Reply #11: Loretta Eue needs to be smacked upside the head... [View All]

[CoffeeCat]

Loretta from Radcliffe has truly sucked down the Kool-Aid hasn't she?

She's a "homemaker". Ok, so am I. That's no excuse for total ignorance. The woman needs to turn off Fox News.

For starters--"the tax relief that he gave people with children really helped a lot." The tax relief didn't amount to much. What we've paid in increased property taxes (due to Federal cuts in state services) and rising gas prices is pretty much equal to the "tax relief" our family experienced. Bush simply cost shifted.

Yes, there are tons of houses being built. However, most (but not all) people are financing these McMansions with INTEREST ONLY ADJUSTABLE RATE MORTGAGES. If people financed these homes with a conventional 30-year fixed rate, most could not afford them.

You can borrow $400,000 and pay only $800 per month. That's not smart. It's certainly not a sign of a booming economy.

Also Loretta's comment, "and people are buying furnishings for them and spending like wild." YES!! Because they're using their 17 percent Younker's and Visa cards to bankroll their expensive brickabrack. The average American has $20k in credit-card debt. It's false wealth in most cases.

What happens to these people when their interest rates rise on these people carrying ARMs? Suddenly, a $800 payment becomes a $2,000 payment. New rules by credit card companies will increase monthly payments, for some, by several hundred dollars. Many, many people are going to see reality hit them in the face. What will they do when they can't declare bankruptcy? We're looking at the possibility of severe economic pain for many.

Many people in this country, are living on borrowed time (and credit). This is not a sign of prosperity! It's certainly not a sign that Bush is a good president.

Wake up Loretta Eue!