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Old 09-10-2008, 02:15 AM   #11
Mormon Red Death
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ok here are my thoughts.

In the short term (1-2 years) this will help mortgage industry. In the long term this will be an albatross on our society. As my quote from TMQ says above the standards for giving out loans which have tightened over the last year or so now get thrown out the window because the government owns it. Not to mention the debt future taxpayers will need to pay.

The really bad thing about this is the precedent it sets. We've become a nation standing in line for bailouts.
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Old 09-10-2008, 02:29 AM   #12
MikeWaters
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Quote:
Originally Posted by Mormon Red Death View Post
ok here are my thoughts.

In the short term (1-2 years) this will help mortgage industry. In the long term this will be an albatross on our society. As my quote from TMQ says above the standards for giving out loans which have tightened over the last year or so now get thrown out the window because the government owns it. Not to mention the debt future taxpayers will need to pay.

The really bad thing about this is the precedent it sets. We've become a nation standing in line for bailouts.
the loans were guaranteed by the govt. anyway. In other words, the U.S. Taxpayer was still on the hook, bailout or not.
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Old 09-10-2008, 04:09 PM   #13
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The really bad thing about this is the precedent it sets. We've become a nation standing in line for bailouts.
Yeah, that's it. Everyone wants "relief." While in principle I feel bad for families (esp. kids) who lose their homes, I don't feel bad for people who make bad investments (with full knowledge, etc. Obviously, the cases where brokers lied or misled borrowers are a different issue.). To quote INXS, "Sometimes you kick. Sometimes you get kicked."

I recently read somewhere (was it on this board?) that a major difference between this economic downturn and ones past is the amount of consumer debt Americans (and Brits, and other Europeans) are carrying. They have little wiggle room to handle the painful economic adjustments that are going on. When things finally finish re-setting, with higher fuel, food, and credit prices, they're going to have a really hard time making it work.

While it's obvious the gov't. had to do something with Freddie and Fannie, this mentality is killing me. From Bear Stearns to this, the Feds may be trading short-term stability for long-term suffering. Once they start trying to control and regulate risk, we're all screwed.

But it's not like I have a better idea. Just 20-20 hindsight.

What a mess.
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