“Wish You Were Here”
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- August
- 5
I almost like this cartoon, although the drawing didn’t come out of my pen quite the way I intended it. On a related note: Is it just me, or does anybody else think that whoever coined the term “staycation” should be subject to enhanced questioning while locked up indefinitely and without charge in Gitmo?
This entry was posted
on Tuesday, August 5th, 2008 at 6:38 am by Matt Davies.
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Totally agree, dotcomrade.
This one made me feel very sad. You did a great job on it though.
Yeah, sad was my first reaction, too.
Matt – only if we put in the same cell with the guy who coined “coparazzi”
It is sad but what about the other side of it. The people
who took these loans with a variable rate knew that their
mortgages would go up. Buying a home is the single largest
purchase a person will make. Make sure you do the numbers i say. These people have to share some of the responsibility
for this problem. Now with this bail out coming it seems
once again we are rewarding the irresponsible and at the same
time we are going to punish the responsible tax payer.
This was a great cartoon, but I think you’re being a bit harsh on the staycation wordsmith.
_“The people who took these loans with a variable rate knew that their mortgages would go up.”_
Really? I don’t think so. This country has a serious case of Attention Deficit Disorder. It starts with the Average Citizen and goes all the way up to our leaders, who can’t seem to plan any farther out than “the length of their term of office.”
Along these lines, I think people who took out their mortgage weren’t quite able to grasp the concept of their house payments going up in “the distant future,” someone needed to do it for them. They wandered into a mortgage broker’s office and said, “I need to buy a house, but I don’t have enough money to make the payments!” In the old world order, some adult would’ve told them, “Sorry, looks like you have to keep renting,” but in the new world order someone saw dollar signs and said, “I can get you into your home for $1200/month with this Exotic Mortgage Product. Oh, just watch out 5 years from now when this thing adjusts. And don’t forget that property taxes will go up. But don’t worry about that now!! You can probably refinance!!”
Old world or new world Richard who cares. What it goes back to is people being responsible for their own actions which
is lacking in this country. one of the many reasons this
country is going down the toilet. Let’s blame someone else
right? People MUST know the difference between a variable and fixed rate. They MUST know that a variable rate will go
up. They took the lower variable instead of the higher fixed. Guess what they gambled and lost. Don’t worry though,
the responsible tax payer will bail them out as usual.
Add “choreplay” (when a man does chores around the house to get his wife in the mood) to the list. If a guys breaks out the word “choreplay” he is not likely to see any action again. Ever.
What’s that got to do with this subject Talitha?
Bulldog, I think Talitha is responding to the irritation I showed at the top of the post with annoying neo-words, like “staycation.”
Bulldog I really think the housing market crash had more to do with everyone wanting to make a buck by offering loans of hundreds of thousands of dollars to people with credit scores of less than 600 and minimal job/rent experience. My x was a loan officer and I saw him give a loan to a 19 year old girl with NO rent experience and 6 months job experience and a 800+ credit score only because of her father. Of course he lied about her past on her application, and do you think the bank doubled check her references?? NOPE! Everyone’s just trying to make a buck.
Nevertheless I loved the cartoon- “Showoff”
o.k. Matt i understand now.
Nokaoi, This is why most loaners have co-signers for these
things. The 19 year olds father should have co-signed for
the loan and now he is responsible for the debt. If this is not the case we are all in trouble.
There is far more to this mess than the people who took out the loans. Yes, people should take responsibility for their own actions, and that should also include the mortgage brokers who sweet-talked some less sophisticated consumers into loans that they knew were impossible for those consumers to pay back. They did this without worrying about such trivial matters though, as they knew that the loans would quickly be bundled and resold to investors long before the adjustable rate kicked in and made the mortgage unmanageable for that consumer’s income level. Additionally, the individuals that rated the bundled mortgage investments didn’t do their research properly – or turned a blind eye – as they were rating questionably procured, junky, ticking time-bomb loans as low risk investments. These were sold to institutional investment houses, who borrow money from real banks which they invest in things like junky mortgage funds – And that’s where the collapsing banks come in!
As usual, it was just another case of lots and lots and lots of human beings being a little too greedy.