the bailout

[Sukunai]

Guess how much plastic debt I have?

I have a Mastercard with nothing on it.
My Visa will be empty tomorrow after I get to the bank.
It's because I understand the concept of not spending money I never had.

Guess where your bail out money is coming from. Actually it's probably coming from China yet again. If the Chinese are patient, they will eventually own the US.

When they re did Red Dawn they should have picked a massive drought in China, and their needing to cash in on debts owned them. Would have been more chilling.

Anyway, I'm aware what the US going down the toilet would mean to Canada. It's annoying that the entire planet is seemingly incapable of managing finances the way any normal common schmuck has to do in their own home.

I suppose if the US is very lucky owning all that real estate might pan out. You better hope it does. It would sure suck if housing continued to lose value.

[downwithpants]

It's because I understand the concept of not spending money I never had.

you do realize, 99% of American citizens wouldn't be able to afford to buy a house until they are near retirement? would it be wiser for them to just rent until then and not gain any equity?

[Sukunai]

It's because I understand the concept of not spending money I never had.

you do realize, 99% of American citizens wouldn't be able to afford to buy a house until they are near retirement? would it be wiser for them to just rent until then and not gain any equity?

You do realize that 100% of those 99% likely SHOULD be renting if they don't have the income.

They also might try stomaching the concept that being American is NOT always the greatest thing in the universe either. Well according to 99% of the planet that isn't in the US.

They could always try doing what many of the rich who were poor originally did. And suffer so that their kids maaaaaybe had a better chance.
Yes it's called doing without for the sake of the future rather than spending the future now and to hell with those in the future (which largely sums up the US approach to the entire subject of the environment).

Of my friends, those with homes and those without. Those without in some cases could be those WITH. But in some cases they simply don't have the urge to do without for the sake of a later gain.

Renting isn't the end of the world.
I rent. It's a very nice place actually.
The landlord is very good at keeping the place in great shape.
I highly doubt I could afford to make my own house look this nice.
And I don't pay property taxes.
And if something DOES go wrong with it, I don't suddenly need a loan to fix it.
And next month, my bill will be the same easy to predict amount.
Brother had to do a major bathroom repair on his place. Yippee.
Sister has sunk all kinds of cosmetic cash into hers.
I doubt either would get any real benefit out of having done it, if they put them on the market.

I've been defacto retired since 93. my only advice, never retire.
You have worse worries than income waiting for you.

[downwithpants]

You do realize that 100% of those 99% likely SHOULD be renting if they don't have the income.

This would leave all houses in the hands of the richest 1%. While it is feasible, it worsens the inequality between rich and poor.

The choice between renting vs owning is largely based on lifestyle preference, but keep in mind landlords will try to charge rent at a price such that their income from rent and capital gain exceeds the cost of taxes, bills, and mortgage.

[JaddziaDax]

I don't think its a matter of "living outside their means" then it is that some people have been duped into thinking that buying a house can cost the same as renting O.o

It's not just that people were buying houses they couldn't afford, but also that some lending companies were offering mortgages on rates that were not fixed. Quite a few of those people who had lost their houses COULD afford it when they first got their mortgage, then the rates just went up and up and it became so expensive that they couldn't afford it anymore. There is blame on both sides of the "lending fence" here.

[Garylisk]

Give me the Bailout money, for that much cash I'll be sure to fix all of America's problems

Vlad

I support this.

P.S. what's my cut as a supporter?

[Sukunai]

I don't think its a matter of "living outside their means" then it is that some people have been duped into thinking that buying a house can cost the same as renting O.o

It's not just that people were buying houses they couldn't afford, but also that some lending companies were offering mortgages on rates that were not fixed. Quite a few of those people who had lost their houses COULD afford it when they first got their mortgage, then the rates just went up and up and it became so expensive that they couldn't afford it anymore. There is blame on both sides of the "lending fence" here.

In those cases, I think the rules need some massive reworking. Not going to happen of course. Capitalism isn't about caring, it's about getting rich.

But if 46 years of life has shown me, most people are their own worst enemies. You usually put yourself in the situation you are in with your eyes open in Canada and the US. Won't speak for the rest of the world on that one.

I shouldn't be able to afford where I live. I shouldn't be able to afford the services I enjoy. Society has convinced itself it can't get by without a car too. I don't own a car, haven't my entire life. Not owning a car though (which I couldn't justify at all), leaves me all the cash grabbed by license, insurance, gas, maintenance, plus the cost to buy the car of course.

Interestingly, I COULD be sitting in my own home if not for the fact that banks spit out mortgages based on formulas based on THEIR presumptions of how much money I need in a month.
Those presumptions usually include things society has convinced itself it can't do without. Like cars.
Of course any home I bought, with MY income, certainly wouldn't be in the cool neighborhood.

[JaddziaDax]

Interestingly, I COULD be sitting in my own home if not for the fact that banks spit out mortgages based on formulas based on THEIR presumptions of how much money I need in a month.
Those presumptions usually include things society has convinced itself it can't do without. Like cars.

You know, this is how my land lord treats me, I'm not allowed to live here unless I make so much money a month, and it has to be 3X the rent for the reasons of exacly what you said right there.

However, no matter how nice this place is, I still want to gtfo because of all the regulations placed on my apartment. If I wanted my "parents" telling me how to live (aka the apartment management) I'd live with my fecking parents still.

(the most recent complaint from them is people letting their dogs poop on the grass and not cleaning it up, they threatened to charge extra a month for pet owners... I have an indoor cat that never goes outside, so I'm getting threatening letters for other people who live here)

[dwchang]

It's because I understand the concept of not spending money I never had.

you do realize, 99% of American citizens wouldn't be able to afford to buy a house until they are near retirement? would it be wiser for them to just rent until then and not gain any equity?

You do realize that 100% of those 99% likely SHOULD be renting if they don't have the income.

Uhm...wut?

Yeah let's completely destroy the housing market and have NO houses then. After all, no one can afford them. Mortgages and loans work b/c people *are* capable of paying them back and thus can own houses. I am not denying that the recent crisis is due to folks overestimating, but that has nothing to do with the basic principle of lending and mortgages.

By your own logic, almost no one would own houses and by supply and demand, no one would even want to build a house to sell since no one can afford them.

This is beyond retarded and you seem to lack some seriously fundamental principles behind lending and mortgages and yet seem to lecture people otherwise. I guess just about every homeowner in THE WORLD (not just the US) is an idiot.

[downwithpants]

In those cases, I think the rules need some massive reworking. Not going to happen of course.

that's actually one of the key points our lovely politicians (including our presidential candidates) are currently arguing about. republicans have for years pushed for deregulation and now democrats are calling them out on it.