Almost Meltdown & Now Foreign Banks

[Michael Larson]

Note to Joe Farsetta:

Fannie Mae and Freddie Mac hold approximately $5.3 Trillion in mortgage paper.

It's not all bad paper.

The "bailout" at this time lacks enough specifics to be considered IMHO

[Joe Farsetta]

Mike,

My point is that the "plan" should be simple and to the point.

For instance, there is supposed to be a mechanism in place to help folks on the brink of foreclosure, or in foreclosure, or in bankruptcy to help them stay in their homes.

Problem, is that it's all on paper. There's no help, and not one bank is willing to work with anyone. This is fact.

They want their cake and eat it to.

If you owned a company and invested your money in flan, and there was a downturn in the value of flan, you'd likely go out of business.

Flan, mortgages... what's the difference at this point? I'm a Republican. But, I got to say that Paulsen kept looking off camera during his TV appearances, like he was staring at someone pointing a gun at him. Confidence level I had after watching this: ZERO.

Then GW saying that we cant slow these emergency measures down, and that the World is watching. Nope, no room for rational discussion and some protection for Johnny Taxpayer.

If I was the Prez they'd be blinded by *****, as I walked out the door. I'd liquidate their sorry *****ets and distribute any proceedds directly to American taxpayers.

GW and Paulsen are scarier than the last horror film I saw.

[Joseph Burkeson, CMI]

Originally Posted by jfarsetta

The current plan is for the US to relieve the banks of the burden of bad debt on mortgages (that'sw what we've been told). I say, instead of buying the bad debt, and having folks keep paying for somethng they cant afford, that our government would be better off simply paying off every mortgage in America. This way, we wouldnt have mortgage payments, and could afford the taxes. Banks with huge loads of **** investments not directly related to Joe Taxpayer, should be allowed to crash and burn.

I say your plan doesn't go far enough, why not just declare a Jubilee Year and forgive all debt, everyone starts over with a clean slate. Of course don't hold your breath waiting for that because that ain't never gonna happen.

It appears that the current Paulson plan will provide some kind of liquidity for the banks to continue to lend without really retiring the bad debt. To me this is a very bad prescription that will end up destroying the dollar and it's purchasing value by allowing the bad debt to remain is some quasi-state of performance. The market does not appear to differentiated between real money & debt which when added together creates inflation. This is what happened in 2001 when they lowered interest rates below 1% and flooded the market with money (debt). It is equivalent to fighting a fire with gasoline, from the proposal it seems that this time they are promising not to use so much.

Look what happened today with gold & oil, when people loose faith in a currency there is a rush to convert that currency into tangible things. It appears the Fed's ability to produce real change is being challenged on all levels.

[Michael Larson]

Originally Posted by jfarsetta

I'm for the bailout. I think that if we are going to bailout anyone, the payoff of every mortgage in America should be the goal.

Joe as normally very rational person you have me confused.

The government can't simply pay off all the mortgages. Who would pay for it?

You and me. Now where are we doing to find an additional $5.3 Trillion?
And that not even all of the outstanding mortgage debt.


I don't trust this bailout plan either. Some are trying to say the government will actually make money on it because they will be able to sell the homes that have the bad mortgages.
That could be but it's a big IF.

[Joe Farsetta]

If I am a taxpayer, and my government pays for these loans and properties, and my house is one of them, how will they forclose on me, when I am in fact foreclosing on myself.

This entire plan is bull*****.

I do not trust this government plan. It's 11th hour and is designed to save the fat-cats, at the expense of all of us. The benefit for all of us taxpayers is non-existent.

Why is Bush afraid of helping the taxpayer?

The last bill assed by congress (last month I think) was written by the banks. It helps no one but themselves.

It all sucks.

My tax dollars buys these companies and banks. Where's my dividend?

[Michael Larson]

Originally Posted by jfarsetta

The last bill assed by congress (last month I think) was written by the banks. It helps no one but themselves.

It all sucks.

My tax dollars buys these companies and banks. Where's my dividend?

I could not agree more Joe F.
I'm tired of being told to bend over.

[Joseph Burkeson, CMI]

Thirty-Two Words That None Dare Utter

Section 8 of the pending bailout legislation

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

Since when did we elect a President Paulson?

[Michael Larson]

For those trying to convince themselves that the blame lies only at Bush's feet,

READ THIS

Still think that?

[Joe Farsetta]

Paulson didnt like a proposed provision of the right of a bankruptcy judge to re-write the terms of a loan in an effort to help a homeowner in bankruptcy keep their home.

Funny... this provision takes the decision to screw Joe Homeowner away from the bank.

Since the TAXPAYERS are footing the bills and the BANKS are getting a bye, why isnt the proposal fair and just?

IMO, the chairman of the SEC should GO.

Paulson should be shown the door if he cant get his nose out of the Wall Street hucksters' collective *****es.

THIS is the message of expediency and urgency that Paulson needs to understand.

[rbrady]

Here is something you can do about it, for what it is worth. At least it is something.

http://act.credoaction.com/campaign/...885315-u41QFFx

[Christopher Currins]

Lawmakers agree on mortgage aid, oversight


Democrats and Bush administration officials agreed Monday to include mortgage help for beleaguered homeowners but wrangled over other issues including “golden parachutes” for executives who benefit from the unprecedented rescue.

Democrats demanded that the measure limit pay packages for executives of companies helped by the biggest financial rescue since the Great Depression. The administration was balking at that, and also at a proposal by Democrats to let judges rewrite mortgages to lower bankrupt homeowners’ monthly payments.

President Bush prodded Congress during the day to pass the rescue plan quickly, declaring, “The whole world is watching.”

However, Wall Street wasn’t comforted by the progress of the talks. The Dow Jones industrials plummeted 372 points, oil prices soared $25 a barrel at one point and gold prices surged anew as investors searched for a safe place to park their money.

In one expansion of its original proposal, the administration is asking for broad power to buy up virtually any kind of bad asset — including credit card debt or car loans — from any financial institution in the U.S. or abroad in order to stabilize markets.

Sen. Chris Dodd, D-Conn., the Banking Committee chairman, has proposed granting that request; Frank said he was working to limit the bailout to mortgage-related investments.

[Christopher Currins]

Originally Posted by rbrady

Here is something you can do about it, for what it is worth. At least it is something.

http://act.credoaction.com/campaign/...885315-u41QFFx

I did my part, for what it's worth.

[Joseph Burkeson, CMI]

Originally Posted by mlarson

For those trying to convince themselves that the blame lies only at Bush's feet,

READ THIS

Still think that?

Pure tripe & bullsh!t to take the heat off the Bush administration, thanks for nothing.

[Russell J. Hensel]

How can ANYONE mess up this country more than Bush? Hell I absolutly know that the magic 8 ball can do better than that idiot...McCain is bad but Obama is worse...I am actually looking for a guy with little Washington. If you spend 26 years and DC and can't make anything happen what the hell makes me think you can do it as president? As far as bailing out savings and loan companys.........have we heard this before? Does the Keating 5 sound familiar?

O that damn Obama flip flops all the time.........

http://thinkprogress.org/2008/09/17/mccain-aig/

Watch this You tube........it is some funny sheeeot.

[Michael Larson]

Originally Posted by jburkeson1

Pure tripe & bullsh!t to take the heat off the Bush administration, thanks for nothing.

History isn't your strong suit is it?