Posted: Oct 23, 2008, 9:33 PM CST
Skybow wrote:OK Sparky, I'm just going to try to make some sense of how I see this. Those houses were selling for that because of overinflated prices which suited the sellers and the banks.
I was selling my mom's house 4 years ago in the San Gabriel valley which runs right into LA county. I got some advice from some very smart people who helped me invest mom's money. They told me the housing market was very unstable and going to crash. I was afraid of it happening then.
They knew, all of the bankers, the market moguls, many people in the government who were deregulating (making it easy to be irresponsible), the economist knew it was going to crash and what did they do? They milked the system until it finally died.
I don't think so many people would have bought those houses if they knew this was going to happen do you? There might not have been the outcry it needed but I hope there would have been some demands to fix the problem not kill the cow.
The infrastructure here has also been weakened by the huge deficit we have run by giving the cooperations and wealthy tax cuts while spending like crazy on the war.
The middle class didn't see them the wealthy did. It is the middle class that will benefit from Obama's plan, that's true, but they were not the beneficiaries of Bushes plan were they? And prosperity doesn't trickle down that's clear. I'm just glad the SS system wasn't linked to this market which is another thing that was planned.
The Gov spending needs to be cleaned up quite a bit too but offshore tax shelter loopholes for the cooperations and rich need to be closed and our jobs stopped from being outsourced.
Look America has a whole lot to offer in safety, police protection, firefighting, good roads and water/sewage system. We have regulations, laws and services that are outstanding. It needs to be preserved and supported by the wealthy and big cooperation because it is really, really in trouble now.
The middle class is the backbone of this country, not the rich or the poor, they need help now too and a sound country to live in it needs cash, not more C/C debt.
Sky,
There's an old saying "Let the buyer beware" There is something to be said about buying a house as an investment. Investing in a house is fine but one must be prepared to make the payments. I do agree, they probably didn't see it (the crash) coming but had they bought within their means it would not have resulted in them losing their home.
I also agree government spending needs to be cleaned up. But I also feel this needs to be done prior to any nw taxes being levied or reduced. As one who has worked for the governemnt for 28 years I have seen the absurdities of waste and abuse. I would hate to pay more more of it.
The middle class is the backbone of this society and they should receive lower taxes but this should not be at the expense of others. This, more than anything else is where we part ways. I think we could do more for the middle and lower economic classes but not at the expense of others.
I also agree we should close those loopholes you mentioned
If we do those things then I believe it would get better. Without that, I see addidiotnal taxes on anyone as a bad thing and a waste of money. Speaking of credit card debt, any idea where most of the bad creditcard debt comes from?
Obama for president...... No "Manchurain Candidate of Corporations And Irresponsible Narsists" : click here to read the entire thread »