Friday, July 11, 2008

Thoughts From a Guest

I am always encouraging people who comment on here to give me any ideas they have for blog posts. I have also asked a few regular readers to write something to use for a post. Most of these readers are people who don't have their own blogs. Pack04 has taken me up on the offer. Without further ado, here is his post. I hope you enjoy it, and feel free to comment as if this were any other entry.


I saw a report that home foreclosures are still increasing. I might not be completely getting how many families in the country own homes but this has been going on for a while. Can it be possible that there really are that many loans given out to people that should not have gotten them? Or is it possible that people that were making payments on the houses are now looking at it and saying hey I do not have to pay and the government will bail me out and not make me pay?


Senator Obama was talking in a speech to Spanish speaking people about how he does not think it is right to make a law making English the official language of the US (I agree). He said rather than passing that law we should all learn to talk in a foreign language. That is hypocritical to say if you don’t speak English you do not have to learn another language but if you do speak English you have to learn another language. By the way, when is he signing up for his foreign language classes?


He also said he was embarrassed for America because when we go overseas we do not speak the language of where we are going but people from overseas who come here know English. Well I am not sorry that I was born in a country that speaks the most common language in the world. Should we not be concerned that a person who wants to be the face of America is embarrassed by Americans? I can see being embarrassed by our actions as a country as a whole but he is saying he is embarrassed of me because when I went to Europe in February I could not speak Hungarian, German or Czech. Being embarrassed of the people is just wrong.


What does Jesse Jackson want? You would think it was for black people of his race to do everything that a white person can. So you would think that when a black person has a chance to become the President you would not want to bring physical harm to them. This makes me believe his actions are meant to keep blacks down so that he can keep getting their money. If he admits that blacks are equal he is out of a job.


Fair media coverage: Fox news reported that things are going good in Iraq so much so that the Iraqi government is talking about requesting a scale back of American troops there. CNN reported about how another person was killed in Iraq. Which to believe? I don’t know.


Of course President Bush looks like a fool because he responded by saying he does not want to put a timetable for withdrawal. I believe, as President Bush has said in the past, that we should stay there and help our ally until they no longer request our help. To say no to their request is foolish.

10 comments:

Saint said...

At first, I was upset by the pending Federal bail out of the real estate market. But then I got to looking at the details. If this plan passes (assuming it's the same plan I read about last), then Uncle Sam gets rights to at least a portion of the money you make when you sale it. If you sale it in the first year, he gets ALL of the profit. This is not a hand out, the government is buying part of your house, and the rights to claim profit on it at a later date. Anyone who goes for this needs to think about that and be very careful. Even if you sale you house 50 years from now, he will still be there to collect is fair share.

Andy D said...

Good Post Pack04. I don't really know where to comment, because you have a number of good points. One thing I notice in a couple of your points: If we had more personal accountability, some of these problems wouldn't be issues.

BunGirl said...

Late to comment as usual...

There are several topics I could address here, but I think I'll just stick to the first. I worked in the banking world around the time that many of the mortgages now being bailed out were being signed. I think the problem is that so many people bought into ARMs without knowing what they are or what they would do.

A few years ago, mortgage rates were at an all time low. We were seeing percentages that I never dreamed of seeing in my lifetime. People were buying houses left and right and financing them at a fraction of the cost they would have paid a decade before. But a lot of people were not doing their homework.

While traditional mortgage rates were low, adjustable rate mortgages (ARMs) were even lower, and the banks were pushing ARMs because they knew that in the long run these loans would wind up paying a lot more than traditional loans. A lot of home buyers, especially first-timers, bought into it without really thinking about it. I mean, rates were still going down, right? What did they have to fear from an adjustment to their mortgage rate? They weren't thinking about the long-term implications, just about the percentage they would be paying right now.

Then the rates turned around and started climbing. Those who signed on for traditional financing maintained their incredibly low rates and had no problem. But all of those ARMs started becoming more and more expensive. Homeowners have been seeing their mortgage payments climb even as gas prices and other expenses reached new lofty heights. And salaries remained much the same. Simple math, something had to go, and a lot of people wound up losing their homes over it.

Lesson learned: if the rates are low, get a fixed-rate loan, even if that means you'll be paying an extra percent or two. That way when the market changes, you'll be locked in at a price you can still afford!

Just my $.02

Christina said...

Excellent comment on mortgage rates, bungirl...or should I say, explanation?

Andy D said...

A very good two cents Bun Girl. The only thing I would add to that is we need to keep the scale of this in mind. Something like 95% of all home loans in the United States are being paid on time right now.

We are a long way from a housing crisis.

pack04 said...

bungirl I agree with you. People saw the now and not the possible future. I also agree that when costs went up and interests rates went up and salaries did not people found themselves needing to make cuts in spending. I am suggesting some people rather than cutting down on the huge cell phone package or the HD cable or eating out all the time or credit card spending or even refinancing, people looked at it and said "hey the government will help me out and I can keep life the same."

Anonymous said...

...please where can I buy a unicorn?

Christina said...

Pack04, I'm wondering why you agree with former Senator Obama that English should not be made the official US language?
(I must not have noticed this statement back when I read this post before...)

We were having an almost heated discussion at my job yest., about this very topic. I did not know that apparently it is now required for kids to learn Spanish in school?? This to me is just plain wrong.

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