LegalSmash
21 Apr 2008, 06:16am
http://news.yahoo.com/page/election-2008-political-pulse-economy
While this article is not entirely about the issue, I direct your attention to the signs held by the people's concern. So I guess this is kind of an open letter/statement to congress and the people that annoy me so.
Cost of food. Cost of Gas.
For the first time in many years, people are ACTUALLY worried about something of value... you know. Shit we actually need, and not sheepishly running towards
"meh, Iraq is mor 'portan'!"
While I am glad that many of those making under 100K a year finally realize the economy is of importance to THEM as well, I'll follow up that feeling of glad with one of solemn shame, not because I feel bad for them, but because I feel embarrassed at the baby boom, post baby boom, and "millennial" (our 1980-1990) generation.
I feel embarrassment because it was their complete lack of financial sense, or in some cases, willful ignorance of economic realities, that have lead the country's economy to where it is.
I'm not deluded enough to say we arent having "money issues" to not sound like an alarmist prick, but people should realize, especially the number within the greedy, ignorant pricks that are listed above, that it is nearly entirely due to one of two things:
1. their willing speculation of the housing market, especially with their OWN home
2. their unwillingness to even contemplate that PERHAPS a zero down, adjustable ballooning interest rate is NOT a bad idea, especially if you purchase way outside your purchasing power.
3. Their complete lack of grasp, understanding, or even faint awareness that CREDIT is not for purchasing shit COMPLETELY OUTSIDE MAH PRICE RANGE!!!
a family of 4 living on 50K these days has to realize that a 3 bed 2 bathroom house will take a fair bit longer to get on a mortgage on favorable terms... this is why people do things like plan ahead, not have several hideous (enter ethnic joke here) spawn that suck up resources that would otherwise go towards a respectable down payment that leads to a doable mortgage. You decided to fuck like jackrabbits and not get some BC from costco? Live in the duplex a few more years then, chief!
The economy is like this because many Americans that literally do not have the means to purchase that which they financed in their entire lifetime live with dom Perignon dreams on natural light beer pockets.
The sad thing is, they should fucking know better. They HAVE the opportunity to READ the damn loan document, they have the opportunity to come with an attorney... they dont, because they are fucktards... for a 400K dollar purchase, spend the extra 200-500 to have an attorney come with you for an hour to sign the paper to the McMansion you are going to live in for 19 mos before you mail the keys and move to Altoona.
These people's lack of sense, and outright willful ignorance to the terms and conditions of the loans are entirely their own fault. The company is not a "sub prime predator" its literally going on YOUR projected income. Last time a mortgage Co said: well, Cletus here makes 36 K a year a Roscoe's chicken and waffles, he wants to buy a 500K house with Zero down, and a 6 percent that gets to a high of 12 within 3 years.... hmm, he SAYS he "be in medical school".... Hmm I GUESS we can float him.
Thats what it is, a float, a loan, a favor... you dont pay back, you get bent and fucked... No ticky', No shirtee.
Im sorry, Im tired of hearing these lower income and low middle income pricks with escalades, rims, and large homes crying that they are losing these items that they never had the buying power to have in the first place.
Congress should not bail a single one of these pricks or the housing market out. Speculation on homes caused this, don't gamble with the only appreciating value property you have. Stupid financial decision by stupid citizens did this, not the "subprime mortgage industry boogieman".
There are bad mortgage companies out there... not all of them though. Now, the companies that did this shit, that knowingly gave out the mortgages are closing... good. Now the house values can drop back to normal levels and in 2-3 years we are at semi-normalcy again.
I'm just gonna say it: We need another World War to thin some of these retard babies these fucktards have been busily squirting out over the past 8 years. I'm not going to hire a damn one of them.
PS: While you are bailing out the undeserving how about you forgive people's student loans that have masters in engineering, business, law, and medical degrees? We didnt piss away what we borrowed on rims, cars worth our yearly salary, and homes we cant afford... We invested in education. Bail us out instead, We actually have earning potential.
While this article is not entirely about the issue, I direct your attention to the signs held by the people's concern. So I guess this is kind of an open letter/statement to congress and the people that annoy me so.
Cost of food. Cost of Gas.
For the first time in many years, people are ACTUALLY worried about something of value... you know. Shit we actually need, and not sheepishly running towards
"meh, Iraq is mor 'portan'!"
While I am glad that many of those making under 100K a year finally realize the economy is of importance to THEM as well, I'll follow up that feeling of glad with one of solemn shame, not because I feel bad for them, but because I feel embarrassed at the baby boom, post baby boom, and "millennial" (our 1980-1990) generation.
I feel embarrassment because it was their complete lack of financial sense, or in some cases, willful ignorance of economic realities, that have lead the country's economy to where it is.
I'm not deluded enough to say we arent having "money issues" to not sound like an alarmist prick, but people should realize, especially the number within the greedy, ignorant pricks that are listed above, that it is nearly entirely due to one of two things:
1. their willing speculation of the housing market, especially with their OWN home
2. their unwillingness to even contemplate that PERHAPS a zero down, adjustable ballooning interest rate is NOT a bad idea, especially if you purchase way outside your purchasing power.
3. Their complete lack of grasp, understanding, or even faint awareness that CREDIT is not for purchasing shit COMPLETELY OUTSIDE MAH PRICE RANGE!!!
a family of 4 living on 50K these days has to realize that a 3 bed 2 bathroom house will take a fair bit longer to get on a mortgage on favorable terms... this is why people do things like plan ahead, not have several hideous (enter ethnic joke here) spawn that suck up resources that would otherwise go towards a respectable down payment that leads to a doable mortgage. You decided to fuck like jackrabbits and not get some BC from costco? Live in the duplex a few more years then, chief!
The economy is like this because many Americans that literally do not have the means to purchase that which they financed in their entire lifetime live with dom Perignon dreams on natural light beer pockets.
The sad thing is, they should fucking know better. They HAVE the opportunity to READ the damn loan document, they have the opportunity to come with an attorney... they dont, because they are fucktards... for a 400K dollar purchase, spend the extra 200-500 to have an attorney come with you for an hour to sign the paper to the McMansion you are going to live in for 19 mos before you mail the keys and move to Altoona.
These people's lack of sense, and outright willful ignorance to the terms and conditions of the loans are entirely their own fault. The company is not a "sub prime predator" its literally going on YOUR projected income. Last time a mortgage Co said: well, Cletus here makes 36 K a year a Roscoe's chicken and waffles, he wants to buy a 500K house with Zero down, and a 6 percent that gets to a high of 12 within 3 years.... hmm, he SAYS he "be in medical school".... Hmm I GUESS we can float him.
Thats what it is, a float, a loan, a favor... you dont pay back, you get bent and fucked... No ticky', No shirtee.
Im sorry, Im tired of hearing these lower income and low middle income pricks with escalades, rims, and large homes crying that they are losing these items that they never had the buying power to have in the first place.
Congress should not bail a single one of these pricks or the housing market out. Speculation on homes caused this, don't gamble with the only appreciating value property you have. Stupid financial decision by stupid citizens did this, not the "subprime mortgage industry boogieman".
There are bad mortgage companies out there... not all of them though. Now, the companies that did this shit, that knowingly gave out the mortgages are closing... good. Now the house values can drop back to normal levels and in 2-3 years we are at semi-normalcy again.
I'm just gonna say it: We need another World War to thin some of these retard babies these fucktards have been busily squirting out over the past 8 years. I'm not going to hire a damn one of them.
PS: While you are bailing out the undeserving how about you forgive people's student loans that have masters in engineering, business, law, and medical degrees? We didnt piss away what we borrowed on rims, cars worth our yearly salary, and homes we cant afford... We invested in education. Bail us out instead, We actually have earning potential.