You nailed it from Memphis Murray. Obama is the anti-Christ. Castro didn't go around telling folks he was a communist either. Funny but Obama supporters are the same lack of common sense eggheads who backed Fidel over Batista.
"you people" worry about wright when you should be fearful of zbigniew brzezinski. all sorts of CFR connections to Obama. wright should be the least of people's concerns. ziggy wants world hegemony so ultimately the US will fall. he wants to use us as the policeman of the world till we exhaust ourselves and collapse... then usher in a UN international order.
You actually read Murray's posts? Man I just hit next everytime I see that name. I've long since quit trying to decifer that stuff.
If he put down a 20% deposit and took on a loan at 3 times family income i.e. if he used normal conservative borrowing principles, then he will be fine. Just keep making the payments. If he didn't, then I'm sorry but it's his fault for recklessly gambling, treating his home as a financial asset rather than a place to live. Bear in mind that the actions of him and others like him have made housing unaffordable for millions of equally hard-working, much poorer, potential first-time buyers. Think of all the 20something singletons and couples who couldn't afford to spend half a million dollars to get their first home. The capitalist way is you have freedom but you look after yourself and take the consequences of your actions. Someone who comes to the USA voluntarily has *no* cause for complaint if they screw up because of their own actions. There are countless books on real estate investing, there were countless warnings of a real estate bubble, everyone had the chance to do some research. Gambling half a mill without doing as much research as you would do on a new fridge or $25k automobile is just insane. Anyone who *did* the research (probably 2% of buyers) is not in this kind of foreclosure situation. Let's face facts - almost all foreclosure cases are irresponsible ignoramus gamblers who thought they could just charge lemming-like into ridiculously overpriced houses and then make a totally unearned, undeserved 6 or 7 figure profit in a few years just by sitting on their ass. Collectively they have endangered the global financial system. The argument should be about how long to jail them for as punishment for defaulting on their loans, not how to bail the deadbeats out. We are not talking about people on minimum wage who can't afford soup - we're talking about people who bought 6 figure assets here. Taking on a loan where you know you can't make the payments out of your normal income is fraud, plain and simple.
Personally, I'd be pleased if our tax dollars went to help your Kung Fu teacher and others like him. Our country forks out billions of dollars into the black hole of foreign aid, with no tangible results. I could care less if your teacher made an error in judgement, I'm sure we don't need to bankrupt him to further his financial education, he has already learned one lesson the hard way.
For me taxes are not so much "losing my money" as they are a waste - the Government (Federal, State, and, especially, Local) is the most inefficient organization in this country and they just waste valuable resources, that's all. This bad situation hurts the economy and lowers our GDP growth and the creation of new jobs. I never feel bad contributing to my favorite charities: it's money well spent for a good cause and it's very efficiently managed. A candidate that offers me a choice on how my tax money gets spent among competing governmental agencies, would certainly have my vote.
Cutten this part- There are countless books on real estate investing, there were countless warnings of a real estate bubble, everyone had the chance to do some research.- is so just way off base. It's typical talk for the misinformed and well off. I consider myself very smart and I had a hell of a time understanding the mortgage stuff. I'm not sure why- but it's small print is some of the toughest I have tackled. One of the major parts is that you are often lured in by the broker's line "it doesn't matter rates are going lower you can always finance.".. I came this close to accepting a deal based on that logic. What they don't tell you is as soon as they assess the value of your home as less than you paid for it the deal is off the table. They also don't explain the working mechanisms of interest rates and how they do and do not affect mortgage rates... even after 20 some odd years breaking stocks I always thought fed lowers interest rates mortgages get cheaper. Right? For you to assume that a good US citizen who is a kung fu teacher is going to understand all these machinations-- that's right wishful thinking on your part. What happens iin real life is the extra money taken out against the house to do the bathroom is not soo leveraged or soo onerous or so greedy... IT'S THAT JUST BY TAKING THE $ HE INVALIDATED OPTIONS HE HAD TO FIX HIS RATE. It cancl;ed out the safety measure built into the first loan no matter how small they were. ... so again it's in the small print. The Wash Mutual guy who almost got me had another line- "the people I was going to use Bank of America might sell my mortgage but good ole' wamu would keep mine "... It was with some amount of glee then that I read while on the can at my country house that WM is pulling out of Litchfied County and the wholesale lending business and of course all mortgages would be handed to a different lender to be named... so they had a way out and all the promises in the world meant nothing... Now I have an extremely high BS meter and it went on.... but I did not know why. I made the right move out of instint but I did not understand the relation of interest rates to mortgages and I did not know who to trust... In the end don't always take the best deal and go off your gut jugement of the lender and the person you are dealing with. As they are allowed to flow with the BS, it works it's way up the line. I find some folks are willing to hear you out and take the time to explain why rates are not going down and they do not get exasperated with you even though you sent an email requesting a re fi before sending in the first check! I find these types to be women usually. Thank God for them~ stoney
One of the major parts is that you are often lured in by the broker's line "it doesn't matter rates are going lower you can always finance.".. I came this close to accepting a deal based on that logic. ----------------------------------------------- Ditto, for me. My wife said never, don't even think about it.
Hughb, likely everything you say about Obama re taxes is true. Or at least it could be. The body politic of our nation seems fixated on taxes. I understand why. But i am very puzzled why so few, i'm sure you're not one of them though, understand that there is direct taxation and there is indirect taxation, and the latter is seldom mentioned by the media or by politicians. What is the point, other than for blatant and misleading political purpose, of substituting higher (because of interest) indirect taxes via inflation and currency devaluation for direct taxation? (I just don't get it! -- which Pa(b)st has been happy to point out to me.) Frankly, i'd rather be taxed directly than indirectly. It's easier to keep track of direct taxes, and more difficult for politicians to fool us into thinking we are getting a tax break. It seems we really ought to be emphasizing fiscal responsibility. If we had a dose of that, we might be able to lower direct taxes without having to substitute the indirect ones. Oddly, Obama strikes me. based on his statements, and voting record, to be relatively conservative and fairly straight forward when it comes to fiscal matters. I like that. I am aware that the indirect taxation has benefits other than purely political ones, because it allows us to cheat our foreign creditors via devalued currency and may spur exports and make our homeland assets more attractive to foreign buyers, thus helping with our payment balance ; so in this rather unsavory manner our indirect tax burden can be shared with our "friends" abroad. Nevertheless, we and our friends would both be better off in the long run if we were to put our fiscal house in order and reduce the total tax burden.