The government always seems willing to consider helping people who made bad financial decisions. Why dont they help people who cant afford a house or to start there own business wile they are at it.
2007-08-31 04:52:00 · 10 answers · asked by wisemancumth 5 in Politics & Government ➔ Other - Politics & Government
How would you feel if helping others helped you?
If the government did nothing (which in current circumstances seems likely) millions of people will be homeless while millions of homes sit empty for lack of buyers.
That means your home will be worth very little as there would be such a glut of unsellable houses.
All these devastated families would not be able to buy anything you make your living from so at the least your company is hurt and perhaps you are out of a job.
If on the other hand the Government did in fact make it easier to pay for a house, an education, or start a business or otherwise be more productive, you might personally benefit quite a lot from all that productivity.
But that would be Socialism!
2007-08-31 05:13:58 · answer #1 · answered by Dragon 4 · 2⤊ 2⤋
The government is not going to bail out people who default on their high interest loans. Don't compare car loans with houses. Your car payment interest doesn't go up 2 to 3 % every couple years. The government is going to bail out the huge financial institutes that were happy to sign contracts where the interest rate would jump to 12% after 3 years. The bankers are supposed to be intelligent financial brokers. How can they say they couldn't see this coming? Countrywide Mortgage company is laying off a large amount of their employees but still offering "low cost" loans for houses. Think about it. How can they offer all these "low cost, no cost" refi's without making any money? If you read the news, these defaults are raising the rates (and requirements) for people who could normally afford the payments and have great credit ratings.
2007-08-31 05:34:19 · answer #2 · answered by sensible_man 7 · 2⤊ 1⤋
Um - why are you assuming they made a bad financial decision? Perhaps they made a good one at the time, but the situation changed. For instance, in case of a divorce, there is money going out that wasn't expected and couldn't have been planned for. Losing a job that someone's been at for 25 years and expected to be at until retirement, that they worked darned hard at and were good at - can't be planned. To some extent savings can help this, yes - but not completely and not in all instances.
As for helping people who can't afford a house - some of the people who now need help are people that couldn't afford it in the first place and got suckered in.
Start their own business? Does everyone have the expertise and work-from-home ethic for this?
Politics aside, you are comparing apples to oranges.
2007-08-31 06:23:53 · answer #3 · answered by Hoosier Mom 5 · 2⤊ 1⤋
I'm SO mad about this. My husband and I scrimped and saved to come up with a down payment. The bank told us we qualified for a loan for twice as much house as we were looking at. We didn't buy a more expensive house just because they said we could - we decided what we could afford and stuck with it. And we make the payments on time every month. Why should MY tax dollars go to bail out some idiots who buried themselves in credit card debt, leasing luxury cars, and buying giant TVs, then were all surprised that they couldn't pay the huge mortgage rate plus PMI that THEY signed up for? I hate all these credit counseling services that say over and over in their ads "It's NOT your fault!". IT IS actually. You spent more money than you made - no one forced you to. The picture of the poor working class family that's being thrown out of their home isn't a complete one- let's see the size of their TV, count their new cars, and measure the price of their home against their income. Are they victims of anything other than their own stupidity, greed, and sense of entitlement?
The suggestion that they were "tricked" or taken advantage of is BS - all they have to do is read - yes, even the fine print. ESPECIALLY the fine print. It's all there in writing - if it's not then they might have a case, but I doubt it.
2007-08-31 08:03:54 · answer #4 · answered by T. B. the Wise 3 · 1⤊ 1⤋
Because most were tricked into their type of mortgages by shabby tactics and sales techniques!
So many of them were not told or warned what could happen if the market fluctuated badly!
So it was the fault of the lender! They saw bank statements and they saw the financial costs to these families - they knew and still the sale and the deal were more important than these peoples lives.
Its was all about financial greed and quarterly reports, now millions of families are paying for that.
Who do you work for?
These are American families with kids!
2007-08-31 05:45:48 · answer #5 · answered by scottanthonydavis 4 · 2⤊ 0⤋
Because enormous corporations that unload BIG dollar amounts to both major political parties could lose a lot of money if they don't get a bailout. Thus, the politicians are happy to help out their special friends at the expense of the people.
2007-08-31 05:00:32 · answer #6 · answered by Hoosier Daddy 5 · 3⤊ 0⤋
Why does the US Government bail out companies who fail with Corporate Welfare? 92 BILLION in 2006 alone. If you started a business and it failed would the government bail YOU out? NO! If we can help the Most Fortunate in our country, why can't we help the LEAST FORTUNATE?
2007-08-31 05:03:34 · answer #7 · answered by It's Your World, Change It 6 · 4⤊ 0⤋
I agree with you in totality! It was their personal economic decision and they jolly well bear the consequences! Public money is not to bail out likely personal bankruptcies in the light of the current credit crunch and high interest rates!
2007-08-31 05:02:08 · answer #8 · answered by Sami V 7 · 1⤊ 4⤋
I completely agree. You bought something you couldn't afford, that is your problem. I make car payments every month, if my company goes out of business and I can't make my car payments will the government help me out?
2007-08-31 04:59:51 · answer #9 · answered by Angelus2007 4 · 3⤊ 5⤋
Well, if you are a Christian, you believe in charity. If you're an atheist -- or a Republican -- you believe in not helping anyone, for two separate reasons.
Atheists believe in separation of church and state to such a degree that it would warm Hitler's heart. They help no one -- but themselves, to more cake, please.
And Republicans believe in social Darwinism, which translates as "Let them starve if they've a mind to."
I hope this helps.
2007-08-31 05:02:31 · answer #10 · answered by Mr. Vincent Van Jessup 6 · 2⤊ 4⤋