You know that saying, “good guys finish last”? Well add to that sensible and responsible guys, too. This fucking kills me!. The Senate is playing with a bill that would create a $300 billion fund to help homeowners who have recently learned the hard way what exactly “adjustable” in adjustable rate mortgage means. So in other words, these idiots who couldn’t comprehend the mortgage they were signing into and have no clue what living within their means is all about now will get assistance to help pay what they had no right in trying to buy in the first place. Well fuck me!

I’d like a home. It seems frivolous to be throwing money away on rent every month but we don’t make much and to complicate things, since I’m self-employed I can’t show a guarantee that I’ll be making a specific amount next next year or even next month, so aside from simply being not the best bet to give a mortgage to, I personally would worry about paying it. Well it turns out I’ve been a complete fool, haven’t I? Not only would there have been tons of banks that would have loaned me oodles of cash to get a home (there’s plenty of stories out now of banks fudging the books to give loans to undeserved people), but now it seems I wouldn’t have had to worry about meeting the requirements of the loan thanks to some soon to come government assistance, $300 billion worth. Goddamnit!

I’m old school. I pay my bills off in full every month, bought my car instead of leasing it, research the things I buy before I buy them to get the best I can afford and maintain those products as close to new as I can for years, I don’t squander money on frivolous things and I don’t gamble or play the lottery. I sensibly, responsibly live within my means and you know what? That not only makes me rare in this country, but now it seems it might make me a jackass because irresponsibility and ignorance are what’s rewarded here.

Maybe I need to move to Canada. At least getting speeding tickets would be more fun.

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24 Responses to “Free Government Money for Irresponsible Idiots”

  1. Jeez, philly, no wonder you’re irritable. You’re way too virtuous. Talk to (((Billy))) when he gets back from the fires. He can turn you on to the virtues of Scotch, maybe it’ll work off some of that tension.


  2. I’m partial to Glenmorangie. ;)

  3. I agree, we shouldn’t be paying anyone for being irresponsible idiots. They got themselves into the problem, they should get themselves out. Of course, the real problem is that what do you do when people go bankrupt and lose their houses? Banks get saddled with houses they can’t sell, cities lose tax revenue from unoccupied houses, we start to see essential services vanish because there isn’t enough money to go around…

    Unfortunately, the rip-off artists are all long gone with the money they scammed, those are the people who we really need to go after to recoup the losses but I don’t know if that’s possible anymore. The Bush administration is pretending to care, but we all know they’re really just making a show for McCain’s election efforts.

    It’s going to be a mess for years to come as the market re-adjusts anyhow. They’re saying that equity levels are back to 2004 levels and we still have at least a year of dropping equity left, plus there are still idiots out there with “interest only loans” they can’t afford when they adjust so… we’ll have a mess on our hands.

  4. The important point you omit in this rant is that many homeowners were essentially defrauded — although not technically — by their mortgage companies. These homeowners, many of whom were not educated enough to lean about the ins-and-outs of mortgages, were misled by their alleged “representatives” into believing that adjustable rates were “no big deal.”

    In fact, when my wife and I bought our house, our too-friendly mortgage company liaison tried to present an adjustable-rate mortgage as a sensible option to a fixed-rate one. She did some bogus math, based on what-ifs that didn’t tell the whole story. We knew a little something, so we weren’t taken in. But lots of people were.

    It’s too simplistic on your part to place the blame on the stupid American public. Since most people with financial power in this country know that the American public is grossly uninformed — and then take advantage of that fact — the responsibility for cleaning up the mess should be borne by the companies that created it.

    Bottom line: I agree with you that the government should not shell out $300 billion to aid the homeowners. However, the government should prosecute the mortgage companies for fraud — and force them to make the payments.

  5. “We knew a little something, so we weren’t taken in.”

    That pretty much sums it up. Btw, you know what leads to people going along with being conned aside from just ignorance?
    • Habitual reliance on faith
    • Never questioning authority
    • Tendency to choose fantasy over reality

    Gosh, what is it that could possibly encourage such thing? I wonder what it could be. Hmmmm

    I’m not saying that lenders aren’t guilty of fraud, but when they make a case for the adjustable rate mortgage and you either just go along with it or when things don’t seem right you accept replies like, “well that’s standard”, then guess what? You’re a fool.

    Oh, and when you go to buy a car and they push undercoating, that’s bullshit, too.

  6. I suppose if you want to be a full-time consumer, and research every single product you buy, AND you have the capability to remember and understand everything you’ve learned, then you might never get gulled. But most people in this country — as you and I agree — are fucking ignorant. So, yeah, they’re fools. But it’s not wholly their fault if they’re scammed by slick talkers, just as it’s not wholly the fault of small children if they trust lying adult relatives.

    As to your other point: I think every religious “leader” in this country should be sued for fraud. They should be challenged in the courts to back up their claims.

  7. I think there’s a fine line between claims and promises or else everybody would get sued, like this place. We laugh at his gullibility but how many people went pie-eyed like him when they were told they were approved for their mortgages? Good job, everybody.

    And yes it’s unreasonable to do full-time research to buy a toaster but we’re talking about a house! This is no whimsical purchase. We’re talking about a potential lifetime investment, with a payment commitment of at least 15 years, probably 30. Holy crap, if you can’t be bothered to do some research on that kind of decision, then suffer the consequences.

    Religious leaders can’t be sued because you have to die in order to validate their promises.

  8. I deplore the general ignorance in this country as much as you do. Maybe even more, since I’m older and crankier.

    But, given that most of our fellow citizens are mindless sheep, can we expect them to do anything other than blindly trust “authority” figures — their ministers, their president, their mortgage brokers?

    I’d like to see the government take some action against lying presidents and I’d similarly like to see it take some action against lying mortgage brokers.

    As for doing research whenever you make “lifetime” investments: The people who seek information from their mortgage companies do feel as if they’re doing research. They can’t trust the facts and details they’re given — but not because they haven’t “researched” the matter. They get fucked because they’re not cynical enough to know that they can’t trust their sources.

    By the way, I’m now going to be picturing you in an elf suit.

  9. Isn’t seeking info about mortgages from a mortgage lender the same as seeking car info from a car dealer or nutrition from McDonald’s? If someone is seeking to sell you a product, that immediately negates their impartiality.

    Now maybe what the government could do is establish some sort of mortgage information service that’s free to the public. Maybe they give money to a non-profit organization which is already in the business of doing that (hey, that sounds like a familiar topic). Maybe people have to bite the bullet and hire someone like an accountant or lawyer to talk shit over with. I don’t know.

    I’ve been gathering my own info for quite awhile now, but I remember years ago when things were good and I first heard about those adjustable rate mortgages my first thought was that it was a scam and that after you get suckered in they raise the rate, like those deals for 6 months or a year of cable with all the channels for cheap, then BAM. What, is that really such a rare reaction I had? Well it shouldn’t be.

    That elf suit is a pretty good idea. I have to come up with a costume for Halloween, a GOOD one.

  10. Isn’t seeking info about mortgages from a mortgage lender the same as seeking car info from a car dealer or nutrition from McDonald’s? If someone is seeking to sell you a product, that immediately negates their impartiality.
    Of course you’re right. But one must have a certain level of cynicism to grasp that.

    What, is that really such a rare reaction I had?
    Well, not rare for a non-ignorant person. However, since I’d argue that most people in this country operate intellectually at a very low level … maybe it was a rare reaction. I don’t think our negative reactions to religious zealots should be rare either. But, alas, they are.

  11. Exterminator, it isn’t a matter of being a full-time consumer, but there are some purchases you just have to be involved and informed in. Buying a box of Corn Flakes, not so much. Making the biggest and most important purchase you’re likely to make in your life, absolutely.

    Now I will agree that a lot of these fly-by-night mortgage companies defrauded their customers, I’ve told the story before of my best friend being told by a mortgage lender to lie about his income to increase his chances of getting a bigger loan. He was outright told to lie by the lender and that kind of thing needs to be severely stomped upon by federal regulators, but the consumer should know better than to do something like that no matter how fast their agent talks.

    That’s why I’m not too sympathetic toward some of these people, they not only got what they deserved, they knowingly dug their own grave.

  12. Cephus:
    If truth be told, I’m not too sympathetic to the borrowers, either. But then, I openly admit that I think stupidity should be a punishable offense.

  13. The wife and I have been trying to figure out how to buy a house again for a several years.

    We should have been defrauded.

    We have purchased a couple houses and were offered adjustable mortgages before it was stylish to do so. We certainly didn’t like the uncertainty.

    People need to ask themselves the tough questions. They need to not believe everything they hear. They need to know that if they don’t question what they are being told, that they get what they deserve, and it ain’t heaven.

  14. I hold this whole debacle up to the combination of the putrid state of our education system and those who prey on and try to perpetuate that state and its results – I’m looking at you, religion.

  15. philly, I’m sure the educational system has something to do with it as well, but I think it’s more the liberal lie that everyone is entitled to things. People have been told that they’re special and deserve the American Dream just for getting out of bed in the morning. I’m sure you had people who did the math, realized they couldn’t afford it and then said the hell with it, it’s their right anyhow. That’s especially true when you have lenders scamming people into lying on their applications because “everyone does it”.

  16. One thing you should all consider – how often does THIS Congress agree so overwhelmingly on something, with BUSH sounding like the liberal in his dissent? Kind of strange? Make you scratch your head?

    Here’s the bottom line (which is ALWAYS what it’s about….) “it’s about the MONEY, Lebowski”).

    This country is hanging on by a few threads right now, economically. We could easily go into an economic free-fall. The worst thing since our parents or grandparents generation (depending on how old you are).

    Remember that “outrageous” Wall Street bailout last year? It wasn’t about protecting a huge corporation. And this bill isn’t about helping poor little dumbshits who should have known better. You can’t cure (or prosecute) stupidity. But you can prosecute fraudulent activities. As Ex points out – this is NOT what anyone is talking about, even though it makes perfect sense.

    4 or 5 million foreclosures can represent one of the economic broken threads I mentioned earlier. They aren’t bailing out Joe Dumbfuck. They are bailing out America.

    Get used to the Bush legacy. It will be long-lasting, and ugly. And this is just a tip-of-the-iceberg issue.

  17. Evo, Joe Dumbfuck IS America

  18. So, what did you kids do with your Economic Stimulus Payment checks, eh?

  19. I put mine in the bank. Yes, I know, I should have gone out and bought a couple of cases of scotch, a few fancy shmancy dinners, new clothes, or something as part of my American responsibility to help stimulate the economy. Oh well. I guess I’m a communist.

  20. Philly said: Joe Dumbfuck IS America

    Well… you got me there!

  21. Of course, the economic stimulus package failed again, just like it did the first time, because they fail to recognize that people only spend money when consumer confidence is high. Virtually everyone put their check in the bank and used it to pay off pre-existing bills. It didn’t help the economy in the slightest.

    And now they’re talking about making the same mistake again?

  22. Cephus, maybe they’ll give me $30,000 instead of $300. I swear I’ll help stimulate the economy!


    My sister is a drug addict who is getting all kinds of free crap from the government, health care, food stamps, housing…

    Why do I pay for other people’s poor choices and irresponsibility?

    I’m sure I sound like a raving bitch. I don’t care.


  24. I knew you were a woman of taste and intellect, sugar. ;)

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