Queens Homeowner Pleads:"i Need Your Help....

[Coffee and TV]

And here we go....

http://www.washingtonpost.com/wp-dyn/conte...2100911_pf.html

Because, apparently, the best way to help the economy is tax the people who have the capital to invest in growth.

The top bracket in the 1950's paid 90%. What a slow growth decade.

[Quoner]

I'm just wondering how many here can identify the source of the following quote. The first one who does and sees me at a UNT sports event, I'll buy them something to eat or drink.

Social critics are despondent over the failure absolutely to fix blame on somebody for the terrible subprime-mortgage phenomenon. There's the temptation to blame a phenomenon judged to be malicious, or at best thoughtless, on an institutional feature of the free-market system. Jared Bernstein of the Economic Policy Institute in Washington cites a pressing need for regulation, the invisible hand of the marketplace having failed us.

It is useful to remind ourselves that the market does not pose as, or at least ought not to pose as, an executor of justice. If John and Jim, apparently equally endowed and equally motivated, launch identical business enterprises and John succeeds while Jim fails, one can't look to the market to weigh the two entrepreneurs by meritocratic standards. The market can't judge what role sheer luck played in the different outcomes. Free-market theory intervenes only to say that Jim, the loser, should himself bear the costs of failure.

As opposed to what?

Well, as opposed to taxing John from his earnings sufficiently to compensate Jim for his failure. The market seeks simply to individuate the winner and the loser. Interventionists are moved by a desire to temper the judgments of the marketplace, and the way to do this is: by regulation.

Regulation in some form or other is almost everywhere licensed and, generally, applauded. If competitors run taxi companies, regulation denies to any one of them an exclusive franchise: Do not seek to eliminate the competition. And there is regulation built into progressive taxation: The winner climbs into a higher tax bracket, and is thus burdened to the advantage (in the short term) of the competitor.

The mortgage crisis came on because our free society did not think to intervene at a juncture where it could have limited the effects of cosmic thoughtlessness and insouciant greed. So that the question now arises: How does society single out the gross violators, meting out punishment to those who deserve it without harming others? Is it possible to identify the guilty parties?

This family desires a house, but cannot not afford a mortgage based on conventional factors. A friendly mortgage broker emerges. He will arrange for them to get a mortgage at an easygoing rate. The lender will agree to this because, immediately on writing the mortgage, he will sell his interest in this family and their house to yet another party, who bundles it with similar mortgages and sells slices of the package to various investors. And so a great pool of mortgages accumulates, banked away in every corner of the financial house, a bit of everybody's portfolio who has an interest in the financial order.

What the market would do, facing that situation, is to impose punishment on the disorderly mortgage brokers and lenders. But where are they? They are almost universally out of sight. They didn't linger over the worthless mortgages; they passed them on to buyers who have been waking up during the past six months bereft of assets they thought they had.

If we could start from scratch, we might have managed a federal regulation that forbade giving mortgages to people without an adequate credit history. But we cannot do that in retrospect, so we are in mid-quandary, with foreclosures lowering the values of all houses, not just the ones with risky mortgages. Is there a market for, say, 30 million American homes?

The politics of the matter are at least this clear. The federal government being the only agent that can possibly intervene, it needs to do so, by forbidding the liquidation of mortgages until the disparity between true value and hypothetical value is pounded away by time and inflation and a revitalization of the functions of the marketplace.

Here's a hint: The above was written in early January, 2008, while it's writer was still alive.

I know - but you already let me mooch of you at tailgates anyway, so I'll defer the prize.

[UNTflyer]

Here's a hint: The above was written in early January, 2008, while it's writer was still alive.

William F. Buckley

[The Fake Lonnie Finch]

$70K in credit card debt? Really? Kids in private school? Really?

I bet this over-indulgent a-- has never clipped a coupon in his life! Time to sell the house for a loss, move to a very cheap rental property, put your kids in public school, and PAY YOUR BILLS.

It's not our (the american taxpayer) problem that you are financially retarded.

Exactly! Bingo!

This is the type of idiot that is going to be getting our tax money - someone who refuses to live within their means. Damn this thing makes me sicker and sicker every day.

Barak Obama is hell bent on rewarding idiots for their idiocy. In a perfectly real world, nobody would owe this guy anything. He needs to get realistic about life and quit whining to the goverment (the American taxpayer).

[eulessismore]

William F. Buckley

You are correct Flyer! I owe you one; it may be the home football opener before you can collect. By the way, I think Buckley's idea was about as good as any that I've heard to date, although plenty of Democrats and Republicans will disagree. I certainly enjoyed meeting you and UNT90 the other night before the UALR game.

[UNT90]

This is Queens we're talking about, there's no such thing as "cheap rental property". And if there were, it's probably the same amount as his mortgage.

He can move his rear end to Buffalo and commute as far as I'm concerned. He doesn't have any constitutional right to live in freakin Queens!!! Move your a__ out of the city and tighten the belt. But again, I doubt this moron has the financial skills to do such a thing.

[hickoryhouse]

I was listening to some guy on the radio yesterday who was talking ab out the intent of Obama's idea to tax the $250K plus crowd and what a greeat idea it is to create a system that takes from those who have more to take, he loved that Idea and thougt that the merits of it were flawless and that nothing needed to be changed about that. In his opinionthe people who have worked hard and are "rich" should pay the brunt of the tax burden. While I understand his idea, I don't agree with it, but I understand it.

The funny part about this was that the guy lives in Manhattan and thought that special concideration should be paid to him due to that fact! I'm sorry but you can't go on a rant saying that the guy who earns more should pay more and then say that you don't think that you should be included because of the cost of living where you CHOSE to live!

dousche....

[KRAM1]

I've been to Queens, NY many times...there are plenty of affordable rentals in Queens. You may not want to live in the area where they are...but, the fact is...there are affordable rental properties in Queens. I am thinking this guy's ego is such that he could not stoop so low as to RENT!

But, I am sure he is waiting for his Obama "free rent check" in the mail any day.

[Censored by Laurie]

I really can't believe this thread got to 4 pages. Please tell me that the bulk of you get the fact that the New York Daily News is essentially a kin to the New York Post...they're sensestionalist and only a step or two away from becoming tabloids (which, regrettably, means they will probably survive this Hari Kari of newspapers we're witnessing right now). They purposely wrote this article, on this topic, on this guy to push an agenda...this guy is not the norm, but the Daily would love for you to believe that he is to rile up the anti-bailout, and thus the anti-Obama crowd.

Someone pointed out his watch...there is no doubt in my mind that the photographer made certain that watch would be in the shot.

There is a reason the Daily didn't go to Carnasie and talk to the single mother who is losing her first home after growing up in the Marcy projects...or the father in northern Jersey who used to commute 2 hours each way to his job in the Finacial District...used to because he worked for Lehman or Citi or Goldman Sachs and now is unemployed...or the Jewish family who entrusted their money with Bernie Madhoff.

There is a legit debate to be had on this topic...but please, lets use credible sources.

[KRAM1]

You mean credible sources such as Mr. Obama when he proudly proclaimed that America invented the automobile in his non-state of the Union speech this week? And then mentioned that the US was importing more foreign oil than ever at this time? NOT!

And the Mr. Obama who claimed he would cut the deficit in half...which in reality means we will end up with (after he cuts it in half...if he can) an even larger deficit than we have today?

You mean those credible sources????

Where is the main stream media crawling all over Mr. Obama as they did Mr. Bush when he made a mistake such as claiming the automobile was invented in America?????

Just thought I'd stir the pot a bit more while we were still on this topic. Let's see how long we can keep this one going...agreed, however, that the tabloids are not very credible sources of information.

[Green P1]

You mean credible sources such as Mr. Obama when he proudly proclaimed that America invented the automobile in his non-state of the Union speech this week? And then mentioned that the US was importing more foreign oil than ever at this time? NOT!

And the Mr. Obama who claimed he would cut the deficit in half...which in reality means we will end up with (after he cuts it in half...if he can) an even larger deficit than we have today?

You mean those credible sources????

Where is the main stream media crawling all over Mr. Obama as they did Mr. Bush when he made a mistake such as claiming the automobile was invented in America?????

That Lying Rat Bastard.

Edited February 27, 2009 by Green P1

[KRAM1]

Green P1...you are talking about the President of the United States here...show some respect for gosh sakes! Such language...

[UNT90]

I really can't believe this thread got to 4 pages. Please tell me that the bulk of you get the fact that the New York Daily News is essentially a kin to the New York Post...they're sensestionalist and only a step or two away from becoming tabloids (which, regrettably, means they will probably survive this Hari Kari of newspapers we're witnessing right now). They purposely wrote this article, on this topic, on this guy to push an agenda...this guy is not the norm, but the Daily would love for you to believe that he is to rile up the anti-bailout, and thus the anti-Obama crowd.

Someone pointed out his watch...there is no doubt in my mind that the photographer made certain that watch would be in the shot.

There is a reason the Daily didn't go to Carnasie and talk to the single mother who is losing her first home after growing up in the Marcy projects...or the father in northern Jersey who used to commute 2 hours each way to his job in the Finacial District...used to because he worked for Lehman or Citi or Goldman Sachs and now is unemployed...or the Jewish family who entrusted their money with Bernie Madhoff.

There is a legit debate to be had on this topic...but please, lets use credible sources.

So I guess the New York Times would be better??? Exchange the words Daily News and Post for Times and Obama for Bush in your post and you would be dead on.

All the article says is this Financial Retard is looking for a bailout from Obama's policies, which the retard confirms himself. Sounds like accurate reporting (and they didn't even say his record was 1-11 in the mortgage league).

Oh, and let's waste more money on the single mother from the projects who has already proven she won't or can't (whichever one, I really don't care) pay her mortgage. This is a sensitive issue with me, having seen many undeserving people magically go from the projects to $90,000 homes, with no means of or intent to pay the mortgage. Most of these people could care less about their credit rating, and often times don't even know what a credit rating is.

It doesn't matter if your making $80K a year or a single mother from the projects, it's still your responsibility to ensure that you can afford what you purchase, and not EXPECT a hand out from you or me (yes, it is our money).

[Quoner]

So I guess the New York Times would be better??? Exchange the words Daily News and Post for Times and Obama for Bush in your post and you would be dead on.

All the article says is this Financial Retard is looking for a bailout from Obama's policies, which the retard confirms himself. Sounds like accurate reporting (and they didn't even say his record was 1-11 in the mortgage league).

Oh, and let's waste more money on the single mother from the projects who has already proven she won't or can't (whichever one, I really don't care) pay her mortgage. This is a sensitive issue with me, having seen many undeserving people magically go from the projects to $90,000 homes, with no means of or intent to pay the mortgage. Most of these people could care less about their credit rating, and often times don't even know what a credit rating is.

It doesn't matter if your making $80K a year or a single mother from the projects, it's still your responsibility to ensure that you can afford what you purchase, and not EXPECT a hand out from you or me (yes, it is our money).

If you don't get the difference between the NYT and the Daily News/Post and their reputations, just calm down and take a look at all three sites some time. Yes, the NYT is liberal, but they at least adhere to some journalistic standards. The latter two make Vito and Phillips look like some form of Hemingway and Chaucer (unrelated writing examples and poor similes!)

[UNT90]

If you don't get the difference between the NYT and the Daily News/Post and their reputations, just calm down and take a look at all three sites some time. Yes, the NYT is liberal, but they at least adhere to some journalistic standards. The latter two make Vito and Phillips look like some form of Hemingway and Chaucer (unrelated writing examples and poor similes!)

Not upset by the media, as there really is no unbiased media outlets anymore. Just pointing out there is bias everywhere nowadays.

I'm a firm believer in the Men in Black theory toward this type of media!

I am upset by a bunch of over-spending idiots that have driven this economy to the point of socialism!

[Coffee and TV]

William F. Buckley

You know his son endorsed Obama, right?

[Coffee and TV]

Oh, and let's waste more money on the single mother from the projects who has already proven she won't or can't (whichever one, I really don't care) pay her mortgage. This is a sensitive issue with me, having seen many undeserving people magically go from the projects to $90,000 homes, with no means of or intent to pay the mortgage. Most of these people could care less about their credit rating, and often times don't even know what a credit rating is.

Projects?

Then please explain why Aubrey has the highest foreclosure rate in North Texas. I don't know many people who are moving from the projects out to Aubrey for that big new house. Something tells me your anger has its roots elsewhere besides who is doing what with your tax money.

Edited February 27, 2009 by Coffee and TV

[Censored by Laurie]

Not upset by the media, as there really is no unbiased media outlets anymore. Just pointing out there is bias everywhere nowadays.

I'm a firm believer in the Men in Black theory toward this type of media!

I am upset by a bunch of over-spending idiots that have driven this economy to the point of socialism!

I understand the conservative frustration when the two most respected newspapers, the New York Times and Washington Post, skew left...but this isn't about the bias, its about the journalistic technique and integrity. Name your conservative, legit newspaper...Wall Street Journal, Washington Times...to a lesser extent Dallas Morning News and they wouldn't have taken the time to write a story that clearly has fabricated "news" out of a non-story.

[UNT90]

Projects?

Then please explain why Aubrey has the highest foreclosure rate in North Texas. I don't know many people who are moving from the projects out to Aubrey for that big new house. Something tells me your anger has its roots elsewhere besides who is doing what with your tax money.

They may have the highest rate, but the total number wouldn't come close to Fort Worth, Arlington, Dallas, etc...

Like I said in the post, it doesn't matter if you make $80k or live in the projects, pay your bills.

Thanks for the vague reference to my anger, especially since you have no idea about my life experiences. Very typical.

Throughout American history, the right person has been in the right place at the right time for this country to succeed and prosper. I worry that the wrong person is in the right place at the wrong time and that it will cost this country much in the next 4 years.

[UNT90]

I understand the conservative frustration when the two most respected newspapers, the New York Times and Washington Post, skew left...but this isn't about the bias, its about the journalistic technique and integrity. Name your conservative, legit newspaper...Wall Street Journal, Washington Times...to a lesser extent Dallas Morning News and they wouldn't have taken the time to write a story that clearly has fabricated "news" out of a non-story.

Again, respected by who? Liberal journalist who respect liberal thought?

The point of the story is that this guy will apply for federal relief. The guy said that's what he plans on doing. Do you really have confidence that he will be denied? The more concerning aspect is that people are conditioned to accept less personal responsibilty and rely more on the federal government to fix their problems.

Citibank has been nationalized. When the Bush administration pushed through the first bailout, the plan was to only buy preferred stock in all banks, thus having no voting power in the operations of the bank. Unfortunately, this was not a requirement of the legislation, but was still promised by the administration. Pres. Obama reversed this, and now the federal government owns 36% of common stock shares in Citibank, with full voting power. The next largest stockholder owns 4%. For all intents and purposes, this bank is nationalized. The first of many. This should scare the hell out of Americans.

Haven't seen a story in the Times about this, have we.

[Green P1]

Green P1...you are talking about the President of the United States here...show some respect for gosh sakes! Such language...

Sorry... All the examples of outright lies you referenced from the "Non-state of the Union speech" just got me a little hot under the collar.

Edited March 1, 2009 by Green P1

[oldguystudent]

Looks like this thread is coming down to entitlements. Let's see if I can sum up my beliefs all metaphorical style-like.

I believe in safety nets because sometimes people genuinely fall.

I don't, however, believe in life jackets. Everybody needs to learn how to swim on their own.

[eulesseagle]

carter-clinton connection on lender legislation:

http://alfin2100.blogspot.com/2008/09/jimm...hare-blame.html

[eulessismore]

Looks like this thread is coming down to entitlements. Let's see if I can sum up my beliefs all metaphorical style-like.

I believe in safety nets because sometimes people genuinely fall.

I don't, however, believe in life jackets. Everybody needs to learn how to swim on their own.

What about parachutes? I don't believe in the golden ones for CEO's of failed and bailed out organizations.

[oldguystudent]

What about parachutes? I don't believe in the golden ones for CEO's of failed and bailed out organizations.

For those guys I believe in anvils.