CBO: Buffett Tax would only bring in $47B over 10 years

[crcballer55]

Originally Posted by shatterkneesinc

Originally Posted by UTVOL23

Originally Posted by UTVOL23

On the other hand maybe people shouldnt buy a house they couldnt afford. If you are making 30K a year you should know you cant afford a 300-400k home.

I agree that the poor are many times a victim to their circumstance but take for example those payday loan places they are preying on the poor but you also cannot become a victim if you dont use them.

This country has a problem with personal responsibility. IT IS ALWAYS SOMEONE ELSE'S FAULT.

so the question is if the interest rates are reasonable, fair,and  if homes are priced what they are worth,  could the "poor" family be able to afford it?
and lets not forget that people with good credit rating got screwed over as well, in fact they got screwed the most. and what about minorities? lets charge them higher interest because they are black hispanic or asian

you are suggesting to people that they shouldn't buy a house? its one of the most basic necessities in life, put a food on your table and a roof over your head. what proof do u have that people wanted to flip?

but ask urself this question? who got screwed here? and who are the ones we entrust and expect to perform their duties in "good faith"? 

Interest rates were reasonable at the time because they were "Teaser Rates". They suckered people in with the 3/1, 5/1 ARM's & Baloon payments only to have the market crash right before they could refinance to a fixed rate.  Although there is no data that I'm aware of, many people got caught up in the thinking that they would play the roulette wheel when home prices are appreciating by 20%/quarter and then sell and pocket the money.  The problem is that most people got greedy and weren't able to sell soon enough or had terms in their contract that penalized them for selling before the terms were up.

I'm typically not one to play the race card in these situations, but I can say from anecdotal experience that the Hispanic population was by far the hardest hit segment of the population.  I'm sure you can come to the same conclusion judging that California, Arizona, Nevada (Las Vegas), and Florida were the hardest hit markets.

If the previous administration had allowed a true free market to work then both the homeowners and banks would have been hurt from the housing crisis (just like Lehman & Bear Sterns).  However, since TARP was passed, the 5 largest banks are now even bigger than before the crash of '08 and regulations that Obama passed to prevent "too big to fail" are even more futile.  I wouldn't be completely opposed to another president like Teddy Roosevelt coming along and braking up the banks to enact a more fair system to prevent this from happening again (along with the reenactment of Glass Steagall).