Sub-prime Bail Out

[Radar]

Originally Posted by Aliantha

Again I ask, where are the thousands of people going who have had their houses repo'd? Are they moving into the already existing slums which in turn perpetuates the social problems already evident there?

They are moving into apartments. They aren't homeless and they haven't lost their jobs. They just can't afford their homes anymore.

Originally Posted by Aliantha

I ask you, why would you not try to keep people in a better situation? If someone has to spend money one way or another, why not do so in a productive manner which will help all concerned.

I am trying to keep people in a better situation. A situation in which they have personal and economic freedom without the government meddling in our markets. A situation in which those who make poor economic decisions don't look to government to bail them out.

Originally Posted by Aliantha

If you leave a house untennanted for a year, you're losing $5k/annum straight up. Then there are the issues of vandalism. More dollars to spend. Neighbourhood values depreciating because there are too many houses vacant.

The house isn't vacant for a year in most cases. In fact it's not vacant until the hose is already lost and repossessed by the bank. Then the bank sells the house and are willing to lose 5k to sell a house they may have already gotten 100k on. But this isn't an issue in America because houses do not stay vacant for a year. In fact they don't stay vacant for 6 months before they are sold.

Originally Posted by Aliantha

Yeah, I can see how people who borrow beyond their means are stupid and don't deserve a hand out, but they're your fellow citizens. They don't deserve to be kicked when they're down either.

Expecting them to live with the consequences of their decisions without having their "fellow citizens" pay for it is not kicking them when they are down. When they lose their house, someone else will snap it up at a better price.

[Happy Monkey]

Originally Posted by Radar

The house isn't vacant for a year in most cases. In fact it's not vacant until the hose is already lost and repossessed by the bank. Then the bank sells the house and are willing to lose 5k to sell a house they may have already gotten 100k on. But this isn't an issue in America because houses do not stay vacant for a year. In fact they don't stay vacant for 6 months before they are sold.

Maybe, maybe not.