tag:blogger.com,1999:blog-3010404870010692022.post7481065356774624114..comments2023-12-28T19:51:33.045-06:00Comments on All Toes in the Water: A Troubled EconomyM. Steve Heartsillhttp://www.blogger.com/profile/08211281863465356959noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-3010404870010692022.post-14415918976401501522008-12-29T11:00:00.000-06:002008-12-29T11:00:00.000-06:00Bill, Heidi, and Rick...I couldn't say it better t...Bill, Heidi, and Rick...I couldn't say it better than the three of you have!<BR/><BR/>I tend to think the borrowers are responsible. No one puts a gun to your head and says, "Take this loan or else!" Heidi, you hit the nail on the head--temptation. Satan uses all kinds of tools lure us into his snares. In this case, it has proven to be greed...and keeping up with the Joneses...M. Steve Heartsillhttps://www.blogger.com/profile/08211281863465356959noreply@blogger.comtag:blogger.com,1999:blog-3010404870010692022.post-74391754048901739062008-12-29T10:57:00.000-06:002008-12-29T10:57:00.000-06:00Very true - biased reporting will unfortunately al...Very true - biased reporting will unfortunately always be around, so only half the picture will get painted, but will be taken as the whole truth.<BR/><BR/>Most Americans have been following the example we've been shown for years by our government - driving up debt. Now you may or may not agree, but the fact is that our national debt has continued to skyrocket - at the end of fiscal year 1981, the National debt was $994B, and now, it's $11T - with no end to the borrowing in sight.<BR/><BR/>Who really "owns" America now? <BR/><BR/>Bailouts, stimulus, and debt - Oh My!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3010404870010692022.post-55362174017315030382008-12-29T09:27:00.000-06:002008-12-29T09:27:00.000-06:00Excellent take on the situation, Steve. The real ...Excellent take on the situation, Steve. The real kicker is that regular Americans are going to have to pay for someone else's stupidity/irresponsibility/corruption/etc!Rick Boynehttps://www.blogger.com/profile/14518041582653090943noreply@blogger.comtag:blogger.com,1999:blog-3010404870010692022.post-19837087122053502812008-12-29T06:55:00.000-06:002008-12-29T06:55:00.000-06:00I truly hate that it's happening. When we built ou...I truly hate that it's happening. When we built our house in Ohio we were approved for a $400,000 home. We almost swallowed our tongues. That was way over our budget for monthly mortgage payments. Well they could give us a balloon loan. You know, it starts low and then progressively gets bigger over the years assuming our incomes would inflate as well. However, we knew we'd be having a baby and I'd be a stay-at-home mom. Not to mention (again) the mortgage payment was way over our budget and our comfort zone. So we built a house that cost us $195,000. Less than half of what we were approved for and only 1300 square feet vs that huge 3500 square foot ginormously beautiful house they wanted us to buy. Oh and builder financing too.<BR/><BR/>Well we saw a lot of young folks like us building these borderline mansions. It was seriously hard not to become envious. Houses with 5 bedrooms, 3 baths, huge kitchens, hearth rooms, bonus rooms, 3 car garages, full basements with walk-outs to the backyard, lush landscaping packages, in exclusive neighborhoods, and so on.<BR/><BR/>We now know that all of the young folks who took the deal and built the dream home (in their 20s) have all foreclosed or short-sold their homes. <BR/><BR/>The builders preyed on the young and "stupid" among us. And even though Rich and I knew better. Even though... we were still tempted. <BR/><BR/>We are stuck with that house now. We haven't had a tenant living there since mid-August and we can't sell it. For almost 4 years we've lived in Florida and haven't been able to sell it. So we've rented it out. However, now it's vacant, we can't rent it during the holidays, and we have another house we live in down here (which thankfully we got a killer deal on back in March). But still. We're paying 2 mortgages while about to have our 3rd baby. Talk about hard. But it would have been so much harder had we built that huge house we were so tempted to build.<BR/><BR/>Anyway, I blame a lot of this crisis (at least in the real estate market and credit card arena) on the borrowers. They just got greedy. And now they are suffering the consequences of their greed and foolishness. This has caused a sickening snowball effect because now the houses aren't worth what they once were and people like us (responsible borrowers) are suffering as well because we cannot sell our homes. We have owned that house in Ohio for 6+ years and it's not worth what we payed for it. In order to sell it, we'd have to take a $30,000 loss. Who has that kind of money? Not us.<BR/><BR/>Sorry for the book, but you opened the can o' worms here. Sore spot. Sore spot. Sore spot.<BR/><BR/>Heidi ReedAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3010404870010692022.post-55579472550184595432008-12-29T03:47:00.000-06:002008-12-29T03:47:00.000-06:00No question about it Steve. Pleeeeeennnnnttttyyyy...No question about it Steve. Pleeeeeennnnnttttyyyy of blame to go around. There is lid on stupidity when it comes to this mess we are in. It goes from top to bottom-the richest to the poorest, the most influential to those just barely getting by, Dem or Rep. The bible is true: we reap what we sow. But like you I get tired of shoddy reporting, whether incomplete or with an agenda.Anonymousnoreply@blogger.com