork you chose not to read. It's not the government's place to coddle grown ups like babies.
Why is it the government's place to bail out every person and corporation that behaves irresponsibly? For every handout and bailout our government gives, there will be 5 more entities lined up asking for help. We're weakening the entire system every time this takes place.
And where do you get these statistics? Or are they pulled from your posterior and made up on the moment like most statistics used in arguments? I have come across nothing from a reputable source that puts anything like even 1/4 or a 1/3 being second mortgages to "flip" a house like you say. As for reading the agreement, just what do you think the average reading comprehension level is? Most are not written for easy understanding, could be helped with a couple years of law school.
So basically your argument is that people are stupid, therefore it's the government's responsibility to bail them out? That's weak.
For most people a home is the largest purchase they will ever make in their life. If they don't understand the agreement they should have someone who does examine it for them. Your comment about law school is right on, get a lawyer to review the agreement. I'm sorry, but I don't believe it's the government's responsibility to bail out people who are either too stupid or too lazy to examine an agreement with a 30 year payment attached to it.