Is this really a mortgage Crisis ..?

Question

Ok , I don't think it is a mortgage crisis we are under , I think it is a government stupidity crisis ..Because our government has allowed the price of oil and the price of gas to go so high ..And has not done anything to drill for oil in our own country ..We have a mass crisis ..So because the consumer has to pay nearly triple what the price was 4 years ago ..And food prices are soaring as well ,and also the price of clothing and other needed items ..People are left with tough choices , pay for food and gas to get to work , or pay for the mortgage ..Am I right ..

Answer 1

the cause of the mortgage crisis believe it or not are the real estate investors that flip houses for profits.

Answer 2

It is not all the government's fault. The price of oil going up is mostly not the govt's fault (the war in Iraq and angry relations with Iran have caused some but not most of it).  (Some of it is their fault, and yes they should have some blame, but they can't be blamed for all) Can't blame all of it on the government.  Its not a perfect government and I do NOT like Bush, but the cause of high oil prices comes mainly from high demand for gas from China, India, and other countries and speculators have played some role too in getting oil prices to be high.

Should we regulate speculation?  That's controversial.  And many economists believe it wouldn't work...and besides I don't know if the government would do an improved job at controlling prices.

Let me go to the mortgage crisis.  It is a problem, I agree.  Its an awful problem.  However, there are two sides to it.  One side is the mortgage lenders- they fooled (fraud actually) people into buying mortgages and setting up high rates while some others just gave away mortgages to people who can't buy them.  Some people bought them (too many people bought mortgages) and couldn't repay them.  So that was why the mortgage problem happened.

No, we should not drill for oil in our own country.  It wouldn't affect gas prices a lot.  Nor should we depend on oil anywhere- we should use alternate energy; it may take some years, but we already started with incentives for it and it lasts much longer than oil (much of it can be infinite) (renewable like wind and solar).  Couple of reports (2) by the US government- White House agency- that drilling for oil won't affect gas prices much (domestic drilling in USA):

http://www.eia.doe.gov/oiaf/aeo/otherana...

http://www.eia.doe.gov/oiaf/servicerpt/a...

Hope this helps. And yes Im pretty unhappy with Bush and how things are, but I believe that much of the problems came from non-government groups/persons.

Answer 3

Pssst...

We do not live in a Communist/Socialist country yet.

Our government does nothing to control the price of gasoline.

Answer 4

houses are overinflated now and the prices will recede with time.

Answer 5

What is a responsible home owner doing with bragging rights when their home could be taken away by a natural disaster.

Answer 6

The high price of oil is not the fault of our government.  It is the result of high demand from developing economies, mostly China.  Expanding domestic supply will do little to alleviate the price increase.  The increase in food prices has the same cause, plus some short-term weather patterns that reduced worldwide supply.  Also, the price of clothing has actually gone down, not up.

Answer 7

No it is borrower stupidity.   Never in the past has a homeowner put their home in jeopardy.  Today people use their home equity as an ATM machine.  Taking second mtgs and equity loans to purchase throw away items.  Vacations, cars, charge card bills and such.   Responsible homeowners are not in crisis and in fact are not feeling the pinch at all.

Just wish people would stop looking for a scapegoat for their problems and accept the responsibility of their own s***w ups