$300 Billion Bail Out Clears The Senate

BOP

Well-Known Member
Even before I opened this thread, I knew what it was going to be about, and I was asking myself (rhetorically, of course): so, who's going to pay for this? Congress is real good about spending other people's money like drunken sailors.
 

awpitt

Main Streeter
Even before I opened this thread, I knew what it was going to be about, and I was asking myself (rhetorically, of course): so, who's going to pay for this? Congress is real good about spending other people's money like drunken sailors.
Congress and the President. It takes both.
 

awpitt

Main Streeter
...or two-thirds of the Congress alone without the President.
True. In which case, the Prez is most likely on the wronge side of the issue. These days, it's pretty hard to get two-thirds for an override in both houses of Congress.
 

Lenny

Lovin' being Texican
True. In which case, the Prez is most likely on the wronge side of the issue. These days, it's pretty hard to get two-thirds for an override in both houses of Congress.


It's still an election year with lots of seats contested. Doesn't take too much of an inducement to pander to 15 to 30 million voters.
 

Vince

......
So our tax dollars are going to be spent backing gov't insured loans to homeowners that screwed up and didn't pay on a home loan that they shouldn't have gotten and couldn't afford to begin with? Do I have this right? :whistle:
 

awpitt

Main Streeter
So our tax dollars are going to be spent backing gov't insured loans to homeowners that screwed up and didn't pay on a home loan that they shouldn't have gotten and couldn't afford to begin with? Do I have this right? :whistle:
There are a lot of people out there who should've known better then to get into some of these sub-prime loans; however, there are also those who honestly relied on the loan officer's "expert" advice on which loan was "best" for them and signed. With all of the predatory loan practices that have been going on, it's kind of hard to lay all the blame on the consumer.
 

willie

Well-Known Member
There are a lot of people out there who should've known better then to get into some of these sub-prime loans; however, there are also those who honestly relied on the loan officer's "expert" advice on which loan was "best" for them and signed. With all of the predatory loan practices that have been going on, it's kind of hard to lay all the blame on the consumer.
Stupid should be painful.
 

Vince

......
Stupid should be painful.
You can't fix stupid---Ron White. I think I got that right, but then it's not rocket science to sit down and figure out that you can't afford a $500,000 home on a Walmart salary. Even normal folks should be able to figure out a budget and see what kind of house payment they can afford. I did it when I bought my home.
 

AndyMarquisLIVE

New Member
So our tax dollars are going to be spent backing gov't insured loans to homeowners that screwed up and didn't pay on a home loan that they shouldn't have gotten and couldn't afford to begin with? Do I have this right? :whistle:
The government's also bailed out banks that had irresponsible lending practices.

Why should they bail anyone out? For that matter, why should they bail big business out alone?
 

willie

Well-Known Member
You can't fix stupid---Ron White. I think I got that right, but then it's not rocket science to sit down and figure out that you can't afford a $500,000 home on a Walmart salary. Even normal folks should be able to figure out a budget and see what kind of house payment they can afford. I did it when I bought my home.
That's why stupid should be painful. Ignorance should hurt enough so the second test won't cause real pain. An example would be stretching your budget so that you had to get OT to feed the family and vacations were a no-no. That should hurt but with hard work, you can survive it. Stupid is taking out a "liars loan" when there is no way you can repay it unless your boss dies and leaves you the company. Most of the borrowers with the McMansions and the huge losses already had mortgage experience and were being stupid.
 

BOP

Well-Known Member
You can't fix stupid---Ron White. I think I got that right, but then it's not rocket science to sit down and figure out that you can't afford a $500,000 home on a Walmart salary. Even normal folks should be able to figure out a budget and see what kind of house payment they can afford. I did it when I bought my home.

I hate numbers; there's too many of them (Beavis & Butthead). Even I was able to figure out how much of a house I could afford. In retrospect, I probably could have gone for a little more house, but that weren't the way I wuz raised.

How damm hard is that?
 
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