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Thread: Food Stamp Rolls to Grow Through 2014, CBO Says

  1. #131
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Aunt Spiker View Post
    I really want to agree with you - but I don't think it would be enough to just employ people at a factory job.

    For a small family (2 kids - mom/dad) Min wage is under $2K a month - around $12K a year. . . that's far less than the poverty level.

    It's not so much a reflection of unemployment - it's a reflection of how little money people can make when they even do work full time: and how costly it is to live in a society every everything must be bought and paid for in large sums.
    Absolutely true.

    The loss of living-wage jobs is killer.

    When you add in the fact that not much has dropped in price and much still continues to rise, oh yeah, there's still too much downsizing .. in wages.
    You don't trust Trump? Well, there's only one way to leverage him to do what's economically right for us all: Powerful American Political Alliance. Got courage?! .. and a mere $5.00?

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    Aw, the poor borrowers that knew full well they couldn't afford the $2500. per month mortgage they were signing for, but signed it anyway to get the house because they knew that by the time they were forced to sell they could cash out the fake equity being added at the 20 and 30% fake rates per year, and come out ahead. Nah, don't feed me the unsuspecting poor borrower had nothing to do with, as with the liberals that forced the lenders to make loans they knew were not going to be paid either. That is just pure BS, and in the situation where there is plenty of blame to go around, you are trying to pin it on one scapegoat that you don't like, and that is just dishonest.


    j-mac
    I'm always amazed j you distain for working people. Not to say they are never worthy of criticism, most everyone is at one time or another. But that you're never as hard on those who seek to take advantage of them, never as hard as those who abused them, always for those who have harmed the worker today, making excuses for them, . . . well, I'm always just a little surprised. True you're not alone. But there is more than one legitimate view here.

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  3. #133
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Gimmesometruth View Post
    As I have said before, individual investors had little overview of the world-wide housing bubble, especially those buying 2002 thru 2004.
    Huh? Investors default or take a loss on investments all the time, for some reason the same rules don't apply to home buyers. If an investment loses 50% of its value and has little chance of recovering for many years if ever, there is no financial reason to keep adding good money to bad.
    A home is not always an investment and is actually a liability.
    There is a difference between investors selling dogs and a homeowner dumping his debt obligations, solely because it didn't pan out.
    The homeowner made a promise to pay, should a person not be held accountable for breaking their promise?

    Silly people bucking age old advice, about not putting all their eggs in one basket.

    Quote Originally Posted by Gimmesometruth View Post
    Do you realize how that sounds, "just because they can't make their mortgage payment on an underwater investment due to job loss.... is no excuse".
    Yes, I do.
    I expect adults to behave like adults.

    Making excuses as to why you can't honor you obligations, is not gonna cut it.
    Maybe they should of factored job loss into the financial picture, when they purchased their home.
    Had they made preparations, this wouldn't have been an issue.

    If you're living month to month, on borrowed money and time, I have no moral obligation to feel sorry for you.
    Especially when you could of done otherwise.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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  4. #134
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    That definitely has a part to play for sure. Just because you are given a credit card with a $ limit, doesn't mean that you actually spend it. Just because you are offered that $500K house with no income verification, and a payment of interest only, doesn't mean that you actually sign the loan and take the house you know damned well you can NOT afford.
    Yeah, the poor jerk who may not have even graduated high school should know full well that the banker offering to finanace him is a complete idiot.

    The bankers signed the contracts, too. In fact, they advertised to pull people in, they set the terms of the contact, they facilitated it's up-front cost by taking the bankers origination fee and other costs and "folding" them into the loan. Then they took their $1000+ origination fee, which they got regardless of later foreclosure.

    Afterword they sold those poorly documented and sometimes fraudulent mortgages to someone else - who in turn bundled them, paid their buddies at S&P/etc to mis-label them, then sold them again so they wouldn't be stuck with the assets they knew full well were toxic.

    Hell, JPMorgan was shown more than once to have advertised transactions on one side while they were hedging them on the other. LOL!
    You gotta' love those bankers!
    Last edited by MoSurveyor; 04-23-12 at 09:53 AM.
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  5. #135
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    "Charity" isn't always measured in terms of money redistributed in the form of give aways is it? "Charity" is also IMHO, teaching people to do the right things so that they can become self sufficient.....
    Yeah, telling some he's a ****ing lazy bastard for being laid off from his job of twenty years because of a financial crisis is a good way to start a teacher-student relationship.
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  6. #136
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Arbo View Post
    You are one of the one's that thinks a car and a smart phone are necessities of modern life. Spin however you want, you have re-defined poverty to a level that would leave most of the truly poor in the world laughing at you.
    You've already shown a car is needed since those mass transit systems can't pay for themselves and you don't want to fund them. You can't have it both ways. Either mass transit is there, and you're willing to pay to keep it there, or it's not and people will need cars.

    As for cell phones, I've seen plenty of jobs that require them whether you have a home phone/land-line or not.


    Yeah - comparing the USA to third-world countries is a good move. The similarities are obvious to anyone and we should be more like them.
    Last edited by MoSurveyor; 04-23-12 at 10:03 AM.
    Mt. Rushmore: Three surveyors and some other guy.
    Life goes on within you and without you. -Harrison
    Hear the echoes of the centuries, Power isn't all that money buys. -Peart
    After you learn quantum mechanics you're never really the same again. -Weinberg

  7. #137
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by MoSurveyor View Post
    In fact, they advertised to pull people in, they set the terms of the contact, they facilitated it's up-front cost by taking the bankers origination fee and other costs and "folding" them into the loan. Then they took their $1000+ origination fee, which they got regardless of later foreclosure.
    Choo, Choo! Train keeps rolling, down it's narrow track.

    Quote Originally Posted by MoSurveyor View Post
    You've already shown a car is needed since those mass transit systems can't pay for themselves and you don't want to fund them. You can't have it both ways. Either mass transit is there, and you're willing to pay to keep it there, or it's not and people will need cars.

    As for cell phones, I've seen plenty of jobs that require them whether you have a home phone/land-line or not.
    Some jumbled up crap there. It's just too early in the morning to even attempt to follow your convoluted pseudo logic in the first part. If a job 'requires' a cell phone, than it should provide one... if it is need that often for the purpose of that job. If it does not, than it can not be required.

    All in all, is there any point where you start putting personal responsibility into the mix? Because so far it seems you absolutely refuse to consider that part of the equation into anything.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    I am sure this thread will get more exciting today as they release the Medicaid and Medicare report from the CBO. The prediction is that the programs do not have enough money to sustain themselves. OMG the horror...the humanity. Who knew we couldn't tax the hell out of everything and just shower then entire republic with freshly printed Benjamin’s to make our problems go away?
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Blue_State View Post
    I am sure this thread will get more exciting today as they release the Medicaid and Medicare report from the CBO. The prediction is that the programs do not have enough money to sustain themselves. OMG the horror...the humanity. Who knew we couldn't tax the hell out of everything and just shower then entire republic with freshly printed Benjamin’s to make our problems go away?
    I already read a few stories about how the government is playing politics and moving money around to cover what will be the loss of the 'medicare advantage' plan. Makes sense the current administration wants to hide the fact they are going to kill off a big part of the plan from seniors. They don't want a load of seniors mad at them prior to the election.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

  10. #140
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Gimmesometruth View Post
    If a borrower is forced to sell, due to not being able to meet payments since income is deficient, there is NO equity in the house because you are way, way underwater. The value is gone, it is below what you paid.

    That is the lenders fault? In what world do lenders of mortgages control what the rate of equity is in the housing market? Now, if the borrower is not able to meet payments on the house, then maybe they weren't qualified to buy the damned thing in the first place.

    The pressure for lenders to take these unqualified borrowers and get them into these houses was brought about directly by the CRA. It was government turning the blind eye as to what banks did with these sketchy mortgages in mitigating their loss when they inevitably went belly up, and that is on the banks. But, don't feed us that these people out there buying 3,4,$500K homes that knew full well that they could never afford them are not to blame at all either.

    You are selling at a loss, it is called a short sale.
    I am familiar with what a short sale is. And if the borrower can't afford what THEY borrowed then that is an option for them to mitigate THE CONTRACT THEY SIGNED!

    Of course again, the lender is covered, he has insurance for the default, his losses are minimal if at all.
    As they should be, they are a business, not a charity.

    Oh and to add, the borrower was paying for that insurance....it was part of the mortgage payment.
    Ok. Those are the terms of buying that house. If you don't like the terms that are spelled out at closing, then don't sign the contract. Once you sign that, YOU AGREE to those terms.


    j-mac
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