An inconvenient truth…and here comes the lard-up; Update: Full speed ahead
Scroll down for updates…the latest on the bailout developments here…3:55pm Eastern…Obama and McCain to White House…
Many critics of the Mother of All Bailouts have finally caught on to how the minority grievance-mongering racket helped fuel the subprime debacle.
The easy, obvious part is criticizing Jimmy Carter and Jesse Jackson and ACORN.
But as I’ve reported, it was the Bush administration that presided over hundreds of millions of dollars in grants to left-wing housing entitlement zealots.
More cringe-inducing inconvenient truths about Bush’s responsibility here.
Read it and weep.
And then call your congressman again and tell them: Kill the Bailout.
***
Here it comes: The inevitable lard-up. Just like last time and every time (see here):
The cost of the $700 billion bailout bill, criticized as unconstitutional by legal scholars, is rising, as Congressional leaders demand new handouts for deadbeats in exchange for passing it (ignoring cheaper solutions to the financial crisis). Now, there will be foreclosure “relief” at taxpayer expense. The government is going to use its role “as the biggest mortgage holder in town” to give special breaks to borrowers who are behind on their mortgage payments, rather than to stem the financial crisis.
“Democratic demands that Congress be given greater authority over the bailout and that the government be required to help homeowners renegotiate their mortgages so they have lower monthly payments already have been accepted in principle. Under the bailout bill, which will let the government buy huge amounts of toxic mortgage-related assets, ‘we’re now the biggest mortgage holder in town, and we can do serious foreclosure avoidance,’ [liberal Congressman Barney] Frank said.’”
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Categories: ACORN Watch, Race Hustlers, Subprime crisis
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And then as the country continues downhill, you can stand tall and proud and say that you voted for a candidate that had no chance to win, but it felt good.
As long as you vote for a candidate who will take the country downhill, yes, the country will continue to go downhill. You don’t get uphill by voting for downhill candidates, even if one’s not as bad as the other.
As opposed to you, who will vote for a candidate who will continue the country on it’s downhill path. But you’ll tell yourself a bunch of lies of about who has no chance to win in order to assuage your guilt.
At least, you’d better have guilt.
People like you are the reason this country is screwed. You vote for whoever the duopoly tells you to.
Weird logic… but whatever.
I don’t agree with that at all. I can think of many better candidates than
Now you’ve done it.
Bill Grant in to say you’re supporting Obambi in
5…
4…
3…
If you admit that McAmnesty is part of the problem, and I don’t see how you can deny that, then by definition the people who vote for him are also part of the problem.
Correction, my post was supposed to read like this.
Now you’ve done it.
Bill Grant in to say you’re supporting Obambi in.
5…
4…
3…
Please switch from decaf to regular…
The CRA was created in 1977, ammended many times and in 2007, 30 years later, you, like some others are fixated on solely blamming it as the cause.
House Link
The above link demonstrates what I have been saying. You can dig deeper in the LOC the BEA and GAO for additional figures if you’re still skeptical.
It’s not obvious despite you saying so. Yours is a classic case of proof by belief and proof by assertion.
Mankind has had a variety of market systems in place over our time and we have seen a variety of success and failure. All of them had some form of control mechanisms in place and while I never said the Government is necessary, none of the ones that succeeded then or continue to succeed now are without some form of control. Even black markets have control mechanisms, it just so happens to be that they are not centralized. In our case, the US Economy is a mixed economy and continues to do well with a mixture of private microeconomic establishments that is regulated by the government. Some regulation is necessary whether you like it or not.
What I have tried to argue here is a precise set of regulation that will guide the situation towards repair and recovery. But you and a few choice others insist on attacking me and blaming someone else.
While banks introduced some of the controls it was not the government regulations that overrode the common-sense of the market. As I demonstrated earlier, in particular with the housing crisis, independent mortage firms comprised of over half the risky lending processes and the supposed “self-correction” you chime in on could never address this.
You do realize that when these big companies go to the government for money, they too are subject to controls?
Anyways read the above link, the individual before Congress addresses how the CRA is only one factor in the grand scheme of things.
The only thing laughable is you proclaiming you understand what’s going on and absolutely refuse to offer a viable alternative.
Anyways, I checked the mirror. I see myself and you behind me trying to look with it.
I work with SOX daily, I hate it and no, it’s not designed to fix this mess.
Will you stop with your stupid games and get on point already? Enough calling me a Liberal, enough telling me you know more about myself than I do.
Since Barney Frank is a big part of the reason we’re in this mess, why is he involved in trying to fix it? That’s like letting Barry Bonds write the rules on steroids.
1. Start mailing in your used tea bags to your Congressmen.
2. Here’s an interesting plan from Dave Ramsey’s website. Makes sense to me.
3. Wasn’t President Bush also the “lesser of two evils”?
Yeah, you’re a real free market guy, ain’t you?
The annoying thing is not so much the arguments you are pushing, it’s that you are trying to pretend that they are conservative/libertarian arguments rather than liberal ones. Everything you’ve said on this thread could be said by Obama or Clinton. But not by Reagan.
Correction: SOX was designed to prevent a mess like this.
Since it did such a great job, more please!
I still want the actual deed myself. I’ll send the $2233 check today. I do not want Barney Frank running a gay brothel out of my sub-prime piece of property. (Their motto – “Let me be Frank with you…”)
Taxes belong to us, not Dodd, Frank, Dillinger and Raines.
Proper regulation would work. Clearly you DON’T READ.
I found this interesting: It is a list of suggestions by the American Communist Party:
Ban predatory lending and cap interest rates on all types of debts
1) Protect homeowners faced with foreclosure by restructuring mortgage rates to be in line with family income.
2) Create economic stimulus for working people and small business
3) Provide $100 billion in emergency relief to state and local governments wracked with budget cuts and diminished tax revenue
4) Bar CEO severance packages and cap the pay of executives receiving a bailout
5) Regulate banking and finance with transparent public oversight
6) Maintain public control over monopolies like Fannie Mae and Freddie Mac that have a decisive role in the economy
7) Control speculation and increase revenues by taxing large financial transactions
9) End the war in Iraq, which is draining $700 million a day from public coffers
I don’t recall you demonstrating that at all. Which comment was that?
National Review called it like it would be, almost 15 years ago.
Are you done attacking me yet? I mean seriously.
Put up a viable alternative and let’s get on point. Your kiddie circus is old, unoriginal and lacking substance.
Not only is it impossible to conclude what someone would think and say, it’s absurd to act as if it’s tangible to assume.
How about challenging the points I’ve made instead of resorting to Liberal tactics of attacking people instead of ideas.
The Bailout is coming folks. My Congressman and Senators care more about power and money than they care about me.
The question will soon be do you punish Republicans by handing the Democrats the Presidency and strong majority in Congress? Or do you accept that McCain had to suuport a bailout.
Not as long as you continue to promote a “mixed economy” and pretend that you’re a conservative/libertarian, no.
Not nearly as old and tired as your left-wing claptrap.
People are picking on what you HAVE said, not what they assume you’ve said.
God, you’re dense! People here are attacking your left-wing ideas. In true left-wing fashion, you react by pretending that the opposite is the case.
I don’t accept that “McCain” and “Republicans” are the same thing. If you support Republicans you won’t support McCain.
Get out there and vote for conservative Republicans, where they exist. If they don’t exist then vote for conservatives of whatever party.
Yes, vote for “whatever” and then when President Obama comes to a town near you, you can shake his hand and let him know you helped him be elected. Maybe you and Bob Barr, Cynthia McKenney, and the other nuts can carpool to go see President Obama because of the even higher price that will exist when he is in office.
Key lawmakers report agreement in principle on bailout of financial industry designed to avert deeper economic crisis; will take deal to Treasury Secretary Paulson.
http://www.foxnews.com/story/0,2933,428021,00.html
this link is a joke…some paper by some lawyer…who cares what some lawyer says about finance? he loves it, it supposedly ‘overcomes market failures’ in low-income communities….yeah by giving loans to people who can’t pay them back….thats a ‘market failure’ uh huh…he talks about ‘innovative products’ with ‘manageable risk’ have you seen the news recently? the risks are not ‘manageable’ this article is a hoot, I can’t believe you posted it.
please, you back this plan, you say lack of regulation is the problem…laughable.
we’ve never had this kind of problem before in our countrie’s history, as far as I know, and we have the greatest amount of regulation of the capital markets in history, and yet to you the problem is lack of regulation. I mean seriously….
obviously it was..didn’t you read the link I provided? haven’t you read the entries in this blog about loaning to illegals, etc???
what? you didn’t ‘demonstrate’ anything…you stated this…but never posted anything to back this up!! amazing.
again some lawyer…so what?
oh please I have..less regulation how hard is this? get rid of CRA and SOX, or else this is just a sham designed to paper over the problem, and increase the power of government.
how can you see yourself when you break every mirror you look into?
more misdirection and obfuscation, I never said it was designed to fix this, but wasn’t it supposed to prevent this in the first place???? remeber enron?? please.
the last quote should have been…
That is funny!
Don’t you love it when the democrats say a meeting between President Bush, John McCain, Barack Obama and congressional leaders isn’t necessary? The deal isn’t sealed yet.
The only thing they are interested in is minimizing the fact that John McCain was willing to suspend his campaign and the debate to attend to the more important issue of the economy.
Barack has had months to debate John McCain but avoided doing so. Now he doesn’t want to wait?
From Ann Coulter today. Leftoids: If it’s a lie, prove it.
http://www.anncoulter.com/
I believe many of Pres. Bush’s failings have come because of his efforts to placate Democrat Party opposition by displaying his willingness to “reach across the aisle” and dispense with tactical partisanship. This “strategery” has demonstrably backfired, and is going to be portrayed by his dis-loyal opposition as weakness and a deficiency of mental accuity for decades to come.
We should all learn a lesson from this…you don’t negotiate with terrorists, whether foreign idealogues, nor domestic idealogues. The liberals in this country want to destroy America, so that they can re-build it to their own advantage. They will remain the biggest threat to freedom and democracy, until the leaders of their Party are rebuked, and soundly defeated. It will not come, until we have elected representatives who are willing to go on record and name names.
And while we’re at it, we can get rid of all the RINO’s who are currently in elected office, no matter if they are locally, regionally, or nationally ensconced.
This is what Liberals call “backdooring” America into Socialism. Congratulations traitors, you pulled it off. Now all you have to do is pin it on the Republicans and you’re home free.
Rush just played two clips of Barney Frank contradicting himself. In 2003, he was against Bush Ad. legislation to have more oversight over GSE’s. Frank said they weren’t in a crisis and that Freddie and FAnnie were fundamentally sound. The increased regulation, according to Frank, would diminish the availability of affordable housing.
Ha!Ha!Ha! I’m sure Rush will post this on his site later. I hope others pick up on it.
Yes, and please don’t remind us what Republicans call “backdooring”.
RedDog; my post on #76 was the same answer to their wrangling.
Hmmmmm
1) Protect homeowners faced with foreclosure by restructuring mortgage rates to be in line with family income.
No, if you are a dumba$$ then you are a dumba$$. Bankruptcy laws and courts are in place for a reason
2) Create economic stimulus for working people and small business
Define stimulus but dont limit the scope
3) Provide $100 billion in emergency relief to state and local governments wracked with budget cuts and diminished tax revenue
No, tough nuts. Thats why its called a budget
4) Bar CEO severance packages and cap the pay of executives receiving a bailout
No, unfortunately public companies regulate themselves internally for pay
5) Regulate banking and finance with transparent public oversight
Hmm, might go for this one
6) Maintain public control over monopolies like Fannie Mae and Freddie Mac that have a decisive role in the economy
Define public control. Are they really monopolies?
7) Control speculation and increase revenues by taxing large financial transactions
Speculation – maybe, large transactions – why stop there?
8] Ban predatory lending and cap interest rates on all types of debts
Yes on P.Lending. No – cap on rates.
9) End the war in Iraq, which is draining $700 million a day from public coffers
End the war by increasing the intensity of all conflicts that the US is in, thereby ending the Wars with a win. Refer to ‘The Art Of War by Sun Tzu
I don’t know if its been said here yet but bailing out homeowners for being “behind” in their mortgages is, unless the bill is drawn extraordinarily well, an invitation to people to stop paying their mortgages.
Who do they help? People who are 1 month behind? Two months? 6 months?
And what of those people who simply stopped paying and moved out?
This is getting nuttier and nuttier. Before you know it, they’ll be giving handouts to kids who owe their buds for milk money.
I’d like a handout for a ferrari…
By definition, if there is 2 more more of them they can’t be monopolies.
quote from an article.
So… my recommendation is, once the details are available, the entire nation should stop paying it’s mortgages. Don’t worry though. Barney Frank and Chris Dodd have a check and a new mortgage deal for you. If you’re going to be paying the tab for foreclosures, you might as well get something out of it.
No sarcasm in that at all.
It would be laughable if this was just one little glimpse of the liberal thought process. May I remind you all, this is the same approach they took before 9-11, they are taking with the War on Terror in Iraq, and the dangers the world is facing with a nuclear Iran and North Korea?
Their solution to catastrophic problems is to wait until it is unrefutalbly a meltdown (no preemption policy), blame the other side for doing nothing to prevent it (an act of omition is still a lie), then portraying themselves as the saviors of democracy. It makes me sick!
Yup.. see my above suggestion…
Right_on… that’s a good point.
“Don’t shoot until they’ve shot you to pieces first! So we can be sure we made the right call to defend ourselves.”
WOW!!!!
If it succeeds in driving banks to make bad loans in order to improve their minority-approval rates, this will eventually lead to more foreclosures in troubled inner-city communities.
It will also reduce the available capital to credit-worthy borrowers, forcing more Americans to settle for a less attractive home than they had expected.
And mortgage rates will rise for everyone to cover the losses from bad loans.
WOW!!!! Part II
To be sure, many potential applicants do not know of these affordablehousing programs, which have been around only since 1989. Mortgage lenders have found that advertising does not do the trick. It seems to require one-on-one contact to drive the message home, and so they have started trying to track down more of these potentially credit-worthy homebuyers by working with community housing groups, holding seminars, and sending out mailings.
Sorry.. didnt edit for content.. hit submit rather than preview
Food for thought regarding bailing an individual out on their mortgage.
Victims? please. The victims are the people that tried to help them.
That’s just a hint of things to come from this.
Like RabbidSquirrel said..
The only pretending here is you claiming to know what you’re talking about.
Left-wing claptrap, just as lame as the rest of your false labels.
Try reading it again. It was claimed that Reagan would not make some comments and I pointed out that it’s impossible to conclude such.
Yet you still fail to address the ideas. Additionally you have yet to demonstrate a viable alternative.
My ideas are not left-wing and I didn’t ask the question to start a left vs. right circus however it’s becoming increasingly apparent that you are so ideoligically bankrupt that all that remains in your arsenal is polirizing and out-of-touch personal attacks.
It’s becoming increasingly apparent that you do not want to debate anything really, just hurl insults, falsely label people and pretend like you’re a know-it-all.
Your posts are the exact crap we hold against the fringe left. Before you say another word, realize how stupid your posts are and how similar they are to which you accuse others of.
To compound this mess, Pelosi and Company are proposing another stimulus package. It is more than a bit obvious that these socialists haven’t a clue how business runs. Do they really think a stimulus, a one time shot of cash, works better than a tax cut, a relatively long term reliable basis for making business decisions? Our problem is we have too many lawyers in Congress with no real business experience, or for that matter any experience other than political experience.
Okay, MM, I sent my e-mail to Rep. Musgrave of the 4th Congesssional District here in CO. Told her to “kill” the bill by voting “No.”
Apparently someone thought the bailout sounds a lot like a Nigeria scam, so they decided to write a spoof:
I wish I had thought of this! Though I wouldn’t have tried to blame it on deregulation as this guy did, I still think it’s worth a good chuckle.
Bailout funds = Cookie jar.
Stimulus package = Thieving Deocrats sticking their hands into said cookie jar.
Other sectors in financial trouble = Glass of milk.
Stolen cookies and double/triple dipping = Democrats using issues to steal even more of the Taxpayer Monies.
Ethically challenged servants = Democrat Politicians and those who support them.
Solution = Congressional leadership - Democrat Party buffoons + Fresh new Republican CONSERVATIVES.
What Bush did is beyond belief. The only thing I can say in his favor is that, unlike the Dems, he was not personally corrupt with his Utopian plans.
The county I live in began to go down the tubes with Section 8 housing allowances which attracted people to move here from out of state urban ghettos. The generous ($1600 a month+?) allowances permits deadbeats to move into very nice, middle-upper-middle class neighborhoods, bringing their gangs, drugs, and crime with them. Their contribution to their nice crib? I believe they have to contribute all of $300 a month for the privilege.
Next came the subprime fiasco, and we now have a situation where something like 1 out of every few hundred homes are in foreclosure.
Where’s the “compassion” for those of us who invested our life savings in our homes?
Heard on the local news that homes built my Habitat for Humanity are being resold and resold.
Why? Because those that were “so appreciative” paying somewhere between $50 – $300 per month on their mortgage, just couldn’t do it.
NO BAILOUT!
Here is Instugator’s bailout plan.
Principles:
1. Reward those who practice good behavior
A. Paying your mortgage on time is good behavior
2. Do Not reward those who practice bad behavior
A. Borrowing what you cannot afford is bad behavior.
B. Having an interest-only mortgage is bad behavior
C. Having an ARM is questionable.
D. Investment Bankers who purchase CDO’s without understanding the underlying value of them are engaging in bad behavior.
E. Those who sold CDO’s without including the data necessary to understand the underlying value are engaging in bad behavior.
3. Do not let those most directly responsible for the current mess come within 100 miles of the bailout money.
A. Those whose W-2 forms show that they work for congress, Freddie, Fannie, or any investment bank in need of a bailout need not apply.
The Plan:
1. Take the $700B
2. Find those people who;
A. Have a conventional mortgage.
B. Have always paid it on time.
C. Have never declared bankruptcy
3. Establish an agreement that the Gov’t will:
A. Pay off the mortgage of those who meet each condition in item 2.
(This allows banks to resume mortgage lending and permits those who engaged in good behavior to go bargain-hunting – thus rewarding good behavior)
B. Each person whose mortgage is paid off will agree to make monthly payments to a money-market account
(This increases short term liquidity – also allows those with good behavior to use their work ethic to the betterment of all)
C. Each person agrees to re-finance their house at the end of a 5-10 year period of time at market value to repay the Gov’t.
(This repays the bonds that the govt will have to put on the market)
4. The government will issue bonds to pay for this plan (up front).
5. Bonds are repaid prior to maturity by those bailed out.
(People with good behavior are people who are less risky – that is why they have good credit ratings)
6. In the event the number of bailoutees exceeds the dollars available, applicants from the acceptable pool will be chosen by lottery.
Instugator, as author of the plan, recuses himself from participating.
Whats funny, the government is already begging people to continue paying their mortgages.
Interesting choice of yours to resort to distraction tactics. Dismiss the source by attacking the originator and downplaying his status simply because you don’t agree with it. It’s not an article.
Not only that, you haven’t addressed the fact that over half the loans made were from companies that were not regulated by the CRA. Why do you refuse to address this still?
I never said I backed this plan. Stop lying please, it’s not appreciated nor is it welcomed here.
Additionally the statement you quoted from me is not a complete sentence -let alone a complete statement-but you treat it like one.
This fails to address the statement you quoted. Additionally your comment parsing is abusing the entire context of what I’ve stated.
If you are serious you will start addressing ideas and remaining objective rather than continuing this saddening display of post parsing.
Finally, it is spelled “country’s” not “countrie’s”.
You mean the Wikipedia entry that you posted? This is the same “source” that talks about who lent the money and how the CRA’s regulation did not cover the majority of risky loans.
It’s very sad when your own source counters the elementary statements you have made. It’s even sadder when your own source links to mine!
I posted the link for you when you asked.
I’m still waiting for you to demonstrate or state a viable alternative so we can have a real discussion.
This from someone that a) uses wikipedia as a source b) did not realize that the same source linked to the lawyer
Irony!
This some lawyer you speak about appears to be more qualified and more informed on this issue than yourself.
No you haven’t because getting rid of SOX and the CRA will not fix this and would not have prevented this mess.
Oh dear, not an elementary insult! Your rebuttals remind me of gradeschool. Were you picked on as a kid? Do you feel it necessary to insult people on the internet because you don’t want to debate them?
More of the right4life semantics circus.
SOX was never designed to address the current situation and most importantly it does not apply to privately held companies. The portions that addres banking practises apply loans to firms, not individuals.
It’s high time you stop your stupid games and pay attention. You’re completely out of your league and it all started when you called me a Liberal.
Don’t forget me. I paid off my mortgage. The value of my house however went down because of all the bad loans.
A Great Idea I just heard from a caller to the Howie Carr Show: Buy the loans with … CONGRESS’S PENSION FUND!
Welcome to the new socialist Amerika people! What is next in the government takeovers…health industry? Watch for it folks. Coming to the new socialist Amerika soon as Obama wins.
it is an article. and given that it is was testimony given this year, it sounds like a good democratic lawyer testifying before congress. nice. as far as his ’status’, since when is a lawyer an economic expert? hmmm?? why didn’t an economist or a finance expert testify, why a lawyer? hmmmmm??
I have addressed this SEVERAL TIMES…you provide NO LINKS TO SUPPORT THIS…can you understand that this time…its about the third or fourth time I have asked for support for your assertion, so far you are unable to provide any.
are you lying now or then???
On September 25th, 2008 at 10:44 am, rommsey said:
I still don’t see an alternative to what is being proposed. Furthermore I see a pretty strange twisting of events and a cynical game of blame.
if you don’t see an alternative then you must be for the plan….
yadayadayadyada bs.
I asked you to post a source, so you have to use mine, this is too funny…you know subprime loans are NOT the problem, the inability to repay them is.
Economics professor Thomas DiLorenzo counters Gordon’s statistic by arguing that even if half of the subprime loans were made by non-CRA companies, the CRA had caused tens of billions in defaults on mortgages by unqualified borrowers. He also blasts Gordon’s three main propositions stating that Gordon’s first two propositions flatly contradict each other, whereas the third is unequivocally false.[18]
this from someone who has to use a source that I provide…too funny!!
of course because he agrees with you!
its high time you take econ 101 liberal wacko.
I want banks to be regulated in another way that is a little closer to my level on the street.
If a bank customer writes me a check for services rendered for $5,000.00, and I take that check to the writer’s bank— I EXPECT IT TO BE CASHED without me having to be a customer of that bank.
They will give away mortgages to people without income but they wont cash their own checks.
Looney tunes.
oh yeah its ‘liberal’ not ‘Liberal’ you pompous a**
I wonder how much pork was included in the agreement? I hope someone checks that out. I could see Pelosi putting a slice of pork in to benefit her cronies in California.
oh yeah its ‘ideologically’ not ideoligically
and its ‘polarizing’ not polirizing
you pompous moron.
The Government has no choice but to stop the economic bleeding caused in this situation. But this massive bailout (which will probably cost more than $700 Billion, I figure about $1.6 Trillion when all is settled) has to ensure that loans are paid back the moment these companies are back on track and has to ensure taxpayer money is not used to pay the greedy bunch that abused the situation. In loaning this money, I would make the companies that were bad pay a little more to pay down the growing debt and make absolute certain that they could not repeat offend in their borrowing and lending practice.
What people calling for no bailout are not acknowledging is that failure to stop the bleeding will in turn create more instability and more Foreign Investor doubt in the US Economy leading to the very dangerous and real possibility that they will pull out. This is the catastrophic alternative the US Government faces at the moment and while it’s absolutely appalling to witness US workers once again bailing out the mess, action is needed to demonstrate to the world that the US Economy will not collapse.
All this gnashing of teeth over the word ‘regulation’. Regulation had little to do with any of this – ‘LIBERAL MANDATE’ is the phrase to address. The liberal law that IMPOSED PENALTIES for not lending money to someone for reasons that didn’t meet liberal rules of scrutiny was a ‘mandate’- not a ‘regulation’; it FORCED companies to DO something they wouldn’t have normally done on their own – write bad loans. It’s almost the opposite of ‘regulation’ which normally prevents businesses from doing what they wish to do.
I’m glad we could clear this up…
Michelle is on Howie Carr RIGHT NOW.
oh yeah its ‘blaming’ not blamming
moron
Chesapeaekegal said:
Umm, this isn’t from the Bible, it’s from Shakespeare. Here is what the Bible actually says:
Note that this is on a personal level, not a government level. And if a business chooses to loan to those who are unlikely to repay, they need to treat such loans appropriately, NOT treat them as regular low risk, for profit loans.
Here’s what the Bible says about the government/national level:
This particular promise was to Israel, but when you compare it to the Proverbs 22:7 passage, you see that avoiding borrowing is highly desirable (on all levels) and being able to lend while being able to absorb losses when they happen is what anyone should strive for.
The problem is that we had a system which encouraged lending money which needed to be paid back to people who might not be able to pay it back. Then we borrowed more money based on those questionable loans. That’s a recipe for disaster no matter how you look at it.
uh yeah cause you say so. lets cry ‘crisis’ and then stick the taxpayer with the results of our dumb regulations, and greedy bankers. nice.
uh its ‘foreign investor’ not Foreign Investor…and ‘economy’ not Economy…
and no one knows what the result of not doing this would be, any more than anyone knows what the result of this will be. all we know for sure is its more regulation, which hasn’t worked before, and more government, which is the point of this ‘crisis’.
This is a back-door effort to raise taxes at the point of a gun. The Democrats were hiding behind their “civil rights to a loan” scam. Now the piper must be paid by taxpayers at the point of a gun.
This should be rejected, the companies can go under. We will survive and our constitution will remain intact.
If we buy out private companies, we have begun the trip through socialism to communist state ownership of private enterprise.
Kill the bailout and the economy dies.
Shouldn’t the focus be to call our representnatives to push for a responsible bailout?
Then again, the foxes are in the the henhouse. Where were Frank and Dodd two years ago when this mess was festering? I hate the idea that these clowns will oversee how my money is given to the Wall Street criminal syndicate and the poor credit unworthy masses that the Democrats so desperately wanted to have houses.
I think the best solution is for the Government to provide favorable loans directly to credit worthy purchasers and business owners. Cut out Wall Street totally and let them hold their toxic debt. If government credit is available to credit worthy individuals to buy homes and start/expand buinsess our economy and housing market will recover. Wall Street dealers in junk paper and homeowners over thier head get tough love.
cut greenhouse gases or we all die…more FUD and crisis-mongering.
Exactly! What percentage of the GDP is mortgage business? (very little).
More logical fallacies of a fatal degree. Ad-hominems and Ignoratio Elenchi. Yawn!
Additionally he is a Professor of Law and before you run your mouth off again, here are his qualifications:
Michael Barr
I asked a question one that you still refuse to answer. Not only that I have provided information that supports this, information that is also referenced in your “source”. This is the same information that you refuse to read because you think a “lawyer” is not qualified. Again you make stupid assumptions about someone you don’t know anything substantial about.
So while you keep beating around the bush, hurling stupid insults, we are waiting.
Asking for an alternative is not stating I support the plan. I have not made a lie.
I like your silly logic, “if you do not support (a) you must support (b)”. This is called a false dilemma, Bush most famously used this in the with us or against us statement.
The cyncical game of blame is fueled with both Democrats and Republicans blaiming each other and the twisting of events is apparent when you state it is all the fault of the CRA when it’s not.
You still haven’t stopped your lies.
So this is how you get out of accountability for the statements you make.
I did not have to use yours but I found it ironic you cling to wikipedia (generally an unacceptable source for debates) and in particular an item that references my source.
What’s funny is that now you’ve plagiarized wikipedia. Strange, you cut and paste only what is relevant to you.
I didn’t use your source. I very rarely reference wikipedia. My source is direct to the House.gov website, not wikipedia. I bet you didn’t even know that your source would link to mine.
If he agreed with me he would be citing me. He is the one that had delivered a testimony before Congress, not I.
You’re so very out-of-touch here.
Another unsubstatiated attack. Not only do you struggle to coherently demonstrate how I am a Liberal, you struggle to refrain from petty attacks.
Do you realize that you are polluting MM’s site with your verbal diarrhea?
By the way, sentences require proper capitalization.
It appears you are incapable of civil and rational debate. You are a clone of the lunatic-fringe left claiming to represent conservative ideals.
FYI it is “it’s” not “its”. You see, I made the last post without using a spellchecker, but don’t let that ruin your silliness.
Do you try this hard to fail or does it come naturally?
This whole thing makes me sick. Hard working Americans who have tried to live by the rules are getting taken. Why should we do anything anymore? Hell they just change the rules. I find it odd that no authority hasn’t discussed why this happened and how to correct it. I don’t think they will correct it so we can fund this crap again. I feel ashamed to be American. Where is the honor, ethics and morals…no longer apart of this country. We are no differnt now than Canada, the UK or any socialist country. When the citizens of this country are going thru hard times and need help, the lazy fatcats and illegals get another deal. Again the good guys finish last. I wonder what the people of Galveston, TX are thinking about this crap.
More nonsensical drivel. It’s not a matter of me saying so, it’s a responsible and informed interpretation of the events before us.
Bill O’Reilly agrees
You see, you’ve lost on all but two fronts. You are winning on the front of ignorance and the front of petty insults.
Grasping for straws, hey?
You should brush up on capitalization rules.
Nice incoherent statement. Also, it’s bad form to start with “and”.
The logic is simple. If the US Economy continues to bleed then investor confidence will decline because investor confidence is a direct factor of a successful economy.
Additionally, if the economy continues to bleed then stability is not present therefore allowing for extended periods or more instability.
I think this is a challenge for you.
I have a question. Why does everybody think the government’s going to make it better when the government is made up of the very same kinds of people who run the mortgage companies?
Satan cant drive out Satan.
Hey thetoysurgeon.
Canada is not a socialist country and has never been one. Furthermore Canada does not have near the amount of problems with illegal immigration as the US does.
The US is still better off than Canada. Canada after all experienced a recession this year while the US still maintained growth.
Sorry, I’m late to the discussion…
But, I’m glad I came over to see our little blogger, still flaring her little nostrils, and offering no alternatives.
pure entertainment
This Blowfest is getting a little tiring dudes…my scroll finger is numb.
Why dont u cut each others throats by email?
Friendly suggestion from a friend.
Bear1909 out
Yes, even the New York Times published the truth back in the day.
It simply makes no sense
* to put the people responsible for this nightmare in charge of the solution.
* for there to be no accountability to the government, no resignations, no firings, no criminal indictments.
* that there is nothing in place to prevent this from happening again.
* to blame this on capitalism and them posture as defenders of the free market.
* to fail utterly to address the fundamental cause of this disaster — our groveling before race.
So, this will happen again. Real soon. And it will be bigger. Until the economy disappears down the black hole of socialism.
To top it off, come 2009 we will be replacing one economic incompetent with another. This is insane.
With politicians it is always the same thing. Create a crisis (esp. election time) and then figure out how to profit by it, either financially or vote-getting. When a Presidental election comes up, it has to be a “major” crisis that may “doom the country”. In the end, the taxpayer is the one who ends up screwed, watching smiling politicians talk about what they did to rescue him/her.
George Stephanopoulos is reporting that the deal is falling apart.
The same thieves that engineered the 1929 crash are the same people that are engineering this bail out(bank robbery.)
The Federal Reserve
Thanks to the internet we are all able to voice our opinions and make a difference in Washington. I have emailed my congressman and my two senators on a regular basis. It makes a difference. If you don’t know your congressman or senators, just type in your state and city and you will get a site to your representatives. Email your thoughts. It works and you can do this every day. Along with voicing your opinions here, why not tell your representative too.
Also, this Paulson guy looks like a weasel………
The U.S. should learn a little from continental Europe.
For example in Switzerland, by law, credit cards have interest rates ranging between 9.9% and 14.9% (MAX). Unlike here in the USA, you won’t be charged $25 to $35 late-fee if you are missing a monthly payment.
Also getting a new credit card is extremely difficult if you already have a balance on your other cards.
Swiss college students have zero chance of getting approval for a credit card, unless you have an income.
Swiss federal law on loans stipulates that and I translate to English:
« Approval of a credit is forbidden by law if it would lead the customer to excessive debt. »
[Original Text in French]: L’octroi d’un credit est interdit s’il entraine le surendettement du consommateur.
[Original Text in German]: Eine Kreditvergabe ist verboten, falls sie zur Ueberschuldung des Konsumenten fuehrt.
One reason there are so many people in debt is that credit card interest rates are way too high in USA.
I am glad that I don’t have any debt at all; and my dad is nice enough to pay all my college/university expenses and he doesn’t want me to pay him back.
We shouldn’t have gone to Iraq in the first place. There were no WMDs or terrorists there. America destroyed Irak twice in less than 15 years, killing countless innocent civilians. Millions of Iraqis will be moving to USA because of that.