Comments on: The Great American Bailout

By: DMG

DMG — Sun, 05 Oct 2008 05:43:18 +0000

Well I do hope Wells Fargo makes the buy. One I think it’s the right thing to do, and two I’ll be able to make gay San Franciso jokes about Charlotte for sometime!! But seriously, fingers are crossed for you guys.

By: The Rude Dog

The Rude Dog — Sun, 05 Oct 2008 05:22:37 +0000

Really? I thought you were joking, a whole “left coast is saving the south” kind of thing.

Charlotte is on it’s knees to Christ, even the Muslims and Atheists, that Wells will get it. Citi is part of a gov seizure, the kind of crap (gov in the real estate) that started this. Wells is taking a risk, which means they will be responsible with their own money.

By: DMG

DMG — Sun, 05 Oct 2008 05:09:25 +0000

Rude you are too kind. Thanks. I thought that “This probably won’t get printed” would tip you over the edge. By the way you never answered my question about what you think about Wells “San Francisco Fabulous” Fargo bailing out Wachovia.

By: admin

admin — Sun, 05 Oct 2008 05:06:28 +0000

Waahhh! Here ya go wittle buddy.

By: DMG

DMG — Sun, 05 Oct 2008 03:57:50 +0000

Yeah, I know, you seem to toss mine quite often these days.

By: admin

admin — Sat, 04 Oct 2008 04:32:45 +0000

Actually, sycophants are fine.

The love is shown, if it wasn’t the above comments would be in the recycle bin, where they would not be lonely.

By: DMG

DMG — Sat, 04 Oct 2008 02:53:34 +0000

Rude, trust me I’m not catscratch. But I’m not insulted at the comparison. You should be happy that catscratch and I take the time to say hello to our right-wing online friend everyday. If we hated you we’d ignore you.

So show us some love Rude. We keep this site fun. Or would you rather have a bunch of sycophants on here say “yeah man, I’m with you!”. That would be boring.

By: catscratch

catscratch — Fri, 03 Oct 2008 21:16:47 +0000

Not looking to have the last word. I was just curious as to how you arrived at your point of view given that you have said you benefited from being able to get an ARM in the past. You explained yourself well…I don’t agree with where you place the blame for all of this, but the maxim of “don’t borrow what you can’t pay back” always should have applied. But that’s just half of it anyway…without mortgage-backed securities tanking it probably wouldn’t have worked out this way. That’s why regulation was and is very important.

By: The Rude Dog

The Rude Dog — Fri, 03 Oct 2008 20:17:29 +0000

I will indulge this bit of personal info so you understand my take. After that, you can have the last word if you like. I am not looking to defeat you here, the history of this is the history, and a philosophy was at fault, not a single political party.

“You were all too willing to accept such a thing when it benefited you personally.”

I took advantage of the opportunity to buy a house with no money down. Then I negotiated OUT of the ARM. I did it right, I paid my bills and then got a new fixed rate loan.

If you don’t want to do the hard work, it’s nobody’s fault but your own. If you don’t lie on the app, you can get a higher interest loan.

Now, people like me who did not default, are punished so Great Society types can hold onto their favorite voting bloc, the working class & poor.

Now as home values decline, I have about 60,000 in equity, which I built with my own hands, to ride on before we sell at a loss. They will decline here, because Wachovia is gone and the new owner, be it Wells or Citi, will cut a few thousand $80,000 dollar and up jobs. They will not get a job at Starbucks, they will move to the next city that pays well. This means they will sell their homes short, so a few thousand homes in a small city selling short will lower the market values.

Why? Because Chuck Schumer, Steney Hoyer, Fernand St, Germain and Jake Garn wanted ARMs. President Reagan made it clear ARMs were only compatible with low interest rates. Paul Volker didn’t agree, so we had the S&L crisis, a microcosm of today, just as today is a microcosm of tomorrow, because there are many more defaults to come.

Liberals are all too willing to support progressive taxes, yet liberals do not surrender their entire paycheck for their beloved government programs.

The left could give 70% themselves and lead by example, but they won’t. They are all too willing to take advantage of low tax rates.

By: catscratch

catscratch — Fri, 03 Oct 2008 17:49:23 +0000

But you said yourself in another post you took an ARM. Yes, you pay your mortgage as you also said, but where was your philosophical objection then? You were all too willing to accept such a thing when it benefited you personally. If renting is the right call for everyone else, why not you? Aren’t you staring the gift horse in the mouth a bit here?