I live in a pretty nice neighborhood. Not McMansion nice, but real nice with nice people who’ve been here for years. My wife and I are still the newcomers to the neighborhood, after 5 years. We put down 30% and bought the smallest house on the block. We take walks around the neighborhood and look at the flyers put out by people who are selling. Until the last few months, we would say woo hoo! It never occurred to us to take out an additional loan and furnish the house in high style with the extra $200K we’d “earned” in the last few years just by mowing the yard.
Everything in our house, we paid cash for. Even now, we’re not upside down on the house. There’s a decent chance we won’t be, no matter how badly Benito Obama screws the pooch. (The pooch is me, by the way, thus the bitter tone of this post.)
A friend of mine was looking for a new entertainment center. He was searching eBay, CraigsList, etc. Found an ad for something that sounded perfect, cost $8K new, going for $1K. He went to the McMansion and bought the entertainment center. The McMansion was strangely, spottily furnished. Mr. McMansion was $400,000 upside down already, filling his wallet by selling his expensive furniture at fire sale prices and about to take the money and run out on his mortgage.
Gee, I hope Hugo Obama’s bailout comes soon enough to keep this guy from heading for the hills after yard-selling the $300K of expensive stuff he bought from speculating on his bubble equity.
Which brings my rant to a boil:
We’ve spent a lot of time excoriating the Wall Street fat cats for their greedy speculation. And we are supposed to feel sympathy for the marching morons who bought all those houses they couldn’t afford, as if they were duped.
As they say, you can’t con an honest man.
First, many of the idiots currently losing their houses make high 5-figures to high 6-figure salaries. They’re only poor because they’re profligate.
Second, most of these people speculated in their equity as shamelessly, if not on the same scale, as all the Wall Street high flyers. They carefully, cunningly, watched the bubble inflate and every time the surface area got big enough, they took the equity out of their houses and bought more SubZero fridges and 65-inch TVs and expensive golf clubs and SUVs.
Third, even the so-called poor who were given houses they didn’t deserve learned quickly to play the same game.
Fourth, it’s not a fucking tragedy to lose a house that you have no equity in–go rent a place and sell your big screen TV that won’t fit in an apartment, and your SUV that you can’t park anymore and learn not to be such a greedy stupid bitch next time.
This isn’t about Republican vs Democrat. This is about Us vs Republican and Democrat. George Bush started bailing out the unworthy and Obama has called and raised. This is about the privileged getting their debts erased and the minions of the privileged getting theirs erased too in return for pledging their loyalty/votes to our overlords.
11% of mortgagees are now in foreclosure or default. That’s supposed to be some kind of record. What it means to me is that 89% aren’t. I’m part of the 89% that the lazy, stupid and greedy at all levels of society are planning on using to pay their bills. Yeah, I hate those Merrill guys who got their $10 million bonuses after they were running to Obama for our money. They’re sharks.
The “little” people who are losing their houses now are piranha.
None of Obama’s proposals will apply to me or help me because I pay my bills on time, live “beneath my income,” and I just figure it out and when I can’t I just suck it up. If/when I lose my house, it will be after all my savings were fed to the sharks and piranha.
Obama counts on me but can’t see me. Paraphrasing Kanye West, Barack Obama don’t care about productive people.