The problem started with pushing people to buy houses though. There are certain people who can and should, and there simply are people who can not and should not buy a house. But we live in an entitlement society, and of course, everyone feels like we should all be entitled to own a home. Sorry, but it just doesn't work that way. The government forced the banks to loan to them, and SURPRISE! They defaulted en mass, and here we are today. Pushing people back into homes that don't have the wherewithal to pay for them is not an answer. We are just going to repeat the same mistakes over and over again, and continue to dump good money after bad. Where does it end? Where does the money come from? The government certainly doesn't have an extra $800 billion laying around. How do they pay for this? Easy! Print more money. Nevermind the fact that it will drive up inflation. Oh, and combine that with the fact that we have pushed a significant amount of our production overseas, the what happens? Inflation goes up, dollar becomes worth less and less, production is overseas, so we can afford less and less, and the picture looks pretty bleak. I sincerely hope that this stimulus works, but I feel like it's going to dig us deeper and deeper until we reach a point where we can't get out.

 

+1 Well said!

Basically, it isn't about being selfish, it's about the simple fact that the we cannot spend our way out of this whole using stimulus money.

 

not personal as in YOUR problem...just those who are in a low spot because they made terrible financial decisions.

those who are losing their homes are losing because its their own fault. they put themselves into those positions. also the banks were handing out loans that they knew werent right. but they did it anyways. why should we bail them out?

 

I am usually an optimist when it comes to stuff like the economy but in the case of the last 2 years not even close it like when the titanic sank the captain knew what was happening and all he could do was slow it down and try and get people in lifeboats. well this boat is sinking and you better have a lifeboat ready

 

no! people are losing their houses because everyone is getting laid off. not because stupid people couldnt afford a house and bought one anyways. i understand about the loans.. but i am talking about job loss. not something that can be prevented.

 

Buddy you need to go do some reading. People were losing their houses LONG before the recession started and people lost their jobs. The recession is happening in huge part due to people defaulting on their loans, thus causing a viscious cycle. People default on their loans screws the economy up, causing job loses, which causes more people to default on their loans. Its sad and Im not claiming to know of a better way to get back to "normal" but there is too much hidden stuff in the "stimilus package".

 

As well as the fact that when the idiots that truly couldn't afford the homes they were purchasing signed on the dotted line for an overvalued amount the homeowner was asking for the house ........ just because the bank loaned them the money. The banks in conjunction with appraisers allowed and propagated the artificial increase in valuation of homes. Along with the idiot consumers, who, without research and use of common sense payed the insane asking prices of the home sellers because the banks gave them the money and the appraiser said the home was worth it.

The local governments made money, the banks made money, the sellers of homes from (2002 to 2007) made money, and the idiots that payed more than an average appreciation adjusted amount for their house during that time LOST!!

We need the prices of homes to keep coming down to a level of acceptable appreciation, if they don't we have accepted a grotesque manipulation of our purchasing power via a huge devaluation of the dollar. I don't feel sorry for anyone who bought a home during that timeframe and paid the seller an exorbitant amount of money for it, you are part of the problem that perpetuated home values to rise!

 

understood that this has been happening. i just see it getting alot worse.. if someone doesnt step in

 

Signed

 

well when noone wants the crappy jobs that dont pay well, the hispanics do it. when no one wants to work at a job without health, retirement packages, they go on strike and beg for more money. people getting approved for loans they shouldnt be, whether its a house, car or credit card.

Theres so many factors in this its not even funny. everyone wants a weeks worth of pay for a days worth of work. when freakin people on an assembly line demand $28/hr plus retirement and health benefits for putting a spare tire in a trunk-its easier to have a machine do it. when a welder wants $90/hr to put on an exhaust system, people dont do it. between the mentally unstable people having 14 kids while single, jobless you get the idea....

I think the gov shouldnt step in for the case of capitalism. good companies prosper and bad ones fail.