Time for responsible Americans to speak up: Say no to the $300 billion housing bailout
I’ve been hearing your opposition to big government subprime mortgage “solutions” for the past nine months, since I first blogged about Hillary’s socialist housing bailout plan last August.
Now, the House has passed mammoth new bailouts that essentially achieve Hillary’s vision of the nationalization of the housing market.
Who died and made Barney Frank the nation’s lending czar?
Now is the time for you to tell President Bush what you’ve been saying here repeatedly: No, no, no to another massive mortgage boondoggle.
As I noted yesterday, the administration has sent mixed messages.
Hold the White House to its veto threat.
If you’re angry about this latest bailout bandwagon, you’re not alone.
Via LA Land:
California Rep. Kevin McCarthy tells the L.A. Times that his constituent mail on the Barney Frank mortgage rescue plan was running “50 to 1: ‘Don’t bail these people out.’ ” McCarthy, a Republican from Bakersfield, voted against the bill.
As the WSJ notes, there are 42 million Americans paying their mortgages on time. More than 20 million households own their homes outright and 35 million people are renting.
It’s time for the silent majority to speak up.
White House contact info…
Comments: 202-456-1111
Switchboard: 202-456-1414
FAX: 202-456-2461
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Categories: Subprime crisis
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» Reactions Round-up
$300 billion?? YIKESSSSSSSSSSSSSSSS!
While I’m against bailing out speculators and people that disregarded fiscal prudence, I am in favor of the federal government helping some homeowners “workout” their mortgage.
In other words, I’m ok with somehow empowering loan administrators to negotiate on behalf of loan holder syndicates.
I just made my call…how do you get that job, by the way, the person that answers the comment line? Can you imagine the hateful remarks she must get from sufferers of BDS?
I called and said, “Veto it.”
Give a pollitician other people’s money to throw around like confetti, to buy votes, and this is what you get. As soon as the “hand out” class in this Country becomes the population majority (they are working on it, subsidized by taxpayer money) its over for anybody that practices self reliance. Their pockets will be thoroughly fleeced. And our Country will be thoroughly socialist.
I’m tired of hearing about bailouts. I say, either let the ones who dont pay their bills on time and acted irresponsibly, let them either sink or swim on their own.
i don’t want my tax dollars going to this travesty.
People, it is not possible to flush the Koran down a toilet. Its too big.
Whatever happened to personal responsibility?
I’ve been paying my mortgage for 19 years as my taxes continue to explode. This bailout will ultimately add to my burden and to the burden of all of us (few) who are responsible adults.
It isn’t going to help my children, Barney.
The middle-class is an endangered species.
A bailout is nothing more than the Federal Government printing money, causing inflation. In concert with low interest rates, what we have now, you get scampering inflation, which is what we have now.
The bailout is to fix the problem caused by ADDI 2003, which made morgage qualification discrimination. ADDI stands for Amercian Dream Downpayment Inititative, no money down house buying, no stake ownership — A bad idea from the get go. But — That attracted the illegals, the unqualified and the finally speculators (flippers) to the housing market — Which has now crashed horribly. Looks like the TV show about flipping houses and get rich quick was a really bad idea all along, but the easy money made it happen.
Simple Democrat Marxism economics, equal misery for all. It also looks like it works for compassionate conservatives.
Soon we will be in stagflation, the hallmark of Democrat Jimmy Carter’s Administration.
I predict we now need a national refresher course in Carter-Mondale Marxist economics on how nothing is free, looks like Obama will supply the textbooks, with “fairness” as his guide. Make plans now.
The best medicine for any illness is often the harshest.
Let these people who got themselves in this situation, learn from this.
SAY NO!
2%. Just two percent of mortgages are in default.
This is 300 BILLION dollars? Nope. It’s nanny state political m@sturb@tion in which to smatter goo all over GW (UGH!)
It’s his ultimate fantasy realized.
ANGRY RENTER DOT COM
The worst part of this trash bailout is the earmark of $260M this year and another $260M next year to la raza for “mortgage couseling”. Nothing but pandering. Imagine giving US taxpayer $ to a seditious racist open border group so they can grow even stronger in their drive to ruin this country. You know the top dogs at la raza are already creating “counseling centers” that charge $200/hr for services while their costs will be $50/hr. Pocketing a profit of $150/hr whcih will inturn give $50/hr in donations back to la raza. What a scam that of course nobody will be watching. Sigh!
Hmmmm…suffering from TDS. Topic Disoriented Syndrome.
Hey #3… I’m sure listening to all the cussing must be rough, but I’d gladly do it in order to have a government job.
Barney Frank wants to subsidize a few more gay brothels?
If they just gave everyone of the approx 840,000 loans in default $100,000 that would only amount to $84 Billion. You can’t get out of trouble with $100k?
And that would save the rest of us responsible people $216 Billion!
Oops. Sorry. He only operates them…
Fixed, AND on topic!
#14:
You’re right…I’d love to know some of the wacky stuff people have said. I bet Chucky Schumer calls all the time and asks, “So, did the President see me on TV the other day? Did he? Did he? I was real good, wasn’t I? Yeah, got in some real zingers, huh? Ok, gotta run…I just saw an ABC News crew, and they had a camera! Oh boy!!!”
Just made the call. The lady at the switchboard said she thinks he’s planning to veto the bill. I told her to see to it that he does.
Hey, if the government would hire me to flush Korans down the toilet, I’d find a way to make it happen!
Why is it that the tax payers keep paying and paying and paying and paying……………. We need to get the message out on this bail out the same way the message against shamnesty was gotten out. Even the dimmest of the pols will figure out that this is a bad idea.
Had not heard that before. Who sponsored this insane earmark?
I got a way to get this money!!
KICK OUT THE ILLEGALS!!!
1. $11 Billion to $22 billion is spent on welfare to illegal aliens each year by state governments. Verify at: http://tinyurl.com/zob77
2. $2.2 Billion dollars a year is spent on food assistance programs such as food stamps, WIC, and free school lunches for illegal aliens. Verify at: http://www.cis.org/articles/2004/fiscalexec.html
3. $2.5 Billion dollars a year is spent on Medicaid for illegal aliens. Verify at: http://www.cis.org/articles/2004/fiscalexec.html
4. $12 Billion dollars a year is spent on primary and secondary school education for children here illegally and they cannot speak a word of English! Verify at: http://transcripts.cnn..com/TRANSCRIPTS/0604/01/ldt.0. html
5. $17 Billion dollars a year is spent for education for the American-born children of illegal aliens, known as anchor babies. Verify at http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
6. $3 Million Dollars a DAY is spent to incarcerate illegal aliens. Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
7. 30% percent of all Federal Prison inmates are illegal aliens. Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
8. $90 Billion Dollars a year is spent on illegal aliens for Welfare & social services by the American taxpayers. Verify at: http://premium.cnn.com/TRANSCIPTS/0610/29/ldt.01.html
9. $200 Billion Dollars a year in suppressed American wages are caused by the illegal aliens. Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
I got a shredder that can take care of that real fast!!!!
On May 9th, 2008 at 10:39 am, sbw999 said:
I heard the numbers on a local talk show this AM. But having a hard time finding anything in print on it. But, there is this link from MM site indicating $25M at least. If I find somethign fomr the local talk show on the $260M will post it. But I may have heard wrong (albeit at least 10 times wring then).
http://michellemalkin.com/2008/05/07/say-no-to-left-wing-housing-boondoggle/
I thought I heard yesterday that Bush was going to veto the bill.
Perhaps all us homeowners who have always paid our mortgages should go on strike and stop.
I’m sick of all this crap.
###5-6-8
Your comments are right on!
We have allowed an ARISTOCRACY in the form of the Congress (H&S) to be established by allowing those members to use Your and MY $$$$$ to buy votes.
I’ll throw in the Pres. and courts.
This is - also - the result of voting for the lesser of two evils.
Yep, thanks…the link confirms $25 Million. Just another bit of news that I will file under my personal list of “signs of the coming apocalypse”, meant for things so outrageously stupid and mind numbingingly audacious, that they can only mean the end of the world is coming. *shaking my head*
#25…
I agree, which is why we need term limits…think there is a chance our piggish Congress will vote for them??? *sarc*
I called and wrote a letter. I liked the lady that answered the switch board, she was very nice. I hope people are being polite to her.
I’m all for term limits, but how do you get the Congressmen who will be threatened by them to vote for them??
On May 9th, 2008 at 10:57 am, sbw999 said:
NP. My apologies on teh $ amount. I swear they said $260M but everything I was able to search on web indicated $25M. But I do beleive that is $25M this year and $25M next though. Still an audacious slap in the face to the “fairness and equality” the dems are always preaching. I guess “some groups are more equal than others”.
Some un-creditworthy debtors borrow money from foolish lenders and their predatory agents and we should reward them by bailing them out?
Meanwhile, wise individuals and enterprises invest in new tech, succeed and then are taxed to the hilt?
We penalize success, reward failure and then expect success to increase. This is a good example of why liberalism is a mental disorder.
- Frederic Bastiat
(1801-1850) French economist, statesman, and author.
- Alexander Tyler (in his 1770 book, Cycle of Democracy).
Both of these sums up the state of the US, an experiment failed.
When you make that long-distance call –save some $$$$ and add your comment concerning the Pres. push to give Mexico millions of your $$$$$$.
See Michelle’s other post.
Michelle,
Thank you for this post. I have promptly send the President my desire for a veto of this mess. The key issue is that thanks to Gramm-Bliley-Leach act of 1999…loans like the ARM are even possible…the regulation of such loans and programs of non-bank lenders has been woefully insufficient, as all they have to do with such bad loans is put them all together on a security (commercial paper) sell them to investors and the lender got money…of course now the sub=par nature of these loans is apparent and no one wants to buy bad investments anymore, hence the current credit crisis.
Right now the FEd is bending over back wards to take on underperforming assets and hand such lenders Treasury securities in exchange to maintain liquidity.
It may be one of his fantasies, but another ran a prostitution ring out of his apartment in the eighties.
The scheme that caused this problem in the first place was to hustle these subprime mortgages and then package them as mortgage-backed securities to be peddled to gullible investors. While this was going on, everybody in Washington, including the Fed, the Treasury Department, the Commerce Department, the Securities and Exchange Commission and Congress, turned into Sgt. Schultz of “Hogan’s Heroes.” They saw “nothing, nothing,” mainly because they are all financially secure and don’t give a hoot. Now that their nonfeasance has been exposed, these panic-stricken nincompoops are pushing tons of cure that are worse than the ounce of prevention they should have exercised.
My proposal is to allow mortgage servicing companies to negotiate write-downs to actual current values and new terms with borrowers without threat of lawsuits by Wall Street and let the investors in mortgage-backed securities turn on their hucksters for fraud. This shouldn’t cost the taxpayers anything, stabilize property values across the board and maybe even lift the dollar out of junk currency status. I feel this is preferable to any taxpayer bailouts or moralistic dog-and-pony shows that have the financiers laughing all the way to Switzerland.
DON’T RE-ELECT ANYBODY!!!!
Wow I called that was kinda neat!
I only wish they actually cared
I just called the WH and even the switchboard operator was complaining that she and her husband had bought their house responsibly — you know, by saving up for a downpayment and making sure their house was what they could afford.
We put down 30% on our first house and I still had to pay off a $1K credit card before they’d give us the loan. We paid off our 2nd (and current) house in 2 years because we–gasp–followed that old adage “Use it up, wear it out, make it do, or do without.”
Too bad we’re going to have to continue to follow it because the gov’t’s going to take MY tax dollars to bail out people too stupid/too irresponsible to live within their means.
I lost all respect for GWB over amnesty. This is just another poke in the eye to hardworking Americans.
Infuriating.
I did my duty and called.
See, you made the mistake of respecting a spoilt, AWOL, corrupt and t timid brat, whose “qualifications” are a rich, corrupt and a timid father, with an extended family in Riyadh.
Why do you think Bin-Laden is roaming gree, after murdering 3000 Americans? Point is, Bush never deserved half the “respect” you lost, in the first place, if you can see the point.
Is there a pill yet for Bush Derangement Syndrome?
#38 - nbarry. I agree they are all financially in a position to not care - but more than that, I believe most of them are actually ignorant. The majority of the politians are lawyers…with ZERO financial training. That qualifies them well.
Bottom line, you don’t hire a seamstress to repair your air-conditioning - why would we hire lawyers to control us financially?
I’d say we use the $300B for R&D on that, but I think that’d be an even worse use of our tax dollars than the bailout.
Just like everything else in the real world, when you suffer from an advanced case of BDS, you have to be an adult and get over it yourself without expecting someone else to pay for it.
Where is Davy Crockett when you need him??
For his full speech in Congress.
I am always sending fax and emails but i know it falls on deaf ears. Time has come for the American people to take back their country.
Time for us to: stop illegal immagration, entitlements, wastefull spending, etc.. etc…
agreed GA….
question is, and honestly….how to do it.
Abstractmind
The same way our founding fathers did.
VIVA LE REVOLUTION
For whatever it is worth, I called white house to tell the president to veto the bailout because: “My tax-dollars are not to support irresponsibility”.
Done, Michelle, thanks for encouraging us speak up.
We can also email the White House at comments@whitehouse.gov