Taxpayers are Furious about Bailout Plans for Foreclosures »
Posted By altnrg 1 year ago in NewsSeveral bailout programs are underway to help troubled homeowners facing foreclosures, however taxpayers are not happy with this use of their money.
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nostalgia1 year ago
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libsRfunnyComment removed: Hard Banned18 Replies
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mesodude1 year ago
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I really don't understand articles like this. We already know there's lots of shortsighted people who don't think their tax dollars should go to help their fellow Americans keep their homes. This isn't groundbreaking. What we need are more articles that discuss the ramifications (financial and otherwise) of failing to bail out homeowners (who, unless I'm mistaken, are taxpayers also).
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How much will it cost to support all the people who will lose their jobs (if they haven't already) shortly after they become homeless? And if people are already having trouble getting and keeping jobs because of the depression, how will foreclosing on their homes improve their chances? I could be wrong but I don't think it will help. ;-(
What is the cost of supporting families that will be hurt because they lose their homes? As we're often reminded by those on the right, marriage and family and children and a home with two parents (one MALE and one FEMALE!) must be preserved and "protected" at any cost (especially if an alternative is that a child could be raised in a household with two dads or two moms...I mean...ick...helloooo?). What about the sanctity of the wholesome marriages that will suffer because of foreclosures? And the divorces? This won't protect marriage. Will we have to draw up a Proposition 9 next?!! Lordy.. And what about the CHILDREN?! Those little adorable babies with their little button noses and...That reminds me... Anyone else think babies smell really amazing...like, between diaper changes? I do...They always smell so fresh and clean and innocent and cute. Ok...Cute does not have an aroma but if there was a word for the way babies smell, I think it would be the word "cute". Ahhhh... Babies...Who would not want to bail out those loveable little devilish munchkins? Babies are our future...Dammit....sniff...OMG...Sorry. I get emotional sometimes. Where was I? ;-x
Oh yeah...Taxpayer dollars. The article doesn't mention the cost of neighborhoods that disintegrate because homes are boarded up and criminals move in. What about the property values of cons (who are the responsible people in our society and did the right thing and never asked for special favors or even one slice of government cheese)? What will happen to the home values of all the people who did the "right" thing?
"Our children and grandchildren will be paying for this debacle"
--But this did not seem to faze cons when Bush was borrowing hundreds of billions of dollars to fight an illegal war. Remember, you re-elected him even as he and Cheney sucked the US Treasury dry? What's won more debacle for our children and grandchildren to pay for, cons? Please explain this. Thanks. ;-( -
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ETproductions1 year ago
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I don't like shelling out money any more than you. But do you want to know what caused this meltdown -- why we really had to do these costly bailouts or face another Great Depression? Who's really to blame. It isn't Bush as much as the Progressives might want to think it's all his fault. It isn't Barney Frank and Chris Dodd as much as Conservatives might want to blame them, Flambouant Frant in particular. I'll tell you who's to blame. Santa!
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Who actually play's Santa? It's US. All of us. Voters. Taxpayers.
The Republicans back when I was one used to moan about how hard it was to run against Santa Claus. They meant that Democrats kept winning elections by promising the voters this and that and the other goodies.
The Reagan Revolution was the Republican awakening of how to be a bigger Santa. Give money. Let them keep all the goodies the Democrats gave them. Taking the kiddies toys away is real bad for family relations. Just give money, and every now and then an extra toy to boot. So we went from "tax and spend" to "don't tax, just spend".
AND WE THE PEOPLE VOTED FOR IT.
We're paying now because of this old Mexican Proverb that's still true, "Take whatever you want in the World, says God, and pay for it."
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MMarquitComment removed: Hard Banned16 Replies
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tehranchik1 year ago
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mesodude1 year ago
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I usually agree with you tehranchik and I don't really disagree with you in theory. I just think that we are going to pay one way or the other. To me, bailing families out while they're still in their homes would be the least costly to us both financially and otherwise. Like Sarah Palin, I'm "ill" about these bailouts but if we can bend over to fight two wars and pay a hundred thousand plus war contractors obscene amounts of money to stay in Iraq indefinitely, we can handle a little more debt to help out our fellow Americans (many of whom could otherwise become NON-taxpayers collecting welfare & unemployment checks). IMO, part of the reason Americans are in the trouble they are is that they listened to people like Bush and followed his examples. Pay now or pay later.
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StevieGee1 year ago
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I think that small bridge loans to homeowners at low... or no... interest for short term... say 2 years... could amount to quite a bailout for the mortgage companies because they would get paid. The good part of this plan would be that a lot of the taxpayers money would be paid back. and people could weather the depression. As far as the bailout the way it is now, I don't see it doing much good. The bailed out companies are giving bonuses. There is no accounting. I was against it. If a company is "too big to fail" then it needs to be tightly regulated. That is the price you should pay to be "too big to fail".
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boots72_Comment removed: Hard Banned
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GehlLady1 year ago
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MMarquit
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That's what I've been saying. If we had the money, we could pay our payments, which would bailout the companies. It seems so simple to me, and have yet to see an explanation of why it wouldn't work. It could even be paid back over time when we pay our income taxes. Add vouchers for a new, more fuel efficent vehicle, home insulation, solar, etc.-
libsRfunnyComment removed: Hard Banned5 Replies
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UpholdOurConsitution1 year ago
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GehlLady, I don't think it will work for the same reason that all these Bailouts will not work. Paying off debt with more debt is a recipe for disaster. It's Budgeting 101, which is what every high school student should have drilled into their heads before they're allowed to graduate! BTW, sorry mesodude is such an offensive, arrogant jerk. The like of him would turn me conservative if I was a liberal, LOL.
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UpholdOurConsitution1 year ago
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Taxpayers are furious because OUR money is being spent without OUR consent. How can a government run by the people and for the people be going against the will of those same people?!?! And how in the HECK did Bush get away with telling lawmakers to "ignore the voices of their constituents" and vote in favor of the Bailout?!?!?! He should've been impeached on the spot! Furious doesn't even begin to describe how I feel about our Govts spending habits. Forget about their complete disregard for our Constitution, grrr. It's beyone out of control and infuriating!!! The only thing any of us can do is plan for the disaster that's about to happen as a result of our economy crumbling from all of this Bailout nonsense. All we're doing is fueling the fire of doubt on Wall Street and postponing the inevitable collapse of our inherently flawed system of fractional reserve banking.
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GehlLady1 year ago
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"And how in the HECK did Bush get away with telling lawmakers"
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I don't know! I'm with you, why did the democrat controlled Congress let this through? They had the numbers to stop him, and they didn't! I'm not defending Bush, I'm also condemning Congress as a whole, across the board, both sides of the aisle. You can't lay all of this at his feet. All he can do is ask, it's Congrss that gives. They didn't have to. -
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mesodude1 year ago
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Oh come now...How "infuriated" can you be, really? You didn't consent to us tearing down and rebuilding Iraq from scratch, yet we're still their and I believe you re-elected the orchestrators of THAT debacle (many of them are still getting paid by your tax dollars. If you people want to cry and p*ss your pants about personal responsibility, have at it. Just be consistent. Thanks. ;-(
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GehlLady1 year ago
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libsRfunny
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If foreclosures were the only problem that would work. I agree 100%. But it's not at this point. I didn't take a crazy mortgage I couldn't afford 20 years ago; I don't own stock, I had 3 1/2 months of bills savings in the bank when I took financing on a piece of equipment and the truck to pull it for my business 2 1/2 years ago. I'm in serious truble now because the people that hired me did those crazy mortgages, and lost their ass in the stock market. My very best friends that continued working for a national contractor (APAC owned by Oldcastle) have had their hours cut back severly, their take home pay cut drastically, and the company is laying off workers as the projects they are on wind up. Only the best still have a job, and some of those are looking at lay off soon.
That's why I say send us the money. Give us something to ride this out, let the markets work to sort out the businesses that utilized good practises, let the ones that didn't go down.-
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UpholdOurConsitution1 year ago
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GehlLady, who told you that 3 months savings is enough? Smack that person the next time you see them please because that's not near enough to get you through a life-changing event like the one you're now faced with. I'm sorry you are dealing with this struggle:-( Send me a message if you ever want to bounce ideas off one another about anything. Two heads are better than one I hear;-P
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mesodude1 year ago
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Thanks for bringing some sanity to the discussion. How hilarious is it to listen to CRAP about "bailouts" coming from people who supported the orchestrators of the mult-trillion dollar debacle in Iraq? They RE-ELECTED a filty criminal named George W Bush AFTER he obliterated a budget surplus and created the largest government in history and NOW they want to prance and wring their hands because they're extremely poor judgement in voting for Bush and the GOP led to the destruction of the world's economy. How's THAT for con UN-accountability?! Wow... ;-(
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bizon6291 year ago
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What's really sad is that there are so many people in this world that can't put two & two together & realize that they were being taken by these outrageous mortgage plans. Can't people think for themselves? Why do so many people want to live above their means just to make a good "show?" "Look at what I have" is all that they can think of. Nothing like this would have ever happened years ago. If you couldn't afford the
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mortgage, the banks didn't give it to you. Too many people need to come off their "high" horse and accept what they truly can afford. They caused this all by themselves! -
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Justice4All1 year ago
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I want someone to buy me a house. I great big one that I could't afford for myself.
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This is a fair request since people living in houses they can't afford want us taxpayers to bail them out.
Seriously, I would like to buy a house someday and I'm P iss ed that I have to pay for someone elses first.-
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Sludge-Guzzler1 year ago
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The worst case I ever heard of was about a guy working for McDonalds (not an executive....just a guy who sells hamburgers at the counter) who was offered a $600k mortgage with a gross income of $20k per year, 100% financing with a sub prime ARM averaging $700 per month for 36 months then resetting to a 1% payoff payment of $6,000 per month.
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The buyer took it knowing there was no way in hell he could make the payment after it reset.
The lender should never have made that deal. (Oh...really??) The only winner was the Realtor who took his commission and ran. Did it go into foreclosure? Duhhhh............
MMarquit is right. Give all the taxpayers $50k to put back into the economy instead of letting the politicians (ALL MORONS) decide what to do with it and screw it up again. Too bad none of the people (MORONS) who make these decisions will ever read what is being said here. We are all wasting our time.
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grflor71 year ago
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Just reduce or eliminate real estate taxes for U. S. citizens -- mortgage payments would decrease and people would be able to keep their homes. In fact by reducing real estate taxes the car industry and other manufacturing business employees could afford to take a cut in pay. This would make U.S. companies very competitive in the global market . Domestically, reduced Real Estate taxes would greatly increase the number of small businesses starting up and succeeding. I looked at a small 1500 sq. ft. store front, the price was only $230,000 however the real estate taxes were close to $9,000. Reduce real estate taxes and this economic problem will be solved.
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ls2631 year ago
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I wish it could be so. I live in Indiana. Our governor promised permanent property tax cuts(of course our state representatives are back pedaling on that promise). To make up for the lost revenue to local schools and such the state said it would help subsidies them. But to make up for that subsidy help, the state has increased our sales tax already without the "permanent property tax break" being placed into our state constitution as promised. Our local government now wants to raise our income taxes by 1 to 2 percent to make up for any lost property tax. They have also threatened to lay off policemen, firemen, and even have gotten so low as to put our children in danger by taking away crossing guards. The lay-offs of these fine men and women will only add to foreclosure problems. The increase in sales and income tax will not bode well either.
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ls2631 year ago
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It seems even smart home buyers can be laid-off in today's economy or become ill and lose their homes. According to the news, the sub-primers are not the ones defaulting now. They have already defaulted. The ones defaulting now have fixed 30 year mortgages, with good credit records. A few years back none of us could foresee what is happening now. As a friend pointed out to me today many are worried about world hunger. We need to be more concerned about our fellow countrymen.
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I don't believe the government should be buying up these homes and then giving them free to the owners, but at least help reduce the interest and aid in the deflationary value, perhaps as tax losses on their income taxes now (not when they sell it), Perhaps local governments could increase mortgage exemptions on these people's property taxes or defer a percentage of these taxes (interest free) until the mortgage is paid off. If they sell the property at any time, then have them pay the deferred property taxes out of any equity they make first before they realize any profit. Sort of a tax lien.
Someone who bought homes for investment "get rich quick" gambles deserve no help from any tax payer. These people are easily picked out because they bought and sold several times in a short time span. To heck with them. People with $3 million dollar mansions don't deserve help either. -
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Harbeas1 year ago
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I can fully understand the feelings many have on this issue. However, to allow these foreclosure to take effect would adversely affect our economy. That we do not need. There must be someway that we can prevent the foreclosure but also prevent these people from spending this money on anything but the home mortgage and the first time they purchased anything other than the bare necessities the foreclosure would take place. We whould not reward these people for the bad decisions but neither should we allow many of these people to lose their homes because it would be like cutting off our nose to spite our face. Not to mention how much suffering this would cause to the children who had nothing to do with this fiasco
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jaern1 year ago
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Funny how all these taxpayers are so unhappy, when they didn't have any problem electing and re-elected a president who put our country into debt with his dumb Iraq war. I'd much rather see my money going to bailing out the US auto industry and saving American jobs or keeping Americans in their homes than "rebuilding" the Iraqi government so they can turn on us in a few short years.
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ADAGUY1 year ago
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I, personally have mixed emotions about both the foreclosure bailout, as well as the proposed auto bailout. I can see what will happen if these programs are successful, but none of us really know what will happen without them, or if they are imposed, but fail to do any good.
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American greed has put us in this mess, and Greed is not unique to the republican party. Billions of shoppers never stop to think what it means when they do all their shopping at Walmart.
I really think the Auto bailout is necessary, and I truly hope it works, but the bank bailout??? I really question this entire mess in the first place. I think what will bothers me more than anything is the fact that no one will get prosecuted throughout this entire this entire mess. -
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ConsAreNonGrata1 year ago
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My favorite part about the bail out was when Flip Flop Johnny "suspended" his campaign so he could head on over to Washington make sure the deal was good for tax payers.
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He wound up just voting yes. He would have been a great President.
You have to take the silver linings where you can find them.
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Eagle_Eye1 year ago
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Isn't it wonderful to have faith in the American Government, Corporate responsibility and strive for the American Dream!!
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It is so awesome the way "Free Market", "Globalization", "Less Government" and "Capitalization" has worked for our society.
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vwheeler451 year ago
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I have the solution - the oil companies like Exxon who enjoyed record profits (because of the high oil prices)should bailout the auto industry esp. since all of their gas guzzling Yukons, Expeditions & Cadillacs were partly responsible for the oil companies' record profits in recent years; the bailout money should be evenly divided amongst households with less than $100,000/annual income. That would enable these families to pay off their mortgages, car loans, student loans, etc., and have enough left over to buy new cars, home improvement, & stash some money for their kids college. It would be a win/win - it would help the auto industry, the housing industry, reduce our personal debts -- you see where I'm going with this? And the taxpayers would feel like they were actually having a say in what happened to their hard-earned tax dollars (God forbid) instead of the politicians getting their greasy hands on it! Long live America! I love my country and I'm afraid that we're going down a road from which there is no return - have any of you ever heard of a country that survived such a horrendous load of debt?
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