I need to vent!

I’m so sick of reading sob stories about some of the recent home buyers being foreclosed on and about how the US government needs to bail them out (with tax payer $'s no less). For the last 3 1/2 years I have wanted to buy a house for myself and my wife but I have been waiting very patiently in a one bedroom apartment for a time when I can fully afford to pay for the house with a standard mortgage. To think that all of my patience will be punished through the use of my tax dollars to bail out a bunch of people who had no patience just sickens me. Let em sink…the economy may fall but it always some how manages to recover despite the dire predictions of wallstreet investment bankers and hedge fund managers who are really just worried about not getting their 7 figure bonuses this year. I mean talk about a terrific scam for the speculators. This totally changes how we value risk because it means you can pretty much take an unlimited amount of risk and when it all blows up on you, you can just wait for the government to come in and bail you out. What a total crock. Okay that is all…I feel better now.

It has always been that way, and always will be. Deal with it.

buysider21 Wrote: ------------------------------------------------------- > It has always been that way, and always will be. > Deal with it. The government has always bailed out speculators? *Drives to Atlantic City* “Next year’s bonus on Red, please!”

FIAnalyst Wrote: ------------------------------------------------------- > buysider21 Wrote: > -------------------------------------------------- > ----- > > It has always been that way, and always will > be. > > Deal with it. > > > The government has always bailed out speculators? > > *Drives to Atlantic City* > “Next year’s bonus on Red, please!” Ya…I don’t remember the government bailing me out when I speculated on how much I could put on my credit card before the minimum payments started getting beyond my ability to pay back every month. Okay just kidding…my credit card balance is $0.

I totally agree with you. With each bail out, people will become more and more reckless over time. Eventually a huge bubble can form that no one can bail out. And then we will have a long depression that puts 1929 to shame. Having said that, being in a democratic country like the US, I do expect the government to bail out because politicians in a democratic government simply can’t afford to go hard on their electorate. And that’s why we have our housing bubble, our national debt, etc. So although you are right, you might have to wait until the next great depression to buy a house… jg1996business Wrote: ------------------------------------------------------- > I’m so sick of reading sob stories about some of > the recent home buyers being foreclosed on and > about how the US government needs to bail them out > (with tax payer $'s no less). For the last 3 1/2 > years I have wanted to buy a house for myself and > my wife but I have been waiting very patiently in > a one bedroom apartment for a time when I can > fully afford to pay for the house with a standard > mortgage. To think that all of my patience will > be punished through the use of my tax dollars to > bail out a bunch of people who had no patience > just sickens me. Let em sink…the economy may > fall but it always some how manages to recover > despite the dire predictions of wallstreet > investment bankers and hedge fund managers who are > really just worried about not getting their 7 > figure bonuses this year. I mean talk about a > terrific scam for the speculators. This totally > changes how we value risk because it means you can > pretty much take an unlimited amount of risk and > when it all blows up on you, you can just wait for > the government to come in and bail you out. What > a total crock. > > Okay that is all…I feel better now.

Bernie Sanders after the LTCM blow-up: We expect that they’re going to explain to the members of this Committee why the Federal Reserve has organized the $3.5 billion bail-out for billionaires, why Americans should be worried about the gambling practices of the Wall Street elite. Alan Greenspan on the LTCM blow-up: How much dependence should be placed on financial modeling which for all its sophistication can get too far ahead of human judgment?

I kind of see his point: no sense working hard and being the right type of person when at the end of the day it doesn’t make a difference. He’s got a point. Willy