This article in Tuesday’s Washington Post has a couple of really good lines in it. To read the whole article click on the title to this posting. The first one I really liked is:
“One of the interesting questions that should be asked of subprime mortgage lenders, is, ‘would you take this loan out on your own home?” said Gary Moore, a financial adviser in Sarasota, Florida, who writes about religion and investing.”That’s the Golden Rule. But I bet there’s not 1 in 100 that did. If more of them just thought about that for a minute, it would have prevented a lot of this.”
I really didn’t know the golden rule involved home loans? Live and learn I guess.The other is the last comment made in the article:
“I think they understand their options are somewhat limited. They are going to make the payments or they are not,” he said. “They are really praying for wisdom at that point.”
Praying for wisdom. I really want to wish them all the luck in the world, but don’t you think trying to think would yield better results?I really liked the part about how the religious like Martin Luther liberalized the religions views on usury. They didn’t liberalize them, they wiped out all reference to the sin of ussery.That old complaint by non-believers that the believers make up their own rules as they go along is specifically demonstrated in this article. So much for that invisible magician in the sky writing books and all those people who claimed to talk to Him. I have to tell you, you really have to appreciate a religious philosophical belief system that has no fixed set of values or morality or ethics. Just get rid of any damn moral that keeps you from getting whatever it is you want. You know, like charging interest and getting rich off other peoples work instead of working for a living yourself. That was immoral until the Christians decided they didn’t like working for a living anymore and they would start living off the work of other people. God changed his mind. Now that is really convenient. God bless God. He’s a helluva guy.
GodFree&Glad,
In my opinion it would be good to have a easily reversible sterilization and the men that are involved would need to partake as well
.
Bill Gates is an interesting example. As there is lots of misinformation about what he actually did, I am curious as to what you think he did? I have forgotten most of the details but, he is often credited with things he didn’t do.
Bill Gates is a greedy business man that has done all he could to stifle people trying to write excellent free open-source operating systems (and more). In the balance he is a leech.
Tex:
No, what I’m saying is that “standard of living” is completely subjective. Someone living on 12k a year looks at your lifestyle as lavish, the same way you look at MDs as lavish. You are being completely subjective around what you perceive as “excessive”.
Case in point, my uncle. He’s a dentist, I know for a fact he makes in excess of 250K/year. He grew up extremely poor in Beaumont, TX, yet worked hard throughout school & his career to open his own practice, and expand to a second location. He works 70-80 hour weeks, I’d say he is earning it.
I’d hate to hear what you would say about me, who grew up lower middle class and is now in the tax bracket of the top 18% at 26 years old. I didn’t inherit anything. I busted my ass to get where I am, and I’m sure as shit not going to let someone tell me I did not earn what I am paid.
mxracer652 and txatheist is the real problem taxes or gov’t that is wasteful.we don’t seem to get a very good return on our tax money from any level of gov’t.
This hits kinda close to home because we are doing a side business right now cleaning out foreclosure houses. Most are priced way over $500,000. (waaay out of out our price range or ability to heat /cool em!)
One recent cleanout left many personal papers there. Their credit was HORRIBLE. Not sure how they ever qualified for that house (which they only kept for 1 ? years anyway).
-By the way this house was 6000 SQUARE FEET. Had 3 furnaces and 2 A/Cs.
Also there were many religious books left behind including a Buybull guide to How gawd wants you to Manage Your Finances. Either gawd doesn?t know what he is talking about or they didn?t follow the instructions.
But it is no wonder they were in de_bt. They owned multiple DVD players, scanners, cellphones, every electronic gadget you could ever use then some more. Even left a Playstation behind.
We could tell what they had from all of the manuals and empty boxes. They had very expensive clothes and some still had the price tags on. They left a lot of new stuff behind but it is probably on the credit card bill and they will try and file for bankruptcy AGAIN.
Quite an education for people who live within their means.
So yes, thee bankers/realtors/mortgagebrokers were wrong=greedy but these people HAD TO KNOW that they were living way beyond their paychecks.
Sure, I would like a slightly larger house and a car that wasn?t made in the 1980s or 1990s but I don?t want to pay for it. The Maryland Governor is already doing his best to eradicate the middle class and I don?t want to pay more real estate taxes because we have a 2nd bathroom. (a Fact in Maryland)
There are many factors causing the housing market problems but I think it all boils down to greed and stupidity. Did those people think that their ARMs were going to go below 4.5%??
note- I got called on the word de_bt – go figure that one!
FDM
Yep. People that had no ability to pay were borrowing and the BushCo-unregulated (far different than deregulated) mortgage industry was too happy to write them loans and get paid. Suckers, the greedy and an incompetent government … what a combination!
Comment from: What
I am still amazed at how someone’s hate can blind them to the truth…
How about backing up your rant with facts? Exactly what was “unregulated” by BushCo…?
Facts…please provide facts that Bush put into play that caused the subpirme loan crisis…?
FairyDogMother,
I grew up where the Patuxent and Potomac rivers meet, in St. Mary’s co. A place that was very rural when I was young, but not so much anymore. The Naval Base there has inflated the cost of living beyond the means of people that have lived there for 6 or more generations.
What neck of the woods you in?
Comment from: TXatheist
Thats a very dangerous line of thinking a reasoning…
They tried that in the old USSR. The citizens were restricted to income…the politicians lived behind a walled community and were not…
Hey…I thought one wasn’t suppose to quote Scripture on this blog…?
2 Thessalonians 3:10-15
Phreedm,
Quoting scripture to make a point is fine. Spewing scripture in an effort to win converts, is not. IMO, of course, since I am not the moderator.
Ren,
Cecil county.
This county actually welcomes all the mcmansions that are being built. There is no way to make the builders pay for the increased need for schools, police and sewers. So our property taxes ae rising to the maximum so we can subsidize $850,000 houses.
I think this is partly caused by the mortgages being issued to anyone.
This county is also unaffordable to the people who have lived here for years, at least to buy. Rents are still somewhat realistic.
I lived down the shore for a long time and it makes you want to cry to see what they are doing there. (not OC area).
Maryland used to be a cool place to live but when we retire- I am GONE! (Far, far from the nearest mall!) At least we can avoid the sales tax increase by buying clothes in PA and tp in DE
FairyDogMother,
Yes it is a shame what they are doing. I was back home in March of this year, and I was ready to leave after only 2 days, and I hadn’t been there in 6 yrs.
Maryland was a really cool place to grow up. Had some of the greatest beach parties, ever. Now, there are so many people, it is impossible to get around easily. Traffic lights like mushrooms on what used to be mcadamized country roads without lines. There were actually times when I didn’t know where I was on a particular road, because where forests used to stand, strip malls rule the day.
I’m thinking about Wyoming when my wife retires. Less than a half million people in the entire state, and it is a big place.
ahhh YESSS the beach parties.
I imagine that where we partied on the Magothy is waterfront estates now. We had horse trails along the waterfront.
I dont know where it is going to end. I know what you mean about unrecognizable roads and the endless shopping centers- (WHO needs all that STUFF??!)
I guess I have gotten kinda OT about the housing/mortgage subject but I think the consumer mentality is the central to the problem.
My husband marvels at how an entire nation’s economy can be based on consuming. And most of it will be in the landfill in 5 years.
Peace.