Am I really suppose to feel sorry for people losing their homes?

[flyingillini]

Thats not true. They could move a few miles in the same city and buy another for $400k or so. Or better yet go about 50 miles and buy a 1-2 year old home for $200k.... they were going for as high as $500k not too long ago.

But my point is that the rent u pay u will never ever see again because its just like throwing it in the ocean. At least if u buy u are investing it.

500k? Won't buy you anything here.

[ryanXL977]

500k wont buy you much here either. thats why i rent
also, i dont have 500k

again, id rather live here for 1200 a month rent for the top floor of a house than live for 500 a month in ****ing talahassee or some shithole in the SEC

[mmike032]

500k wont buy you much here either. thats why i rent
also, i dont have 500k

again, id rather live here for 1200 a month rent for the top floor of a house than live for 500 a month in ****ing talahassee or some shithole in the SEC

you do 5-10$ million + in 10 yrs and you cant afford a house.

[ryanXL977]

5-10 million aint the profit dude, its gross 10-15% of that is profit, and i also invested 250k in a ****face who bought several houses he couldnt pay for , and ended up going under. so no, i cant afford a 500k house.

[mmike032]

5-10 million aint the profit dude, its gross 10-15% of that is profit, and i also invested 250k in a ****face who bought several houses he couldnt pay for , and ended up going under. so no, i cant afford a 500k house.

and 10% of 10M is 1M, what kinda interset rates can you get in Cali with 1M sitting in a money market.
6%

[ryanXL977]

a: i said 5 mil -10 mil. 10% of that is between 500k and 1mil. regardless of whether or not i still had the money, my expenses are roughly 50k per yr. so at no point would i have had 1mil in any account
b: im an idiot for investing with an idividual., its too late to fix it but rest assured i am aware of this, it sucks because i didnt do anything wrong, worked hard for it, and lost 250k at age 28 which is a lot for 28.
c: i felt the economy would collpase in 05, and i was shocked it took this long, i sold all my stocks, my google at 100 a share, my apple at 45 a share, etc bc i felt our lending practices, foreign policy, and various other policies that our bankers practice simply could not hold up. i was a little premature on that. but was eventually proven right.

so it cracks me up when you guys, maybe not you, tell me im for living off the govt, larger govt, etc

im not at all for those things. im for a tiny government, which isnt possible with 300 million
im completely self sufficient and owe ZERO dollars and have credit it the low 800's.
i just dont like my country being hijacked by ****ing bankers and war makers. it has happened for a thousand years and it never ends well.

so there you have i mmike

[mmike032]

and what do you do for a living?
remember you saying you do something over the computer

[daggerkobe]

500k? Won't buy you anything here.

Uh, yes it will

http://www.realtor.com/realestateandhomes-detail/556-Mills-Way_Santa-Barbara_CA_93117_1106866483

http://www.homes.com/Content/ListingDetail.cfm?City=SANTA%20BARBARA&State=CA&Radius=0&FirstRec=1&OrderBy=price%3AD&Bedrooms=&FullBaths=&MinPrice=0&MaxPrice=500000&PriceRange=&AmenitiesList=&PropType=%2A&TotalRecs=20&MinSqFt=&MaxSqFt=&LotSize=&MinYear=&MaxYear=&PropIdList=3_79875969,3_82719673,3_80073738,3_82112910,3_82112903,3_83117432,3_74119112,3_82112906,3_80073741&PropId=80073738&NHC=1&searchorig=main

http://www.homes.com/Content/ListingDetail.cfm?City=SANTA%20BARBARA&State=CA&Radius=0&FirstRec=1&OrderBy=price%3AD&Bedrooms=&FullBaths=&MinPrice=0&MaxPrice=500000&PriceRange=&AmenitiesList=&PropType=%2A&TotalRecs=20&MinSqFt=&MaxSqFt=&LotSize=&MinYear=&MaxYear=&PropIdList=3_79875969,3_82719673,3_80073738,3_82112910,3_82112903,3_83117432,3_74119112,3_82112906,3_80073741&PropId=79875969&NHC=1&searchorig=main

[flyingillini]

a: i said 5 mil -10 mil. 10% of that is between 500k and 1mil. regardless of whether or not i still had the money, my expenses are roughly 50k per yr. so at no point would i have had 1mil in any account
b: im an idiot for investing with an idividual., its too late to fix it but rest assured i am aware of this, it sucks because i didnt do anything wrong, worked hard for it, and lost 250k at age 28 which is a lot for 28.
c: i felt the economy would collpase in 05, and i was shocked it took this long, i sold all my stocks, my google at 100 a share, my apple at 45 a share, etc bc i felt our lending practices, foreign policy, and various other policies that our bankers practice simply could not hold up. i was a little premature on that. but was eventually proven right.

so it cracks me up when you guys, maybe not you, tell me im for living off the govt, larger govt, etc

im not at all for those things. im for a tiny government, which isnt possible with 300 million
im completely self sufficient and owe ZERO dollars and have credit it the low 800's.
i just dont like my country being hijacked by ****ing bankers and war makers. it has happened for a thousand years and it never ends well.

so there you have i mmike

Ryan, most people cannot relate to the life that people in the Bay area live or down here ya know? It is such a different way of life and the cost of living in Ca in most of the areas is mind blowing to most other states. I have friends that I grew up with in Illinois that think there is something wrong with me that I paid what I did for my Condo. It is all relative my man, I would rather pay up the ass here than live somewhere else... most people just won't get what you mean...

[daggerkobe]

500k wont buy you much here either. thats why i rent
also, i dont have 500k

again, id rather live here for 1200 a month rent for the top floor of a house than live for 500 a month in ****ing talahassee or some shithole in the SEC

http://www.homes.com/Content/ListingSearchResults.cfm?city=SAN FRANCISCO&state=CA&MaxPrice=500000&minprice=0&TemplateToView=List

[ryanXL977]

i find companies who are upgrading their audio and video equipment, and often computers, buy them out, and sell them to a few distributors who sell them to south america or eastern europe. business was booming from 02-mid 07 and kinda collapsed suddenly in mid 07

luckily i saved a bunch of dough, and luckily i have no kids, but i cannot afford to bet 1k a game like i did for 3 yrs. im down to ****ing 35 dollar bets with tsop!
it sucks. it sucks bc i have been nothing but responsible mike, while others accrue debt they cannot afford. it sucks that i didnt live high on the hog and now have to pay for others. it sucks that i dont support bullshit wars and have to live with those consequences too. but what can i do about that?

[flyingillini]

i find companies who are upgrading their audio and video equipment, and often computers, buy them out, and sell them to a few distributors who sell them to south america or eastern europe. business was booming from 02-mid 07 and kinda collapsed suddenly in mid 07

luckily i saved a bunch of dough, and luckily i have no kids, but i cannot afford to bet 1k a game like i did for 3 yrs. im down to ****ing 35 dollar bets with tsop!
it sucks. it sucks bc i have been nothing but responsible mike, while others accrue debt they cannot afford. it sucks that i didnt live high on the hog and now have to pay for others. it sucks that i dont support bullshit wars and have to live with those consequences too. but what can i do about that?

I am right there with ya, thank god I have no kids!

[MarioBareseSP]

It's not that it "can" happen to everyone.

It will happen to everyone. We will all eventually fall victim to this recession.

[slacker00]

I feel sorry for the people. But we can't just bail everyone out, indefinitely.

It doesn't help the current state of affairs, but it seems like we simply need to pass rules which prevent people from making stupid housing purchase decisions. Strip away another freedom, but at least we won't have to keep bailing out the idiots.

[jolub]

When you make a bet and lose you lose your money. These people bet that the price of housing would keep on going up and that they would make a bundle of money. They were wrong. When you bet and lose you pay.

I lost 1/2 of my retirement money. No one's offering to help me. Why should I want to pay more taxes to help them? Bad bet buddy. You didn't do your homework so now you have no home.

[Data]

I feel sorry for the people. But we can't just bail everyone out, indefinitely.

It doesn't help the current state of affairs, but it seems like we simply need to pass rules which prevent people from making stupid housing purchase decisions. Strip away another freedom, but at least we won't have to keep bailing out the idiots.

The stimulus plan includes $1.3 billion of aid to Historically Black Colleges and Universities (HBCUs). That should help too.

[CashMoney]

This bailout crap is ridiculous. Too many people got in way over their heads. People are also losing their jobs and homes but so goes life.

If I lost my job and couldn't pay my mortgage I would lose my home. I knew this going in. So why is it that everyone is looking for a damn handout?

Losing my home would suck but I'm not expecting anyway to bail me out. The market should have been left to correct itself. Now we have $400 billion dollars gone and no one knows where the hell it went.

[ryanXL977]

thats not what the bailout is for cashmoney, they are trying to loosen up credit markets. if people and lending institutions have no money, they dont lend, the economy freezes, people lose jobs

[CashMoney]

thats not what the bailout is for cashmoney, they are trying to loosen up credit markets. if people and lending institutions have no money, they dont lend, the economy freezes, people lose jobs

Yeah I know but the credit markets haven't loosened up at all. In fact, it's been tighter than ever. The company I work for had over $75,000 in credit declinations last week.

I would have no problem if the lending insititutions were using the money to loosen the credit markets instead of using our tax money to pay freakin bonuses.

What the hell are they getting bonuses for anyway? Congratualtions.... here's 2 million dollars for running the company into BK????

$400 billion in.....credit is still non existent and people are losing their jobs and their businesses....great plan by the gov't.

[Igetp2s]

Yeah I know but the credit markets haven't loosened up at all. In fact, it's been tighter than ever. The company I work for had over $75,000 in credit declinations last week.

I would have no problem if the lending insititutions were using the money to loosen the credit markets instead of using our tax money to pay freakin bonuses.

What the hell are they getting bonuses for anyway? Congratualtions.... here's 2 million dollars for running the company into BK????

$400 billion in.....credit is still non existent and people are losing their jobs and their businesses....great plan by the gov't.

Why would anyone lend money now when nobody has a clue what the gov't will do next? Will they rewrite contracts? Will they bail out homeowners? Will they nationalize banks?

There is complete chaos right now because of gov't ineptitude. Nobody knows what it will do next, or what standards and rules it will be following. Why would anybody lend in that type of environment? I know I wouldn't.

[BobHarvey]

The government needs to step this thing up.

[CashMoney]

Why would anyone lend money now when nobody has a clue what the gov't will do next? Will they rewrite contracts? Will they bail out homeowners? Will they nationalize banks?

There is complete chaos right now because of gov't ineptitude. Nobody knows what it will do next, or what standards and rules it will be following. Why would anybody lend in that type of environment? I know I wouldn't.

Exactly my point. The whole point of the bailout was to get things back to "normal" However, nothing has happened. The gov't needs to step aside and let the chips fall where they may. To keep printing money is absurd.

[BestPlay2day]

The people I feel sorry for are the one's who are losing their house because they lost their job. Shouldn't feel sorry for some dumbass that bought a house they can't afford on an ARM and their payments went up and can't afford it now. The people who were smart and bought a house they can afford and got a fixed rate mortgage get nothing. The dumbass who bought a $350,000 house making only $30k a year and surprise can't afford their mortgage and can't sell because their mortgage is way more than the house it worth gets bailed out. These are the same idiots that have 2 brand new cars in the garage, 2 or 3 plasma tvs, a big boat, and maxed out every credit card.

[BestPlay2day]

Exactly my point. The whole point of the bailout was to get things back to "normal" However, nothing has happened. The gov't needs to step aside and let the chips fall where they may. To keep printing money is absurd.

Basically the banks took the bailout money and instead of loaning it out, they strenthened their balance sheets and said F you. Some even used the bailout money to acquire other banks, they had no intentions to loan the bailout money out.

[wtf]

^ EXACTLY, the banks position is "we have enough exposure" and had/have zero intention of taking on anymore risk

thanks for the free dough US government

[andywend]

this is different, this is a crisis that hasnt happened before
all empires fall
we were gonna fall anyhow, bush sped it up by 10 yrs
he makes clinton look like lincoln, and i personally think clinton is horrid

better than reagan, but who isnt

all these people love reagan, but they dont really know why

Was this idiot even alive when Reagan became POTUS in 1980?

The last time the democrats controlled congress and the White House for a full term was during the Carter administration.

Reagan was handed a country left in ruin from years of democratic rule, bankrupted the USSR and restored the United States as the world's superpower only a few short years after 3rd world shitholes weren't even afraid to hold our country hostage.

That's why all these people loved Reagan.

[wtf]

andy, your my man!

loved regan, told those air traffic controllers to fuk off and would not be blackmailed by them, remember that

[andywend]

wtf, you bet I remembered that.

The Air Traffic Controller's Union was one union that knew they had their employer by the balls and Reagan handed them their hat.

Unfortunately, our republican party has strayed so far off course from the days of Reagan.

I remember back in 2004 when watching the Democratic National Convention (I guess I like to irritate myself) and I saw Barack Obama speaking. I knew he was the future of the democratic party right then and there.

The republicans need to find someone like him (of course with completely opposite political views).

[Average Joe]

I have no sympathy for those that used their homes like ATM machines. Remember a few years back where banks were offering to lend you up to 130% of your home value? A lot of that is coming back to bite them, and all of us, right now. Looked at the legal notices in the newspaper yesterday. 16 foreclosure notices. 12 of them had 10% or higher payoffs than their original mortgage. Most were less than 4 years old.