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There was a time when I would have thought the first part of this statement was true "The American people will never knowingly adopt Socialism." But with this election we have seen that there are masses of Americans who are casting their vote for socialism.

I am so glad to have seen this post somewhere. I subscribe to this newsletter for beadwork stuff...but...as an American...who now lives in England...which is socialist....believe me.. Americans would have a very difficult time dealing with a "nanny state"...and I hope they are smarter than that...

Welcome djpool. I would like to think Americans are smarter than that but I fear that at the end of today they will have proven that they are not that smart.

Am I the only one who woke up today with the feeling of impending doom? Maybe the polls are wrong...it's our only hope.

I think the problem is most Americans don't know what "Socialism" truly is.

All they hear are the promises that say "Oh, good- I'll be taken care of" - but never consider what the cost of that care is.

And your definition of "Socialism" is ?

I think there's a difference between socialism and not making people fend for themselves in the name of the free market. Free market philosophy and the idea that things will work themselves out is fine, except you have to be willing to accept the devastating effects on the rank and file as those who control things vs. the free marketplace shake themselves out.

I think it's encouraging that we aren't willing to sit by and eliminate reasonable regulation on principle and just watch people who have no power pay the price. Is that socialism? Taking care of our neighbors?

I feel majorly cheated in this whole credit mess -- I paid too much for my house because there were people in the marketplace driving up prices who never should have been there. I responsibly took a 5 year fixed loan and am not in danger of foreclosure because I am not a subprime borrower, but now the credit market is drying up. So as my prize, I will now pay way too much when I refinance in the next year. Yes.. there are some irresponsible borrowers. But mortgage agents said whatever they needed to to play on people's desire to own and home, and when they say you can afford it, you assume that they must know something!

Greenspan is so surprised that banks shot themselves in the foot by making loans that bankrupted them. But the individual mortgage brokers and the real estate agents, etc. all have that money in the bank. They aren't losing their homes! Is it socialism to create regulation that protects us from massive greed? I don't think so...

Nicki

Socialism implies governmental ("national") control of goods, services and/or production (all or in some part) for the "greater good". So in that sense, yes. You are talking about socialism. Socialism also refers to redistribution of wealth and power, i.e. "creation of an egalitarian society." Social democrats, like Obama, propose selective nationalization of key national industries (i.e. the coal industry, banking and finance, the media) in mixed economies combined with tax-funded welfare programs and programs that benefit societal welfare (Obama's healthcare proposal).

Nicki, I mean no disrespect to you at all but why did you get a loan for 5 years knowing that you would not keep it ? As you can tell I am in no way a financial wizard, but really trying to understand why so many took out loans they knew down the road they could not pay. I do agree on some extent that yes banks certainly try and talk you into more than you can afford, it was done to us and we were told oh go ahead you can use the "extra" money to buy new furniture, but we said no way, we had a choice. Again not trying to be disrespectful here but I know alot of people who took the bank up on their offer knowing full well they could not make the payments down the road.

CrochetQueen,

You are correct.. many people took out loans they would not be able to pay. For our purposes, it was a measured financial decision. The main factor actually had to do with not wanting to pay principal on the loan, and that was the only type of loan that offered that. We put nearly 50% down on a massively expensive house through the sale of a condo, so our loan itself is actually quite low for the time/area. To put relatively tiny amounts of principal down on top of that is like filling my swimming pool with an eyedropper -- it doesn't make any sense. That money is partly what enabled me to stay home with my daughters while they are babies.

The other reason for the 5/7/10 year fixed situation is that you are banking on financial changes in your life that will enable you to refinance your loan at that time. In 5 years, for example, someone with a young baby would have them in school and could return part or more time to the workforce. In our case, just before year 4 of our loan, my husband got a new job and now we are fully able to support a 30 year fixed loan. What makes me angry is that now that we are ready to do so, the credit rates are driven unnaturally up because of others' irresponsibility. There are financially sound reasons for doing a fixed/adjustable loan -- sadly, mortgage brokers sold them to too many people who had no business having them. Reasonable regulation could have prevented this. But what incentive did the loan brokers have -- it's not their problem 5 years down the line...

Nicki