Virginia Transportation Funding Deal

The tech crunch was bad, but I was referring to the mortgage bubble caused by legislation that Clinton signed into effect. Artificial economies are great while they are working, everyone wins. As lousy as the economy is right now it is still an artificial one. Obama has been pumping $85 billion per month of funny money into the market for years. The economy post housing crash was never allowed to reset, QE is just delaying the inevitable.

 

I may differ in opinion. The mortgage bubble was when Bush through away the cap gains on home sales thus pushing speculators in buying multiple homes and flipping them. Also the no income check loans which gave loans to people who did not qualify.

My opinion is if your the Pres you take all responsibility for everything under your watch. You cannot blame the prior admin. If something is wrong fix it. Work congress and the senate if need be but right the wrong. That is why you are Pres

The current guy changed some rules, you got to have steady job and income qualify.

Harp says you have to have good credit you can refi if your under water.

 

The mortgage bubble began when Clinton under pressure from Barney Frank and others allowed mortgage lenders to institute predatory lending strategies to get "disenfranchised" into homes. People making $30,000 a year were buying $300,000 houses via interest only loans with adjustable rates. When those rates adjusted and people realized they were paying on their house for years and all that money wasn't making a scratch in the principle, well, POP!

 

Homeownership is a American privilege. People fall on hard times. However if homes are appreciating they sell and walk away with money. When homes depreciate the banks and investors get burned. That is what happens. There is probably a place for the low down FHA and VA loans to get good young families started with household formation. However you can't lend money to a guy who cannot pay. Just my opinion smart people tend to borrow what they an afford and manage money well. That is who you want to lend to. If a guy walks in with a horrific credit report and unstable job history you need to weed that guy out until he can establish a good track record. When that guy is a speculator with 5 homes mortgaged to the eye balls renting out all the homes you have to eliminate that guy pronto or have him put down 30% to cover the investors holding the note.

Much if the housing mess is working it's way out as homes start to appreciate and sub prime mortgages get flushed out. Now the 900 LB gorilla in the room with the American is Jobs, economy, health care and winding down the war.

Barney Frank what is he 80 years old. He should retire and just golf if he did not already

 

Your right, but the trouble was that they were taking advantage of everyone. People should have been smart enough to realize that paying $500 per month on a $500,000 house was too good to be true. But people wanted to maintain their Bourgeoisie lifestyle and that meant getting the McMansion.

 

People got caught up in that. I have a friend in his mid 50's sold his house and purchased a 3,900 square foot home near us with 5 bedrooms. He as 2 daughters in college. Can't for the life of me understand why he needed such a big house when soon it will Just be him and his wife.

I guess at some point he will downsize, cash out and get a place in Florida, Nevada or Washington State

 

Not sure about the others, but no tax on retirement in Florida. That's why it's "gods waiting room".

 

Nevada is no State Income tax and low propert tax. Dry heat and if you have any addiction to gambling not the place to be. Florida seems much better. Washington no state income tax I believe not 100% positive.

Florida must have good healthcare for seniors. Someone mentioned that once. Guess they have a lot to practice on

 

For the last 2 years I've been trying to escape Virginia to go to Florida or anywhere warmer and cheaper, but it's hard to find anything close to equivalent in pay. I'd honestly be willing to take a 25% cut in salary, but still not finding opportunities. If anyone needs a Project Manager with an IT degree and a clearance, let me know .

 

Heck, when I retire, I'm thinking of leaving NJ for Va.

 

VA is the New New Jersey

 

You'll have to pay that Jersey exit tax

 

After eight years of Bush Jr mismanagement when Clinton surplus was lost to Bush Jr record deficits and debt. After eight years of increasing Debt/GDP ratio after Clinton's eight years of decreasing Debt/GDP ratio.

Eight years of Bush Jr. Reaganomics redux, deficits, debt and Wall St running amok with no oversight enforcement, regs no good if Wall St buddy Bush in da House, Bush Jr manages to run the economy into the ditch.

Interestingly matching Bush Sr's similar real estate financial collapse, the S&L debacle, with Bush Jr's bigger and "better" Wall St bankster real estate collapse. Same policies producing same results.

 

Yea, tell me about it.

 

You and about a million others with the same credentials.

 

To bad we are handing out h1b visas like water.

 

My kids live in Orlando with my ex, I want to be near them but had to go where the job was so I can pay the child support. For former military guys like me, northern Virginia and defense contracts near bases seem to be the only places where we are greeted with open arms. I also tend to get a lot of job offers to go to Iraq or Afghanistan but I already did a couple years of that and came back to attempt to have a normal life. I really hope I don't have to compete against visa holders now for clearance jobs, the reason I chose this path is that it seemed like one of the last safe zones against outsourcing and the wage deterioration that seems to go with it.

Sorry about all the off-topic, honestly I feel fortunate to have a "real" job at all, so i guess I'll just keep driving the long commute with my overtaxed little Prius with the rest of the herd on I66. =D I know I'm not alone, I see the same people every day making the journey.

 

Family is important. Clearance perhaps has saved you from layoffs etc. Keep your eyes open and maybe talk to a good headhunter. They may find something for you in No Florida and perhaps cut the commute down.

 

What a pile of Bullshit.

The WORLDWIDE great recession was driven by a credit bubble engineered through the unregulated, opaque derivatives market. You know, the same derivatives market that the idiot Repubs and Tea Baggers are keeping non-transparent.

 

Hmmm speaking of bullshit, glad to see you're back.

As far as derivatives go, you seem to both suck nice person at math and at reading as well.

First word of the bill: BIPARTISAN http://agriculture.house.gov/sites/republicans.agriculture.house.gov/files/documents/DoddFrankBillsUPDATED.pdf

Democrats Are Undermining Wall Street Reform, Too | Mother Jones

Your dem friends are just as bad when it comes to un-transparency and keeping their rich wall st friends rich. Ignorance must be truely bliss, because the fact that you really think one party is "better" than the other amuses me.