The Obligatory “Everybody But Me…”
Bernanke: More must be done on foreclosures
…One of the suggestions Bernanke made was for mortgage and other financial companies to reduce the amount of the loan to provide relief to a struggling owner. “Principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure,” Bernanke said.
One of the best things I heard all week in a similar vein:
“I can’t afford my Ferrari and now my congressman won’t take my calls!”
And he won’t. But if your homebuying vision version of The New Math went something like this:
…then I guess he’s music to your ears. Reality check says “if you couldn’t afford it beFORE the mortgage lender penciled in some magic earnings number, you still can’t.” Which doesn’t make it his fault you’re greedy and stupid. And it doesn’t make it my civic responsibility to bail you out.
I wanted a Ferrari, too, dammit.
Nanny State | Mr. Bingley | 
March 4, 2008 9:24 am
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I feel for the kids trying to get started, even (some) those who overreached.
But the ones who just spend and spend beyond their means and mess themselves up can kiss my skinny white butt.
Why a Ferrari? If you’re gonna reach, reach.
No, REACH.
That is one ugly car Jeff, but if the government is buying put me on the list.
“but if the government is buying put me on the list.”
Testing along those lines, Mike: I just stood in the middle of the kitchen and yelled “Free kibble for EVERYONE!” and found myself surrounded by eager petitioners posthaste.
I’m having a hard time getting outraged b/c your math visuals are making me laugh so hard, THS.
Dammit. I knew I should have left Elvis out…{8^P
Bernanke? BERNANKE?
He still owes me money!…
That’s not ugly, Mike, that’s elegance.
Amen, brutha’.
We bought LESS house than we could afford at a FIXED rate for thirty years. I have very little empathy for people who don’t read fine print. I think it’s a congenital defect.