i think that being pilloried is a little too harsh.

i think that being pilloried is a little too harsh.

Jason,
I could not agree with you more.

I think that the Libertarian Party could gain a lot more traction if they made free market capitalism their primary message (instead of worrying about anti-sodomy laws and like matters).

I read the quote as Dobbs complaining about how those who claim to be "free marketeers" are now asking the gov't to bail them out. I read the article & came to the same conclusion. If that's the case, then he's right to call them "hypocritical."

And the Bush Administration has had a role in the mortgage crisis. Back in the late 90s, if you were getting an FHA loan, you were only required to put 3% down. Didn't Bush continue that trend for several years while pushing for more minority home ownership, ultimately resulting in increased gov't-backed loans?

I disagree with Dobbs on a lot of things, like corporations have a duty to the "community." But I totally agree with him on a couple of points.

One is that Dobbs wants the illegal immigrants out.

The second is that he believes lobbyists to be the scumbags. I would agree.

As a realtor I believe I can speak with some authority on the subject of mortgage problems in America and as the father of and father-in-law of mortgage lenders and realtors think I have been informed of the problems within the mortgage industry also.
The mortgage implosion in America is not political,economic and but for a very small number of isolated case's ,criminal. It is EDUCATIONAL. Its a good thing the government controls what is taught in the public school system because if they were allowed to teach American History and included the truth about what Washington has done over the past 60 years even the students of today would probably want a revolution.
In our society we have allowed too many politicians,educators,and "rights" activist to propagate the belief that in our culture all are entitled to an equal "standard" of living . We are not all entitled to equal "standards" we are all entitled to the rights granted by law of an equal "opportunity" to pursue what ever standard of living we so desire.
During my career with the airlines and because of the flexibility of the hours I worked, I always worked a second job usually 4 to 6 hours a day 6 days a week.
Would not those extra 24 to 36 hours a week entitle me to a higher and better standard of living with the ability to purchase more of the products or better products than that of someone who chose to work only 40 hours per week?
I did not pursue a higher education when I was young ,thus my inability to be as grammatically correct as some of the site participants,but I never aspired to be a writer. I knew to achieve a better standard of living I would have to work twice as LONG and hard as those whose CHOICE afforded them a better wage for their time.
I did learn the value of a dollar,the value of time,and how to utilize both to my advantage.
We have allowed too many in America to think that because I have they should have. Because you have more than I have I am entitled to some of yours and politicians learned if they would rob "you/me" and give the bounty to "they"
then that would allow the politicians to always have "they" putting them back in office.
Pardon the rabbit chase.....The problem in the housing/mortgage business is buyers,not all as there are circumstances that sometime enter into a persons personal financial situation that are unavoidable,but many if not the majority of buyers,even when informed that a "balloon note" will come due in 3 to 5 years and it will double maybe triple their house payment do not care. What they want is the house they can afford today and have a "we'll worry about that when the time comes" attitude. They want it and they want it now.
We have never left the closing table without informing the buyer BEFORE they sign the closing statement of what they are agreeing to and how much it will cost in the future.
Being informed of the terms most can't see past getting the key and garage door opener to their new "money pit".
We have actually had purchasers leave the closing table who have written their down payment check have a balance of 10.00 in their checking account and proudly announce that due the stress of purchasing a new 180k home with a combined salary of 60k per year that they are pregnant , the wife is quitting work but they are "going to DISNEY" for two weeks .....aren't credit cards just wonderful.
Regardless of how you spin it folks it is all about choices...
As for my tax dollar bailing out Freddie and Fannie I want some of the CEO's 19.3 million compensation package before that takes place.....
and as soon as I finish this tirade I am going to be on the phone to Shambles and Isakson to ask they resign as both have milked us long enough but if not to at least oppose bailing out PRIVATE industries that pay their CEO's 19.3 million a year.
On an ending note I have had buyers purchase homes with nothing down and are still making their mortgage payments as well as buyers who paid 30% down are are now calling wanting to just get out from under the mortgage without sinking their credit.
No matter who you want to blame I have never had anyone who came to the office and said "George put a gun to my head and said he would pull the trigger if I didn't buy a house that you AND the lender said I wouldn't be able to afford in three years". I am not going to be sued because someone is uneducated and does not understand the basic principles of supply and demand in the housing industry. It goes like this..."if you want my house and agree to pay me X number of dollars for it then you don't pay I am going to take my house back from you".
When you think about it there is not really a lot of difference in house or car financing yet you don't see the outrage when somebody's car gets repossessed and there are a lot more cars repossessed than houses.mmmmm Maybe Shambles could look into that. Just think of those who now have to take public transportation because their ride got repossessed. Besides in the automobile business you can go "buy" a car without paying anything down and they will give you a thousand bucks.Now that's a deal....Car salesmen wouldn't lie would they?
Don Henderson

People are over their heads on credit because they're stupid, yes. But don't say that politics didn't play a role.

Having FHA-backed loans, made available with only 3% down, was a mistake & put the taxpayers on the hook for a lot of homes that would otherwise have not been built. Bush continued this trend from Clinton.

This is only one factor of many that caused this problem.

Once again we will have to disagree Danny. People are not over their heads on credit because they are stupid they are over their head because of ignorance. Most have never been educated about simple interest ,compound interest, the rule of 70 nor many other financial rules that should be learned in school.
Having an affordable and price competitive product available for the consumer is what drives the market based economy.
I feel that government backed student loans are a mistake and put me on the hook and there is no product to foreclose on if the borrower defaults.
As for many causes of people being in dire financial condition there is but one cause ,unless catastrophic conditions caused it, accountable. For too long citizens both juvenile and adult have not been held accountable for their actions.
Irresponsibility does not began when someone buys a house it begins in childhood and unless corrected will continue into adulthood.
Just because you maybe an alcoholic should booze makers be outlawed? I bet you think that McDonald's and Burger King are responsible for obesity in America.
I have many clients and customers alike who have bought 100s of houses at 3% down and are very happy and RESPONSIBLE with their finances should they be denied the opportunity to purchase a home because there are many who are not responsible? I think not.
And you who are calling people stupid are you not the same person who said I was judgmental? You with your superior public high school education? You can't have it both ways bubba.....nuff said.

"And you who are calling people stupid are you not the same person who said I was judgmental? You with your superior public high school education? You can't have it both ways bubba.....nuff said"

You just can't make a point without trying to take a cheap shot, can you? You're probably a John Douglas supporter. Where's he been by the way?

Their ignorance is caused by their stupidity & laziness for not educating themselves before making a six-figure purchase. Just because someone isn't "educated" on a subject by someone else isn't an excuse. Educate yourself.

Again, I agree with your points that are off-subject, but the Bush Administration did play a role in the mortgage mess by continuing the low down payment amount required to get an FHA loan.

Please Don, with your "superior" whatever it is that you have, how am I the one asking to have it both ways? And what are the aforementioned "both ways" you reference?

One guy PAYS his bill in full & leaves no other parties responsible. The other, the "ignorant" you refer to, BORROWS the money & leaves the taxpayer ultimately responsible to pay the bill.

See the difference? But please, jump on me about my gov't education some more. Oh yeah, I'm far from a "bubba" too. Get it right next time.

Oh, and what did I tell you about using the phrase "nuff said"? That's, bluntly put, stupid in my opinion.

You know Danny you can always tell a democrat you just can't tell them much.
Don
PS
of course I support John ...why wouldn't I?

Don, of you think I'm a Democrat then you're sadly mistaken.

My reference to Douglas? You're a name caller, just like him. You talk a good game but continually fail to back it up. You're the type of person that would follow him.

PS
Thanks for failing to answer my question to you.