To really be able to fix the housing market, we have to look at how it got so bad to begin with. Banks were giving loans out to people who couldn’t afford to repay them. That was, what I see, as the most detrimental situation regarding the housing market. Are the banks only to blame? Absolutely not. Those people who took those loans with little thought of repercussions also caused this mess. We shouldn’t be borrowing money so loosely and the banks should not have made it so easy. Regardless of cause and effect, we are in this situation and must find ways to deal with it. Sure, the $8,000 credit to first time buyers and $4,500 credit for second time buyers is nice and it makes it easier for people to buy their first home, but what about the people who are not first time buyers? What about people moving to different areas and those people who have already lost their homes? The government, as of now, has fallen into a bad routine: Throw some money at it and make it go away. These are short-term fixes to a long-term problem. By looking at this on a strictly monetary scale, we are not forced to look at our own accountability. We as Americans have developed this notion that the government should take care of us somewhere along the lines. More government is not the answer. To me, this is the easy way out. Besides, do we really want the government so involved in aspects of our lives they have no business being a part of? My worry is where is this money coming from? It doesn’t appear out of thin air. How are they paying for all this? Our deficit is getting bigger and bigger and nothing is being done to fix this. Are we taxing big companies more than is deserved? The Democrat way of thinking is if someone makes more money, they should... ... middle of paper ... ...o I offer a second solution: auto pay programs. We can let the lights be shut off, we can get our car repossessed, but most importantly, we need a roof over our heads. Paying rent and mortgages should be top priority. We shouldn’t be allowed to get 6 months behind. The bank could set up accounts where each month, the rent/mortgage is taken directly from their checking/savings accounts and then a statement of their activity will be sent to them. I know what you are thinking. What if there is not enough money in the account to cover the debit? I feel the bank should make the payment, or partial payment, and charge interest based on their payments. So what if someone never pays? Well this goes back to the bank’s accountability and making sure they don’t give out loans irresponsibly. Rule of thumb: Don’t make loans to people who have no money, no job, or no aspects.
Overdraft Loans (also called "bounce protection" plans): In exchange for covering account overdrafts, banks charge returned check fees per transaction. Some banks also charge a per day fee until the cons...
“The housing market will get worse before it gets better” –James Wilson. The collapse of the United States housing market in in 2008 was one of the most devastating moments for the world economy. The United Sates being arguably the most important and powerful nation in the world really brought everyone down with this event. Canada was very lucky, thanks to good planning and proper preventatives to avoid what happened to the United States. There were many precursor events that occurred that showed a distinct path that led to the collapse of the housing market. People were buying house way out of their range because of low interest rates, the banks seemingly easily giving out massive loans and banks betting against the housing market. There were
Concerning the debate on our economy, republicans generally believe strongly in the power of a free market system, reduced income tax rate, more spending from the people, and less spending from the government. The Republican Party wants the tax rate to not be affected regardless of how much wealth a person has, and wants the tax rate to be reduced in order to create more private spending. According to the Republican National Convention web site, republicans “believe government should tax only to raise money for its essential functions,” such as keeping citizens safe from criminals and maintaining basic infrastructure and national security (Barton). With this being said, taxes should not be increased, but instead decreased, to lead to more spending on the free market and less spending from the federal government. The money the government uses to spend comes from the taxpayers, and republicans believe that those taxpayers have the right to use their money in other ways, such as spending on the free market, or saving it for the future. In turn, the republican idea is that when the taxes on things are lower, the people will spend more, which creates a steady, stable economy. The Republican Party would like to see a de-regulated economy with less taxing and more spending.
...l immigration. We don’t care about how much revenue is generated; we care about how illegal immigration is sucking the life out of employment. Without low paying jobs available, unskilled workers are unable to work, to provide for their families, and are left to collect unemployment.
Our country is the country of, for, and by the people, and yet we aren't doing enough to help ourselves. More and more people are moving out of their houses and into the streets every day; people are getting addicted to drugs; men, women, and children are dying from violence. Yet we still insist on helping others. Obviously there are enough problems here for the government to worry about, and we are need focus on these problems which need to be solved.
The largest component of the bill was the $288 billion allocated to tax cuts. Businesses as w...
Some people might not agree that our own government has wrongful plans against us. Some will say, “the government is supposed to help our country.” But is that the case? Society should be prepared. With the gov...
The best way to solve this foreclosure crisis is preventing homes from foreclosing one house at a time. The American family needs a simple option to save their home. My solution is based upon the concept of the homeowner paying what they are capable today, with a long term solution for the homeowner to repay the entire debt eventually. If the homeowner can now afford to make the payments, then they can escape foreclosure, rebuild their pride, and be productive citizens.
The government of the United States of America is very unique. While many Americans complain about high taxes and Big Brother keeping too close an eye, the truth is that American government, compared to most foreign democracies, is very limited in power and scope. One area American government differs greatly from others is its scope of public policy. Americans desire limited public policy, a result of several components of American ideology, the most important being our desire for individuality and equal opportunity for all citizens. There are many possible explanations for the reason Americans think this way, including the personality of the immigrants who fled here, our physical isolation from other countries, and the diversity of the American population.
Thomas, 2011 I agree: our government is out of control. Our economic problems are mainly from “.bad policy decisions that have led to the rapid migration of American jobs overseas, the degradation of the American education system, and continuous costly wars” (King, 2011). The government may regulate businesses and literally the entire country, but who regulates the government? I think that it’s the responsibility of every American citizen to press their political representatives to fulfill their duties to represent and serve. That way, America’s money can be used in a more progressive manner....
Not since the Great Depression of 1929 has America experienced such economic chaos, job and housing loss. Perhaps housing loss was not as wide-spread then since there were fewer homeowners. The government supposedly put in measures designed not to let those on Wall Street cause the same thing to happen again. Yet, here we are some eighty years later in the same situation. It seems that history keeps repeating itself. The question is why? The answer is greed. Unfortunately, the question "how can we stop it from happening again"? cannot be answered in one definitive statement. Of course the solution to preventing home foreclosures is "prevention," which in itself comes with a lot of variables.
It’s hard when a home becomes a house: left with walls, stripped of memories. It’s disheartening when a family becomes a number: left with foreclosure, stripped of dignity. In 2007, over-extended borrowers began to default on their sub-prime mortgages; mortgages that increased as more and more families chased the American dream during the housing boom. The interest rates were “teasingly” low, but more detrimentally, they were variable. When mortgage rates were readjusted, homeowners found that they could no longer pay the upped monthly payments. Such sucked them in to the dizzying downward spin of heightened debt and negative equity. Such sucked them into the foreclosure crisis.
... main way to fix the foreclosure crisis; education. A concentration on education doesn't mean spend more tax dollars on public schools. I mean increase the quality and target of the curriculum in the schools that do exist. Americans learn of Paul Revere but do they know about Louis McFadden. We learn about capitalism and democracy but do we know how it is sustained. Do we teach and require from ourselves and our children the common sacrifice needed to maintain our way of life. Do we know and understand our rights, not in some superficial manner but in a substantial internalizing way. I think if we did, we would be greater demanders and defenders of such. Property, due process, legal vocational pursuits, and contract rights are such that if not protected, will not only foster more and deeper foreclosure and financial crises, but could end our democracy as we know it.
All over the United States, the housing bubble has burst. Particularly in the Northeast Ohio, area where I reside the affect is quite apparent. Declining housing values, vacant homes, and vandalism harm cities and school districts that all depend on the property tax revenue stream. As a former community development director and real estate agent, I have firsthand experience in the housing arena.
Ronald Reagan once claimed “government is not the solution to our problem; government is the problem." Over time history has been able to back up what Reagan once asserted. In a nation rich in history such as the United States, it is easy to go in either direction with this debate yet the state of the nation usual depicts which direction the people choose. A time such as now, where our great nation has been less fortunate in its last decade yet has found a way to climb out of the dust, it is a perfect time to debate on such a topic. Looking back on the past 80 years, history has many points in which exposes the flaws in our government making it a problem.