Congress tackles the doom -- Consumer...

Congress tackles the doom -- Consumer Confidence, Long Island, ...

There are 15 comments on the Newsday story from Apr 6, 2008, titled Congress tackles the doom -- Consumer Confidence, Long Island, .... In it, Newsday reports that:

Foreclosures. Plunging property values. Credit crunch. Meltdown, bailout, recession.

Join the discussion below, or Read more at Newsday.

s carton

Woodbury, NY

#1 Apr 6, 2008
They are better off walking away and renting. The problem isn't sub-prime mortgages it is overpriced homes. A bail out will just prolong the inevitable. Trying to prop up home prices is like pushing on a string and a waste of taxpayer dollars.
tax and spend newsday

Shrub Oak, NY

#2 Apr 6, 2008
of course newsday's in favor of intervention. what's a few more dollars to the tax and spend happy newsday! there is no end to the things newsday wants to spend tax payer money on. that's why they are always in favor of any tax increase ever purposed. they need the money for their fairness agenda. you'll notice most of the forclosed homes are in minority communities.
THE FRITO BANDITO

Port Richey, FL

#3 Apr 6, 2008
What exactly is congress taackling? All Ms. Pelosi wants to do is tax us into submission and give everything away to the illegals. She even wants to tax our pensions, 401-K's, etc as a windfall. But they make sure they get their slice of the pie. Remember this when you vote this Nov. They should be arrested for mal-feasence. How fast this country is going down the c-r-a-p-p-e-r.
bill

Baldwin, NY

#4 Apr 6, 2008
Lets make sure any help ,especially from THIS CONGRESS doesn't include ILLEGAL ALIENS ! The Bank of America has given thousand upon thousands of mortgages to Illegal Aliens (along with credit cards) and I do not want to see any more of my tax money spent on them . They almost got away with giving them the rebate checks and will defenitly pay their mortgages for the Hispanic vote !! Watch your back !!
Rob

Bronx, NY

#5 Apr 6, 2008
So let me get this straight, Banks and brokers that have made $ billions in fees and payments are losing money on not doing their home work and lending money to people who obviously could not pay it back. People who knew they could never afford their mortgages but gambled that the increase in housing prices would give them a nice profit are losing money.

Who is suppose to pay for these peoples mistakes? Those of us who have not spent above our means who have done the right things and live in houses we could afford.

Why is it we are suppose to spend our hard earned money to help banks and those who made bad investments? Do we ever get to share in those $ billions that they have made? Of course not! Will the CEOs who have made $ 100s of millions have that money taken away from them for letting this crisis come to past? Will we blame the heads of the government financial bureaus who were caught completely unaware of what was occurring? Of course not.

Once again we are being asked to pay for those who made mistakes and have profited in the past. Of course we are being told that this is really for our own good! Where does it all end?

“Use the Force.”

Since: Jan 08

Amityville, NY

#6 Apr 6, 2008
tax and spend newsday wrote:
of course newsday's in favor of intervention. what's a few more dollars to the tax and spend happy newsday! there is no end to the things newsday wants to spend tax payer money on. that's why they are always in favor of any tax increase ever purposed. they need the money for their fairness agenda. you'll notice most of the forclosed homes are in minority communities.
Actually, what I personally noticed was that most of the foreclosed homes are in poorer communities. Which amounts pretty much to "noticing" the obvious.

Oh yeah, and I "noticed" a very long time ago that poor areas tend to have more minorities living in them. Revelation city!

If there have to be taxpayer-funded bailouts of any sort, they should be for famlies, not banks and businesses. But that would require a government that actually cared about citizens over corporations. Maybe some day we'll wake up and get us one.
s carton

Woodbury, NY

#7 Apr 6, 2008
Noticer wrote:
<quoted text>
Actually, what I personally noticed was that most of the foreclosed homes are in poorer communities. Which amounts pretty much to "noticing" the obvious.
Oh yeah, and I "noticed" a very long time ago that poor areas tend to have more minorities living in them. Revelation city!
If there have to be taxpayer-funded bailouts of any sort, they should be for famlies, not banks and businesses. But that would require a government that actually cared about citizens over corporations. Maybe some day we'll wake up and get us one.
Like I said before they should walk away. Renting is cheaper than owning right now. Of course, not owning prevents you from taking out equity for the new cadillac escalade. See the problem and what caused it?
Enough

Brooklyn, NY

#8 Apr 6, 2008
Leave it to Newsday to propose, another government handout. What we need is for government to get smaller not bigger. Stop taking the hard earned money from responsible taxpayers who lived within their means. It is hard enough living on long island with the tax burden and cost of living here. Many of us work long hours at multiple jobs. Both of our spouse have to work to live here. What is our reward for all our hard work, increased taxes with our hard earned money given to speculators and people who have taken ill advised risks and lived beyond their means. Working 80 to 100 hours a week used to have its rewards, now its reward is higher taxes.
LI overrated

Greenwich, CT

#9 Apr 6, 2008
LI has multiple problems:
1. Over priced and over taxed homes.
2. Low paying jobs. If you do not work for the county, LIRR,LIPA,or a school teacher, you are screwed. Private industry is about 20 years behind in salaries. That is why so many people travel into the city to make a living. Just look at the job ad's in Newsday. The companies want to know how much you want to make before you you get interviewed!(salary history, requiements). You cannot buy a $400,000 home working in
Walmart!
3. Overrated school's. LI has better school's compared to who and what? NYC?NYC school's are messed up because they pay the costudian's more than the teachers.
4. Too many celeberies who overshadow everyday hard working people.
5. Overpriced utilities,etc. I could go on forever...
darker

Bronx, NY

#10 Apr 6, 2008
Can we expect those "poor" Republicans in Washington DC to control ANYTHING at all in their government? They're they ones who said, "government doesn't work.". Then they went to Washington DC and MADE SURE IT DIDN'T. And they didn't work.

The working and middle class Americans are losing their shirts supporting and bailing out the profiteering "nanny state " for the rich & corporate welfare queens."
"Enjoy".
Teddy R

Pomeroy, PA

#11 Apr 7, 2008
Contact your reps http://www.narfeny.org/ny_congressional_deleg...

Just say NO BAILOUTS WITH TAXPAYER MONEY!

These greedheads (the predatory lenders, banks, REITs, hedge funds) need to go down hard, or we'll be right back in the soup again within a decade.

Make no mistake - Chuck Shumer and Nancy Pelosi are leading a bailout of the rich rapists here, and dressing it up as 'helping out the poor little guy' as political cover. And they're going to take money away from responsible taxpayers to do it - forcing the responsible to subsidize irresponsibility.

Just say HELL NO.
Ban Everything

Wantagh, NY

#12 Apr 7, 2008
Fact is, had home prices continued to rise, you would not hear a thing about so called 'sub-prime' lending.

Let's go into business writing loans to people who we know can not pay!

I don't think there will be many takers, and that question tells me the 'problem' did not arise from a lender who had a hidden dream of going bankrupt.

Both lenders and buyers gambled, plain and simple. Kind of the same way you gamble with your 401k. I suspect if stock values decreased to 10% of their present value, we would all hear about the 401k contribitors who were taken advantage of.

On the other hand, falling prices is not necessarily a bad thing. And paying off a loan on property which is no longer worth the loan amount is exactly what you do when you finance your new car. It is not necessarily a bad thing either.

Both become a very bad thing when you cannot AFFORD TO PAY THE LOAN.

And there lies the seeds to the problem.

mlk

AOL

#13 Apr 7, 2008
It is the fault of congress that we are in the mess. They demanded for 20 years that banks make it easiser and give mortgages to minorities and immigrants.
Stop the spending

Newark, NJ

#14 Apr 7, 2008
Ban Everything wrote:
Fact is, had home prices continued to rise, you would not hear a thing about so called 'sub-prime' lending.
Let's go into business writing loans to people who we know can not pay!
I don't think there will be many takers, and that question tells me the 'problem' did not arise from a lender who had a hidden dream of going bankrupt.
Both lenders and buyers gambled, plain and simple. Kind of the same way you gamble with your 401k. I suspect if stock values decreased to 10% of their present value, we would all hear about the 401k contribitors who were taken advantage of.
On the other hand, falling prices is not necessarily a bad thing. And paying off a loan on property which is no longer worth the loan amount is exactly what you do when you finance your new car. It is not necessarily a bad thing either.
Both become a very bad thing when you cannot AFFORD TO PAY THE LOAN.
And there lies the seeds to the problem.
You are absolutely right, people signed up for loans, and now can't afford to pay for them. Meanwhile congress in an election year sees an opportunity to buy votes with taxpayer money, and we all know that congress does not hesitate in spending other peoples money. So we on long island are now saddled down with high taxes and fees from local, state and federal levels. With the high cost of living on long island we will now have to work longer hours if we can get a job which offers us overtime, in order to make it through this crisis. I think it is about time our governments start to be judicious in their spending and eliminate the screw the taxpayer mentality they have developed.
Kali

London, UK

#15 Mar 26, 2014
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