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From: Les Cargill on 4 Jun 2010 23:00 Harold Burton wrote: > In article > <c8fb652b-e6e8-41f2-a2b6-df15d64300eb(a)x27g2000yqb.googlegroups.com>, > brad herschel<bradherschel(a)gmail.com> wrote: > >> Truth: Millions of Americans will NEVER work again.. > > > I'm one of them and I'm loving it. > > > > snicker. Ole Brad pretty much misses the point, don't he? Look, y'all, when John Cash did "Dark As A Dungeon" on the Folsom Prison record, he was not particularly trying to emphasize the romance of dying in a coal mine. -- Les Cargill
From: Daniel W. Rouse Jr. on 5 Jun 2010 00:53 "brad herschel" <bradherschel(a)gmail.com> wrote in message news:c8fb652b-e6e8-41f2-a2b6-df15d64300eb(a)x27g2000yqb.googlegroups.com... [snip...] > Why should people keep paying on underwater mortgages on depreciating > houses worth 1/2 what they were bought for? All their neighbors are > living for 1-2 YEARS for free before walking away and laughing at the > fools who keep paying. > I can't feel sorry for those people. If they bought a home, I would generally assume they bought it because they wanted a permanent residence they owned vs. leasing an apartment or condo. If they bought the house only hoping it would increase in value, and it decreased in value instead, then just like other investments that may lose value that's tough luck, part of making an investment risk of that kind. To be clear: the value of house was their gamble, they lost the bet when the value went down, but they still signed a binding contract and the debt they agreed to should still be paid. Otherwise, when they default, interest rates for future loans will probably increase to compensate for those defaulted loans. Higher interest rates create an even greater default risk should any borrower have any unexpected financial hardship (even if loan payments can be deferred the interest will likely still be adding up). [snip...]
From: micegr on 5 Jun 2010 01:17 On Jun 5, 12:53 am, "Daniel W. Rouse Jr." <dwrous...(a)nethere.comNOSPAM> wrote: > "brad herschel" <bradhersc...(a)gmail.com> wrote in message > > news:c8fb652b-e6e8-41f2-a2b6-df15d64300eb(a)x27g2000yqb.googlegroups.com... > > [snip...] > > > Why should people keep paying on underwater mortgages on depreciating > > houses worth 1/2 what they were bought for? All their neighbors are > > living for 1-2 YEARS for free before walking away and laughing at the > > fools who keep paying. > > I can't feel sorry for those people. > > If they bought a home, I would generally assume they bought it because they > wanted a permanent residence they owned vs. leasing an apartment or condo.. > > If they bought the house only hoping it would increase in value, and it > decreased in value instead, then just like other investments that may lose > value that's tough luck, part of making an investment risk of that kind. To > be clear: the value of house was their gamble, they lost the bet when the > value went down, but they still signed a binding contract and the debt they > agreed to should still be paid. Otherwise, when they default, interest rates > for future loans will probably increase to compensate for those defaulted > loans. Higher interest rates create an even greater default risk should any > borrower have any unexpected financial hardship (even if loan payments can > be deferred the interest will likely still be adding up). > > [snip...] Everybody is an expert these days Things in a society as in a household must be balanced There is no balance here You are talking about risks involved buying a home My friend it is called calculated risk, hence calculated That implies that I know with some 60-80% what the price will be tomorrow. You make it sound like all the house problems just happened like that, bad luck Hey check the news more often
From: Michael Coburn on 5 Jun 2010 11:24 On Fri, 04 Jun 2010 22:17:59 -0700, micegr wrote: > On Jun 5, 12:53 am, "Daniel W. Rouse Jr." <dwrous...(a)nethere.comNOSPAM> > wrote: >> "brad herschel" <bradhersc...(a)gmail.com> wrote in message >> >> news:c8fb652b-e6e8-41f2-a2b6- df15d64300eb(a)x27g2000yqb.googlegroups.com... >> >> [snip...] >> >> > Why should people keep paying on underwater mortgages on depreciating >> > houses worth 1/2 what they were bought for? All their neighbors are >> > living for 1-2 YEARS for free before walking away and laughing at the >> > fools who keep paying. >> >> I can't feel sorry for those people. >> >> If they bought a home, I would generally assume they bought it because >> they wanted a permanent residence they owned vs. leasing an apartment >> or condo. >> >> If they bought the house only hoping it would increase in value, and it >> decreased in value instead, then just like other investments that may >> lose value that's tough luck, part of making an investment risk of that >> kind. To be clear: the value of house was their gamble, they lost the >> bet when the value went down, but they still signed a binding contract >> and the debt they agreed to should still be paid. Otherwise, when they >> default, interest rates for future loans will probably increase to >> compensate for those defaulted loans. Higher interest rates create an >> even greater default risk should any borrower have any unexpected >> financial hardship (even if loan payments can be deferred the interest >> will likely still be adding up). >> >> [snip...] > > Everybody is an expert these days > Things in a society as in a household must be balanced There is no > balance here > You are talking about risks involved buying a home My friend it is > called calculated risk, hence “calculated” That implies that I know with > some 60-80% what the price will be tomorrow. > You make it sound like all the house problems just happened like that, > bad luck > Hey check the news more often Many of us believe that buying a home has to do with saving for ones retirement. It is not a poker chip or a bet on the gyrating "market". The idea behind a proper government is to control the supply of credit and money such that we do not get wild swings in the value of money and in the economy. That allows people to "save" and invest for the long term. We see that Wall Street is very much interested in creating a roller coaster for their own benefit. "Free Markets" aren't free. They exist at the cost of society. As to millions of Americans not working again, that should not be a problem. What matters is that the middle class persons in the United States are able to enjoy a reasonably prosperous life with one member of the family having a full time job while the other "grup" tends the home fires. Whereas the male is more capable at home (other than caring for small kids I suppose), then it always seemed to me that the male should be tending the home and repairing stuff and cutting the lawn and such while the female is out in the work force. There is no reason that this should not be the case. No reason other than conservative values, Wall Street, and Republican greed, that is. -- "Senate rules don't trump the Constitution" -- http://GreaterVoice.org/60
From: lorad on 5 Jun 2010 11:31
On Jun 4, 8:40 pm, brad herschel <bradhersc...(a)gmail.com> wrote: > Truth: Millions of Americans will NEVER work again.. 41 minutes > ago ...and why should they? Permanent unemployment is now all but > assured by congress, and why take low-paying jobs when you are already > unable to payy all your debts? > Why should people keep paying on underwater mortgages on depreciating > houses worth 1/2 what they were bought for? All their neighbors are > living for 1-2 YEARS for free before walking away and laughing at the > fools who keep paying. > > CNBC shills never quit luring the brain-deads to their doom with > constant happy talk, "There will be no depression..Ben Bernanke won't > allow it!", "Buy stocks for the long term..." The truth about banks > hiding a TRILLION $$ in mortgage and loan losses is never mentioned. > "Outsourcing is good for America" Wall Street oligarchs screamed, and > now millions will never work again. "We have a great new service > economy and we need illegals who work cheap!" Now they will not leave, > why should they? Free everything, and they are bankrupting nearly > every state. > > Nothing but lies from every "expert" and from our worthless elected > officials in both parties. We are headed for an economic disaster and > not ONE public figure except maybe Ron Paul, will ever tell the people > the truth. Retirement plans shredded, 401k's gone, pension funds with > no money to pay out. Nazi minister Goebbels would be proud of the sick > spin fed to the fools every damn day. The "recovery" was just a > TRILLION dollars more debt to try to hide the mess until the > elections, but we never even made it that far. > > A DECDAE of serious pain is coming, the Fed bankers and all incumbents > must be voted out. Welcome to third-word america. The only way out is to junk 'free trade' and NAFTA and the WTO. The ONLY way... |