bostonbubble.com

[barryshaft]

Yep let bail them out-- WTF-- who needs fiscal responsibility or personal culpability-- it is the big bad banks and us poor ignorant people need refuge-- free housing, free health care, free food.

and I know more about foreclosure and bankruptcy than most-- Happened to my family when i was 17-18-- lost our house and the whole bit--- but it was our fiscal irresponsibility-- not that of anyone else. We took our lumps, it was tough and embarrassing but you know what we lived.

These policies and these people are the reason our system is screwed--it is not magic, maybe the truth is that our public schools are failing and these people cannot add or subtract (income) 4000- (mortgage) 3500 = not enough to live. Hey Hank, maybe if we give that 700 billion to schools we can avoid this problem in the future.

http://www.boston.com/news/local/massachusetts/articles/2008/09/26/in_roslindale_a_dream_foreclosed/

"Ana Esquivel, a public school employee, and her husband, a construction worker, had realized their dream of owning a home two years ago, when they were in their 50s. They paid $498,000 for the house, which sits less than 200 yards from a roaring MBTA line. The mortgage payments, which totaled almost as much as their combined monthly incomes, surged from $3,200 a month to $4,200 after they missed several payments. The dream didn't last long."

[Dorchester Grandma]

I know that I sound foolish asking this but someone please explain to me why tV pundits and politicians don't ever mention the reason that the housing bubble burst in the first place. First time homebuyers could not enter the market without taking out exotic loans which they could not afford. HOUSE PRICES HAVE BEEN TOO HIGH FOR EVERYDAY FOLKS so it seems that a price correction would be a necessary thing.

If the "BAILOUT" includes relief for homeowners facing forclosure as the Dems and Obama want then prices will continue to stay high and out of reach for so many. There has not been much of a price correction here in MA with only the poorest communities coming down. As you can see by a previous post, I had to compete for a bank owned condo in Dorchester and despite having a perfect offer still lost out. I can only hope to buy a foreclosure

After a massive bailout, won't many of us first time homebuyers be back where we started before this began? Still renting? Still priced out? Is this a good thing?
Am I not getting something here?

[john p]

I was thinking the same thing this morning. If the difference between rich and poor is say 100, and say the market corrects and it reduces to 80, you get your wealth redistribution through capitalistism not socialism where they would give it to some corrupt left wing activist group like ACORN (this wording was in the original bill).

What's going on is that the rich don't want to lose their extra 20 so they are trying to scare the crap out of "Main Street".

You have to see this Dorchester Grandma:

http://www.youtube.com/watch?v=NU6fuFrdCJY

[Dorchester Grandma]

Recently Congressman Dennis Kucinich (D) who is considered to be a far out leftie spoke out against the bailout and praised the Republicans for voting against it. Kucinich will always reach across the aisle if he believes that the Republicans are in the right. He seeks the truth and has the utmost integrity

The Dems and TV networks excised Kucinich from the debates when he ran for President. He is the only one who truly voted against the war from the beginning.

During the Democratic primaries, I became an Independent to protest the way Kucinich was treated by his own party which made it impossible for him to be heard. As someone who has been renting for over two years, priced out, but unwilling to take out a loan that I can't afford, it gives me pause to vote for the Dem candidate. However McCain- Pailin are not the answer. Rather I would vote for Nader.

[CC]

That 700 billion will not help troubled home owners. The money is intended to rescue the bankers, but politicians will not ever mention that.

I checked ziprealty few days ago and predicted MA will see its largest falling price soon. Something like 15% YTY (2008-09) is possible. It should reach the bottom around 2010 or 2011.

I am very angry recently. Those bankers and investing banks took the advantages of capitalism. Now they are in the big trouble and should be falling apart in a true capitalism market, but now they want the socialism to save them. I can't believe just because most American probably lost few grands in the stock market last few days (me to), most of them now support the stupid 700 billion bailout.

[Guest]

it is embarrassing the our elected representative and a large % of the population think that the DOW is the economy....