Weasel act of the day
He did it in a private ceremony. As if it that somehow lessens the damage of forking over another $300 billion for a housing bailout championed by unscrupulous borrower Chris Dodd and socialist Barney Frank. Thanks for nothing, President Bush:
Bush Signs Latest Freedom From Personal Responsibility Legislation.
The Harper family approves!
Posted in: Subprime crisis
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Categories: Subprime crisis
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I want a house, with a swimming pool, oh and a barbecue!
Michelle…i hate to correct you, as you’re smarter than I am, but…
Thanks for nothing, President Bush:Gracias Por Nada, El Presidente Jorge Boosh.
I couldnt resist.
Good gawg. Should I stop paying on my two mortgages? Sounds like it. Then, I could get ahead – maybe.
abstract, eet’s pronounced bootch
Damn schmucks of the world unite to ruin the US.
maybe we should join ‘em?
What can I buy, retroactively?
seriously tho…
What am I supposed to teach my 16 year old son, how do I explain this?
Anyone?
What tax-paying Americans see as “irresponsible”, politicians see as VOTES, they can buy, with TAX-DOLLARS. All politicians, starting with white-house, have to do is grant “bail-out”/”relief” with American tax-dollars (not from politician pockets) and the VOTES, go to the same politician.
This is an indirect way to buy votes, at tax-dollars, a win-win of sorts, for corrupt politicians.
Same logic applies to ILLEGAL IMMIGRATION or ANY issue.
Look for more of these “bail-outs”/”reliefs” from politicians, Democrats and Republicans alike.
Yeah, I feel really f-in’ STUPID for renting while I save up a down payment. *sigh*
Soap, you should be able to get help from “farm aid” for all those Hogs and all. lmao
I am not sorry to see Bush go. This is not what I thought I would be getting when I voted for him in 2004. Seriously disappointed in this man.
Perhaps he wants to see how big he can help the budget deficit get, now that he’s on his way out.
what a betrayal.
there used to be a time the gov’t rewarded responsibility. now, it only taxes those who are responsible, and rewards those who are irresponsible.
Yes. And, I’d like mine to be oceanfront too, please. Oh! And, with a four car garage, please. Oh! And, can you throw a pool house in with that? Oh! And, could I get it in one of those neat gated-communities too?
I wonder if a leader will come along in my lifetime to fix what the republitards have wrought. Libtards are worse, I know, but I am a conservative.
Look at what the old codger McAmnesty said TODAY! We are doomed with this fool as our choice…
Man have we been duped, 1.6b to Mexico for nothing they can’t afford to do themselves, now this 300b boondoggle for stupid lenders and borrowers.
How much of that dough goes for counseling? I may need some.
Hmm, I have an eye on a $10 million mansion with a spectacular view of La Jolla Cove. If I can’t pay it, no biggie, Uncle Sucker will bail me out.
A total lack of responsibility from all parties involved. If you can’t afford to buy a house, buy it anyway, taxpayers will be more than happy to bail you out when the payments are due.
The welfare mentality continues to amaze.
So whenever I see one of these ‘victims’ driving around in their beamer or hummer they bought with a flakey refinancing of equity scheme, I should be thankful that the government is using my money to ‘aid’ these victims?
Banks make bad loans and we have to underwrite their bad debt?
I saved my money instead of investing in an value-inflated house with an interest only loan. I guess I should have bought a huge house and I could be a victim too.
I remember when being able to stand on your own hind legs without anybody’s help, especially the government, was one of the important qualities of being an American.
Barack wants to drive me out of business, McCain thnks profits are obscene…. do we have to move to China to live in a capitalist country?????????
Bush is a communist. Barack is a communist. McCain is a self-obsessed old fart-knocker, and every one in the legislative branch who let this happen is a communist. I defy anyone on this board to prove differently.
Newt makling commercials with Nancy, George signing bills in the closet. Is this Wonderland?
I have the same dilemma. It’s time to tell our children (and especially politicians) that it’s just plain wrong.
I honestly had high hopes for GWB in 2000, though I was wary of a little bit of leftist pandering. Never in my wildest dreams did I think he would have turned out to be a domestic Al Gore and a foreign Harry Truman.
Speaking of Chris (D)odge, any status on his original denial, and then later acknowledgment of accepting up to $80,000 in gifts from his friend and oversight “Mario” at Countrywide?
Let’s not forget, Stevens (R) isn’t the only potential crook in the US Senate.
Now, back to our originally programmed thread…
Um, that’s compassionate communism. Get it right!
Here’s an idea — free of charge.
Why can’t we take this to the courts, like liberals do with good laws just because it offends someones fragile sensibilities?
Just sayin’…
I prefer to call this law the,
“I Should Have Bought That House I Can’t Afford Act of 2008″
Hefty’s got a point! Where is the “right” to a bailout enumerated in the Constitution???
Just for the record: Monica Ramos, wife of persecuted Border Patrol agent Ignacio Ramos, told interviewers she will have to sell their house to care for the children.
Oh, wait. Jorge Boosh doesn’t care about that.
I’m just glad I never voted for him.
You thinking about the Fifth or Ninth Circuit Courts, ACH?
That’s like asking Jorge Boosh to do something for regular, hard-working American citizens….
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
Thomas Jefferson (1743 – 1826), Letter to the Secretary of the Treasury
WHERE IS MY PAYOUT FOR NOT BEING IRRESPONSIBLE, YOU BASTARD!
Crap. Here I was being responsible and not buying things I couldn’t afford. What a fool I am.
Well, when O’Bama takes over, maybe I should be smart this time and do whatever I can to qualify for the goodies that are going to come, and to which I’m “entitled” at the expnese of the “rich”. I’ll get fired from my job, buy stuff I can’t afford, cancel my medical insurance, stop paying my daughter’s college tuition, and sit around in a nice place and do nothing all day while the government “helps” me. Maybe they’ll even buy me a new flat-screen TV and some nice scotch. After all, that’s what the “rich” have, so why shouldn’t I?
It’ll be a grand world.
Hey yeah, I don’t see this as being treated equally – this is unconstitutional!
Of course, I don’t belong to any of the official “victim” groups, so I’ll probably get a big fat nothing.
Naturally, I was being sarcastic. Partially.
Conservatives don’t run to mommy courts every time they get an owie — even one that smarts as badly as this one. They suck it up, regroup, and figure out a way to continue doing what’s right.
Besides, show me the number of judges who would A) take the case and B) actually rule against the bill.
But all that considered, the mandate for Congress to spend other people’s money for projects like this does not exist in the Constitution. Folks facing foreclosure are better off seeking guidance from charities. The whole “teach a man to fish” idea is completely lost on Congress.
PS: The way to fix this is to get these clowns out — now! That means all of our clowns, not just everyone else’s.
“This is not the America I knew.”
I am a victim of the “Housing Crisis.”
As someone who exercised personal responsibility and good judgment by borrowing less than half of what I qualified for, and as an evil capitalist who falls into the top 5% of income earners, it is through my excessive tax payments that these dolts and dullards will be freed from the effects of their poor decisions.
When will Uncle Sugar bail *me* out?
For a different reason, I am sure.
Oh you’re so wrong. You get nothing????? YOU GET THE DAMN BILL
Rob # 13 -
Thank you for reminding me.
Another reason to avoid the L_O_T_E_____
# 37 John—
Just read yours–
You are sOOOOO right—our money (tax $$$) at work!
I agree! This is sick, sick, sick! Nobody is held accountable anymore. Common sense has become a rare commodity.
GWB has officially entered the legacy building phase of his presidency. And the best we have to hope for is…McCain…and not a severe butt-whipping in the House and Senate.
I can hardly wait to be taxed into bankruptcy.
we’re there now!
If not for the WOT, Bush will go down as a rock bottom POTUS right along side Jimmy Carter, Andrew Johnson and Andrew Jackson.
igured you were being sarcastic, ACH.
But it was a great opportunity to add to the sarcasm, and I’m weak when that happens.
Must go now. I’m changing my name to SenorScribbler and applying for a home loan today!
I remember reading these words in a book when I was but a child… they were chilling then, and true now.
Bush has destroyed conservatism as we know it…
Before piling on with everyone, I read the legislation. Hate to spoil the party, but there is NOTHING in there that is in line with the comments being made.
Here is actual summary, broken down by sections:
GSE Regulatory Reform — assigns independent regulators to oversee Fannie Mae and Freddie Mac, and updates their operating guidelines to make sure that they stay solvent (sounds good so far…)
FHA Modernization — updates and streamlines the FHA guidelines (by the way, the FHA does not loan the money on “FHA loans”, banks do — the FHA just has a hand in the underwriting guidelines and controls the mortgage insurance.) This section increases the ceiling on loan size for FHA loans, which is a good thing, as this type of loan is “full-doc, full disclosure” instead of the no-doc, stated income, and other types of “liar loans”. This section also increases the required down payment, and does away with seller-assisted down payment. (still sounds good…)
FHA Expansion (Hope for Homeowners)– this is the section that I think is the one causing the “bailout boondoggle” hysteria…lets take a look:
“Creates a new, $300 billion, voluntary program within FHA to back FHA-insured mortgages to distressed borrowers.
–The program will be operated by a board consisting of the HUD and Treasury Secretaries and the Chairmen of the Fed and FDIC.
–The new mortgages offered by FHA-approved lenders will refinance distressed loans at a significant discount to current rate for owner-occupants at risk of losing their homes to foreclosure. In exchange, homeowners will share future appreciation with FHA.
–Borrowers must meet a payment burden test (a mortgage debt-to-income ratio grater than 31%).
–Current mortgage holders (the current bank) must agree to relinquish their claims in exchange for a payment equal to 85% of the current value of the home.
The program is paid for by using part of Fannie Mae’s and Freddie Mac’s Affordable Housing Program contributions. If the program costs less than projected, the unused funds are returned to the designated programs.
The program will begin October 1, 2008 and sunset on September 30, 2011.”
Folks, there is nothing in there that justifies the bailout hysteria in the comments so far…and I say this as someone who is a little to the right of Reagan. Sure, it would be better if every single person in the U.S. (and all of the Banks) were conservative and responsible — then this bill (and most others) would not be necessary. But as far as big problems, this is not it…
If one dime of my tax money goes to any of the losers that can’t pay their bills.. it is too much.
O.K., I’ll pay IF, AND ONLY IF, THEY TAKE OUT THE TRASH IN WASHINGTON
I think why this gets such a strong reaction from conservatives is that it’s another example of government causing a problem, and then spending taxpayer money try to fix it. In this case they caused the housing bubble, basked in the glow of the fraudulent economic expansion, blamed the bust on banks, then pass this bill that follows the same misguided policies and asks us to trust them because they know what their doing.
Will Rogers Sep. 14th 1930.
Is he still here? Unfortunately, it won’t improve next year. Wish I had a liar’s loan. With the help of all you nice taxpayers I could be living in luxury.
I’m not opposed to you guys helping me achieve the lifestyle to which I would like to become accustomed to living. Any takers?
You mean regulators to see that Jamie Gorelick and the other looters whose names escape me at the moment are doing what they get paid millions and millions of dollars to do. Maybe pay less to more responsible people and we’d have a win-win…
There they go again buying votes with my grandchildren’s money. When you add this despicable act to letting Ramos and Campeon rot in jail, I’m ashamed that I voted for Bush. The idiots that nominated McCain may just give us another four years of this.
Now that is something I can agree wholeheartedly with.
The roots of the housing bubble and subsequent mess can be found in the “equal lending” doctrines pushed in the late 80’s and 90’s. Nobody wants true discrimination in lending, i.e. “you don’t get a loan because you are black, or hispanic, etc”. But the liberal, agenda-driven “cure” was worse than the problem.
Banks were told that they had to lend money in proportion to the population they served. Sounds fair, right? Well, as a fiscal policy, it is lousy. The problem was that a larger percentage of minorities have lower-than-average income,and thus have a corrospondingly lousy credit history. (It is not a black-white thing, it is an income thing.)
To meet the arbitrary quotas placed on them, banks began to make questionable loans, loans that they would not normally make, if it was a minority applicant. Then they found that even among the poor-credit borrowers, mortgages had a pretty good pay history. Cars and credit cards might not get paid, but usually the houses did.
Thus was born the subprime mortgage lending industy. It prospered for many years, and helped untold millions buy a home who otherwise would have never been able to. But the lax lending standards also set the table for scam artists on the borrower side and predators on the lending side.
And now we get to the point where legislation like this is necessary to “right the ship”.
americangrunthog said:
…do we have to move to China to live in a capitalist country?????????
I vote for Russia, croney capitalism at it’s best, and the majority of the girls are pretty (unlike in the USA).
Same thing I tell my daughter, “Government is not here to take care of you from cradle to grave”
“Don’t follow the crowd, if everyone’s going north then you should be going south”
and alot more but then it would turn into a book.
The Government is great at putting a bandaid on a gaping wound. Morons all of them Morons when will it stop.
There’s another PhotoShop opportunity for you, BM.
Imagine, if you will, a bandage with “Lib-Aid®” or “Dem-Aid®” across it.
And, maybe, a jingle along the lines of “I am sick of ___-Aid brand, because ___-Aid sucks off me.“
Why don’t we all stop paying the bills, I mean ridiculum.
Outrageous!!!!!!!!!!!!
LMAO
That’s a good one I’ll put that on my list 
The Outstanding Public Debt as of 30 Jul 2008 at 06:38:48 PM GMT is:
$9,540,737,755,499.72
That’s all. I mean what’s another 300 billion dollars.
Now Durbin is trying to buy votes by giving out more of our tax payer money. WHEN WILL THIS SH!T STOP?!!!!!?
If too many people look at that U.S. National Debt Clock, Silky, we may have a mass exodus of folks toward the windows, especially after they see what each citizen’s estimated portion is.
As far as I am concerned, Amtrak needs to be scrapped.
Okay. Here is a question. What do they consider “revenue?” If they are making 1.26 billion in ticket sales, what percentage is that of what it actually takes to run it.
Oh. So, it doesn’t even bring in half of what it takes to operate it.
If it were run properly, Amtrak would make enough off of their sales to keep the fleet upgraded.
.
You mean like the fun to fly airline industry?
(I took the Amtrack train last year.. what a SLOW trip… much slower than driving. Will NEVER do that again!)
I give ! Take it all, I don’t care anymore.
So, are you saying you do not support the bailout?
Interesting. Were those 500,000 jobs created yet and how was such a number found? I guess we’ll never know.
How come those people in default didn’t put their money towards their
mortgages.
So 152 billion plus 300 billion equals 452 billion and plausibly 25 billion to fix Freddie and Fannie. So 477 Billion dollars. The Clock keeps ticking.
This issue is where I and many other Conservatives will part with Pres. Bush on. This is wasteful spending. People (cough cough politicians) are so busy trying to prevent a recession (cough cough worst depression evah!) that they sign retarded giveaways like this to please the people who are to blame for this mess.
This is on par with giving criminals access to their victims so that the criminals will feel “happy.” Then when the victim (US taxpayers) cry for justice, the court (federal government), will say that society is responsible and needs to carry the weak along.
You know, life’s tough. However, bailing out the dead weight (irresponsible people) is getting old.
I repeat…
That doesn’t include all the money the Federal Reserve is printing out of thin air to prop up their buddies in the mortgage market. We get a massive national debt, devaluation of the currency, and soon – massive tax hikes, the trifecta!
This debacle is just one more thing to add to my very long list of why I will not vote for ANY incumbent this election. Congress creates problems in order to further their own personal political life, escape accountability, and pocket bribery money. This is also another reason for term limits. I have had a mortgage for over 10 years and I not only pay on time, but I pay $100 over the amount just to keep a decent credit record. I don’t ask my neighbors to pay it for me!!
John Ansell:
It won’t stop. I am of the opinion that until we actually take up arms…and storm Washington….then nothing will change. However the powers that be know we all can’t do this collectively, as half of the country is still asleep or watching “dancing with the stars” or some stupid sh!t like that…and the other half has to work their butts off and has no time to get involved….or at least get past just commenting on the internet about it. Things like this make me sick to my stomach…literally. Often times this stuff keeps me up at night…worrying about what kind of country my 2 sons…white males….are going to have to put up with in their lives. Our politicians know we are stuck in a rat race and they can pretty much do whatever they want in the name of VOTES. We have no time but to deal with anything but getting through the rat maze they have us all in. But, I soldier on…writing letters, emailing them my concerns..calling their offices etc. So far….it seems they are just ignoring the will of the people….not their people (Harper family for instance)just everyone else who pays their bills and keeps the country running. It’s a sad state of affairs folks.
Glenn Beck says we need “Pitchforks and Torches”
I JUST GOT MY MCCAIN FUNDING REQUEST FROM SIGNING UP TO GIVE THE REPUBLICANS A PIECE OF MY MIND LIKE MM REQUESTED!
I wrote back and said not until McAmnesty quits bending over and taking it for the illegals.
Shooter, you have to use this as an example of what NOT to do. I also have a 16 year old son. Every time some socialist comes up with another tax-and-spend scheme (in CA that’s pretty much all the time!) I have to reiterate that every instance of socialism, the world over, is a complete and utter failure. There has never been a successful socialist country. Unless success is defined as “promise the sheep everything, deliver nothing, kill millions and have the rest live in fear of the gov’t, and make sure everyone but the elites share equally in misery.”
Someone once tried to tell me that France was a successful socialist country. 10% unemployment and a 1.6% GDP growth in a good year. Yeah, that’s a success alright, by French standards. Another favorite “success” story by the socialists is China. The only reason China looks good is all of the massive western, capitalist, investment. I guess the socialists just dismiss Tiananmen Square as “old news.”
If socialism is so good, then why does every tyrannical, megalomaniacal, murdering bastard flock to it like moths to light? Why don’t they choose freedom instead? Because socialism gives them the iron-fisted control they crave. The amount of your freedom is inversely proportional to the size of the government. So socialism can’t be freedom.
Just count the number of dead bodies from those glorious socialist leaders like Lenin, Stalin, Mussolini, Hitler, Mao, Pol Pot, Kim, Castro. I wonder if any of those that were killed, were happy with the knowledge they were dying for “progress.”
I can’t post on here what I write back when I get those request, but it’s along the same lines as yours.
Enough already. We need to stop this SOCIALISM now! There must be a legal way to slow the tax collection down so badly that they will take note. Any tax attorneys interested in organizing an act of civil disobedience?
For what it’s worth – Remember what our choices were in 2000 and 2004.
Mr. Ansell, I believe that the topic of this thread proves we are all being railroaded!
All Aboard!
Per capita income in China is about $1000 per year. How is that a success story? China is a mess and is hugely overrated by the crowd that is always looking for the next great power to come along and overtake the US. In the late 80s it was the Japanese who were going to be the new economic superpower and buy up all of the US. It didn’t quite work out that way, though.
The good news is that the democrats will now reconsider all the bad things they have been saying about Bush and admit they secretly love him. Bush will get all weepy and everyone will hug while the MSM cheers. And you know, that is what government and the constitution of America is all about.
I feel the same. However, for those who want the satisfaction of having done the civic duty, vote for Ron Paul. The worst he has done is to believe 9/11 conspiracy. Atleast, he does not sell Americans out.
Besies, that way, you can see yoruself in the mirror with some self-respect.
My problem is that a vote for someone other than McCain, is a vote for Obama. For me, it comes down to judicial nominees. I can’t say for certain that McCain will choose conservative judges, but do you believe Obama will?
At least we can knee-cap McCain if he makes a bad choice. Think Harriet Myers. If Obama gets to choose, our grandchildren will suffer through the “Warren Court II – The Reconquista.”
This story reminds me of US!
Good mouse and cat story, Rob.
The best way to get rid of socialism is to get rid of its class warfare taxing structure. Unfortunately, none of our elected officials will give up the gravy train. Get rid of the income tax and socialism will die a slow, but long overdue, death.
300 bil, that’s $1000 for every man, woman, and child in the US.
Monarchy and aristocracy :
The Executive and both Congressional (House and Senate) branches are filled with people who believe they are ABOVE the LAW and that they are our ROYALS.
From the motto of the Revolution: NO KING BUT KING JESUS! to :
The “ELECTED ROYALTY” has a the “responsibility ” to take your $$$ and mine for any cause they choose.
When are we going to say ENOUGH?!!!
To add to # 90-
The Judicial branch too!!! It’s gone from the weakest (John Jay left for that reason) to TOOOO POWERFUL!
Suggested answer to my own ???
Support people of honor w/$$$ and NO MORE LOTE!!!
(it’s a funny post though)
I may have voted for Bush twice….but it didn’t take me as long as some of you to see what a failed Presidency he offered. Once he started pushing for Anmnesty I lost any respect I ever had for the man. As far as I am concerned he should be tried for treason based on his failed leadership and protection of the border. ……Aside from that sometimes I think he is getting even with all the rotten press and hate that has come his way throughout his presidency. Believe it or not I used to defend him….until the ultimate betrayal of giving the country away and attempting to form a North American Union. Nothing he does from here on out suprises me anymore.
This place is no longer the late great US of A.
Ofcourse, there is much more to Bush (google Bush /Saudi /Bin Laden /Arbusto /Harken Energy for more). While selling-out America to Al-Saud family, he presented hismelf as a man of Christian faith.
What a fraud!
Politics (sigh). Thank God I am no longer a republican.
I have been a staunch defender of President Bush, primarily because I still think he was/is right about Iraq but his caving on this mortgage debacle, amnesty, border security, etc has severely eroded my support.
Right about Iraq? In what way? Do you know that Bush invaded Iraq, even though 16 agencies had clearly noted that Iraq was NOT a danger? Bush lied about WMDs, as noted by Vincent Bugloisi in the congressional hearings here: http://www.youtube.com/watch?v=7abu9a0xtNI
Bush is lucky if he gets away from being prosecuted or impeached.
What is not yet widely appreciated outside of Wall Street is that the $25B bailout for Fannie and Freddie is almost certainly going to cost over a trillion dollars before it is over. If the effort fails, very good chance, re-nationalizing the two GSEs will cost another $5 trillion (which is the current level of our national debt). The worst part is that there were no strings attached, such as regulatory reform or banning campaign contributions or other lobbying (they contributed $200 million in campaign contributions over the last twn years).
This is blatant corruption and it occurred on television for all to see. Where is the outrage?