Comments on: Kill the bailout: What Bush should tell the nation

By: Maybe I’m being too cynical, but… : Pursuing Holiness

Maybe I’m being too cynical, but… : Pursuing Holiness — Wed, 28 Jan 2009 19:47:25 +0000

[...] President Bush should say, as Michelle Malkin suggests is, “Never mind.“ He should tell the truth about how we got here, and say that everybody’s going to have to [...]

By: Michelle Malkin » Kill the bailout: Call your GOP representative; Update: the deal details trickle out; No deal tonight

Thu, 25 Sep 2008 23:11:14 +0000

[...] inconvenient truth…and the inevitable lard-up Kill the bailout: What Bush should tell the nation Kill the bailout: The Big Lies Kill the bailout: Go, Shelby, Go! Kill the bailout: Illegal [...]

By: $700 Billion Bailout: See no evil. Hear no evil. Speak no evil. (UPDATED) « Republican Party of Jefferson County, TN

Thu, 25 Sep 2008 20:31:08 +0000

[...] What should President Bush have said at 9:01pm (EST) last night? Note I said “should” have said. [...]

By: RabbidSquirrel

RabbidSquirrel — Thu, 25 Sep 2008 02:51:26 +0000

No, sorry, I was flippant in meaning that I would never get that far in the process.

By: corkie

corkie — Thu, 25 Sep 2008 01:09:04 +0000

On September 24th, 2008 at 8:47 pm, RabbidSquirrel said:

?Que? That doesnt compute. Hablo no ingles…

You would still be evicted from your home as the mortgage holder exercised foreclosure.

By: RabbidSquirrel

RabbidSquirrel — Thu, 25 Sep 2008 00:47:24 +0000

On September 24th, 2008 at 8:42 pm, corkie said:

After foreclosure/eviction.

?Que? That doesnt compute. Hablo no ingles…

By: corkie

corkie — Thu, 25 Sep 2008 00:42:00 +0000

On September 24th, 2008 at 8:06 pm, RabbidSquirrel said:

Here’s a rewrite: So to get back to your point that the govenment is there to cover my mortgage holder(s) if I were to be a deadbeat debtor.

After foreclosure/eviction.

By: RabbidSquirrel

RabbidSquirrel — Thu, 25 Sep 2008 00:06:54 +0000

On September 24th, 2008 at 7:08 pm, corkie said:

The government isn’t covering you – they’re covering your creditor. (If you had a mortgage.) This is a very important distinction to make in this.

True. I oversimplified.

Here’s a rewrite: So to get back to your point that the govenment is there to cover my mortgage holder(s) if I were to be a deadbeat debtor.

By: CO2 Producer

CO2 Producer — Wed, 24 Sep 2008 23:29:31 +0000

I agree, Michelle.

By: corkie

corkie — Wed, 24 Sep 2008 23:08:11 +0000

On September 24th, 2008 at 6:40 pm, RabbidSquirrel said:

So to get back to your point that the govenment is there to cover me…. I served my country and that is one of the benefits I receive. If I didnt have that benefit, then I would apply for a commercial mortgage and have the same fiscal reponsibility.

The government isn’t covering you – they’re covering your creditor. (If you had a mortgage.) This is a very important distinction to make in this.

By: RabbidSquirrel

RabbidSquirrel — Wed, 24 Sep 2008 22:40:20 +0000

On September 24th, 2008 at 6:15 pm, corkie said:

BTW, it good to know that the government would be there to bailout your VA mortgage – if you had one.

Which is why I have personal fiscal responsibility. I proved to the government (and the taxpayers) that I was not a credit risk. I successfully paid off one mortgage and I never allow myself to get in a bind as to where I would not be able to go months/years without income and not be able to meet my personal obligations.

Any debt that I incur, I can usually cover my bills IF any loans are called due.

When I related earlier that her lawyer shut off my accounts. At that time, I had $0 in debt and no housing obligations. She and her attorney were brillant – they moved all the “assets” into her name thinking they were hurting me. Then she “spilled” gasoline all over my half of my things that were in storage and let it all sit there for a few months while she “lost” the key to the storage unit.

(In the meantime, I lived in a vehicle, a lot of floors, several couches and a high school football stadium LOL LOL. Which were a lot better than a lot of places I slept while overseas or with her )

They thought tactical, I thought strategic and now her credit is destroyed.

So to get back to your point that the govenment is there to cover me…. I served my country and that is one of the benefits I receive. If I didnt have that benefit, then I would apply for a commercial mortgage and have the same fiscal reponsibility.

By: tarpon

tarpon — Wed, 24 Sep 2008 22:20:57 +0000

I would say “never mind” and let Newt speak.

By: More on the ridiculous bailout. « Scatterin’ O’ the Thoughts

More on the ridiculous bailout. « Scatterin’ O’ the Thoughts — Wed, 24 Sep 2008 22:16:37 +0000

[...] Michelle Malkin says two words the President should say tonight instead of his plea for support: “Never mind. [...]

By: corkie

corkie — Wed, 24 Sep 2008 22:15:42 +0000

On September 24th, 2008 at 5:10 pm, RabbidSquirrel said:

Even if I did have a mortgage, it would be guaranteed by the VA.

BTW, it good to know that the government would be there to bailout your VA mortgage – if you had one.

By: corkie

corkie — Wed, 24 Sep 2008 22:13:20 +0000

On September 24th, 2008 at 5:49 pm, jt3151 said:

How is it possible that we would need to spend hundreds of billions of dollars to save banks by relieving them of profitable assets? Is it possible that the government might do a better job of collecting on the non-performing loans?

The problem isn’t necessarily that the loans are non-performing.

The problem is that so many loans are EXPECTED to be non-performing.

How bad you ask? Well, nobody knows for sure and few companies and banks want to own them. Therefore, the market values for these loans are declining every day as they’re being dumped into the market.

So, the creditors of these companies and banks which own the declining assets demand their money back. When the creditors can’t get their money back immediately, then their creditors demand their money back….and an unstable, vicious cycle ensues.

So, if a big buyer steps up and offers to buy the risky debts which caused the avalanche at steep discounts, then everyone can start having confidence in the system again.