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mortgage mess

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You know, we have to have licenses to drive a car, licenses to hunt, licenses to operate a boat, licenses to fly airpanes, licenses to start & operate a business, licenses for everything except to parent! (No, a marriage license is not a license to parent - its a license to have legal sex!)

...& every license for which we apply has a test that's taken after a period of instruction...where's the license to have children?
 
tony barnhill said:
...& every license for which we apply has a test that's taken after a period of instruction...where's the license to have children?
Click to expand...

What are we going to do with all these unlicensed children??
 
SteveL said:
tony barnhill said:
...& every license for which we apply has a test that's taken after a period of instruction...where's the license to have children?
Click to expand...

What are we going to do with all these unlicensed children??
Click to expand...
Irrelevant that they're 'unlicensed'....completely relevant that the majority of parents aren't prepared or capable (or interested in) the hard job of raising children...evidenced by the grocery store story above!

Heck, if they don't understand basic finance enough to recognize bad mortgage ideas, how can they recognize the problems they're creating for their 'unlicensed' children by their actions?
 
tony barnhill said:
You know, we have to have licenses to drive a car, licenses to hunt, licenses to operate a boat, licenses to fly airpanes, licenses to start & operate a business, licenses for everything except to parent! (No, a marriage license is not a license to parent - its a license to have legal sex!)

...& every license for which we apply has a test that's taken after a period of instruction...where's the license to have children?
Click to expand...

You even have to have a license to catch a fish!!!
 
No offense folks but the people in this mortgage mess are only mimicking what our government is doing. The powers that be are in the red, and to compensate they just tax us, or borrow more to create more revenue...it is just a vicious circle we are trapped in. Kind of a trickle down theory. or monkey, see monkey do.
Good advice was given to me by my parents, dont sign anything you don't read and understand. words to live by. Tho when i closed on my house and sat there and read EVERY piece of paper they tried to slide under my nose, i could feel the exasperation in that room, to bad for them.
if this country were to get into the black then i feel that we would not have half the financial roller coaster i have seen the last couple of weeks.


mark
 
"If this country were to get into the black then i feel that we would not have half the financial roller coaster i have seen the last couple of weeks."

/bcforum/images/%%GRAEMLIN_URL%%/iagree.gif

Seems to me that if folks actually cared about what their kids are learning, the "common sense" would trickle *UP* to goverment at the highest levels. Unfortunately, human nature prefers turning over responsibility to others, so there's more time for fun fun fun!

Gotta pay the piper eventually folks.

Would be really interesting to have members actually ask their local school boards how the curriculum covers "decision making for a responsible life". I'd imagine the gobbledy-gook the school boards answer, if they even understand the question, would just be a recitation of textbooks and course names. But ask them to actually prove the kids are learning responsibility. They'd be speechless. Amazing - and goes to show a major part of why we're in the mess we're in.

T.
 
If kids don't learn responsibility from their parents and families its hopeless imagnining they'll learn it or have it taught to them anywhere else....

Responsibility starts at home... and most education does too, for that matter....

School Boards are susceptible to political and social pressure and I certainly wouldn't want them straying from the three Rs (that seem troublesome enough teaching) into teaching what other people imagine is "responsibility"....
 
NutmegCT said:
And as more and more folks bought houses they really couldn't afford:
1. seller's agent got a 6% commission on the sale price.
2. lender had an "insured" mortgage
3. lender "sold" new mortgages in a package deal to major banks
4. major banks took the packages and created CMOs
4. CMO issued bonds based on the "value" of its mortgage packages
5. CMO paid dividends to the firms which lent it money
6. lenders looked for more people to sell houses to
7. more buyers got "the house of our dreams" for a temporary low payment

and the circle goes round and round ... 'til it collapses of its own weight.

Ain't this fun? By the way, I doubt there will be a huge amount of "public" (federal) money paying for all this mess. The mortgages were insured, so only the homeowner gets swamped.
Click to expand...

Had a late dinner w/ a economics professor last night...
When I brought up this thread he started laughing like a madman...

He said that basically they are always coming up with new ways to victimize / exploit stupid people...Don't worry about it.
Like the people who buy lottery tickets/gamble & purchase cars from J.D.Byrider.

They'll take out a subprime for 30 years...
Own the house for a day and reverse mortgage it.

He basically thought the whole thing was kinda funny.
 
"the whole thing was kinda funny"

yeesh - that's not very encouraging, on many levels.

Hundreds of thousands of foreclosures, economic downturn, stock market dropping 20%, unemployment rising - not kinda funny to me ...

Tom
 
Yeah, those economics profs have a GREAT sense of humor, don't they!! Kinda like a nuclear scientist saying "Chernoble, now there was a funny incident!!" /bcforum/images/%%GRAEMLIN_URL%%/eek.gif
 
It is sad, but this goes beyond the mortgage mess. Has anyone driven past an auto dealership or looked at ad's in the paper? Has anyone noticed that the prices of the cars are nowhere to be found. All you get is the "low monthly payment"

They don't mention that you will be making this payment for 5 to 7 years. You could probably buy another car for the interest you will be paying.

We are an instant gratification nation.

Very few people have the ability to pay cash for everything. (cars, house) when they are getting started. What they can do is only finance what they can afford to pay.

I agree that personal finance should be mandatory in high school.

Pete
 
JamesWilson said:
If kids don't learn responsibility from their parents and families its hopeless imagining they'll learn it or have it taught to them anywhere else....

Responsibility starts at home...and most education does too, for that matter....

School Boards are susceptible to political and social pressure and I certainly wouldn't want them straying from the three Rs (that seem troublesome enough teaching) into teaching what other people imagine is "responsibility"....
Click to expand...

+1

Teachers can have a useful and positive effect, but Responsibility Starts at Home.
If a person has grown up with parents who are thoughtful, responsible role models, they are far less likely to end up being selfish, narcissistic or irresponsible.

It's funny but after being a teacher for 35 years, here's one thing I believe:

Even parents (or guardians) who are not "intellectual" or "perfect" can raise good (and responsible) kids as long as they remain engaged with their children.
Too may families don't seem like "families" to me....more like a random group of people all living under the same roof.
I've had poor kids raised in poverty-level homes that went on to become thoughtful and responsible citizens. Because their parents care about them.
And I've seen kids from wealthier families with lots of "perks" that end up living train-wreck lives because everytime they acted-out, they were either given a pill or an I-Pod.

Good schools can certainly help...there are still too many sub-par schools (and teachers).
But no matter what the local school is like, parents should <u>never</u> abdicate their duty to raise responsible children.

Sadly, many of the people who have over-spent in this mortgage mess were raised by people from my generation....I see it with some of my friend's kids.
 
/bcforum/images/%%GRAEMLIN_URL%%/iagree.gif

"And I've seen kids from wealthier families with lots of "perks" that end up living train-wreck lives because everytime they acted-out, they were either given a pill or an I-Pod. "

why does the name Britney Spears come to mind.

ask yourself, who are the "American Idols" of young people today. the "bling" generation didn't invent itself; the money had to come from somewhere.

if you want to get really depressed (!), take a look at this:

https://www.pbs.org/wgbh/pages/frontline/kidsonline/etc/synopsis.html

The "always online, lots of electronic goodies, unsupervised kids" that'll have a *lot* of problems in the future.

Unless we do something to fix it.
Tom
 
My 13 year old son and I were talking the other day about what he thought he would like to study in college. The conversation eventually turned to all of his classmates who think they are going to become "super rich" pro athletes. He was quiet for a minute and then said, "You know, I think I would rather be the owner....he's the guy who pays the players. I figure that makes him a WHOLE lot richer." /bcforum/images/%%GRAEMLIN_URL%%/cool.gif
 
69tr said:
It is sad, but this goes beyond the mortgage mess. Has anyone driven past an auto dealership or looked at ad's in the paper? Has anyone noticed that the prices of the cars are nowhere to be found. All you get is the "low monthly payment"

They don't mention that you will be making this payment for 5 to 7 years. You could probably buy another car for the interest you will be paying.

We are an instant gratification nation.

Very few people have the ability to pay cash for everything. (cars, house) when they are getting started. What they can do is only finance what they can afford to pay.

I agree that personal finance should be mandatory in high school.

Pete
Click to expand...
Saw a commerical for Chase credit cards today. The theme song playing in the background was " I want it all! And I want it NOW!" THIS is what is wrong, IMHO. /bcforum/images/%%GRAEMLIN_URL%%/nopity.gif
 
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