mike777, on Jan 21 2009, 08:10 PM, said:
kenberg, on Jan 21 2009, 06:55 PM, said:
PassedOut, on Jan 21 2009, 05:09 PM, said:
keylime, on Jan 21 2009, 02:45 PM, said:
Obama was elected to reverse those very failings he listed so bluntly. I think he was right not to pussy-foot around the truth.
It was an announcement that things were now going to be different and there really is no way to say that without implying that there was something wrong with the way things had been done. Further, he was not just talking about Georege Bush or Republicans or conservatives.
Possibly we all read into the speech something of what we want to see in it. But the repeated calls to responsibility were, I think, a very big deal. Of course no none is advocating irresponsibility but again there is a matter of what he chose to emphasize.
Of course anyone can find there tut tut examples, but here is one. A couple of weeks ago the Washington Post did another of the stories on foreclosures. Maybe it was a slow news day. But this guy bought a house for around 220K, borrowed another 180K against its inflated value (numbers approximate but pretty much right), spent it all, and now is in trouble. Well, no *****! I am sort of hoping the call to responsibility means something like this:
To the bank/mortgage brokers/derivative investor: The money is gone, you dumb fools. You won't be getting it back
To the owner: Your house is gone, you idiot. From here on in no one will be lending you the price of a beer.
To the community: We will see to it that with all possible speed this house is taken from the idiots and sold to some family that grasps the concept of paying off, not enlarging, a mortgage.
Yes, like everything else (Middle East, the auto industry, etc) I know it isn't that simple. But I wanted to get this off my chest.
I am not quite sure what you are advocating. This guy and his children should be thrown out into the street and starve? The government pay for his house, food, health care etc?..... other? Clearly this guy is poor, very poor in fact broke.
Maybe he should rent, rather than people who DIDN'T over-borrow, and are paying rent/mortgages of their own (i.e. "the government") buying his house for him.