Bye Bye Banks and Wall Street

[Betty]

I hear ya - but to some extent they should be doing that. If there's a budget issue, they should cut out the coffee before they fire someone. I'm not suggesting they do this on a daily basis - but that should be what the budget is all about.

I'm really not very sympathetic about people going into forclosure - they knew or should have known what they were getting into. I too would have loved to buy a house - but could see that wouldn't be able to afford it. Why should they get a house for being stupid.

I'm not advocating for putting all the money in the most important thing either - but like I said - there are the more frivolous items that can wait.

[BarTopDancer]

Originally Posted by Betty

I'm really not very sympathetic about people going into forclosure - they knew or should have known what they were getting into. I too would have loved to buy a house - but could see that wouldn't be able to afford it. Why should they get a house for being stupid.

I think there was some predatory lending but most people were just stupid and keeping up with their neighbors.

You don't buy a house you can barely afford at one interest rate only to have that rate be adjustable when there is no way you could afford it at the higher rate.

I started looking at buying a condo a few years ago - I was offered a mortgage amount based upon credit score alone and they said I could use stated income vs. actual income. Payments would have been "interest only" and I would have barely been able to afford it then. If I had actually gone through with it I would have been SoL now.

Read the fine print people.

The market is supposed to hit bottom around December of next year. Don't give up hope on buying Betty. You'll need 20% down or money for PMI and stellar credit to get a mortgage but housing isn't done dropping.

[bewitched]

I think now is the perfect time to revive that plan to let people take the money they contribute to social security and invest it in the stock market and mutual funds.





In other news:

Originally Posted by Bloomberg News

"I nationalize strategic companies and get criticized, but when Bush does it, it's OK,'' Chavez said on weekly television program Sept. 21. "Bush is turning socialist. How are you, comrade Bush?''

Swell, even Chavez is mocking us now.