September 17 - Pet Peeve Monday - Sub Prime Loans
This week’s PET PEEVE MONDAY concerns the SUB-PRIME MORTGAGE CRISIS.
It is only a CRISIS if you exhibited poor financial planning. As such, I’m not worried if you are offended by this PEEVE, because you probably wouldn't understand it any way.
Sub prime loans were those loans that people took to get into homes that they could not afford.
People that decided to invest in the speculative real estate market took these loans. They bought 4-5 condos or properties before they were built. They figured they would make money in an appreciative real estate market. These were the same people that lost money when the technology bubble burst in 2000.
Now, the government is going to BAIL OUT these gamblers. Congress is drafting bills to eliminate their debt. WHY?
It is my same PET PEEVE for WHY did the government feel the need to BAIL OUT people in New Orleans that built homes BELOW SEA LEVEL WHY?
They should get a tax bill for being STUPID!!!
It’s easy math. Water is at sea level. Your house is BELOW sea level. What can happen?
A. - A Flood
B. - A Flood
C. - A Flood
D. - A Flood
If you bet on the housing market or bet on the interest rates to come down, AND LOST, so be it. YOU LOST, not my fault. Did you share your profits on the market rise?
Why should I have to pay the taxes that in effect, bail you out?
I took the safe path of a workable mortgage at a manageable rate. Sure I could have GAMBLED for a larger garage, a pool, and a servant’s quarters. BUT I DIDN’T.
Why?
It was TOO much of a risk.
I also DID NOT buy a home below sea level.
Why?
It was TOO much of a risk.
Why should risky behavior be forgiven or in fact rewarded? Especially on the backs of regular taxpayers?
It is only a CRISIS if you exhibited poor financial planning. As such, I’m not worried if you are offended by this PEEVE, because you probably wouldn't understand it any way.
Sub prime loans were those loans that people took to get into homes that they could not afford.
People that decided to invest in the speculative real estate market took these loans. They bought 4-5 condos or properties before they were built. They figured they would make money in an appreciative real estate market. These were the same people that lost money when the technology bubble burst in 2000.
Now, the government is going to BAIL OUT these gamblers. Congress is drafting bills to eliminate their debt. WHY?
It is my same PET PEEVE for WHY did the government feel the need to BAIL OUT people in New Orleans that built homes BELOW SEA LEVEL WHY?
They should get a tax bill for being STUPID!!!
It’s easy math. Water is at sea level. Your house is BELOW sea level. What can happen?
A. - A Flood
B. - A Flood
C. - A Flood
D. - A Flood
If you bet on the housing market or bet on the interest rates to come down, AND LOST, so be it. YOU LOST, not my fault. Did you share your profits on the market rise?
Why should I have to pay the taxes that in effect, bail you out?
I took the safe path of a workable mortgage at a manageable rate. Sure I could have GAMBLED for a larger garage, a pool, and a servant’s quarters. BUT I DIDN’T.
Why?
It was TOO much of a risk.
I also DID NOT buy a home below sea level.
Why?
It was TOO much of a risk.
Why should risky behavior be forgiven or in fact rewarded? Especially on the backs of regular taxpayers?
This is MY PET PEEVE. It should be yours as well.
Labels: Pet Peeve
posted by J. Jay @ 7:59 PM
2 comments
2 Comments:
It is a travesty about how these losers are represented.
That makes no sense. Besides, my taxes rebuild your trailor parks when tornados rip through the Midwest.
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