Personally, I feel like the more Congress quote unquote "attempts" to address and help fix the Housing Market and Economic Crisis the worse it gets. What do you think the economic policy should be to help stimulate it? Do you think increasing taxes or cutting budget programs is the answer? I feel that the widesweeping demise of many valuable programs is NOT the answer to our problems, albeit some cutbacks are needed. The housing market is a joke... there are too many people in foreclosure limbo because of bank fraud to really help stimulate the housing market. What are your thoughts?
of course it made things worse.
For more info, check out "Economics in One Lesson", by Henry Hazlitt.
A great series of interviews are free on the net (probably on youtube) that talk about the book.
It puts all of this chaos into context and ... well... it makes sense!
they are not addressing the real problem, the amount of the payments. They want to sure up the backing investors so loans can go, but the loans are still impossible for people to handle (Monthly amount)
not sure how to really fix it, loans granted with fraudulent documentation and now being forclosed with fraudulent documents, a real mess
one thought, maybe....
re-structure fnma backed loans to 40 year instead of 30 and let folks convert for a min. fee with FNMA backing and start over on a 40 year note, lower payments, no repossions except in proof of unability to really pay it. Just a thought.
the collapse happened because of bailouts to banks and real estate legislation.
The federal reserve had artificially low interest rates, which led to an unsustainable demand for resources. It led to the natural and inevitable bust.
The Fed now has Interest rates around 0%, and has had them there for over ... 2 years now?... they have also increased the amount of money in the economy by between 5 and 20 times (depending on the measurement you wish to use).
There will be another bust. It will be bad.
@dutchman51 - nice thoughts and ideas, esp. about starting over on the 40 yr note w lower payments, etc. too bad HAMP program doesn't work like it was designed to... could have addressed part of this issue. thanks for the imput!
The game is up. For eighty years we have slowly gone from tolerating the idea to accepting the policy to expecting that government exists to take one person's property for the purpose of transferring it to another person. Medicare, Medicaid, Social Security, tax supported sports arenas, corporate bail outs, mortgage bail outs, the welfare culture - corporate or personal, and so on... are all taking from the owner and gifting to the client to secure continued political support. We have constructed a culture on plunder and that cannot be continued. It must collapse.
When it does the whole world will collapse and the game will be over.
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