While I completely understand why you feel this way, I wanted to point out that it's not just an issue of consumer responsibility. Something needs to be said about the outrageous home prices during the real estate bubble. Home prices jumped dramatically and many people who are indeed responsible bought homes that are now worth nowhere near what they paid. They are now stuck b/c they can't afford to sell and they are in serious trouble if they have an adjustable rate mortgage. Home prices should have never been able to soar like that. It was just outrageous and we should have been expecting some kind of fallout when the bubble finally burst.
It's not everybody else's responsibility if someone made a poor decision and got into an adjustable rate mortgage that they can't afford. Your mortgage is explained to you at your closing. They had the option of purchasing their home with a fixed rate mortgage. Anybody who is having trouble paying for their home should call their lender and work out a solution. It's not everyone's job to fix it for them.
But like I said we know very little about what McCain's plan is. Hopefully more info will be coming soon.
I'm with you - infrastructure and educational investments are essential for the future.
Also, and I'm sorry if I keep driving this home here, Obama's plan raises the tax rates to where they were under Reagan. I don't hear Republicans in particular complaining about Reagan.
I try to read a wide variety of sources and one of my favorites is the magazine The Economist. It leans a little to the right in general and their analyses tend to be extremely thoughtful and pragmatic IMO. Here is a link to an article in this week's edition on what economists from around the country had to say about the candidates economic policies: http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=12342127
Obama's policies were overwhelmingly preferred and there was a great deal more confidence in his understanding and in who he would choose as advisers. I take it as a serious bonus that Warren Buffett has endorsed Obama.
I found it interesting that McCain complained about the expense of Obama's plans and then proposed a $300 billion buy-out of mortgages. Where is that money going to come from if we cut taxes? Especially after the $700 billion bail out. Why didn't he propose the mortgage buy-out as an alternative to the $700 billion bailout when he suspended his campaign and went to Washington to work on this issue? They are different paths with the same intent. It may have, in fact, been a better solution to the credit crisis even if it is an unpalatable and politically difficult one. If things keep going as they're going (since the bail out does not appear to be unfreezing credit lines or restoring faith in the stock market) and people who did not take risks in the last ten years also have to start defaulting on their loans as a result of job losses, etc, would McCain continue to buy-out ever-more mortgages? Where would the line be?
I'm not comparing at all. I'm saying they shouldn't be forced to purchase insurance just because Obama decides every child in the country must be insured. They have a right to do things their own way just like I said. They do use large hospitals too not just small country hospitals. And by the way, not that I'm recommending people being uninsured but doctors and hospitals will work out a lower price if you just ask. Just because I don't think people should be forced to purchase health insurance if they choose not to that doesn't mean I'm opposed to health insurance. I wouldn't be without it.
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The amish don't purchase insurance, they take care of their own and they pay their bills.
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While I completely understand why you feel this way, I wanted to point out that it's not just an issue of consumer responsibility. Something needs to be said about the outrageous home prices during the real estate bubble. Home prices jumped dramatically and many people who are indeed responsible bought homes that are now worth nowhere near what they paid. They are now stuck b/c they can't afford to sell and they are in serious trouble if they have an adjustable rate mortgage. Home prices should have never been able to soar like that. It was just outrageous and we should have been expecting some kind of fallout when the bubble finally burst.
Chrissy
mom to Aidan 8/21/03
Grayson Blaine 12/30/07
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I disagree with you, but I'm pretty sure
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It's not everybody else's responsibility if someone made a poor decision and got into an adjustable rate mortgage that they can't afford. Your mortgage is explained to you at your closing. They had the option of purchasing their home with a fixed rate mortgage. Anybody who is having trouble paying for their home should call their lender and work out a solution. It's not everyone's job to fix it for them.
But like I said we know very little about what McCain's plan is. Hopefully more info will be coming soon.
Took the words right out of my mouth Jess.. those were my thoughts on the debate as well. :o)
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I'm with you - infrastructure and educational investments are essential for the future.
Also, and I'm sorry if I keep driving this home here, Obama's plan raises the tax rates to where they were under Reagan. I don't hear Republicans in particular complaining about Reagan.
I try to read a wide variety of sources and one of my favorites is the magazine The Economist. It leans a little to the right in general and their analyses tend to be extremely thoughtful and pragmatic IMO. Here is a link to an article in this week's edition on what economists from around the country had to say about the candidates economic policies:
http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=12342127
Obama's policies were overwhelmingly preferred and there was a great deal more confidence in his understanding and in who he would choose as advisers. I take it as a serious bonus that Warren Buffett has endorsed Obama.
I found it interesting that McCain complained about the expense of Obama's plans and then proposed a $300 billion buy-out of mortgages. Where is that money going to come from if we cut taxes? Especially after the $700 billion bail out. Why didn't he propose the mortgage buy-out as an alternative to the $700 billion bailout when he suspended his campaign and went to Washington to work on this issue? They are different paths with the same intent. It may have, in fact, been a better solution to the credit crisis even if it is an unpalatable and politically difficult one. If things keep going as they're going (since the bail out does not appear to be unfreezing credit lines or restoring faith in the stock market) and people who did not take risks in the last ten years also have to start defaulting on their loans as a result of job losses, etc, would McCain continue to buy-out ever-more mortgages? Where would the line be?
Thanks for the post. Very informative.
Chrissy
mom to Aidan 8/21/03
Grayson Blaine 12/30/07
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Can you link to support for this?
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