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Yes, those bas s loaned us money!
How dare they!
saving banks after that put the screws to us. THOSE MOTHER ERS.
http://www.visi.com/juan/congress/
https://forms.house.gov/wyr/welcome.shtml
http://www.senate.gov/general/contac...nators_cfm.cfm
Yes, those bas s loaned us money!
How dare they!
The point is they loaned money to people who were not credit worthy and then they turned around and packed these bad loans to Wall Street and a lot of pension plans....clearly the Fox was guarding the hen house..
...and so we get to the crest of the bailout problem...
Bailout Won't Stop Foreclosures that Push Down Everyone's Property Values, Center for Responsible Lending Says
DURHAM, N.C., Sept 21, 2008 /PRNewswire via COMTEX/ ...
Market Watch-- The government plan announced by Treasury Secretary Paulson and Fed Chairman Bernanke fails to deal with the root cause of the crisis -- families in foreclosure -- and instead is purely and simply a bailout of the lenders who created this disaster. The bailout will not solve our economic problems because it will do virtually nothing to stop the foreclosure epidemic. Continuing foreclosures will drag down the economy even further.
-- A truly comprehensive plan must also benefit ordinary, hard-working Americans, the ones who already are bearing the brunt of Wall Street's excesses. If it doesn't, then any new plan is more of the same -- only with more taxpayer money at stake.
-- By forcing taxpayers to buy abusive and reckless loans from irresponsible lenders, taxpayers are funding a multi-billion dollar subsidy to private corporations. Yet the millions of families who have been unfairly pushed to the financial brink by these mortgages get nothing. Only by preventing the 6.5 million foreclosures expected in the next few years -- and the $356 billion drop in surrounding property values that will result for an additional 46 million families -- will the economy begin to recover.
-- Don't let anyone tell you the government will be able to prevent foreclosures by buying this troubled debt. Wrong. Mortgages of questionable value have been sold into highly-complex securities, which have been carved up and sold to thousands of investors around the world. The government can't put these Humpty Dumpty slices back together again because it won't own or even control them all. Bailing out financial ins utions is NOT the same thing as providing relief to foreclosure-plagued American families ...
"those bas s loaned us money"
nobody forced them to make loans to risky borrowers, on like "stated income" (no certified proof).
The lenders knew exactly what their game was, the sucker borrowers, much less so.
I am not in favor of the terms of the bailout as someone posted here (no oversight, etc.), but are you all really advocating doing nothing?
So the borrowers are blameless due to their ignorance?
I'm not, but I think the bailout should do more to put money in the pockets of everyday Americans rather than Wall Street brokers that got us into this mess..especially with no protections that this will not happen again...
The borrowers aren't completely blameless, but neither is Wall Street or banks that dealt out these risky loans - the difference is everyone else gets bailed except for the little guy...
Are the little guys not slated to get their loans refinanced?
not that I've heard...but why should it just be people who took on bad loans who benefit....how much of a stimulus check would we all receive from $1 trillion dollars?
Did we not just get stimulus checks?
What did you do with yours?
How do you put money into the pockets of Americans when the banks have none to lend?
You don't need special permission from Congress to refinance your loan.
because lending/borrowing money is not the problem, becoming a servant to a bank is.
How about they not borrow.
I'll admit I'm torn about the proposed plan. I don't like it one bit but from all that I have read there is a serious time issue involved here. That is why Paulson wants so much power. So congress spending time debating what to do might end up being the same as doing nothing. It seems Humpty Dumpty is hanging on the ledge by his fingernails and once he falls there's no putting him back together. He could lose his grip tomorrow morning.
I don't know. It might be better in the long run to do nothing and let the market correction occur but in the short run that's going to hurt a lot of people.
doing nothing is not an option unless you want to see the American financial system completely fall apart. People really do not realize how bad this is.
~~Manny
I do realize how bad this is. That's why I'm saying if we don't just accept (trust) giving Paulson unlimited and uncons utional powers NOW then it may be the same as doing nothing. And who knows if Paulson deserves that trust. It all depends on the mood of investors in the morning, or tuesday, or wednesday. If I had alot at stake in the market I'd sell sell sell at opening bell tomorrow. We'll see what they decide to do I guess but once the panic selling starts there's no telling when it stops.
Congresscritters just laugh when they get letters like this. They damn well know that what you really hate is the rest of Congress, since your Congresscritter brings home the pork to your district and you like that, and you have no vote in those other districts.
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