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View Poll Results: Do you support the housing bailout legislation?

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    6 25.00%
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    15 62.50%
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Thread: Housing bailout

  1. #1
    Senior Member Lateralus's Avatar
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    Default Housing bailout

    Do you support it?
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  2. #2
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    I just hope they don't crush the economy.

  3. #3
    Order Now! pure_mercury's Avatar
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    Losing money is the market's way of telling you "Don't do that anymore!" Bailing lenders and borrowers out will encourage more poor business practices later. Plus, I resent that my tax money will go to fund this.
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  4. #4
    Senior Member Lateralus's Avatar
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    The bill will help ~400,000 people to avoid foreclosure on their sub-prime mortgages by refinancing them into fixed-rate government backed loans. Also, $4 billion will be set aside to allow communities to buy foreclosed properties.
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  5. #5
    Doesn't Read Your Posts Haight's Avatar
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    Quote Originally Posted by pure_mercury View Post
    Losing money is the market's way of telling you "Don't do that anymore!" Bailing lenders and borrowers out will encourage more poor business practices later. Plus, I resent that my tax money will go to fund this.
    So there are no victims in this situation?

    And by the way, the "market" is not some disconnected entity. It is, however, people buying, selling, and trying to survive.
    "The only time I'm wrong is when I'm questioning myself."
    Haight

  6. #6
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    I don't know too many specifics to really be able to say for sure. My first instinct is to say no (My view of bailouts in general), but I don't know enough to guess well what negative effects that may have.

  7. #7
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    Quote Originally Posted by Haight View Post
    So there are no victims in this situation?
    Nope, basically no victims (except the stupid, and theoretically dealing with stupid people is not a crime), unless you consider criminals victims.

    However, I would totally support legislation that punished loan originators for bad loans they originated (including them shouldering a portion of the defaulted loan value) and some method of punishing bad appraisers, since both were working together to defraud people.
    I 100%, N 88%, T 88%, J 75%

    Disclaimer: The above is my opinion and mine alone, it does not mean I cannot change my mind, nor does it guarantee that my comments are related to any deep-seated convictions. Take everything I say with a whole snowplow worth of salt and call me in the morning, if you can.

  8. #8
    Doesn't Read Your Posts Haight's Avatar
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    Quote Originally Posted by Wolf View Post
    Nope, basically no victims (except the stupid, and theoretically dealing with stupid people is not a crime), unless you consider criminals victims.
    I don't understand the part in the parentheses. Can you explain that a bit?

    Quote Originally Posted by Wolf View Post
    However, I would totally support legislation that punished loan originators for bad loans they originated (including them shouldering a portion of the defaulted loan value) and some method of punishing bad appraisers, since both were working together to defraud people.
    Hmm. . . so there are no victims, yet you state that people should be punished for "defrauding people."

    I'm confused. Aren't the defrauded people victims?
    "The only time I'm wrong is when I'm questioning myself."
    Haight

  9. #9
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    Quote Originally Posted by Haight View Post
    I don't understand the part in the parentheses. Can you explain that a bit?
    People that takes loans they can't afford, and/or not understanding what was going on. They are stupid. Being stupid is not illegal and exploiting them is not illegal, at least not yet.

    Hmm. . . so there are no victims, yet you state that people should be punished for "defrauding people."

    I'm confused. Aren't the defrauded people victims?
    A bailout is a reward to those committing fraud and those that made high-risk investments. If you had a kid and they did something you consider wrong, do you give them candy and say "good job"? We can't guarantee every investment will always make money, either.

    No, our money should not go to them.
    I 100%, N 88%, T 88%, J 75%

    Disclaimer: The above is my opinion and mine alone, it does not mean I cannot change my mind, nor does it guarantee that my comments are related to any deep-seated convictions. Take everything I say with a whole snowplow worth of salt and call me in the morning, if you can.

  10. #10
    heart on fire
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    But what if bailing them out saves the whole economy from taking a nose dive?

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