US Money problems

[WVTriker]

I've always thought that public service should be that, ie voluntary and not paid.

Let's face it, a lot of the blame lays on folks. They took out loans they couldn't afford on houses they couldn't afford. And I really think a lot of those property flipper want-to-be's are a big part of this problem, too. Heck, look at all the stupid TV shows that were developed focusing on it during the real estate boom. I have no facts on that, just a gut feeling.

The CEOs of these failed businesses should be held accountable: investigated, exposed, charged, tried and convicted (if warranted, which I expect would be the case in the majority of them). To think that you run a company into the ground, loose countless amounts of hard working people's hard earned savings and they walk away with millions from it. Well, words can't describe how it makes me feel, at least not ones that I will allow myself to say.

[Kani]

Looks like it is not just the USA. Now they are saying on the news that Europe is also having money woes.

[Ian]

Let's face it, a lot of the blame lays on folks. They took out loans they couldn't afford on houses they couldn't afford.

The CEOs of these failed businesses should be held accountable: investigated, exposed, charged, tried and convicted (if warranted, which I expect would be the case in the majority of them). To think that you run a company into the ground, loose countless amounts of hard working people's hard earned savings and they walk away with millions from it. Well, words can't describe how it makes me feel, at least not ones that I will allow myself to say.

Actually, the idea of people being able to get no money down houses isn't that bad, if their income is enough to pay the mortgage. The morgage on some modest houses is similar to what people were paying in rent. The problem came when the slick brokers who had nothing to lose (because Fannie Mae was backing the loans) crunched the numbers in 'creative' ways, and all of a sudden people were getting stars in their eyes.

My own experience was when I was looking to get pre-approved. I had a figure in mind what I could afford for a monthly payment, but the mortgage guy said "are you kidding, I can get you much more house than that" The realtor was sending me listings for houses 20,000 more than what I was looking for. Slowly the idea started creeping in that maybe a two car garage would be nicer and a bigger yard wouldn't be that bad, etc. It hard to stay realistic when you're being constantly encouraged by slick salesman.

Fortunately better sense prevailed, because the higher priced houses are now down to the price I was looking for originally.

I agree that there should be some serious investigations. McCain might do it if he's elected, because he's not so married to the party, but that doesn't look like it's going to happen. Obama will never permit scrutiny of his party officials. Many of his friends were Fannie Mae higher-ups and campaign contributors.

[celticleather]

No disrespect intended, but . . . 'When America sneezes, the world catches a cold'.

[TwinOaks]

No disrespect intended, but . . . 'When America sneezes, the world catches a cold'.

(also attributed to Donald Trump)

[Go2Tex]

So, OK the bailout passed and the very next day the market almost dropped off the charts! The entire World economy is tanking and all because a bunch of liberals wanted to spread the wealth around and put "poor folks" into houses they couldn't afford. Of course, that was just to buy their votes and you notice the main stream media isn't talking about that much.