Chase automatically refinances morgages

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But Beet! The story of housing is massive, catastrophic deflation!  This is precisely what has collapsed the economy.  We need to reflate house prices, by having the government take over the mortgage market.

But the problem is how do you turn it off so you don't overshoot?  If we "nationalized" mortgage debt tomorrow people that want to buy a house a year from now would want the same deal and which politician is going to say no?  Then we are right back to where we started.  Easy money sending house prices into the stratosphere.  The problem is the US economy is too heavily based on luxuries... the real problem is 99% of Americans don't even realize it.  They honestly think it's reasonable to own a four bedroom house in the suburbs with an SUV and full sized car parked in the driveway and a flat panel TV in every room.  You do not see that level of rampant consumerism in other countries and it is ridiculous that the average person regardless of party thinks the government should implement measure to perpetuate that kind of nonsense.  Look at gas prices.  People moan about them but I don't see young stay at home moms zipping around in Toyota Yarises.  No, they want Obama to make gas $1.50 a gallon and drive around in a suburban or SUV.

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The problem is the US economy is too heavily based on luxuries... the real problem is 99% of Americans don't even realize it.  They honestly think it's reasonable to own a four bedroom house in the suburbs with an SUV and full sized car parked in the driveway and a flat panel TV in every room.  You do not see that level of rampant consumerism in other countries and it is ridiculous that the average person regardless of party thinks the government should implement measure to perpetuate that kind of nonsense.  Look at gas prices.  People moan about them but I don't see young stay at home moms zipping around in Toyota Yarises.  No, they want Obama to make gas $1.50 a gallon and drive around in a suburban or SUV.

It is precisely reasonable and necessary, Link.   We need to make sure that all workers can live in this style, by reflating their incomes as well as their borrowing capacity.  If every adult male made a proper 'union wage' of $35-50/hour as was the case during more reasonable economic eras, and bought three cars, a four bed-room house with pool, a second house at the lake or shore, a boat, and sent 2-3 children to university, we would have no problems about recession or - more crucially - long term social problems.

opebo the average union worker lived in an modest 3 bedroom one bath house, had maybe one car, and perhaps a TV.  They did not have two gas guzzling SUVs, flat panel TVs everywhere, broadband, laptops, desktops, ipods, ipads, xbox 360, home theater system, go on a cruise every couple of years, and send their kid to a $50,000 year.

Here are the facts...

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You know if we all lived in domiciles half the current size and dumped all the expensive tech, ate out less, downsize to one car tops, and refused to spend $50K/yr for each kids college... sure, I'm sure a lot of us could afford a lake house... a half size lake house.

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Well, Link, we should really use the years around 1969-1973 as the benchmark because that was when the American worker reached his peak of well-being.

Cherry pick whatever year you need to to make your point.  It doesn't change anything...

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And I think our primary focus should be on removing the powers and privileges of the owning class rather than being too concerned about 'excessive consumption' on the part of workers.

No one is putting a gun to anyone's head.  When at&t told me an outdated iphone 4s would cost me $200 plus some ridiculous amount a month for two years I balked.  I opted for a free phone with a discounted plan.  Plenty of sheepeople opt for the iphone 4s.  Why should the government get involved?  It's not the government's responsibility to cause class warfare simply to provide iphones to idiots that don't know how to budget.  The owning class is getting weatlhy partly because of the stupidity of the workers.  Apple does not become the largest company in the world because they sell to rich people.  Go to all those coffee shops for "broke" hippy students and you will see overprice Apple garbage everywhere.  How is that the fault of the "owning class?"  And why should the "owning class" be penalized if the buy apple stock instead of an apple phone.  My mom and dad make six figures.  They do not own iphones.  Why should they subsidize some college student's luxury phone?

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No one is putting a gun to anyone's head.  When at&t told me an outdated iphone 4s would cost me $200 plus some ridiculous amount a month for two years I balked.

Yes, they are.  Our society is built on coercion.

My how times have changed.  When Hoover ran for president the slogan was "a chicken in every pot."  Now we have people saying, "an iphone in every hand."

My mom and dad make six figures.  They do not own iphones.  Why should they subsidize some college student's luxury phone?

This isn't really relevant to the discussion, Link.  One mustn't get to bogged down in this fantasy of 'individual people' and consider more the structure and operation of society as a whole - as a system.

That said, I don't even know what an 'I-phone' is.

If you don't know what an iphone 4s is then why are you arguing that it is reasonable for broke people to clamor for them... and more importantly why are you arguing the US government should facility or accommodate that activity?

Anyway my family and I are not a "fantasy."  It is possible for everyone to make a household budget regardless of their income.  If people can't budget then instead of having the government intervene so they can spend recklessly why not have the government intervene to prohibit them from buying.  They already do it for some things when the average person doesn't have the cash.