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Our economy is the peoples fault, not Bush

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xxdeceivingeyesxx On April 19, 2009

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nowhere, California
#16New Post! May 14, 2008 @ 11:37:53
I think the creator of this topic has a point.
Too many people wanting to "live the good life" and living beyond their means.
helennash On July 15, 2008




poole, United Kingdom
#17New Post! May 14, 2008 @ 12:19:09
Surely people should have the back bone to be able to resist those enticements When my husband and I many years ago were buying our house the estate agent tried to talk us round to buying a house ?2000 dearer than we could afford but we stuck to our guns and bought this house and we were always able to pay the mortgage noone is really to blame for debt except the people themselves. It is the same with all the gumph that comes through the letter box offering cheap loans have the guts to throw it in the recycling bin
nothinsnew On September 15, 2009

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The Coast, Australia
#18New Post! May 14, 2008 @ 12:25:30
Yeah but loans these days are presented as products. The sellers of these products do whatever it takes to get your business. They will tell you that you can afford things and make it sound like its no problem.

I heard of a case over here where a couple had around 10 credit cards with thousands of dollars on each.. Most of them they didnt even apply for, they were just sent through the mail and pre-approved. Surely the lenders have some case to answer there?
Wingsy On November 26, 2023
wingsdillialicious!

Moderator




Wingsville,
#19New Post! May 14, 2008 @ 12:25:55
@helennash Said
Surely people should have the back bone to be able to resist those enticements When my husband and I many years ago were buying our house the estate agent tried to talk us round to buying a house ?2000 dearer than we could afford but we stuck to our guns and bought this house and we were always able to pay the mortgage noone is really to blame for debt except the people themselves. It is the same with all the gumph that comes through the letter box offering cheap loans have the guts to throw it in the recycling bin


People just know they want that big house. I know a couple who got approved for a $60,000 mortgage (which isn't going to buy much around here anyway!) and I wish you could see the houses she's looking at. It's crazy! The places she wants are in the $400,000 range. And they can't afford their monthly bills now, I don't know why they think they can afford a house

There are a lot of houses in my area that are being foreclosed. People took advantage of the housing market in the US a few years back when it was good, got these adjustable rate mortgages, with no money down, and then when the rates started to rise, they couldn't make the payments. One of my neighbors lost his house because of it and the house is just sitting there empty now
nothinsnew On September 15, 2009

Deleted



The Coast, Australia
#20New Post! May 14, 2008 @ 12:30:54
So the banks shouldn't be able to lend people massive amounts of money if they think a few interest rate rises will put them beyond their means.

That stuff is almost happening here. I knew it was suspect when my friends got a loan for the entire total of the property they bought. I think thats just crap that banks can lend like that because they do the whole sales pitch thing too.
Wingsy On November 26, 2023
wingsdillialicious!

Moderator




Wingsville,
#21New Post! May 14, 2008 @ 12:37:16
I sometimes think the banks just want the customer and to hell with the consequences. The sad thing is that most of these people KNOW that if the rates rise they won't be able to afford their payments, but they do it anyway to get that house. It's crazy and kind of stupid, IMO.
helennash On July 15, 2008




poole, United Kingdom
#22New Post! May 14, 2008 @ 12:43:48
Banks and Credit card companies are out to make money and they will do it no matter what but it still comes down to the people themselves to know when to call a halt to their spending on plastic or on loans At the moment on the telly there are adverts for furniture going for no deposit and not having to pay for 12months it is a temptation and yes if you are sitting there with a ramshackled setee it looks like a great opportunity but can you afford it????? the people themselves are the only ones to know the answer to that one
nothinsnew On September 15, 2009

Deleted



The Coast, Australia
#23New Post! May 14, 2008 @ 12:51:49
Surely the government can regulate these things?
helennash On July 15, 2008




poole, United Kingdom
#24New Post! May 14, 2008 @ 13:08:50
The Government can do lots of things with the economy and for the economy but individuals have their financial situation in front of them and it is for them to decide if they can afford things or not I definitely not a political person but I do feel nones arm is being twisted to end up in debt and I do accept that when buying a house all can be tickity boo and then suddenly the bottom falls out of the market but that is unforseen circumstances but to buy buy buy on plastic when you have no means of paying it back it is sheer loonecy sorry to seem unsympathetic.
Wingsy On November 26, 2023
wingsdillialicious!

Moderator




Wingsville,
#25New Post! May 14, 2008 @ 13:12:24
@helennash Said
but can you afford it????? the people themselves are the only ones to know the answer to that one


That's what I was trying to say...but I think you said it better
iliterate_enginere On February 12, 2010

Deleted



Wichita, Kansas
#26New Post! May 14, 2008 @ 13:22:53
@d* **bell Said
No, he means spending money they don't have, loans are debt, america is in debt, 2+2=.....


America has always been in debt. That's not really so much of a bad thing as people think because it means more money flowing through our economy. The key words here are supply and demand. America is importing far more than it's exporting and many goods that were once produced here are now elsewhere.
Delta62 On February 03, 2023
Natural asshole





manchester, United Kingdom
#27New Post! May 14, 2008 @ 13:42:44
@nothinsnew Said

Blaming "liberals" wont help either.


im blaming your president and erm his foreign policies as well as the war in iraq... mmmm anything else..... yes tony blair and erm strawberries... and erm... wait can i blame the scots no they cool as well as the irish*





*am saying that because being part scottish and part irish i can blame me self
jistolme On May 31, 2010




nowhere land, New York
#28New Post! May 14, 2008 @ 13:47:09
Maybe Clinton couldn't keep it in his pants but, our country was in much better financial status when he was president. Bush can regulate the oil, gas, food, etc... but, he chooses not to, then he would be taking money from his own pocket.

BTW - Sure Clinton got caught, but didn't Roosevelt openly have his mistress living with him?
3rdtime On August 06, 2008




Norman,
#29New Post! May 14, 2008 @ 14:07:49
The US government has only recently ceased control of outrageous business practices. It's called "de-regulation" and it was promoted as allowing the free market to rule. The problem is that without regulations (rules) the golden rule becomes "he who has the gold makes the rules".
Many of our corporations have moved their offices off-shore to avoid paying income taxes and others have gained such huge reductions in taxes that they now pay less per income dollar that the average citizen. And our government is still doing business with them, sending more money off shore. If that still seems reasonable, look at the bottom line profits, CEO salaries, and retirement packages for the top executives of the Fortune 500. It will make you sick. I agree that a fair days pay for a fair days work depends on the work, but 400+ times the average workers pay somehow doesn't seem fair.
raditz8526 On July 02, 2009

Deleted



, Minnesota
#30New Post! May 14, 2008 @ 14:30:14
@el_tino Said
Actually, the "borrow and spend" policy of conservatives is far more damaging than "tax and spend" policies of liberals.

https://www.chrismartenson.com/crashcourse


What would be the highest tax rate you would support?
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