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

  1. #151
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Arbo View Post
    Food Stamp Rolls to Grow Through 2014, CBO Says - Real Time Economics - WSJ



    Enrollment way up, spending more than doubled. Yeah, it is obvious this economy is on the right track and growing.
    Wages aren't really rising outside of the mega wealthy. Unfortunately of course food stamps will rise because a lot of Americans aren't making high enough wages.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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

    Quote Originally Posted by j-mac View Post
    That is the lenders fault? In what world do lenders of mortgages control what the rate of equity is in the housing market?
    More bs, it was not a point about either parties fault, it is a description of the market condition and the borrowers asset value. It was a a counter to your "well the borrower is gonna get equity", as if a borrower has ANY equity in the first ten years of a 30 year mortgage and will see any when he short-sells.

    FFS


    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.
    Maybe, but then who is at bigger fault then, the borrower who was offered a NINA loan or the lender who offered the NINA loan? You do know what NINA means...yes?

    It could also be that you, like the harry one, is unaware of the magnitude of the job losses we have seen

    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.
    I knew this one was coming, the old CRA myth. You shouldn't have played it. CRA loans had HIGHER standards than sub-prime, had LOWER levels of defaults than sub-prime, and were very SMALL portion of the new loan market from 2002 thru 2007.

    They created NO pressure on the sub-prime lenders as the major lenders stated so in front of Congress, since they were not in competition with that program. There was plenty of funds available for lending, no supply issues at all. There were no supply issues with homes or buyers, either. CRA was created to fill the need for lending in "red lined" areas, places where LENDERS WERE NOT SERVICING IN THE FIRST PLACE.



    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!
    Again, as above, this was a counter argument to your claim that the borrower would see some gain from equity. There is no equity, yours is a false point.



    As they should be, they are a business, not a charity.
    More red herrings, I never said mortgage insurance for the LENDER was a "charity".



    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.
    It is how most mortgages are structured, it was a statement simply spelling out that the borrower pays for the lenders mortgage insurance directly, so again, the lender can cry me a river when a default occurs, the borrower had him covered.
    Last edited by Gimmesometruth; 04-23-12 at 12:04 PM.
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  3. #153
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    Oh, ok. So when I, or other conservatives make statements about what their observations in life are in relation to their political beliefs then it is, ahem, in your own words, 'overgeneralization'....But when someone you agree with does the same thing, then it is just a "rather common judgement...." Yeah, get off it man.
    Not if you did something similar. But when you go off on lefties, and run off on the communist/socialist/fascist/emotional rant, that's entirely different.

    However, you didn't call him on overgeneralizing. You called him emotional. Can you not see the difference?


    Actually it is more a "when did you stop beating your wife?" question. But, I'll humor you......The answer is no!


    j-mac
    No, it wasn't. If it wasn't to frame the debate so you didn't have to address it, where did the emotional comment come in at and why?

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  4. #154
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    Blaming the people that offered you the money YOU wanted, at substantial risk of loss to themselves, then later couldn't afford, because of your lack of prior planning, or care to even budget is NOT THEIR PROBLEM.
    What a crock of crap this statement is!

    "Blaming the people that offered you the money YOU wanted"
    - like they did it out of the goodness of their hearts and made no profit from it!


    "at substantial risk of loss to themselves"
    - well, that's a big part of the problem. Most of THEM, those that approved and originated those bad loans, DIDN'T take any risk. They sold them off to someone else.

    "is NOT THEIR PROBLEM"
    No, it wasn't their problem at all! They sold off their problems to someone else!
    And even those who bought the mortgages aren't out the money, they got a house in return. That's what the mortgage contract demanded and that's what they got. They knew this when they bought the contract. I would say it's not my problem that one banker duped another banker but the fact is they made it everyone's problem.


    The bankers wrote the mortgage contracts. If they didn't like the terms of those contracts then why did they sign them?!? I can answer that question in one word - MONEY.



    Ed:
    You know, for someone who preaches individual responsibility all the time your defense of the bankers seems a little hypocritical.
    Last edited by MoSurveyor; 04-23-12 at 12:16 PM.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by j-mac View Post
    What, Who said that? Now you are making **** up. Look, when I was in school, we had classes in middle school that taught us how to balance a check book, budget money, and calculate household expenses. Where is that today?

    You have generations that are not being taught to be financially self sufficient, instead sending generational message that Sugar Daddy Government will take care of you cradle to grave. That is NOT America.
    Plenty of people have said those things or similar about the poor, some right here on this board. Your subsequent statements, whether worded exactly the same as mine or not, reinforce my belief that you feel that way, as well. Don't you, in fact, lump all poor people into the "they're poor people" category? So when you call a second gen welfare family lazy bastards you label all poor people lazy bastards.

    Yes, I had classes like that, too. Education is badly under-funded in America or haven't you been paying attention the past 20 years?

    Yes, we have a problem with welfare which we (at least in my State) starting addressing 15 years ago when we re-wrote the welfare laws. It took 30 years to realize the problem and do something about it, how long do you think it's going to take to resolve it?

    Quote Originally Posted by j-mac View Post
    Maybe you want to be a slave to the US Government, and have your children be slaves to the Government, not me.
    Outside of a one-month check I took a looong time ago I've never taken anything from the government and I've paid that check back a thousand times over in the years since. But just because I've been lucky in life doesn't mean I can't understand some of the problems others have and want to help. I would think as a civilized society it would be self-evident that some percentage will always be poor and need some kind of help. Ask any economist if they'd really want 100%, or even 97%, employment if it were possible. They'll laugh in your face. No one wants everybody working, it would ruin the economy.
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  6. #156
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by MoSurveyor View Post
    What a crock of crap this statement is!

    "Blaming the people that offered you the money YOU wanted"
    - like they did it out of the goodness of their hearts and made no profit from it!
    Emotional pleas as well as irrelevant. Business is not in business to serve a 'higher purpose', it is in business to make a profit. The person that signs the contract has the final decision, and that they signed it, places the responsibility on THEM. Nobody put's a gun to their head and makes them sign.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Hmmm...Seems I have tweaked several nerves in here prompting a flood of the usual responses and vitriol aimed at myself and those that are looking at this through more conservative eyes.

    Allow me to give general response, because I have things to do, and don't have all day today to respond to every lame liberal talking point that has been rehashed endlessly in here, and elsewhere.

    So let me just say a couple of things.

    First, on the welfare issue, I do not think that as a general rule that all people are one way or another on that, some do perpetuate fraud, and generational subsistence at taxpayer expense to avoid actual work because the wage involved wouldn't be enough with their skill set to overcome what they get paid by welfare.

    This is where education comes in. Our country is woefully lacking in the trades, and there is no incentive for these people to move out of their own circumstance.

    On the housing front, you will not convince me that liberals, and groups like ACORN that pressured banks, and members of congress in true Cloward and Piven strategy to overwhelm the system didn't push for this very scenario to take place, after all, you can't rebuild something in your vision unless you collapse the current one.

    This country, and the direction we are headed is going to collapse it, and by design I believe.

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

    Quote Originally Posted by j-mac View Post
    I did address it. However to humor you Mo said "I'm sure the vast majority would rather have a job..."

    Suppose you tell me how he would know that with such absolute conviction? Did he conduct a survey of every welfare recipient?
    Didn't have to - past employment records prove my point. It wasn't THAT many years ago we had a 96% employment rate. In other words, when there were jobs available most of the people not working now WERE working.
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by Arbo View Post
    Emotional pleas as well as irrelevant. Business is not in business to serve a 'higher purpose', it is in business to make a profit. The person that signs the contract has the final decision, and that they signed it, places the responsibility on THEM. Nobody put's a gun to their head and makes them sign.
    Nobody put a gun to the banker's head to make him originate the loan, either.

    The terms for default were fairly simple. If the borrower defaults the bank gets the house and the banks get the money from the mortgage insurance as well. The banks got exactly what they asked for in the contract they wrote and signed - and they got their $1000+ origination fee for each loan. What a deal!
    Mt. Rushmore: Three surveyors and some other guy.
    Life goes on within you and without you. -Harrison
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    Re: Food Stamp Rolls to Grow Through 2014, CBO Says

    Quote Originally Posted by MoSurveyor View Post
    Nobody put a gun to the banker's head to make him originate the loan, either.
    No, the individual went to the bank and said they wanted the loan. And the bank happens to be in the BUSINESS of providing loans. Funny how that works out.

    If you don't like the terms of a deal, don't sign the contract. But if you do, don't blame everyone else for your bad decision.
    Last edited by Arbo; 04-23-12 at 01:26 PM.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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