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Thread: Bill paying middle class to bail out corporations and sub-prime mortgage idiots

  1. #16
    A*O
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    The reason Howard lost the election (and his seat too) was because he'd previously announced he planned to step down during his next term of office and hand over to his deputy, Peter Costello. So a vote for Howard was effectively a vote for Costello and people don't like him. Yes, John Howard made some unpopular decisions, not least joining the madness in Iraq, but his fiscal and economic policies have left this country in the strongest position it's been for a very long time with low inflation, high employment, low taxes and (comparatively) low interest rates. Let's see how long it takes Labour to fuck it up - I give it 6 months.
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    Hit By Ban Bus! pacific breeze's Avatar
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    ^^Sounds like you're rooting for it to happen.

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    No - I just love telling my lefty bleeding heart pink friends "I told you so!" LOL
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    Hit By Ban Bus! pacific breeze's Avatar
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    ^^And I love telling my right-wing, "I"m all right, Jack," profit-at-any-human cost friends that I'd rather have a bleeding heart than a hard heart. LOL

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    Elite Member Voodoo Child's Avatar
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    I believe the rates would of risen regardless of who is in Govt.

    pssst. Rome wasn't built in a day you know!

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    Elite Member Grimmlok's Avatar
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    Australia is weird once again.. it's usually the conservative jerkwads who fuck up economics on the rest of the planet
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member Just Kill Me's Avatar
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    Quote Originally Posted by celeb_2006 View Post
    Sickening, any ounce of sympathy I might have had for the sub prime victims, sorry.
    You really shouldn't have had any for about 95% of them. Most of them new exactly what they were getting into.

  8. #23
    A*O
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    The problem is that people really don't understand the basic concept of credit whether it's a little plastic card or a mortgage. They also don't understand that the housing market is an extremely accurate indicator of the overall economy and that house prices can fall just as quickly as interest rates rise. Add this to the social pressure to "own your own home" (preferably a McMansion in the burbs) at all costs even if you can't afford it and this is what happens. Half of me feels sorry for people who get caught up in the sub prime trap - it must be terrible to lose your home like that. But the other half of me thinks they need that reality check because they should have understood they were clearly in no position to take on such a huge financial commitment in the first place.
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    Hit By Ban Bus! pacific breeze's Avatar
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    ^^Agreed. If you can't afford it, don't buy it! It's really that simple. And that is why hubby and I will likely never be able to buy where we want to live in the Lower Mainland, *sobs.*

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    A*O
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    There is no shame in renting your home. As I've said before, a huge number of people in Europe (not so much the UK) rent, often for generations in the same home.
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  11. #26
    Elite Member Just Kill Me's Avatar
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    Quote Originally Posted by A*O View Post
    The problem is that people really don't understand the basic concept of credit whether it's a little plastic card or a mortgage. They also don't understand that the housing market is an extremely accurate indicator of the overall economy and that house prices can fall just as quickly as interest rates rise. Add this to the social pressure to "own your own home" (preferably a McMansion in the burbs) at all costs even if you can't afford it and this is what happens. Half of me feels sorry for people who get caught up in the sub prime trap - it must be terrible to lose your home like that. But the other half of me thinks they need that reality check because they should have understood they were clearly in no position to take on such a huge financial commitment in the first place.
    I worked doing mortgages and I now work in the title end of things. I wouldn't quite call it a sub prime trap (I am aware of the percentage fo predatory lenders involved in this mess); there are multiple disclosures signed at closing clearly stating whether or not the loan was fixed, 3yr ARM... whatever. These people should have gotten their shit together and fixed the issues with their credit in the 3 years that they had the fixed rate and refinanced at a better rate or fixed their credit and waited to buy a home. Fuck social pressure; we're supposed to feel sorry for people because they are materialistic?

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    I agree JKM - a lot of people need protecting from their own greed and stupidity. But mortgage companies and banks make THEIR money from precisely these people and their 'financial illiteracy'. If everyone paid off their mortgage within the 3 year fixed loan period and paid off all their credit cards bang on time every month I wonder what would happen LOL

    I know I bang on about the Entitlement Generation but this is another example of people who have been raised to believe they are entitled to the same lifestyle benefits as their parents, only without the hard work. It must be very hard for a 20something to realise - and some never do - that they can't afford the same lifestyle as their parents and may have to 'slum' it in a shared apartment in a grotty part of town and driving a clapped out Ford Escort for a few years until they have saved enough, or been promoted enough to afford something better. I'm sure this is why so many 20something kids refuse to leave home - the alternative is just too yukky for them.
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    Elite Member Grimmlok's Avatar
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    Well to be fair, it's a lot fucking harder to afford any kind of house, to find a solid job that lasts more than 2 years, to find a job that doesn't expect you to burn yourself out on within that 2 years for a wage that's barely livable and to have the same lifestyle as your parents did at that age.
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    Hit By Ban Bus! pacific breeze's Avatar
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    ^^Yes. I'm not ashamed to rent, but I do get sick and tired of landlords who refuse to do even basic maintenance and repairs, yet keep raising the rent. Here in the Lower Mainland, the rental market is so tight that landlords don't bother to paint -- for 20 years at a time -- much less do anything else. We didn't even have a handle on the fridge until I went ballastic one day. Then about 3 weeks later, they presented it as though it were the second coming.

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    In a buoyant rental market landlords so slack off because they know there are probably half a dozen people lining up to take over the lease if you decide to leave. They are also incredibly tightfisted and won't part with ANY money if they can possibly avoid it. If your property is being managed by a real estate/rental agency then you are in real trouble because they are ALL incompetant, lazy, stupid and, um, lazy.
    I've never liked lesbianism - it leaves a bad taste in my mouth
    Dame Edna Everage

    Just because you're offended doesn't mean you're right.

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