I have been watching the news for the last two days and the more I watch the angrier I am getting. My husband I have been trying to understand how the US got into this precarious economic position and how it will affect our family.
I have listened to many of the experts and this is my understanding in simplistic terms. President Clinton passed a bill to decrease the requirements that were needed to purchase a home so that more Americans could attain the American dream. This in turn increased the demand for housing and inflated prices. Americans obtained interest only mortgages with zero down on houses that they couldn't afford. When the time came to start paying the principals that Americans could not afford they started foreclosing and housing prices started dropping because the demand started dropping as well. When housing prices were inflated the Fat Cats at the Wall Street firms took the inflated equity and started purchasing more mortgages. When housing prices dropped and people foreclosed these mortgages that they held devalued and they found themselves in the same boat as the American Home buyer owing more than what the property was actually worth.
So here are my concerns as an American Tax payer. In the last year my rent has gone up, my utilities have gone up, my car insurance has gone up, my food bill has gone up, my gas bill has gone up; my tax bill has gone up; starting to get the picture? We do not live on credit; we pay cash for most things. We have a car loan and have two credit cards where the line of credit is something we can afford to pay off. We do not have any savings because we live paycheck to paycheck. As far as the government is concerned we are rich (we look good on paper) as far as I am concerned we are barely making it. My husband and I both have to work full time and work second jobs. This takes away from my children and the quality of our lives. We looked at buying a home a few years back and we just couldn't afford it. All our friends thought we were crazy to continue renting but now my friends are foreclosing or trying to sell their homes. The ironic thing is we are financially in a better position than they are because we live within our means. This is reality.
My father taught me the value of credit. He told me when I was younger that I should imagine a Fat Cat with his feet on his desk smoking a cigar and laughing as he was making money on my hard work while he was sitting back doing nothing. So anytime I spend money on my credit cards I think of that it’s a great incentive to keep my spending in line.
So this is what I picture when my congress discusses this financial bail out.
I am angry because:
My husband and I are responsible and live within our means what about those people who acted irresponsible?
Why did my government not follow up on the Bill that was passed during the Clinton Administration?
Why is Obama so concerned about a debate when he should be our voice in Washington during this crisis? 'You can reach me by phone' Is he kidding me?
Why is the Press criticizing McCain for stepping up for the people and doing what we pay him to do which is to pass legislation to help us during this time?
Why are we so concerned with CEO compensation and violating these peoples constitutional rights? Isn't a bail out violating the constitution? Are we one step closer to socialism?
Where is the accountability of these Wall Street firms? Why do I have to help them? Do they write me a check when I am short on my rent or my car breaks down and I can't afford to fix it?
I was undecided on this election until now. McCain has my vote that’s for sure after all this. Bully to him and those young Republicans in Congress. Do not let the Democrats do this to the hard working American people. Come up with a better plan that will reflect the interests of people like myself and my husband and still help the country get out of this mess.
Sincerely,
An Angry American who used to be a Democrat
GinaZ
Posted:
Member since
Re: Something needs to be done
kinda off topic, but I really don't know the answer. Why isn't Ralph Nader allowed in the debates? Not that I would vote for him- honestly I dont know much about him. But did someone decide only the Dems and Reps are allowed to debate? If so, who? Do they fund them together or something? I just think anyone who gets their name on the ballot should be in the debates or given somewhere to debate where it will be seen by the public on tv. And maybe there is and I dont know about it?
I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.
And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.
When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%. With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually. With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year
THANK YOU DENISE!!!!!!!! Usually I dont get involved in these bc I just dont...but CLINTON is the one who screwed this up-NOT BUSH! And that should and be known by all.
I understand this all came from the bill that Clinton passed, and while i'm a democrat, I will criticize that. But I'm confused, these low income families were able to purchase homes, and what i gathered from some news program, is that they were 'tricked' into different interest rates and programs, and this is what has led these problems. Maybe I misunderstood the idea that the was being put across. But why would they not give these homeowners, knowing they are low income, a fixed interest rate, so they can possibly be resposible and understand their terms and what they would owe every month. I'm not to savvy on this. Can some one explain?
basically comes down to money. They only cared to make money at the moment and closing a deal. They did whatever it took to get a person a home. I mean they even did stated mortgages where they didnt check your income but you basically told them 'i made x amount' and of course people could put whatever they want. They didnt think of the future and what might happen, they only lived in the now and i want money now, how can i get even more closings. When I bought a few years ago, i made sure to get a fixed interest rate.
Okay, so i get that. So I would say that in Clinton's bill, it shoudl've stated that they need a background/credit check and receive an interest rate that would be suitable for each person
lizzie217
Posted:
Member since
Re: Something needs to be done
QUOTE]
basically comes down to money. They only cared to make money at the moment and closing a deal. They did whatever it took to get a person a home. I mean they even did stated mortgages where they didnt check your income but you basically told them 'i made x amount' and of course people could put whatever they want. They didnt think of the future and what might happen, they only lived in the now and i want money now, how can i get even more closings. When I bought a few years ago, i made sure to get a fixed interest rate.
Right....now all this insanity in the real estate market has been going on for a few yrs now..I used to work in real estate w/ an appraiser and you should have seen the loans and refinances that were approved..it was blatant that it had to POP it couldnt last forever...WHY DID THE CURRENT ADMINSTRATION not say boo for 8 yrs? As a matter of fact the day Lehman Brothers announced bankrupcy McCain said and I quote 'The economy is fundamentally sound' he said this on live TV on Sept 15th....NOW he realizes theres a huge problem and needs to skip the debate to fix it...come on youve got to be kidding me.....
PegaLega
Posted:
Member since
Re: Something needs to be done
Posted by cherish83
Posted by Espo22
Posted by cherish83
Posted by PegaLega
Posted by Espo22
I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.
And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.
When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%. With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually. With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year
THANK YOU DENISE!!!!!!!! Usually I dont get involved in these bc I just dont...but CLINTON is the one who screwed this up-NOT BUSH! And that should and be known by all.
I understand this all came from the bill that Clinton passed, and while i'm a democrat, I will criticize that. But I'm confused, these low income families were able to purchase homes, and what i gathered from some news program, is that they were 'tricked' into different interest rates and programs, and this is what has led these problems. Maybe I misunderstood the idea that the was being put across. But why would they not give these homeowners, knowing they are low income, a fixed interest rate, so they can possibly be resposible and understand their terms and what they would owe every month. I'm not to savvy on this. Can some one explain?
basically comes down to money. They only cared to make money at the moment and closing a deal. They did whatever it took to get a person a home. I mean they even did stated mortgages where they didnt check your income but you basically told them 'i made x amount' and of course people could put whatever they want. They didnt think of the future and what might happen, they only lived in the now and i want money now, how can i get even more closings. When I bought a few years ago, i made sure to get a fixed interest rate.
Okay, so i get that. So I would say that in Clinton's bill, it shoudl've stated that they need a background/credit check and receive an interest rate that would be suitable for each person
ITA hence my other comment. We have credit checks and savings accounts for a reason. I feel this bill being passed was leading us to where we were from the beginning-granted it took until now to realize but these are things that should have been considered before it was passed.
Espo22
Posted:
Member since
Re: Something needs to be done
Posted by lizzie217
QUOTE]
basically comes down to money. They only cared to make money at the moment and closing a deal. They did whatever it took to get a person a home. I mean they even did stated mortgages where they didnt check your income but you basically told them 'i made x amount' and of course people could put whatever they want. They didnt think of the future and what might happen, they only lived in the now and i want money now, how can i get even more closings. When I bought a few years ago, i made sure to get a fixed interest rate.
Right....now all this insanity in the real estate market has been going on for a few yrs now..I used to work in real estate w/ an appraiser and you should have seen the loans and refinances that were approved..it was blatant that it had to POP it couldnt last forever...WHY DID THE CURRENT ADMINSTRATION not say boo for 8 yrs? As a matter of fact the day Lehman Brothers announced bankrupcy McCain said and I quote 'The economy is fundamentally sound' he said this on live TV on Sept 15th....NOW he realizes theres a huge problem and needs to skip the debate to fix it...come on youve got to be kidding me.....
i personally dont think anybody would've stopped it, not a democrat nor a republican. Econony was doing well, the housing market was booming. Everyone got greedy thats what it comes down to.
but now we're gonna have to pay for it. Someone posted on here that the republicans think that those in the financial business who got us into this trouble should be paying for it, which i agree.
Butterfly123
Posted:
Member since
Re: Something needs to be done
Posted by lizzie217
From OP 'Why is the Press criticizing McCain for stepping up for the people and doing what we pay him to do which is to pass legislation to help us during this time?'
McCain is stepping in at this time to switch the focus of his campaign bc he is down in the polls...they do not need him there...both Republican and Democrats that are workig on the legistation have said they do not want him there bc he will be a distraction and they feel that he is bringing Presidential politics into this very critical and serious decison making process.
Obama is speaking with them everyday to stay informed.
A President should be able to multitask...there are often many things going on at once..he has a lot of nerve trying to push back the debate.what America needs most right now is to hear their two canidates speak about the ecomomy and the state of the country..the work horses are doing the deals in Washington Obama and McCain are the two heads who need to be communicating with us at this time!
OMG THANK YOU!!! McCain is just playing another strategic move trying to make him look like he's above all the politics during an economic crisis. And I see some people have already fallen for it. His tactics are sooooo clear lol.
lizzie217
Posted:
Member since
Re: Something needs to be done
Posted by Songstress
Posted by lizzie217
From OP 'Why is the Press criticizing McCain for stepping up for the people and doing what we pay him to do which is to pass legislation to help us during this time?'
McCain is stepping in at this time to switch the focus of his campaign bc he is down in the polls...they do not need him there...both Republican and Democrats that are workig on the legistation have said they do not want him there bc he will be a distraction and they feel that he is bringing Presidential politics into this very critical and serious decison making process.
Obama is speaking with them everyday to stay informed.
A President should be able to multitask...there are often many things going on at once..he has a lot of nerve trying to push back the debate.what America needs most right now is to hear their two canidates speak about the ecomomy and the state of the country..the work horses are doing the deals in Washington Obama and McCain are the two heads who need to be communicating with us at this time!
OMG THANK YOU!!! McCain is just playing another strategic move trying to make him look like he's above all the politics during an economic crisis. And I see some people have already fallen for it. His tactics are sooooo clear lol.
The same thing he did when he picked Palin...and can we talk about her interview with Katie Couric? HA she couldnt answer simple questions...it is insulting that this woman is our nominee...why cant she talk to the media? will she melt? it is sexist that they treat her like she's so delicate...why couldnt she take McCain's place with Letterman (if he was soooooo busy)
Oh thats right bc McCain realized a little too late that the woman is not fit for this job.
Butterfly123
Posted:
Member since
Re: Something needs to be done
Posted by lizzie217
Posted by Songstress
Posted by lizzie217
From OP 'Why is the Press criticizing McCain for stepping up for the people and doing what we pay him to do which is to pass legislation to help us during this time?'
McCain is stepping in at this time to switch the focus of his campaign bc he is down in the polls...they do not need him there...both Republican and Democrats that are workig on the legistation have said they do not want him there bc he will be a distraction and they feel that he is bringing Presidential politics into this very critical and serious decison making process.
Obama is speaking with them everyday to stay informed.
A President should be able to multitask...there are often many things going on at once..he has a lot of nerve trying to push back the debate.what America needs most right now is to hear their two canidates speak about the ecomomy and the state of the country..the work horses are doing the deals in Washington Obama and McCain are the two heads who need to be communicating with us at this time!
OMG THANK YOU!!! McCain is just playing another strategic move trying to make him look like he's above all the politics during an economic crisis. And I see some people have already fallen for it. His tactics are sooooo clear lol.
The same thing he did when he picked Palin...and can we talk about her interview with Katie Couric? HA she couldnt answer simple questions...it is insulting that this woman is our nominee...why cant she talk to the media? will she melt? it is sexist that they treat her like she's so delicate...why couldnt she take McCain's place with Letterman (if he was soooooo busy)
Oh thats right bc McCain realized a little too late that the woman is not fit for this job.
Exactly. I think now he's realizing what a mistake he made. And thats probably the other reason he wanted to push back the debates. But give the old guy a break, he is 72, how do you expect him to know how to use modern technology!
PegaLega
Posted:
Member since
Re: Something needs to be done
Posted by lizzie217
Posted by Songstress
Posted by lizzie217
From OP 'Why is the Press criticizing McCain for stepping up for the people and doing what we pay him to do which is to pass legislation to help us during this time?'
McCain is stepping in at this time to switch the focus of his campaign bc he is down in the polls...they do not need him there...both Republican and Democrats that are workig on the legistation have said they do not want him there bc he will be a distraction and they feel that he is bringing Presidential politics into this very critical and serious decison making process.
Obama is speaking with them everyday to stay informed.
A President should be able to multitask...there are often many things going on at once..he has a lot of nerve trying to push back the debate.what America needs most right now is to hear their two canidates speak about the ecomomy and the state of the country..the work horses are doing the deals in Washington Obama and McCain are the two heads who need to be communicating with us at this time!
OMG THANK YOU!!! McCain is just playing another strategic move trying to make him look like he's above all the politics during an economic crisis. And I see some people have already fallen for it. His tactics are sooooo clear lol.
The same thing he did when he picked Palin...and can we talk about her interview with Katie Couric? HA she couldnt answer simple questions...it is insulting that this woman is our nominee...why cant she talk to the media? will she melt? it is sexist that they treat her like she's so delicate...why couldnt she take McCain's place with Letterman (if he was soooooo busy)
Oh thats right bc McCain realized a little too late that the woman is not fit for this job.
Everything in politics is a stragety-both of them are working off that to pull ahead. Not saying I dont agree with this. the whole point of everything they do between nomination time and voting time is done with a backed up strategy-McCain is not the only one doing this-maybe its more obvious but trust Obama is doing it too.
Butterfly123
Posted:
Member since
Re: Something needs to be done
Posted by PegaLega
Everything in politics is a stragety-both of them are working off that to pull ahead. Not saying I dont agree with this. the whole point of everything they do between nomination time and voting time is done with a backed up strategy-McCain is not the only one doing this-maybe its more obvious but trust Obama is doing it too.
Peg I completely agree with you and Im definitely not that naive to think Obama doesnt do it. I just have a problem with Captain Obvious McCain. His tactics make me feel like he thinks we're all idiots.
PegaLega
Posted:
Member since
Re: Something needs to be done
Posted by Songstress
Posted by PegaLega
Everything in politics is a stragety-both of them are working off that to pull ahead. Not saying I dont agree with this. the whole point of everything they do between nomination time and voting time is done with a backed up strategy-McCain is not the only one doing this-maybe its more obvious but trust Obama is doing it too.
Peg I completely agree with you and Im definitely not that naive to think Obama doesnt do it. I just have a problem with Captain Obvious McCain. His tactics make me feel like he thinks we're all idiots.
Right, at least we know what he is doing I dont know who I am voting for....they both scare the crap out of me.
Butterfly123
Posted:
Member since
Re: Something needs to be done
Posted by PegaLega
Posted by Songstress
Posted by PegaLega
Everything in politics is a stragety-both of them are working off that to pull ahead. Not saying I dont agree with this. the whole point of everything they do between nomination time and voting time is done with a backed up strategy-McCain is not the only one doing this-maybe its more obvious but trust Obama is doing it too.
Peg I completely agree with you and Im definitely not that naive to think Obama doesnt do it. I just have a problem with Captain Obvious McCain. His tactics make me feel like he thinks we're all idiots.
Right, at least we know what he is doing I dont know who I am voting for....they both scare the crap out of me.
Everyone in politics scare the crap outta me too. Anyone chosen to make decisions for a whole country has to be a little twisty. I couldnt do it.
lizzie217
Posted:
Member since
Re: Something needs to be done
Posted by Songstress
Posted by PegaLega
Everything in politics is a stragety-both of them are working off that to pull ahead. Not saying I dont agree with this. the whole point of everything they do between nomination time and voting time is done with a backed up strategy-McCain is not the only one doing this-maybe its more obvious but trust Obama is doing it too.
Peg I completely agree with you and Im definitely not that naive to think Obama doesnt do it. I just have a problem with Captain Obvious McCain. His tactics make me feel like he thinks we're all idiots.
AGREED!
missliss
Posted:
Member since
Re: Something needs to be done
Posted by JJC
IMO Obama is a typical do nothing power broker. He ran for senate in Illinois basically un-opposed (a repeated theme for him). He promised change, but all the citizens of Illinois got was a man that planned his next gig. He is also linked to the most corrupt set of scandals in the nation not to mention the backing of the chicago mob (oh excuse me the democratic party). And look at the state of Illinois that he comes from. Highest in taxes (cook county and Chicago Highest in the nation). And most Corrupt (Last Governor in jail, and current Governor should be joining him soon). He hangs with antiSemite Louis Farakhan, William Ayers, the Mahajans and Nadmi Auchi, Ali Ata and numerous other controversial figures. One wonders whether Obama ever met and associated with normal people without their being felons, terroists or trouble makers.If Obama is elected be prepared to be taken over by illegal immigrants. Mexicans have their babies, Obama thinks it OK to kill ours.
Holy...inflammatory much???
just saying....
KittyGags
Posted:
Member since
Re: Something needs to be done
Posted by JJC
Why do people think we need to be in constant growth in the economy? You can't have a period of great growth without some corrections. Ask any stock market expert...after a run up in the market, there has to be a correction.
The first 4 years of the Bush presidency had a pretty good economy. Also, look at the timeline and you'll see the dot com burst happened before Bush was elected. We give credit to Clinton for the dot com boom and blame bush for the burst of the bubble...not true...
I also find it funny how everyone wants to bail people out of the housing debacle, but no one asked the government for a bailout on the dot com bust...and it's the same thing. You have to let these economic conditions take their course and not reward poor decision making.
Now..heres the part most you wont like..buts its me stating my thoughts...so please respect that.
IMO Obama is a typical do nothing power broker. He ran for senate in Illinois basically un-opposed (a repeated theme for him). He promised change, but all the citizens of Illinois got was a man that planned his next gig. He is also linked to the most corrupt set of scandals in the nation not to mention the backing of the chicago mob (oh excuse me the democratic party). And look at the state of Illinois that he comes from. Highest in taxes (cook county and Chicago Highest in the nation). And most Corrupt (Last Governor in jail, and current Governor should be joining him soon). He hangs with antiSemite Louis Farakhan, William Ayers, the Mahajans and Nadmi Auchi, Ali Ata and numerous other controversial figures. One wonders whether Obama ever met and associated with normal people without their being felons, terroists or trouble makers.If Obama is elected be prepared to be taken over by illegal immigrants. Mexicans have their babies, Obama thinks it OK to kill ours.
In his years as state Senator and US Senator, what has Obama done to 'change' the way government is run? What has Obama done that has earned him this adulation, this acclaim? He is definitely going to change things, that's for sure. But do we want his radical change? The needs he discusses are real, but his plans are un workable and will never pass.
I know you're engaged but will you marry me instead???
KittyGags
Posted:
Member since
Re: Something needs to be done
Posted by missliss
Posted by JJC
IMO Obama is a typical do nothing power broker. He ran for senate in Illinois basically un-opposed (a repeated theme for him). He promised change, but all the citizens of Illinois got was a man that planned his next gig. He is also linked to the most corrupt set of scandals in the nation not to mention the backing of the chicago mob (oh excuse me the democratic party). And look at the state of Illinois that he comes from. Highest in taxes (cook county and Chicago Highest in the nation). And most Corrupt (Last Governor in jail, and current Governor should be joining him soon). He hangs with antiSemite Louis Farakhan, William Ayers, the Mahajans and Nadmi Auchi, Ali Ata and numerous other controversial figures. One wonders whether Obama ever met and associated with normal people without their being felons, terroists or trouble makers.If Obama is elected be prepared to be taken over by illegal immigrants. Mexicans have their babies, Obama thinks it OK to kill ours.
Holy...inflammatory much???
just saying....
Everyone is entitled to their opinion...no drama.
Butterfly123
Posted:
Member since
Re: Something needs to be done
Posted by missliss
Posted by JJC
IMO Obama is a typical do nothing power broker. He ran for senate in Illinois basically un-opposed (a repeated theme for him). He promised change, but all the citizens of Illinois got was a man that planned his next gig. He is also linked to the most corrupt set of scandals in the nation not to mention the backing of the chicago mob (oh excuse me the democratic party). And look at the state of Illinois that he comes from. Highest in taxes (cook county and Chicago Highest in the nation). And most Corrupt (Last Governor in jail, and current Governor should be joining him soon). He hangs with antiSemite Louis Farakhan, William Ayers, the Mahajans and Nadmi Auchi, Ali Ata and numerous other controversial figures. One wonders whether Obama ever met and associated with normal people without their being felons, terroists or trouble makers.If Obama is elected be prepared to be taken over by illegal immigrants. Mexicans have their babies, Obama thinks it OK to kill ours.
Holy...inflammatory much???
just saying....
WOW!! Can we have some sources....
Butterfly123
Posted:
Member since
Re: Something needs to be done
Posted by KittyGags
Posted by missliss
Posted by JJC
IMO Obama is a typical do nothing power broker. He ran for senate in Illinois basically un-opposed (a repeated theme for him). He promised change, but all the citizens of Illinois got was a man that planned his next gig. He is also linked to the most corrupt set of scandals in the nation not to mention the backing of the chicago mob (oh excuse me the democratic party). And look at the state of Illinois that he comes from. Highest in taxes (cook county and Chicago Highest in the nation). And most Corrupt (Last Governor in jail, and current Governor should be joining him soon). He hangs with antiSemite Louis Farakhan, William Ayers, the Mahajans and Nadmi Auchi, Ali Ata and numerous other controversial figures. One wonders whether Obama ever met and associated with normal people without their being felons, terroists or trouble makers.If Obama is elected be prepared to be taken over by illegal immigrants. Mexicans have their babies, Obama thinks it OK to kill ours.
Holy...inflammatory much???
just saying....
Everyone is entitled to their opinion...no drama.
What she posted was different from an opinion. And there is no drama.
KittyGags
Posted:
Member since
Re: Something needs to be done
Posted by Songstress
Posted by KittyGags
Posted by missliss
Posted by JJC
IMO Obama is a typical do nothing power broker. He ran for senate in Illinois basically un-opposed (a repeated theme for him). He promised change, but all the citizens of Illinois got was a man that planned his next gig. He is also linked to the most corrupt set of scandals in the nation not to mention the backing of the chicago mob (oh excuse me the democratic party). And look at the state of Illinois that he comes from. Highest in taxes (cook county and Chicago Highest in the nation). And most Corrupt (Last Governor in jail, and current Governor should be joining him soon). He hangs with antiSemite Louis Farakhan, William Ayers, the Mahajans and Nadmi Auchi, Ali Ata and numerous other controversial figures. One wonders whether Obama ever met and associated with normal people without their being felons, terroists or trouble makers.If Obama is elected be prepared to be taken over by illegal immigrants. Mexicans have their babies, Obama thinks it OK to kill ours.
Holy...inflammatory much???
just saying....
Everyone is entitled to their opinion...no drama.
What she posted was different from an opinion. And there is no drama.
