Posted by
rycK on Tuesday, October 14, 2008 12:58:15 PM
California Crashes. The
Politicos Call for more Regulation and More Government.
From the
Sacramento Bee, a leftist stoogery for ‘journalists’ and other leftist or Communist
flotsam has produced some interesting analysis of the basic problem in California’s economic crash:
“In high-priced markets like California's, these products
[those things that increased salaries
and profits] allowed people to buy expensive houses with little or no down
payment and little or no documentation of income and assets. They allowed borrowers to defer payment of principal and
sometimes interest with adjustable-rate loans. These loans, which
began with low monthly payments that ballooned later, gave the illusion of affordability. These loans
allowed people to buy more expensive homes than their incomes and credit
histories would indicate.
These loans also had the effect of
driving already artificially inflated home prices even higher. What was once a
$150,000 home became a $400,000 home, though nothing had changed – except the
ability of lenders to use a higher-cost, exotic mortgage to qualify a borrower
for a home price above their means.”-- Pia Lopez:
The party's over; now comes the big cleanup. plopez@sacbee.com.
[Emphasis is mine in all quotes.]This link references all
quotes in this essay unless otherwise stated.
California should require mortgage servicers to file
monthly reports on loans, including loan modifications and foreclosures. These
lender-specific reports should be made public.”
What ‘modifications’ are these? You want lenders to ‘modify’ their mortgages
[read take a big loss here] and skip foreclosures? Yes, you do.
“But he – and many
lawmakers– first must get their heads out of the sand. Californians threw the
party that created this headache. Now they can't just dump all the
responsibility for cleanup on the feds.”
Where are the tax hike pleas? You want lenders to put out detailed
reports on loans so you can what? What about the budget and bond issue? Make
new laws that strangle them with the regulations they complained about in the
first place? What about CRA? Does that stay in?
Did you know that there are 5 million phony mortgages held by Illegal Aliens [read mostly Hispanics in California]. Did you know that Pia?
From earlier in this
screed:
“Through its lack of
appropriate regulation, California has contributed a
disproportionate share to the housing meltdown. The state has a responsibility
to lead in providing a fix.”
Notice that the only thing mentioned here is government
regulation, bigger government and more regulations? Give the illegal aliens a
free house, free loans to spend to build up some phony ‘credit’ history, make
more purchases and take the loses on the mortgages by being a good citizen?
Yes. Isn’t this like giving some Market Street sot an extra bottle of Tokay until his head clears and realizing
that drinking is his major problem?
That is an example of the lunacy in California. Get the hell out of that phony containment facility for Idiots.
These people are
crazy! Don’t even visit this social
latrine as you may catch more than just AIDS. If you live there—get out!
rycK
Comments
to: ryckki@gmail.com
New York and California Descend into the Financial
Maelstrom. Raise Taxes!!http://rycksrationalizations.blogtownhall.com/2008/10/08/new_york_and_california_descend_into_the_financial_maelstrom_raise_taxes!!.thtml
"Their
economic demise has been predicted by this author.
California has no
future as an organized society.
California is a freak show. San Francisco is now the model for the Ultimate
Utopia.New York is a similar ugly sister at the
dance, festooned with similar social warts and open sores. California is merely a containment facility
for perverts, losers, illegal aliens and those who must deal with the vermin in
their midst or flee the state. To save the planet, both of these states have
enlisted hoards of unwashed and screaming EcoNazis who ‘teach’ us all that we are going to
fry in a sauna bath that is a result of anthropogenic CO2 in the
atmosphere. Europe is now a sticky cluster of
drooling socialists who huddle in the shadow of the old Stalinist Empire,
wallow in fear and now must grovel before Sharia Law and indecision. These citizens,
who managed to truncate and confound their gene pool in two world wars by
selecting the alphas and killing them off in
the mud and trenches along with a nifty
extra 100,000,000 dead bodies from political cleansing, left the physically and
mentally inept (along with low scoring deltas) to procreate losers to guide us toward
oblivion. The social flotsam now
populates the government ministries and celebrates the wild screeds and foamy
fears of the idiots who now dominate the Green Party. The best example of this kind of
Reverse-Darwinist genetic mistake is the English Princeling of Wails, or Flop
Ears the Dolt. He
knows how to lose. Today, their banks have collapsed.
The Islamo-Fascisti
may take over for the simpering Brits who lost control of their senses."