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Old November 29th, 2007, 08:45 AM   #1
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Default Latest rant; Mayors meet to discuss housing crissis

Isn\\\\\\\\\\'t anyone responsible for their actions any more?

I don't know why this irks me the way it does, but city mayors getting together and trying to solve retarded people's problems is like Bono from U2 thinking he can intelligently comment on politics.

People are in trouble because they gambled and lost, why should they get bailed out when the rest of us that actually can take care of our finances stand by and watch the idiocy?
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Old November 29th, 2007, 09:05 AM   #2
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I can understand helping someone that bought a house they could afford, made payments religiously, lost their job, did everything in their power to make their payments, fell behind, and went into foreclosure. However, I say fukc the idiots that signed a 3/1 or 5/1 ARM so that they could buy a house that they could not afford any other way, barely made their payments, then went into foreclosure when their ARM adjusted up 4-5 points on them. Those people made a bad investment decision. I bought some stock that I lost money on. Lots of it. Where is the government bailout for that bad decision? Everyone else is getting bailed out so why not me? Fucking . Let people be responsible for their own stupidity for a change and maybe they won't do it again.

How about this one. I know a couple that bought TWO condos around Troy for "investment" purposes because the area had seen huge jumps in value over the past 7-8 years. They are now intentionally letting them go into foreclosure so they can get out from under them. Mind you these 2 both work for a BIG 3 auto company and make big $$$$. I hope the banks sell them for cheap because they are responsible for paying taxes on the difference between the loan amounts and the amount the properties sell for. :tonka:
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Old November 29th, 2007, 11:25 AM   #3
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X100000 - why should we have to pay for other peoples stupid fucking mistakes
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Old November 29th, 2007, 10:31 PM   #4
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Just keep in mind that those "retarded people's problems" can become your problem if it causes property values to drop to much. Although I have zero confidence in Kwame and crew's ability to solve the problem I'm glad to see people talking about it and trying to do something before it drags us all down.
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Old November 29th, 2007, 11:22 PM   #5
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I can't believe that the Mayor of Trenton was with them . . . .doesn't he know that's he is a white guy???
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Old November 30th, 2007, 06:34 AM   #6
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I think most of the people who run the towns don't see the big picture in Michigan. my sister inlaw is down in Tennessee and bought a house that is 3200sqr on 12 acres about 10 minutes from Nashville. the yearly taxes are $600 so tell me again why people are loosing their homes? the same house in Chelsea,mi is $14,000 in taxes

my house payment and tax bill togther don't come to half that right now. if I move into a new home and uncap it the taxes on my place would triple(currently $2900)
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Old November 30th, 2007, 08:06 AM   #7
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Quote:
Originally Posted by brewmenn View Post
Just keep in mind that those "retarded people's problems" can become your problem if it causes property values to drop to much. Although I have zero confidence in Kwame and crew's ability to solve the problem I'm glad to see people talking about it and trying to do something before it drags us all down.
Bruce, it already is my problem. My property value has decreased 15% in the last 3 years (based on what the condos in our neighborhood are seeling for).

the problem I see is this: People are in trouble, most because they were not smart enough to weed out the BS the lenders fed them, or gambled on property values going up so they took out "interest only" loans. If these morons are bailed out, they will have learned nothing, nor be held accountable for their stupidity.

I am trying to get my hands on some data so I can post it here; it shows the types of mortgages that are currently out there and projects what will happen in the next 10 or so years. Basically, the ARMs, ballons, interest-only and other BS loans will decline over the next 5 years, as the 15 and 30 years conventional will start to "take over" as the housing market recovers.
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Old December 1st, 2007, 12:50 AM   #8
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Bruce, it already is my problem. My property value has decreased 15% in the last 3 years (based on what the condos in our neighborhood are seeling for).

the problem I see is this: People are in trouble, most because they were not smart enough to weed out the BS the lenders fed them, or gambled on property values going up so they took out "interest only" loans. If these morons are bailed out, they will have learned nothing, nor be held accountable for their stupidity.

I am trying to get my hands on some data so I can post it here; it shows the types of mortgages that are currently out there and projects what will happen in the next 10 or so years. Basically, the ARMs, ballons, interest-only and other BS loans will decline over the next 5 years, as the 15 and 30 years conventional will start to "take over" as the housing market recovers.
I guess I'm just more interested in maintaining what propery value I have left than in teaching morons a lesson.
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Old December 1st, 2007, 09:13 AM   #9
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It is a little frustrating.

I remember "back in the day" when getting a mortgage was a fairly big deal: having to "meet the ratios", prove (in writing) that you had the down payment - cash - in hand and that it wasn't borrowed (i.e. a series of bank statements over time), etc...

Then I see one day, over-the-phone mortgages where "credit history doesn't matter". Interest-only loans, ARMs during times of record low interest rates, etc...

I too feel bad for folks truly caught by the economy. However, I have no tolerance for financially overextended 25 year-olds who tried to swing a $350K mortgage they had no business getting and (in a rational world) never would've qualified for who expect me (the taxpayer) to bail them out and keep them whole.
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Old December 1st, 2007, 10:10 AM   #10
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It is a little frustrating.

I remember "back in the day" when getting a mortgage was a fairly big deal: having to "meet the ratios", prove (in writing) that you had the down payment - cash - in hand and that it wasn't borrowed (i.e. a series of bank statements over time), etc...

Then I see one day, over-the-phone mortgages where "credit history doesn't matter". Interest-only loans, ARMs during times of record low interest rates, etc...

I too feel bad for folks truly caught by the economy. However, I have no tolerance for financially overextended 25 year-olds who tried to swing a $350K mortgage they had no business getting and (in a rational world) never would've qualified for who expect me (the taxpayer) to bail them out and keep them whole.
Also the people who bought multiple houses to "flip" them when they had no money should not get any sympathy.
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Old December 1st, 2007, 06:33 PM   #11
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I guess I'm just more interested in maintaining what propery value I have left than in teaching morons a lesson.
I can sympathize with you Bruce. For the people that plan on selling within the next 5 years (before I think MI's housing market can recover) - it will really suck. We're lucky enough to be in a position where we can ride this one out; I hope you are too.
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Old December 2nd, 2007, 08:10 AM   #12
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Scooter, do topics like this:

http://www.thetorquereport.com/2007/..._bail_out.html

also get your panties in a bunch?
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Old December 2nd, 2007, 09:12 AM   #13
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I like our govnment, especially Molymolymoly! Heck she started EIGHT COMMITEES to help when Pfizer descided to run out of Michigan. Those EIGHT COMMITEES have been sooooo helpfull and benificial to everyone that lost thier career. EIGHT COMMITEES
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Old December 2nd, 2007, 09:15 AM   #14
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http://www.greatlakes4x4.com/showthr...ghlight=Pfizer
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Old December 2nd, 2007, 11:39 AM   #15
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Scooter, do topics like this:

http://www.thetorquereport.com/2007/..._bail_out.html

also get your panties in a bunch?
That article is retarded.
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Old December 2nd, 2007, 12:20 PM   #16
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That article is retarded.
I have to agree. Obviously written by a Kommiefornia idiot. The Big 3 are in danger not because of their fuel efficiency. It is because they can't build competitively priced cars that appeal to large customer segments. DCX is the only one that hasn't stuck to building vanilla cars that don't offend anyone and also don't appeal to anyone. If they didn't learn from the DCX bailout before, they aren't going to learn from another bailout. The Big 3 are also buried in horrible union contracts that were signed when the Big 3 had market share, lower costs, and profitable sales. If they can't compete, they should go under. Someone else will step up and fill the void.
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Old December 2nd, 2007, 05:18 PM   #17
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Quote:
Originally Posted by mikesova View Post
Scooter, do topics like this:

http://www.thetorquereport.com/2007/..._bail_out.html

also get your panties in a bunch?
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That article is retarded.

I agree, if not for the massive idiocy of the average American. One person talks about greed, then turns around and chastises GM for pulling the EV-1 (which was heavily subsidized by the automaker).

Personally, and it may be because I've worked in the auto industry for 15 years, things are not as bad as they seem for GM and worse for Ford. Both GM and Ford have stopped producing 100% of their fleets as "Vanilla", and it can be seen in the Edge/Malibu types of products coming out now. I'm not sure about Ford, but I know GM has many new designs coming out - and while none will appeal to Scottie, they are pretty sweet.

As far as Ford goes, IMHO, they are in deep trouble. I left in 2005 because of a calibration manager named Brian Wolfe; I think he has singlehandedly decimated the calibration community by issuing ridiculous demands and making cuts in necessary development. The vehicle calibrator is the last person that takes the powertrain and makes it pass emissions, makes it run and drive good and also provides "electronic" fixes for stupid hardware changes to save money (6 or 12 months after design freeze). In simple terms, calibration teams are responsible for how the public perceives the product's driveability.
FORD is losing calibrators at an alarming rate We were understaffed when I was there two years ago - there have been two rounds of buyouts since then plus an additional 10% have left above that. I'd be surprised if they have half the people left from when I was there. At the same time, as development was being cut to the bone, management still seemed to grow and create new positions above the engineering staff.

GM is in better shape than most to meet the new (and stupid) CAFE numbers with many hybrids coming out, including a plug-in hybrid (like having your EV-1 that isn't limited to 40 miles), hydrogen vehicles and the new HCCI (homogeneous charge compression ignition) engine technology that is showing a 15% increase in efficiency and a big reduction in emissions.

One thing that none of the legislators seem to realize is that the reason we build the cars we do today (trucks, SUVs, V8 cars, etc) is that is what our customer will buy. There is no secret pact between the automakers and big oil - hell, we research technologies that net 1% or 2%, even if it is high cost, because we know it will be necessary in the future. A lot of this new technology is also coming to the surface because we are starting to get the processing power needed to control this new technology (there never was, nor ever will be a 100 mpg carburetor).

Unfortunately, I don't see any of these idiots on capitol hill driving an econobox or hybrid car; they are shuttled around in Limos and Large SUVs that we, the taxpayers, pay for.

That leaves the general population mostly ignorant - not their fault, as they see what the news says, what Micheal Moore farts out and the occasional movie like "Who Killed the Electric Car" and take 100% of what is said as truth. And it seems like it is (still) fashionable to hate the American auto industry, which doesn't help the public's opinion.
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Old December 3rd, 2007, 07:56 AM   #18
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i wasn't referring to that article in particular, just that topic of government bailing out the auto industry...that was the first one to pop up...
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Old December 3rd, 2007, 09:24 AM   #19
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i wasn't referring to that article in particular, just that topic of government bailing out the auto industry...that was the first one to pop up...
Sorry- I thought you meant the article, since you linked it. The government won't soon bail out the auto industry again; Dubya sed so.
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Old December 3rd, 2007, 10:03 AM   #20
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yeah, he says a lot of things.
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