Our friends at VBDems, especially Eileen, love to lecture all of us about how we are wrong, not smart and have no clue. She likes to point out how wrong on everything we are.
Now, one of my main concerns with liberalism is their sense of entitlement. They believe that everyone should get everything regardless of little things like cost and economic impact. They have the “But I want it, so I should have it” mentality... like a teenager.
Not long ago Democrats whined and cried that people with low incomes and bad credit could not secure home loans. They got their way and now we are seeing foreclosures at a record rate on people who, say it with me, have low incomes and bad credit. Now, I can not imagine anyone who is smart and ‘knows everything’ would ever buy anything they could not afford, right? Apparently not.
In her post entitled “Congress is Missing the Point”, our friend Eileen goes on and on about how Congress is not working hard enough to bail out those who over bought houses out of a sense of entitlement. She is mad that high risk loans of people, who say, have a sub prime credit rates and don’t make enough to afford a house that is over $300k, are expected to pay for those houses.
Well, at least no one at VBDems would ever do that, right? I mean no one is dumb enough to over extend themselves at a rate of anything over 7% right? Of course NO ONE would ever buy a house at a rate higher than a credit card, right?
Eileen on 16 Nov 2007 at 8:07 am
In July 2008 my $125,000 loan (12.75% interest) on the home I purchased last year for $325,000 (assessed this year at $320,000) balloons. My plan is to continue cleaning up my credit rating which got me into this mess in the first place, borrow money from my dad or Paul’s mom at some point closer to when I have to refinance so that I can show a new non-subprime lender that I am no longer the risk, and hopefully get a 30 year fixed at a reasonable interest rate. What I have now for some reason is entirely in my name and based on my income (although that income was never verified). That should have been my first sign that things weren’t on the up and up. Paul makes more money than me, we have the twin credit ratings, and he has the much more solid employment. I still haven’t figured out what was up with that?! (Emphasis by me)
When a reputable lender says no, there is a reason. Also I recall when Eileen was equating one's worth to their income we learned she made around $35k... $325k house loan based on $35k/year... nah, why would that be bad? ugh.
Oh, and here is my favorite part. When you got that over-priced-scam loan for your house, and then the value went down, did you take a moment to look at the return address on the envelope? Hmmm, where did that new assessment come from? Your boy, Phil.
What have we learned today? If you can’t afford a $325k house, don’t buy one. I want a Corvette, but if I buy one and can’t make the payments, should I look to Congress to bail me out, AND let me keep the car? In La-La-Liberal Land I can!
ST_PID...Can I buy a vowel?
BTW: Any time I comment on VBDems, it is deleted. Just pointing that out. I would have commented there about this, but I am moderated out of the 'opned minded' web site over there.
Screen Shot of Eileen's comment in case she “accidentally" deletes it.
UPDATE: This post was published but then removed at Bearing Drift.
UPDATE 2: It is back up at Bearing Drift.