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February 20, 2009

Comments

John

My question is: when do I get my bailout? My taxes are bound to go up because of all these bailouts to the greedy lenders and irresponsible buyers. I, like many others, played by the rules and bought within our means, and what is our reward? Our taxes going to the bailouts but we won't get any help paying our taxes or maybe a break in out mortgages? What are we teaching out children if we show that bad and/or irrepsonsible behavior has no consequences?Worse, that it has benefits.

BIG Bad BobbyPaiva

I saw this coming years ago. With more and more of our rights being taken away from us, when is the government going to protect the people? For years the public has been taken in by adjustable mortgaqes and double talk that makes the rich richer and the home owner poorer. The dergulation of banks & insurance companies is at the route of the demise of our economy turning the american dream into an AMERICAN NIGHTMARE! How could a Bernie Madoff happen? Where's the SEC? I wrote a blog about four new dirty words "READ THE FINE PRINT!"
BIG Bad Bob

linda

I realize this is off point but has anyone in the news 12 team asked why Nassau County is in so much trouble compared to Suffolk, NYC or Westchester? You do not hear of massive lay offs, service cutbacks or heating tax in those countys. What has Suozzi done wrong and why doesn't it get investigated.

John

The flaw in the reasoning, here, is that housing prices NEED to drop. They're overly-inflated from Bush and Congress trying to cram every Tom, Dick, and Harry into a mortgage. We're seeing the end of the real estate bubble, designed by Alan Greenspan to help investors out of the collapsing dot-com bubble. The longer we keep it inflated, the worse things will be...except for the people who preyed on the ignorant and the people who willfully maintained their ignorance when signing for their enormous adjustable-rate loan.

If we let the bubble burst, then yes, housing prices will drop in the neighborhoods with multiple foreclosures. But guess what: People will buy those houses and renovate them!

(Also, when you buy a house, it's an investment. You're not guaranteed a return on that investment. If you are, then you have invested in a Ponzi scheme. After all, why do you think "housing prices always go up"? Because Congress was encouraging lenders to feed the demand.)

This "repair" plan is only there to bail out the predatory lenders. The homeowners will still be unable to pay their mortgages, and those of us who acted prudently will be paying more in taxes. Notice that this doesn't help any actual person. And it's all to avoid admitting that the bubble was caused intentionally and is now over.

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