What is Digg?155 Comments
- ElectricC0wb0y, on 07/02/2008, -2/+36What should Congress care about the housing crisis? Do you really want to pay off some ninny's mortgage with your tax dollars because he can't use a calculator? We are already paying down their mortgages with inflation, thanks to the fed. We don't need to do it with or tax dollars (or taxflation) as well!
- Meekus, on 07/02/2008, -1/+33When I bought my house, I shopped around for the best rate I could find. I asked alot of questions. I knew EXACTLY what I was getting into. I knowingly went into a variable to keep payments low the first couple of years, and then refi'd into a nice comfortable fixed when rates were very low. And you know what? I am getting by decently - I have money to support my family decently. I'm not out spending money I don't have.
So tell me, why in the hell should I pay to bail out someone else's lack of common sense? I don't mean to sound harsh, but, supporting MY FAMILY is my priority - not the person who made poor decisions and spent way beyond their means. And I refuse to allow the government to take away from my family to pay for these people. I am already taxed to the hilt.
Government: Mind your own damn business and stay the hell out of my life as much as possible. Why not try something novel and protect my liberty for once instead of stealing money from me. Go read the constitution and actually see what your TRUE purpose is! - inactive, on 07/02/2008, -5/+37They've done such a great job they deserve a retirement.
- Guncrazy, on 07/02/2008, -1/+29I am a responsible adult who purchased a home with a mortgage that I could afford. It would make more sense for Congress to reward me, and other responsible Americans, for helping to not ***** up the economy.
Congress has no business, and no Constitutional authority, to bail out the morons who got themselves into this mess. More pressing, however, is that they don't know they can't fix it. At best, they'll just delay the consequences, making things worse in the long run.
You want to fix the housing crisis? SUCK IT UP. - newms32, on 07/02/2008, -1/+27Good, because Congress has nothing to do with the housing crisis. This legislation is ineffective ***** that's designed to boost politicians' election hopes at the cost of forcing all American taxpayers to pay for the mistakes of a few.
- Olfster, on 07/02/2008, -2/+27I am almost of the opinion the further these people are from the Capital building in DC the better off this nation is until we all truly find replacements for those that have long needed to retire. We need term limits for congress. Plain and simple.
- mikesbaker, on 07/02/2008, -2/+24still - you are a moron if you buy a house with no down payment and then only pay the interest on the loan. WTF did you think was going to happen? the banks were in the wrong too because who in their right mind loans out a bunch of money to someone that they know will not be able to pay them back.
- perogi21, on 07/02/2008, -3/+25It's not up to Congress to save the imbeciles from themselves no matter how many laws they want to pass.
- Kevin108, on 07/02/2008, -1/+22Quit waiting for the government to bail you out of the financial mess you got yourself into.
- inactive, on 07/02/2008, -3/+21I took out a no-doc 15 yr. Countrywide loan 7 years ago, and I paid it off this year. It's not their fault. It's those "flippers" who were in the housing market for a profit. It has finally caught up with them.
- AmyVernon, on 07/02/2008, -2/+18i wanna be elected to congress...
- siszam, on 07/02/2008, -0/+17Yeah, you would get health care and endless vacations at tax payer expense. People love to scream "socialism" when citizens need health care but those who represent us get endless care at our expense.
- aupton, on 07/02/2008, -0/+14YAY Undeserving pieces of ***** get rewarded!
- andergriff, on 07/02/2008, -1/+13The longer Congress stays on vacation, the better our chances of a quicker recovery. There is a direct relationship between how much Congress meddles in the economy, and how bad the economy actually is. So if you want to get out of this as soon as possible, call your congressman and ask him/her to do NOTHING.
- Mothrog, on 07/02/2008, -2/+14"A sad situation; I know that many here on digg are quick to blame the people who took the subprime mortgages, but they are more victims than perpetrators in this matter."
What the *****? Victims? If you take a loan out on something you can't afford, you're not a victim, you're a moron. - homah, on 07/02/2008, -1/+12Good, let the market sort itself out.
- diggduggjoe, on 07/02/2008, -0/+10A bankrupt government cannot afford to bail out countless bad loans. No one put a gun to those people's head to take on those crazy loans. All a bail out will do in increase our debt, which will lead to higher inflation hurting the poor and middle class even further. Everyone must start looking at the big picture. Most of the damage occurred due to an extremely loose monetary policy by the fed. If, we do not pull back on the stick soon, this nation is crashing into the earth.
- simplicityiskey, on 07/02/2008, -1/+11I can actually think of at least one other industry where it is common to see people take an entire week off for the Fourth. Not to mention, when you consider how little Congress does anyways and how many of your Congressman are spending more time talking to lobbyist and wasting your tax dollars than actually trying to do something for you, maybe you should be thankful that they're taking a week off. Also, it's not the gubment's job to bail people out of the "housing crisis"--the more they hold you, the more they control you.
- maxthethird, on 07/02/2008, -4/+14http://digg.com/business_finance/Sign_the_Petition ...
Help stop federal funding for housing bailout. Why should we pay for their mistakes? - inactive, on 07/02/2008, -4/+14But, why should they get involved in this? This is the market at work. I say leave it alone and leave the market to take care of it. Those that are in trouble are the same ones that should not have been buying in the first place. They would not be "buyer" in a tighter market. They should and will be "renters".
- mdude85, on 07/02/2008, -2/+12Oh Puhlease. Anybody with the mental processing power just surpassing that of a chimp, knows that Congress takes a recess like this every year, regardless of the state of the economy. People who think this is a "cop out" for Congress not to address the housing issue are simply foolish. How can you not cringe when these people enter a voting booth come November??? Feel free to Digg me down now.
- inactive, on 07/02/2008, -1/+11Stop grovelling for help from your politicians, it can only lead to something worse.
- zacharytelschow, on 07/02/2008, -1/+10"Was it they, or companies such as Countrywide, in the unbridled greed..."
Fine, I can play it from both sides. Countrywide and others were greedy? Good, let them eat their losses. There's only one way for that to happen: NOT bailing out homeowners (and lenders by association). - Gonthim, on 07/02/2008, -4/+13It works perfectly. Stupid people bought things they can't afford, and now they're going bankrupt and loosing all their stuff. I think that's exactly what should happen in this situation. Maybe then they'll stop making such stupid decisions with their money.
- TriTech, on 07/02/2008, -1/+9Why would you think the members of Congress are there to help?
- craighoxton, on 07/02/2008, -4/+11Democracy inaction!
- nkfallout, on 07/02/2008, -2/+9Congress is not intended to 'fix' our financial problems. If you got into bad debt thats your fault... You should pay the consequences. Plain and Simple. The the banks fault and let the people lose their homes. The economy will suffer but thats what it needs.. If we don't pay for it now our grand children will pay more. Lobby Congress to go on Vacation. The more Vacation they take the less debt they make.
- sfacets, on 07/02/2008, -0/+7Yeah... might be a good time to get rid of Congress. Have they done anything they are supposed to as supposed representatives of the people? Obviously the Checks and Balances system doesn't work anymore.
- inactive, on 07/02/2008, -0/+6the problem with politicians is they only have to be good at one thing, and that one thing is getting elected. They do not have to good at problem solving, managing people, spending tax payer money etc.
Next time you go to the polls check the person background. Try to vote for someone that has done something prior to political office. Examples: Self made millionaire, successful business person, CEO of a large company, etc
if you vote for a idiot that you like for no reason other then that he or she sounds like they know what they are talking about, then you can except them to hurt the country or city
a Parrot can say "I can fix all the current problems" and not say how he or she will fix the problems. - Mothrog, on 07/02/2008, -0/+6Uh, yeah. A child getting raped and some ***** signing up for a loan he can't afford are totally the same thing. You don't have to be too bright to add up your expenses and figure out what you can and cannot afford. If people can't be bothered to take that step, and they lose everything, that's just too ***** bad. Maybe they'll break out a calculator the next time.
- ElectricC0wb0y, on 07/02/2008, -0/+6The banks scammed themselves. Unfortunately, the banks were saved by the fed :(
- JimSwarthow, on 07/02/2008, -1/+7y'mean the Party of Change-controlled Congress is acting just like the last guys?? whu?? but, but, they said.. I thought they were gonna..
if you're not voting 3rd party you're part of the problem. - nicc, on 07/02/2008, -0/+5@spawnfree
HOW did the the home buyer get scammed?
unless the mortgage company changed the details of the mortgage finance/payment without telling the buyer (and not giving them a new GFE) the it is strictly the buyers fault for need reading the details or not knowing how to budget.
the buyer knows ALL terms in advance of closing. - thewump, on 07/02/2008, -0/+5"homeowners on the edge to get new mortgages backed by the federal government." ( ie backed by MY money ). I'd rather they stay on vacation than sign this piece of *****.
- inactive, on 07/02/2008, -0/+5Why does congress feel obligated to subsidize borrows and lenders who made a bad business decisions and extend the crisis. Let the foreclosure process work. Long term, it is a good thing.
- Number23, on 07/02/2008, -0/+5The last thing congress should so is bail out banks and homeowners that made stupid lending decisions. You can bet if their home prices were still climbing they wouldn’t be sending me a check.
Public losses and private gains is not a way to run an economy. The one thing capitalism does best is punish bad behavior. The best way resolve the housing crisis is for housing prices to return to historical levels of affordability. - compuwarescc, on 07/02/2008, -1/+6Week long vacations are not unreasonable for legislators. Consider the fact that many of them commute across the whole damn country to get to work. Do you want your legislators to never be in your home states? They need to be with their families sometimes and they need to be in the state they are representing to keep perspective. That's not to say they shouldn't say take some of that time off to read one or two bills they intend to pass (as opposed to not reading any of them), but give them a break - the job dictates long vacations.
- 8string, on 07/02/2008, -0/+5It's worse then simply paying off bad mortgages.
By bailing out 'homeowners' who took mortgages they couldn't afford congress is actually doing grave harm to the economy. I sold my house in 2004. I hadn't bought it to flip it, but in essence I did. I lived there for 2 years and sold for personal reasons. I have been waiting to buy another home since then. I miss owning a house, but I can't bring myself to pay 500k for an 1100 sq ft home that would have sold for 200k a few years ago. By bailing out these irresponsible borrowers congress is artificially keeping real estate prices high. A massive bubble formed, it's imploding now, and in order for the economy (or at least the housing market) to be healthy again prices must correct themselves. Stated simply, until the median home price in a given area is affordable by the median income the bubble hasn't corrected itself. - JasonCox, on 07/02/2008, -0/+5I wish I had as many vacations as Congressmen have... Hell, I'd just settle for their damn salary!
- zacharytelschow, on 07/02/2008, -0/+5If your house is upside down or you can't afford it, tough crap. Why should the rest of us bail you and the banks stupid enough to lend you more than you can afford out?
- inactive, on 07/02/2008, -1/+6I thought in a Free-Market capitalist system the government doesn't intervene? ***** this socialist communist country.
- dromeditor, on 07/02/2008, -0/+5@Jaablaze: "Namely because when people go homeless and can't buy what they need, they TAKE what they need. I don't think anyone wants to see the crime rate rise."
When lowlifes can't get sex, they rape women. I don't want to see women raped, so we should give them women to have sex with. - SpinningHead, on 07/02/2008, -2/+6Yes, there are idiots who borrowed more than they could afford, but this was only possible because of those relaxed lending rules. This is what causes people like me, who only paid what I could afford, to get less house for the money because housing prices were driven up. We don't need policies like this which hurt responsible borrowers. Now the global economy is paying for this.
- Lugano, on 07/02/2008, -1/+5Yes! An online petition, now we're getting somewhere! They won't be able to ignore us anymore!
- MaynardJK, on 07/02/2008, -0/+4He is talking about inflation from increasing the money supply.
- inactive, on 07/02/2008, -0/+4Thats the dumbest thing I ever heard. The banks don't want to have these houses on their hands. If they did they would be in the landlord business instead of the capital business. The banks lose money when the house forecloses. No one "won".
- inigomntoya, on 07/02/2008, -0/+4Do you have a suit? Can you read a teleprompter? Can you say yes to your party and no to all others?
Oh, you aren't sure what the people you represent want? You're hired! - jesusfish, on 07/02/2008, -0/+3I wish they'd take a week off every month. Maybe even two weeks...
- Nymphe, on 07/02/2008, -0/+3http://www.youtube.com/watch?v=eBqwtRubyJM
There are roughly 100 million homes in the US and between 50-60 homes under mortgages. The actual percentage of homes in trouble is less than 4%. Don't believe the hype! All this pollitical grandstanding is getting on my last damn nerve.
The best bailout plan is to force the BANKS to return the money they got from these people with interest so they can find somewhere else to live. Let the BANKS eat properties and losses. If they fail, good riddance, I say. - Rutje, on 07/02/2008, -0/+3At least they're not making it worse!
But of course that will be compensated when they return from their absence.... -
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