Comments on: Housing crisis worse, Congress takes vacation

By: Rob, Detroit

Rob, Detroit — Wed, 02 Jul 2008 13:40:45 +0000

They should stay at work and "fix" the problem? LOL! They are the authors and architects of most of our problems by virtue of their solutions in the first place; their solutions are the root cause of future problems. There is always some horrible real or imagined problem, or "crisis" that must be addressed by government. What is missing from the equation is any realization on their part of unitended consequences, or comprehension of cause and effect. How about root cause analysis? No way. Our arrogant, obtuse, professional looters of the taxpayers are too busy playing masters of the universe and benefitting some at the expense of others to win re-election.

What exactly do we expect a bunch of economic ignoramuses in congress to do anyway? Considering the track record, we would be better off if they did nothing. The current situation is the result of them doing something.

By: Jovan

Jovan — Wed, 02 Jul 2008 13:10:33 +0000

Excuse me you all. However, let me throw some simple concepts/questions out there for you :
1.) Money doesn't grow on trees...
"new mortgages backed by the federal government." <- this is u.s tax payer dollars
2.) Since when is it a sin to rent an apt. because you can't afford a home? The rest of us do it.
3.) What makes it fair for tax payers to bail out your investment mistake?
4.) This is not a huge tragedy. If you can't afford your home.. You get kicked out and can go on renting.. The housing market gets further flooded with supply, prices go down, and people who have been sitting sidelined while people who couldn't afford homes bid up up prices are able to buy the home that they couldn't afford (this is fair).
5.) The pool of money known as tax payer dollars is not there to bail out people from their investment decisions. You are not entitled to a home just because you live in America nor should people be allowed to bid up home prices w/ credit they shouldn't of had in the first place.

My background :
I am a 24 year old African American who considers himself a democrat... But I remain neutral in my party affiliation. You want a home? Save up and have 20% to put down and buy only when you have stable income for 6-12 months and a reserve of money in case of an emergency. It's obvious the mess that ensues when you don't.. However, Tax payers don't owe you people anything who are loosing their homes. Take this as a lesson learned, rent, and act like you have sense the next time you make a purchase regardless of access to free credit gives you this sudden idea that you a 'rich'. Bush is right in vetoing this bill and I hope he strikes it through the floor

By: Mr.huh?

Mr.huh? — Wed, 02 Jul 2008 13:08:20 +0000

The government largely created the housing crisis by legislating an inflationist bubble through the Federal Reserve. Don't ask them to get something done. If Congress took a whole lot more vacations like this than we really could celebrate Independance Day.

By: renting

renting — Wed, 02 Jul 2008 12:58:21 +0000

Outside of the "vacation" they're taking, why should they do anything?
You took on a mortgage you couldn't afford and priced people like me, who actually live within their means, out of the market. Now that it's crashing you want to use MY tax dollars to bail YOU out of your idiotic, greedy splurging. Forget it. You made this mess. Let it crash. Crash down to a reasonable level so that people can actually afford to own again, that is. You only have yourself to blame.

By: Sandra

Sandra — Wed, 02 Jul 2008 12:52:14 +0000

I hope they don't sign it. The only folks going to benefit from it are the banks who ran this scam. Force banks to give people their money back! We should not have to pay for this!

By: Tim

Tim — Wed, 02 Jul 2008 12:41:14 +0000

How about Congress takes a vacation and then never comes back? Along with the rest of our gigantic government and alphabet soup bureaucracies. July 4th would be a great and true celebration then.

By: B Kibbey

B Kibbey — Wed, 02 Jul 2008 12:39:44 +0000

WHAT HAS CONGRESS EVER FIXED?

I'm glad their on vacation, they do much less damage that way. The housing "crisis" is not a disease that innocent people got while they were working hard. The housing crisis was brought on by greedy bankers and stupid home buyers. I don't want one cent of my hard earned money that I send in taxes spent to help the stupid. Why on earth would anyone support rewarding such stupidity. THE GOVERNMENT DOES NOT EXIST TO PROTECT IDIOTS FROM THEMSELVES. Let them be foreclosed on, I have some sympathy, but hopefully they will learn a valuable lesson from it and never find themselves in that situation again.

I sure would like my mortgage company to cut the amount of money I owe on my house but I won't get that benefit because I made the grave mistake of living within my means and paying every payment on time. Why don't you people find this absurd like I do? What am I missing here?

By: remowill

remowill — Wed, 02 Jul 2008 12:34:14 +0000

I don't think it is the housing crisis that is the only problem. The high price of oil, caused by the omnibus bill that allowed regulation by the CFTC to stop, is causing foreclosures as well. Business are going bankrupt and you won't be able to heat your home this winter unless you can afford 600 dollars a month for natural gas or 1000 a month for heating oil.
It is just cheaper to walk away now, while your credit is still good and get an apartment to live in.
Congress should stay in session until all these problems are worked out. But they have cradle to grave healthcare, paid for by the people. In a time that 50 million taxpayers can't afford healthcare. They drive cars that are paid for by the people. They live in houses that are paid for by the people. Why shoud they care?

By: Antonio

Antonio — Wed, 02 Jul 2008 12:33:44 +0000

The government is the reason for the bubble in the first place and you people want them to go in, interfere more, and try to fix it? The only fix is to let the malinvestments liquidate and let the market stabilize. We want Congress to do less, not more.

If they are going to pass any legislation in which to help this situation it would be to repeal the Federal Reserve Act of 1913 and everything connected to it. Stop manipulating the interest rates and stop borrowing and turning to the printing press when we can't afford things.

By: brian

brian — Wed, 02 Jul 2008 12:30:44 +0000

i hope their vacation is so good, they decide to stay away forever. at least if they don't come back, they can't create more problems like they did with the housing crisis.

By: Isabel

Isabel — Wed, 02 Jul 2008 12:27:04 +0000

"Typical" that is all I can say. It is so predictable that this kind of thing happens.People in the US need to wake up, stop shopping at Wal-Mart and the Dollar store. We all need to get together and send all of these useless overpaid power mongers a message and kick their fat asses out of office. Until we all decide to stop trying to keep up with the "Jonses" and stop buying usless crap, NOTHING and I mean NOTHING is going to change. We can all cry and hu-hum but action is what makes a difference not just complaining. So I say talk to your families talk to your friends and educate yourselves so that we can clean up this Country for good. Oh, yeah, also we need to stop voting our pledged party and vote for the person who we believe will do a good job. Republican, Democrat, Independent, whatever it should not matter, what matters is the charachter and substance of the candidate.

By: Tom

Tom — Wed, 02 Jul 2008 12:07:29 +0000

You're upset that Congress isn't wasting tax payer dollars bailing out gamblers and fools?

We would all be better off if the US Government took the rest of the year off. They've done enough damage for one calendar year to suit me, thanks.

By: larry c

larry c — Wed, 02 Jul 2008 09:58:23 +0000

i know the demlibs are a do nothing bunch of whiners. when did it become the government's job to pay the house payment for the people that took out the loan? these people should never ever try to buy a house again. its not the government job to pay for all these igorant people bad choices. you live and learn.

By: Michele

Michele — Wed, 02 Jul 2008 08:49:04 +0000

PLEASE HELP US! GOD BLESS!

By: Tavish

Tavish — Wed, 02 Jul 2008 07:02:17 +0000

I just think it ridiculous that congress could go on vacation during this crisis without finding a solution!

By: David

David — Wed, 02 Jul 2008 05:45:32 +0000

At a cost of $300bn, it's probably a good idea they left without passing this.

By: Hoyt, SC

Hoyt, SC — Wed, 02 Jul 2008 04:45:22 +0000

I think it is a crying shame that we cannot get Congress to get off their butts and do what we elected them to do. Once elected, they forget about all of the promises made during their campaign.

We sit on more oil reserves than any other country in the world, yet we do not drill. Both parties are so afraid one is going to get something done before the other does, so nothing is accomplished. I am sick and tired of this. How can we hold them accountable? Moreover, the environmental nitwits are too worried about the caribou, than our economy, so again, we do not drill.

How do we take this country back?

By: Kimberly

Kimberly — Wed, 02 Jul 2008 04:36:49 +0000

I agree with Jim. Why are we bailing out the people who bought homes knowing they could not afford them down the road. They either didn't pay attention or hoped prices would continue to climb and they would be able to refinance and sell. Guess what, that is called a GAMBLE! Sometimes when you gamble you LOSE! It seems unfair that those who did not buy into all this sub-prime nonsense and continued to rent knowing what would eventually happen and those that bought only houses they could actually afford are the ones who are not going to get ANY help at all. I say, let congress stay gone. They don't get anything worthwhile done while they are there anyway.

By: Alex

Alex — Wed, 02 Jul 2008 04:26:14 +0000

Come on folks....what did you expect from this disfunctional group of Politicians led by Harry Reid & Nancy Pelosi? These characters couldn't do "the right" thing even if it was plastered all over their list of things to get done. And soon we can expect an even larger group of Democratic members when five Republicans won't seek re-election. For that matter, the Republicans aren't any better either. Does anybody think things will get any better? I wouldn't hold your breath if I were you! What a sad group of so called leaders.

By: Jim, Bishop, Calif

Jim, Bishop, Calif — Wed, 02 Jul 2008 04:07:29 +0000

Congress plays while Part of the nation burns, another part is underwater, The price of gas is going higher than a jet propelled Kangaroo, The stock market is on a greesed pole to hell, houses being forclosed left & right. what else is new?