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Comments on AmericaPosted Wednesday, March 19, 2008, at 4:02 PM
Over the past 24 hours I've heard, seen or read three comments pertaining to America and Americans that caught my attention.
The first, voiced by a person from the Middle East, accused Americans of being a warlike people. I don't consider us a nation of warlike people. Admittedly, we are sometimes guilty of electing leaders who are trapped in a vicious triangle of greed, arrogance and ignorance and lead us into wars and conflicts for their own political purposes. My thought is the vast, vast majority of Americans love and cherish peace. The second comment, by a person justifiably upset with the present state of our economy, mused President George Walker Bush should change his middle name to Whoover. My first thought upon reading this is that it was unfair to our late President Herbert Hoover, who held the post during the Great Depression. Did Hoover cause it? How much of our present depression, downturn of whatever one chooses to call it can be placed at the feet of President Bush? The third comment was about America's intelligence corps. This person described it as being obsolete, out-of-touch and too much from one group of people. I have to agree. Common sense, street smarts and understanding a situation doesn't necessarily come with degrees from what seem to be a chosen few universities. What are your thoughts on these comments? Comments Showing comments in chronological order [Show most recent comments first] |
Bo Melson is a retired sports and police beat editor of the Times-Gazette.
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First of all, the vast majority of Americans are relatively peaceful people and don't like the current situation in Iraq...and someone from the Middle East is in no position to point fingers in that regard. The Middle East has been at war since the beginning of time and that won't change in our lifetimes, or our children's lifetimes.
Secondly, John C. Calhoun said it best, "A power has risen up in the government greater than the people themselves, consisting of many and various and powerful interests, combined into one mass, and held together by the cohesive power of the vast surplus in the banks." The current economic situation that our nation is in was caused by greedy bankers, greedy Middle Easterns, greedy politicians, and irresponsible people that took out entirely too much credit on houses that cost more than they could afford and re-financed even further because they've got to have nicer things than their neighbors.
Lastly, the intelligence community that our nation relies upon is a group of people that are out to serve their own interests. It is one of the most corrupt organizations in this country. In my opinion it's only surpassed by the IRS in the unconstitutionality of it's actions.
Good analysis Thom. I agree with you.
Thom I couldn't have said it better :)
Now THAT scares me :)
It isn't the first time... And surely won't be the last.
"irresponsible people that took out entirely too much credit on houses that cost more than they could afford and re-financed even further because they've got to have nicer things than their neighbors."
A very small minority did that. In fact, realtors were sugar coating loans certain types of loans to sell more houses. When a loan goes from $550 per month to $1000 in a period of 3 years. I think you could pretty much say, that loan was prett messed up.
WOW you said it just right ....Thanks
A very small minority did that. In fact, realtors were sugar coating loans certain types of loans to sell more houses. When a loan goes from $550 per month to $1000 in a period of 3 years. I think you could pretty much say, that loan was prett messed up.
-- Posted by Evil Monkey on Thu, Mar 20, 2008, at 5:57 AM
That statement is incorrect. Do you think the banks want these houses back? No. Because they are over financed. They are losing big time in most cases.
So why would the bank sell the home buyer a faulty loan? Answer, they would not. These people are shown all documents, they know in advance what could happen.
Home buyers who made bad decisions is the sole reason for the ARM situation we are in right now.
Too many of these home buyers were just too unwordly to understand what they were getting into.
I've known more than a few who,quite honestly,were too impaired to make a legal contract.
Yet,real estate people,bankers,etc. helped them get houses without the buyers taking into consideration what might occur if they got sick,lost their job,had a baby or what-have-you.
Yes,they could manage under optimum conditions (more than one breadwinner,no other debt,etc.) but they couldn't look ahead to possible calamities.
I suspect there might have been places where home-sellers,car dealers,furniture stores,etc. targeted such innocents so they could unload product or sell the same item over and over after it was reposessed.
That would make things even harder for businessfolk who act with good sense and integrity.
It wouldn't hurt to make sure all our people (home grown and imports) have the street smarts to make a competent evaluation of contracts and their own resources before they make any financial committments.
The people who couldn't or wouldn't handle a home loan sensibly aren't likely to be handling anything else any better.
quantumcat,
It is not in the banks best interest to loan people money for homes that they feel will be foreclosed on in 3 years.
In most cases banks lose money on reposessed homes. Especially those associated with adjustable rate mortgages.
It is not in the banks best interest to loan people money for homes that they feel will be foreclosed on in 3 years.
-- Posted by tdc on Thu, Mar 20, 2008, at 4:49 PM
Apparently there were many banks who failed to see it this way.
What I am saying is they didnt do it intentionally.
I understand that point. But why did many continue to give loans even though the rates were continuing to be cut, in an essential bail-out for consumers?
Actually, regulations have stiffened big time for the ARM. Just as it has for the conventional 15yr fixed. Ask anyone trying to get one these days. One more reason for our current housing predicament.
tdc,
You statement is incorrect, because if the banks make a messload of money for 3 years then resell, over and over then Yes, its a win-win situation for them.
Actually, regulations have stiffened big time for the ARM. Just as it has for the conventional 15yr fixed. Ask anyone trying to get one these days. One more reason for our current housing predicament.
-- Posted by tdc on Thu, Mar 20, 2008, at 7:21 PM
I am not trying to argue, just for the sake of arguing... No company is going to change policies if the first three years of it brings them billions of new revenue, it is when they realize the poor investment choices they made are now going to bankrupt them, that they change course.
I am not blaming banks, by any means, I am however accepting the fact, that if there were no banks to give the loans, all these foreclosures wouldn't have happened. The banks are supposed to know their customers abilities to pay, and also know the liquidity of their assets in case someone can't pay. They were only focusing on the short-term gains, and didn't see the 15 year picture that is so clear now.
Btw, I don't agree with the assessment that Americans are "warlike people". I don't think the conditions of the economy can entirely be blamed on the president, however we can discuss Bush's horrible economic genius, and inability to balance a checkbook. It is entirely impossible to want to increase spending (Bush's idea) cut taxes (Bush's idea) and balance a budget in 2012 (Bush's idea). Obviously my professor at MTSU, Dr. Ford (Republican), a notable economist who has appeared on MSNBC, as well as other shows, is right when he says George Bush is the one of the worst at fiscal responsibility.
About the intelligence corps... Our so-caleld intelligence corp has asserted into power more dictators than they have trampled, and garnered large sums of money to allow them to continue their covert operations. Think about it, they want everything to be in secret for a reason, so nobody can hold them accountable. Let me tell you, if they can find Saddam in a hole in the ground within months, can't find the WMDs that they claimed were there, and STILL can't find Osama, then what are we paying them to do? I wouldn't put it past them to orchestrate the most devestating acts of violence perpetrated on the American people, and then suddenly call it a "slam-dunk"...
It isn't so much the banks themselves that made the bad loans as it was agents for mortgage companies just like used car lots...Take Bill Heard for instance they have been sued numerous times for making faulty loans. WHY? because they make money on these loans. I know of several cases where a car lot has given information on the loan papers to the bank they are dealing with in order to push thru the loan.
Take CountryWide for another instance, they make these loans using false information (like I know some they had used credit reporting of one person then used the income of someone else in the household so they could actually make the loan) is it bad business for CountryWide? No because they turn around and sell this loan, the unsuspecting loan buyer has no idea what CountryWide has done until the homeowner either can't pay their mortgage or they decide to refinance.
Exactly Diana!!!
tdc,
You statement is incorrect, because if the banks make a messload of money for 3 years then resell, over and over then Yes, its a win-win situation for them.
-- Posted by Evil Monkey on Thu, Mar 20, 2008, at 7:24 PM
There would be no principle paid in only 3 years. Therefore the home would still be upside down because of all the interest owed.
The first few years of any loan are nearly 90% interest, who makes the money on interest again?
tdc,
You answered your own questions, the banks win again. They win, now they are crying because they aren't making the BILLIONS they used to.
Interesting fact about America: In 2006, the country had the sixth highest number of executions in the world, following China, Iran, Pakistan, Iraq, and Sudan.
Wow... We are on the same list as a dictatorship, and "terrorist" countries. Is anyone surprised?