Geeeeeeze.... Wrenchman and Valigator are the only ones to get it right... Slow down... have another drink... you'll feel much better sedated....
I'm beginning to feel that no one here has been here before. I'm beginning to think no one here has ever been on welfare or foodstamps. I'm beginning to feel that no one here has ever been disabled. Geeeeeze get a grip. Have a positive mental attitude and PLEASE call your senators and representatives and tell them that Bail out for Wall Street means Bail Out for them, for they are the waters of a sinking ship. Rats like me will jump a sinking ship....
The American Free enterprise system has been tampered with so much regulation and lack of oversight, that business isn't free to do business. The Demoncrats are the impedance to prosperity. I admit, I don't know the shape of the American Credit Markets but I know when I've not been able to get it before... and had to buy with cash. Tough times. Today I'm blessed, very little debt, still pay cash and don't EVER borrow unless someone else pays for it. That is how I see debt. Don't buy anything on credit except an education, a home, and unfortunately a car... but even there, sometimes leasing has benefits while you buy a good used car for the long term.
I don't believe that I should pay for someones bad mortgage. If the banks have to write down the value of a mortgage to current market of a default and someone wants back in, I'm OK with that as long as they are QUALIFIED... meaning you don't pay more than 40% of your income for debt. Not 50, not 60... 40%. What does that mean, it means that someone earning $14 an hour pays $5.60 an hour for his mortgages or about $952 a month. For a 100,000 loan at 6%, they'd need $600 a month plus insurance and taxes etc. Plenty of leeway there, but I don't want to reward bad behavior... I do enough of that with my Pincer...
What is the worst that can happen? We are not going into depression, the underlying assets of our economy are still too strong. If banks can write off their bad loans, that gives them the ability to make new loans. That's where congress should be focusing their attention in my mind. That is better than printing money. Problem with this is, congress wants to give the bad loan equity (homes) to the people who defaulted in the first place. Huge Government Giveaway that I am opposed to. Write off the loans and rewrite the loan based upon true and accurate market value today is fine with me.
Aloha...
