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by JosephThePoet from Barrie, Ontario Canada

Last Post 19 hours Ago


The Mortgage Crisis
Jun 5, 2008 | 12:29 PM
Category: News
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No one should be stunned that the mortgage crisis is continuing.  The banks have been selling sub prime mortgages for years, not just the past few months that they have been switching to their higher rates that are causing the failures, so those mortgages will continue to kick into their higher interest rates for years to come to continue the defaults.  Add in the fact that those defaults affect the values of properties around them which will continue to push other people into just walking away from their homes.  Add in that so many good paying jobs are being exported to countries like China and India so a lot of us locals can no longer afford to make our mortgage payments with our lesser paying jobs when in all likelihood our home is not worth the mortgage we hold on it anyway.  Add that all these job losses causes a reduction of local spending which results in even more local people being laid off which increases the competition for the fewer available jobs and you get a continuing cascading effect from all these forces.  Now add in the job losses associated by the high cost of gas and oil that affects the costs of all products to this mess and you have another factor that will ensure this will continue for a long time.  Let’s include the foolish use of food crops to be converted to fuel to burn which will add additional costs to everyone’s food that is already going up because of higher fuel costs anyway, and that also adds to the worldwide loss of available food to feed us people of the world.  These are but a few of the many factors that will continue to drag down the US economy and threaten the future of the country.

Politicians can only see as far as the next election and for the most part haven’t any training in any field that would help them to understand anything other then how to babble deceit to get reelected to continue feeding off the public trough while pretending they are superior to the people who are the country.  They have been kissing the backside of special interest groups for years to get their funding to run their next election campaign, and many of them are always engaged only in electioneering during their full time in office.  Consider the large number of lawyers who are politicians and how their trade is exactly the same which is the babble of deceit to confuse the issue to win regardless of the costs to others or to the country as a whole.  It is always only about them.

So long as we worship unbridled democracy and capitalism instead of God we can only expect more of the same.  When you see something is not working right and continue to ignore it instead of fixing it then only blind fools will expect things will somehow change for the better.  If our vehicle brakes don’t work right do we ignore it and expect things will get better?  God gave us an excellent brain and it only makes sense to use it.  We should not continue to encourage the lowest worldwide found rules to regulate business because it is proven that a lack of concern for life and our environment is the result.  The wealthy and companies should not be allowed to continue the casual destruction of our world and people’s lives just because they are called businessmen and capitalists.  Catering to selfish greed has proven to be a failure so it is time for frameworks to be designed for people and companies to work within, something that maybe we’ll choose to call governing.

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sarcasticdragon
Jun 5, 2008 | 1:11 PM

It had to happen..

Too many people signed loans they could never even get close to ever being able to keep up the payments on. Bought houses too big and expensive instead of something smaller and more managable.

Then they went out and bought everything on credit cards and same as cash loans. Putting themselves more into debt.

And your right.. they were not using the brains God gave them.
mr_wildflower read my blog view my photos
Jun 5, 2008 | 4:18 PM

Only the ajustable rates are the ones that are switching to higher rates..... Lenders need to be licensed.... You can come straight out of prison and become a Morgage Broker..... Most of hese folks were lied to about these balloon loans and were vacuumed up with them plus were junk feed to death at the beginning of the loan..... To sell a house I have to be licensed and follow a code of ethics..... Why don't lenders......
TheShan2007 read my blog
Jun 5, 2008 | 5:26 PM

"Catering to selfish greed has proven to be a failure"

This is what I HATE about the liberal idealogy. It's selfish and greedy people who accepted adjustable mortgage rates because they wanted what they wanted when they wanted it instead of being responsible and not purchasing what they couldn't afford. Then they expect the government to bail them out of their irresponsible act. THIS needs to stop.
JosephThePoet read my blog
Jun 6, 2008 | 7:57 AM

Apparently theshane2007 is doing well financially, is not living in an area that has had property values take a nose dive or in a city that is under threat do to the factors I addressed in my post, and is of the mindset that it is quite alright to deceive people for quick profit provided he is not among the abused or those others who are caught up in the end results. Why did he not point out that the current conservative government instantly bailed out the first big financial company that got into financial trouble by promoting these loans that were designed to fail on mass? My post did not in any way suggest that bailing out the people who were ripped off would be a solution to the problem as I was simply pointing out that the problems caused by the greedy financial institutions and other greedy companies actions will continue for some time because of the many factors involved, even if we act right away to prevent these types of actions from occurring again. Many responsible people are losing their homes do to forces outside of their control, not because they got those loans. So where does this leave his rant of trying to claim there is some liberal ideology being promoted in my post? He is simply of the mindset of “don’t have any rules so I may do as I please no matter the grief I cause others or the threat my actions may cause to the country as a whole”. Of course all people who are losing their jobs do to the conservative government’s bad policies have only themselves to blame as well, so long as it doesn’t affect theshane2007. When governments allow everything g
JosephThePoet read my blog
Jun 6, 2008 | 7:58 AM

When governments allow everything goes in business it will eventually affect the comfortable theshane2007 types too. You cannot promote policies that encourage the failure of the masses to provide their families with a reasonable life without it eventually cascading to the point of causing the whole country to suffer and fail.

Mr_wildfire, you are right that proper qualifications for companies and their employees involved in lending money to the public should be a fact, and I think there should also be rules to prevent their writing loans that are designed in a way that basically guarantees that the bulk of them will fail. They designed loans that they could deceptively sell in bulk to the public real fast because they knew they could quickly flip them to someone else and get their quick greedy profit before the failures started.

I cannot understand how our foolish politicians cannot understand that allowing anything goes business activity is a major threat to the economic stability of the country, but of course they are too busy with their constant electioneering to take the time to pay attention to anything that is not affecting their reelection.
sarcasticdragon
Jun 6, 2008 | 10:51 AM

Maybe the govt thinks that most americans have half a brain and will take the time to actually READ and UNDERSTAND what they are signing and getting themselves into financially.

I guess they were wrong. As it turns out many americans cant be trusted to do anything.

One minute everyone says the govt is in their face all the time and acting like big brother too much and next they want the govt to babysit them like ..well.. a big brother.
JosephThePoet read my blog
Jun 6, 2008 | 3:27 PM

It seems that sarcasticdragon blames all the problems in the economy and country on the average person. No, no, the poor government didn't do anything wrong. Big greedy businesses didn't do anything wrong. It's all the stupid majority who are not wealthy who are at fault for all the problems in the economy. And of course all people in the country have a legalese level of understanding of English and if they don't then it's all their own stupid fault. Definitely not the good Samaritan type is he?

Seems he was incapable of reading the whole post well enough to know what the topic really is about too. That doesn’t bode well to his having read his own mortgage and understanding it too does it?
Patch_W_Adams read my blog
Jun 7, 2008 | 9:19 PM

Hey Joe...so I have read it...I still am not sure where you are going..

I see that everyone in your blog shares some blame. The Poloticians don't look out after anyone but themselves..

I notice the reference to God..

But I am not sure what you want to change or how..

Could you be more specific..I see the effects of which you are refering but is there an answer to the last paragraph?

Governing in what form? I guess is my question..
JosephThePoet read my blog
Jun 8, 2008 | 6:50 AM

Patch,

What my blog was pointing out was that no one should expect the mortgage fiasco and the accelerated economic problems promoted by it to end anytime soon because of many factors, some of which I posted.

I also pointed out that ungoverned everything goes so long as we name it “business” is an extremely stupid way for our government leaders to not govern. Businesses are functioning within frameworks, and it is the responsibility of our leaders to create frameworks that first and foremost protect the country which is the people.

Of course I referenced that this kind of worship of anything goes is contrary to God’s ways, and that He has given us an excellent brain to see how wrong our current ways are if we’d care to cease being selfish long enough to put a little effort of thought into it. Anyone honestly looking at the current proof of where our unbridled capitalism is leading us will come to the conclusion that the whole planet, and all us people on it, will be destroyed if we continue to allow and promote this foolishness. Democracy can only be successful if our leaders fear God and abide by His principles.

Have a good day,
Joseph
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JosephThePoet

I have diplomas in electronics and computer programming, and an employment background that includes security, supervisory, and laser communications components manufacture and trouble shooting. I am receiving a small provincial disability support and am trying to earn a living as a poet. My first poetry book "Life is a Puzzle" by JosephThePoet can be found at: http://www.barnesandnoble
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Member Since: 1/17/2008


 

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