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94 Comments
- Solkre, on 06/11/2009, -0/+26I wish they'd just stop printing money and let ***** companies fail.
- CaughtThinking, on 06/11/2009, -0/+24While I like Obama, delaying the invevitable is just wasting time and money. Dropping prices and people losing things they can't afford isn't the problem, it's the solution.
- daurkin, on 06/11/2009, -0/+14Does anyone else just wish we could press Alt-F4 on the economy and start up a new game of SimCity. I think this game is just too F-'d to continue.
- robbob, on 06/11/2009, -0/+13I hope everyone quickly gets back to a place they can AFFORD to live in.
- Bakedwafer, on 06/11/2009, -0/+13Option adjustable and Alt-A loans won't really start resetting until mid 2010 then it really hits the fan.
- TheUngod, on 06/11/2009, -1/+13Bad news in general...but good news for me! It's a buyers market and I'm looking to buy.
- tomasII, on 06/11/2009, -2/+12So, the spending package is not working, whoda thunk it? Of course you can not spend your way out of bankruptcy, even the very idea of that is insane. And since we have spent over 1 trillion dollars in the last 8 months the likelihood that things will improve in the long term keeps getting worse and worse. No nation can endure this type of irresponsible government spending. And now on top of all that, they want the government to run our healthcare system. Wow, this is not the change I was hoping for.
- alais, on 06/11/2009, -1/+91.5 million jobs lost since stimulus too, great news right?
- fragMasterFlash, on 06/11/2009, -0/+8The real estate speculators and the truly gullible who bought more than they could afford have already been wiped out. Now comes the pain of seeing hard working responsible people getting caught up foreclosures and short sales.
- drmangrum, on 06/11/2009, -0/+8The reality is thousands, if not millions, of people bought homes that were grossly overpriced. The current administration is trying to prop up those prices when the market can't handle it. It does no good to make money available for lending if people aren't confident their investment is going to hold its value or appreciate in the foreseeable future.
People made bad loans, now they have to live the consequences. We can argue over whose fault it is for years, but that doesn't fix the problem. If they truly want to stabilize the market they need to a mechanism for homeowners in ARM loans to transition to a FRM they can actually afford.
The laws of supply and demand need to take effect. There are simply too many homes on the market for sellers to demand the prices they do. The prices of homes needs to fall by another 10-20%. Many people don't want to hear that, since that means they'll lose money. Sorry, that's what happens when you put your money into market-driven assets. If the bottom falls out of the market, that asset loses value. It's basic economics. - InfiniteNothing, on 06/11/2009, -7/+14Only third. That's kinda progress.
Obama's rescue plan won't ever take root fully. It requires banks to play nice which they don't. And why would they, their incentives are paltry. - raswan77, on 06/11/2009, -1/+7Obama's programs are worthless. We need to stop trying to pull people who already drowned out of the water and start to focus helping people who are barely keeping their heads above water and can only do so for a little while longer. Everything he is doing is too little too late. We need a government that is proactive and not reactive. Look at the credit card and mortgage legislations that he has rolled out. I know people in the credit card industry and everyone knew he was going to put the limit on the rate increases, so everyone just rolled out their programs earlier to jack their profits before the legislation took root. The sad part is I don't think there is anyone in politics that can really be trusted to be a champion for the people.... everyone has sold their soul to get where they are.
- inactive, on 06/11/2009, -0/+6People need to stop blaming Obama AND GW. This mess will never get cleaned up until both sides realize that both sides are screwing the country. Obama and GW are one in the same. They'll both screw us, but in different ways.
- alais, on 06/11/2009, -0/+5move?
- FLUX, on 06/11/2009, -2/+7Yea don't look at the facts just remember what your told by the administration " the recession is over "
- sodade, on 06/11/2009, -0/+510-20% ain't ***** in overpriced markets like the Bay Area...
- sodade, on 06/11/2009, -0/+4When is this going to be reflected in house prices - I keep looking as CA real estate and it is still insane as ever.
- inactive, on 06/11/2009, -0/+4"financially responsible people" CAN buy real estate now and CAN get great deals. There's nothing holding them back. Interest rates are low, demand is low and supply is high.
- jerbaker, on 06/11/2009, -3/+7Ah yes, and before Obama it was Clinton's fault. You go right ahead, you guys are comical to watch.
- jerbaker, on 06/11/2009, -0/+4It's the downside to investment. When there are investors to answer to, it eliminates a lot of flexibility.
- PhantomRogue, on 06/11/2009, -1/+5Imwayssmarter, you are absolutely right in how the debt is being done now. But you are wrong in the getting used to it part.
The Deregulation and Securities Firms, who handed out AAA Ratings on those CDO's are who is to blame. Banks paid to get the Ratings and then sold them, knowing they were highly unlikely to get paid off.
It was ALL securities fraud. From the Banks, to the Investors to the Securities/Investment firms. AIG, Citigroup, Travellers, Goldman Sachs are failing because they committed fraud on a huge scale, yet we are the ones bailing them out.
Obama's plan is rewarding these companies for horrible business practices. And keeping them afloat with my Tax money. - inactive, on 06/11/2009, -0/+3 RealtyTrac < RealityTrac
- boozedrinker, on 06/11/2009, -1/+4I know, it's hard to believe there is any left in your paycheck after a Democrat-controlled government gets done raping you....
- ZZeke, on 06/11/2009, -0/+3Some people really like to ignore the fact that a lot of the foreclosures we're still seeing have more to do with the failing economy and rapidly rising unemployment than they have to do with people who bought "houses they couldn't afford".
- mark5hs, on 06/11/2009, -1/+4Stimulus Fail
- anawnymoose, on 06/11/2009, -0/+3This doesn't surprise me really. I just got evicted from my second house in one year, both times because we paid our rent on time but the landlord didn't put it toward the mortgage.
It's fantastic when you struggle to pay rent and bills only to have someone higher up the chain screw everything up anyway and leave you homeless. - jerbaker, on 06/11/2009, -2/+5Remember what Ralph Nader said. There are not two parties in the United States. The Democrats and Republicans are two factions of the corporate party.
- AmusedToDeath, on 06/11/2009, -0/+3Seems like it would make sense to force refis of those now, BEFORE the ***** hits the fan and splatters all over the taxpayers.
- inactive, on 06/11/2009, -1/+4perhaps people should stop buying ***** they cant afford =D everyone's always looking for someone to blame...take responsibility for yourself for once you ***** ***** juggler.
- jerbaker, on 06/11/2009, -1/+4How does that work in a place where the median price is more than 75% of the population can afford?
- inboxnews, on 06/11/2009, -2/+5You really believe that?
- pathouston22, on 06/11/2009, -5/+7Just as comical as the "it's all Bush's fault" folks
- inactive, on 06/11/2009, -0/+2Most home 'owners' can afford to buy now because they're upside down in the house that they have. But you are correct, first time buyers should be taking advantage of the great deals now.
- ousthouse, on 06/11/2009, -0/+2You can't say we're not in a huge mess, but you have a point. Also, it's not unreasonable to see foreclosures at their highest when home ownership is at its highest.
- fatfreddyscat, on 06/11/2009, -0/+2I need more explanation.
- InfiniteNothing, on 06/11/2009, -1/+3I actually don't disagree with any of that. I don't think I posted anything to the contrary. I was simply stating that Obama's plan isn't going to work. You gave some reasons as to why it won't work.
- sleestakslayer, on 06/11/2009, -0/+2There is still a lot of denial out there from home sellers; they do not want to admit the truth about the actual value of their property.
- solecize, on 06/11/2009, -0/+2Is this adjusted for population growth? Why don't the present the data from the other record setting dates?
- borez, on 06/11/2009, -2/+4In the UK, the BBC was trying to say just that today: http://news.bbc.co.uk/1/hi/business/8094729.stm
You gotta love the BS that gets fed around. - inactive, on 06/11/2009, -1/+3But Obama said it would be different -- because these were shovel ready projects. And according to him at the time, that's why we had to rush it through so we could see the impact immediately. Acordingly, there wouldn't be a large delay. Remember that? I'm pretty sure even Huffingtoncompost wrote about these 'shovel ready' projects at the time.
- Solkre, on 06/11/2009, -0/+2That jab is pointless, President Bush started these plans, President Obama expanded them. They shouldn't have happened in the first place.
- WizardofWor, on 06/11/2009, -0/+2Very True ZZeke,
Ive lived within my means but now unemployed for 6 months, I have no clue what I'm going to do if I don't get a job before my Unemployment runs out. My guess is Foreclosure at this point. - jerbaker, on 06/11/2009, -0/+2To where? Show me somewhere that doesn't suck donkey balls with jobs that pay enough to afford houses.
- Skywise, on 06/11/2009, -0/+2Then isn't the prudent thing to do is wait the 6 months to see if the rescue programs take effect and THEN call for new spending programs to spur on growth?
Because maxing out the credit cards to pay off other credit cards doesn't enhance our appearance of fiscal responsibility... - hymneforthedead, on 06/11/2009, -0/+2AMERICA! ***** NO!
- geodebug, on 06/11/2009, -0/+2Took more than a decade for us to create this mess and you want it fixed in four months?
I'd need to see some real numbers before I felt confident enough to use ALL CAPS in my estimate on how many projects have received money. Even if projects received the money and started I highly doubt economists would be able to tell the impact for a few fiscal quarters. - agvance, on 06/11/2009, -0/+2Bay Area's problem is all the zoning laws, anti-building laws and historical preservation sites.
- geodebug, on 06/11/2009, -0/+1@jerbaker Every major city in the US has jobs that pay enough. Of course, you didn't specify if you meant menial labor, blue collar, or white collar jobs.
- jerbaker, on 06/12/2009, -0/+1I disagree. The "it's all Bush's fault" people usually can tie the subject of their argument to the actual President Bush. Things like lying to get us into a war, or wiretapping American citizens without so much as a warrant. When the loonies come out to blame Bill Clinton or Obama, it's for stuff that can be demonstrably linked to Republicans ... like the size of the debt carried by the United States - almost single-handedly amassed by Ronald Reagan and George Bush.
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